One consequence of the shift to fair value measurement is the emergence of voluntary disclosures in audited financial statements that question the reliability of mandated fair value information. We refer to these disclosures as reliability disavowals and address three questions: Are fair value...

U.S. and international accounting standards have mandated recognition and/or disclosure of fair value information for an increasing number of items. One consequence of this shift has been the emergence of voluntary disclosures in audited financial statements that explicitly question the...

We examine the disclosure of non-GAAP earnings information in quarters containing transitory gains to investigate whether the primary motivation for these managers to disclose non-GAAP earnings is to inform or mislead. In this setting, non-GAAP earnings are more informative than GAAP earnings,...