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Team Concept

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With the large number of firms and industries in the market and an investor’s ongoing desire to make knowledgeable and informed decisions, the necessity to ensure financial statements are easily conversed is imperative. To achieve maximum decision usefulness of financial statement information, corporations should follow a standardized reporting system that allows for comparability, reduces information asymmetry between themselves and their investors and follows a rule-based methodology. The information presented on the financial statements is only useful if it can enable investors to make more informed investment decisions. Fischer (1989) states that comparability is a fundamental characteristic of financial reporting and “without comparability financial reporting lacks usefulness in decision making” (page 9). In addition, Fischer (1989) also points out that to achieve comparability of financial reporting, accounting choice should be concentrated on one specific method or at most, a few limited methods (page 9). Beke (2010) argues that without standardized reporting, cross-border comparability would decrease which may result in distorting cross-border portfolio and direct investment (page 1). Beke (2010) is in favour of the financial reporting standardization as empirical research evidence shows that uniform standards “will increase market liquidity, decrease transaction costs for investors, lower cost of capital, and facilitate international capital formation and flow” (page 5). Beke (2010) states that the greater comparability in financial results, the more analysts would follow trends, which will most likely lead to new data and findings (page 5). This may result in the investor’s ability to better update and revise their prior probabilities; therefore, there would be a decrease in abnormal return on average since more analysts are doing the analysis on the...

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