The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association responded to the SEC's July 13, 2007 proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) from...

We hypothesize current financial reporting standards contribute to “money illusion,” in which investors overemphasize nominal cash flows and underemphasize effects of discount rates on valuation. We test our predictions in two experiments using a pool of professional and nonprofessional...

This monograph provides a historically informed discussion of conceptual and procedural issues related to the use of the fair value measurement attribute in financial reporting. Our goal is to provide a structure, based on the conceptual frameworks of the Financial Accounting Standards Board and...