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1 CONTENTS Preface... xi CHAPTER 1 Introduction The Objective of This Book Some Historical Perspective The Complexity of Information in Financial Accounting and Reporting The Role of Accounting Research The Importance of Information Asymmetry The Fundamental Problem of Financial Accounting Theory Regulation as a Reaction to the Fundamental Problem The Organization of This Book Ideal Conditions Adverse Selection Moral Hazard Standard Setting Relevance of Financial Accounting Theory to Accounting Practice CHAPTER 2 Accounting Under Ideal Conditions Overview The Present Value Model Under Certainty The Present Value Model Under Uncertainty Reserve Recognition Accounting An Example of RRA Critique of RRA Summary Historical Cost Accounting Revisited The Challenge of Historical Cost Accounting Accountants Reaction to the Challenge Summary The Non-Existence of True Net Income Conclusion CHAPTER 3 The Decision Usefulness Approach to Financial Reporting Overview The Decision Usefulness Approach Single-Person Decision Theory Decision Theory Applied The Information System Information Defined... 60
2 iv Contents Conclusion The Rational, Risk-Averse Investor The Principle of Portfolio Diversification The Optimal Investment Decision Portfolio Risk Calculating and Interpreting Beta Portfolio Expected Value and Variance Portfolio Risk as the Number of Securities Increases Summary The Reaction of Professional Accounting Bodies to the Decision Usefulness Approach Conclusions on Decision Usefulness CHAPTER 4 Efficient Securities Markets Overview Efficient Securities Markets The Meaning of Efficiency How Do Market Prices Properly Reflect All Available Information? Summary Implications of Efficient Securities Markets for Financial Reporting Implications Summary The Informativeness of Price A Logical Inconsistency Summary A Capital Asset Pricing Model Information Asymmetry The Concept of Information Asymmetry Summary The Social Significance of Properly Working Securities Markets Examples of Full Disclosure Introduction Management Discussion and Analysis Future-Oriented Financial Information Summary and Conclusions CHAPTER 5 The Information Perspective on Decision Usefulness Overview Outline of the Research Problem Reasons for Market Response
3 Contents v Finding the Market Response Separating Market-Wide and Firm-Specific Factors Comparing Returns and Income The Ball and Brown Study Methodology and Findings Causation versus Association Outcomes of the BB Study Earnings Response Coefficients Reasons for Differential Market Response Implications of ERC Research Measuring Investors Earnings Expectations Summary Unusual, Non-recurring and Extraordinary Items A Caveat about the Best Accounting Policy The Information Content of RRA Summary and Conclusions CHAPTER 6 The Measurement Perspective on Decision Usefulness Overview Are Securities Markets Efficient? Introduction Prospect Theory Is Beta Dead? Excess Stock Market Volatility Stock Market Bubbles Efficient Securities Market Anomalies Implications of Securities Market Inefficiency for Financial Reporting Conclusions About Securities Market Efficiency Other Reasons Supporting a Measurement Perspective The Value Relevance of Financial Statement Information Ohlson s Clean Surplus Theory Three Formulae for Firm Value Earnings Persistence Estimating Firm Value Empirical Studies of the Clean Surplus Model Summary Auditors Legal Liability Conclusions CHAPTER 7 Measurement Perspective Applications Introduction Longstanding Measurement Examples
4 vi Contents Accounts Receivable and Payable Cash Flows Fixed by Contract The Lower-of-Cost-or-Market Rule Ceiling Test for Capital Assets Push-Down Accounting Conclusions More Recent Fair-Value-Oriented Standards Pensions and Other Post-Employment Benefits Impaired Loans Financial Instruments Introduction Valuation of Debt and Equity Securities Derivative Instruments Hedge Accounting The Joint Working Group Draft Standard Accounting for Intangibles Introduction Accounting for Purchased Goodwill Self-Developed Goodwill The Clean Surplus Model Revisited Summary Reporting on Risk Beta Risk Stock Market Reaction to Other Risks A Measurement Perspective on Risk Reporting Conclusions Summary and Conclusions CHAPTER 8 Economic Consequences and Positive Accounting Theory Overview The Rise of Economic Consequences Employee Stock Options Accounting for Government Assistance The PIP Grant Accounting Controversy Summary Stock Market Reaction to Successful-Efforts Accounting in the Oil and Gas Industry The Relationship Between Efficient Securities Market Theory and Economic Consequences The Positive Theory of Accounting Outline of Positive Accounting Theory The Three Hypotheses of Positive Accounting Theory Empirical PAT Research
5 Contents vii Distinguishing the Opportunistic and Efficient Contracting Versions of PAT Conclusions CHAPTER 9 An Analysis of Conflict Overview Understanding Game Theory A Non-cooperative Game Model of Manager-Investor Conflict Summary Some Models of Cooperative Game Theory Introduction Agency Theory : An Employment Contract Between Firm Owner and Manager Agency Theory : A Bondholder-Manager Lending Contract Implications of Agency Theory for Accounting Holmström s Agency Model Rigidity of Contracts Reconciliation of Efficient Securities Market Theory with Economic Consequences Summary and Conclusions CHAPTER 10 Executive Compensation Overview Are Incentive Contracts Necessary? A Managerial Compensation Plan The Theory of Executive Compensation The Role of Risk in Executive Compensation Empirical Compensation Research The Politics of Executive Compensation Summary CHAPTER 11 Earnings Management Overview Evidence of Earnings Management for Bonus Purposes Other Motivations for Earnings Management Other Contractual Motivations Political Motivations Taxation Motivations Changes of CEO Initial Public Offerings To Communicate Information to Investors Patterns of Earnings Management
6 viii Contents 11.5 Why Does Earnings Management Persist? The Good Side of Earnings Management The Bad Side of Earnings Management Summary and Conclusions CHAPTER 12 Standard Setting: Economic Issues Overview Regulation of Economic Activity Private Incentives for Information Production Ways to Characterize Information Production Contractual Incentives for Information Production Market-Based Incentives for Information Production Securities Market Response to Full Disclosure Other Information Production Incentives Conclusions Sources of Market Failure Externalities and Free-Riding The Adverse Selection Problem The Moral Hazard Problem Unanimity Conclusions How Much Information Is Enough? Decentralized Regulation Summary CHAPTER 13 Standard Setting: Political Issues Overview Two Theories of Regulation The Public Interest Theory The Interest Group Theory Standard Setting in Canada and the United States The Canadian Institute of Chartered Accountants The Ontario Securities Commission The Financial Accounting Standards Board The Securities and Exchange Commission The International Accounting Standards Board Establishment and Objectives of the IASB Structure of the IASB Authority of the IASB Relationship to Theories of Regulation Conflict and Compromise An Example of Constituency Conflict Comprehensive Income Conclusions
7 Contents ix 13.7 Criteria for Standard Setting Decision Usefulness Reduction of Information Asymmetry Economic Consequences of New Standards The Political Aspects of Standard Setting Summary Conclusions Bibliography Index
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