Arora et al. (2014) provide evidence that the lack of precision in measurement of financial (i.e., level 1, 2, or 3) assets on the balance sheet of financial institutions appears to have affected short-term credit spreads more than long-term credit spreads during the global financial crisis...

We review and analyze the accounting literature that examines the effects of accounting conservatism on financial statements and financial statement users. We begin by analyzing how conservatism affects the reported numbers on the financial statements. These studies primarily evaluate how...

We invert the residual income valuation model (using current stock prices, current book value of equity and short-term forecasts of accounting earnings) to obtain an estimate of the expected rate of return for a portfolio of stocks. Our approach is analogous to the estimation of the internal...

We investigate whether investors are misled by firms that exclude particular expenses in calculating non-GAAP earnings in order to beat analysts' earnings forecasts. Our empirical analyses suggest that firms that pursue a strategy of non-GAAP reporting to beat analysts' earnings forecasts not...

The AICPA/CICA has established WebTrust to respond to consumer concerns about the risks of making purchases over the Internet. While WebTrust provides assurances related to Internet vendors'; business and security practices, it does not provide assurances with respect to product or service...

As the FASB implements accounting standards with fair value accounting components, discussions have centered around relevance and reliability of the reported values. Discussions primarily focus on potentially increased relevance weighed against issues of reliability rather than considering the...