Competing firms are affected by financial reporting mainly through revealing relevant information. As suggested by recent literature (Bagnoli, et al. 2010), the biased disclosure has impact on the firms' competitive position in a product market setting. So when such information is distorted by...

As of October 2008, the new amendments to IAS 39 & IFRS 7 were introduced by IASB as a direct reaction to the financial crisis. Since IFRS followers was given the option to reclassify certain financial assets, it partially changes the mark-to-market requirements, and leads to the fair accounting...