The author describes the processes which have led to the creation of an accepted set of international financial reporting standards. He looks at the background and the history behind this development and assesses the likely changes in the future which will stem from the decision.

The new draft standard on financial instruments will revolutionise financial reporting around the world. The author argues that because of the politics of accounting standard‐setting the recently promulgated draft standard will become the rule. This marks two great changes in global...

The nature of reported financial performance and financial disclosure is undergoing a dramatic change. The author argues that the issue of accounting for financial instruments and its emphasis on fair values goes to the heart of the problem. He argues that the thoughts provided by the AIMR...

The author analyses the recent history of financial reporting and shows that its complexities are inevitable. He sets out the basis for a fair value model stemming from a conceptual framework and argues that if financial reporting rules are to be correctly drawn from such a framework the...

David Damant, one of the leading thinkers in the investment analysis world, shows how the proposed new income statement will change the world of financial reporting, leading to clarification, fair values and a much simpler system by emphasizing cash flow.

In the paper the exponential risk measure of Damant and Satchell is used to formulate an investor's utility function and the properties of this function are investigated. The utility function is calibrated for a typical UK investor who would hold different proportions of equity. It is found...