Quality Financial Reporting / Edition 1

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Overview

Many managers direct their attention to manipulating the reported results instead of managing the real results. We envision Quality Financial Reporting as the revolution that replaces old attitudes toward investors and creditors with new relationships characterized by frequent, open, truthful, and otherwise trustworthy communication. So, how will this revolution come about? The answer to that question is revealed and developed in the rest of the book..." Over the past few decades, managers have devised and implemented systems-examples include HRM, TQM, and JIT-designed to deal openly with workers, customers, and vendors. So why are capital markets participants-the all-important creditors and investors who risk their own capital to drive business growth-still often treated as the enemy, someone to be bullied instead of embraced? How have generally accepted accounting principles (GAAP) encouraged instead of discouraged this attitude? And most important, what can we do to end this charade and make each investor a trusted and welcome member of the management team? Quality Financial Reporting outlines a long-overdue system for achieving that goal. It details QFR, a higher standard for creating financial reports that can be read and understood by all end users, increasing investors' confidence while lowering capital costs. Look to this powerful and unflinching book for:
  • An authoritative review of the numerous problems with GAAP as practiced today
  • Guidelines to a no-holds-barred self-appraisal of managers' reporting practices and attitudes
  • A new strategy for honestly and productively serving the demands of the capital markets
  • Clear explanations of the advantages of QFR over the present authoritative financial reporting system
  • Relevant empirical research that supports QFR
  • Procedures for convincing management of the benefits of QFR
  • Techniques for seamlessly adopting and implementing the QFR standard
The relationship between business managers and investors can best be described as distrustful and dysfunctional. Quality Financial Reporting introduces reporting practices that are as rational as they are revolutionary, and establishes a starting point for the clearer and more honest relationships that will be required if U.S. businesses are to flourish in today's competitive global marketplace. Both eye-opening and practical, it deserves the attention of managers and accountants as well as the investors they must serve-and is destined to make QFR the new and legitimate accounting initiative that will transform tomorrow's business and investing world.
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Editorial Reviews

Soundview Executive Book Summaries
To counteract the complexity and incomprehensibility of financial reporting, Miller and Bahnson, two accounting professors, outline the goals and methods of Quality Financial Reporting (QFR), a financial reporting attitude that calls for voluntary reporting of essential information. QFR increases the transparency of financial reporting and helps eliminate investor confusion and lower capital costs. Quality Financial Reporting describes how executives can give investors more of the information they need. Copyright (c) 2003 Soundview Executive Book Summaries
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Product Details

  • ISBN-13: 9780071387422
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 7/28/2002
  • Edition number: 1
  • Pages: 304
  • Product dimensions: 6.28 (w) x 9.32 (h) x 1.17 (d)

Table of Contents

Section I
Four Axioms and Seven Deadly Sins
Chapter 1
Foundation for a Revolution
The Quality Financial Reporting Revolution
The Four Axioms
A Different Slant
Using the Axioms to Define Financial Reporting Strategies
Summary
Chapter 2
The Seven Deadly Sins of Financial Reporting
A Brief Background
Underestimating the Capital Markets
Obfuscating
Hyping and Spinning
Smoothing
Minimum Reporting
Minimum Auditing
Preparation Cost Myopia
Summary of the Sins
It Isn't the Ethics as Much as the Economics
Section II
GAAP Aren't Good Enough
Chapter 3
Financial Reporting in the U.S. and Elsewhere
A Brief History
Where Does the Information Go, and How Is It Used?
What Does This Model Mean for QFR?
The U.S. System-As Good as It Gets?
Chapter 4
Why GAAP Aren't Good Enough
The GAAP Due Process
Understanding What GAAP Can and Cannot Do
Summing Up
Proof in the Pudding
What's the Point?
Chapter 5
PEAP, WYWAP, and POOP
What Should Financial Reporting Accomplish?
What Should Financial Statements Contain?
How GAAP Aren't Good Enough
Almost the Final Word
An Ethical Insight
Section III
Building Confidence in Quality
Financial Reporting
Chapter 6
The QFR Strategy for Overcoming the Old Obstacles
The Basic Situation
Three Places to Start
What About GAAP?
A New Strategy
Why QFR Makes More Sense than the Status Quo
The Wrong Role for Regulators
Some Thoughts on Regulation and Deregulation
A Closing International Thought
Chapter 7
Financial Analysts Speak Their Minds
The AIMR Monograph
The Capital Markets Are Markets
The Four Axioms
The Seven Deadly Sins of Financial Reporting
GAAP Aren't Good Enough
Timeliness
Summary
Chapter 8
The Weight of the Evidence
Survey-Based Studies
Notable Experts
Summary
Chapter 9
Academic Research-The Empiricists Strike Back
Empiricism
Methodology
Information Quality and Its Results
Research on Information Quality
Welker
Lang and Lundholm
Botosan
Sengupta
Healy, Hutton, and Palepu
Lang and Lundholm, the Sequel
Barth, Hall, Kurtzman, Wei, and Yago
Summary
Chapter 10
State Your Objections!
"You Can't Make Me!"
"That's Proprietary Information."
"The Markets Aren't That Efficient."
"It's Too Expensive."
"No One Else Is Doing It."
"I Don't Have the Information Handy."
"I Might Get Sued."
"But What if I Have to Report Bad News?"
"It'll Make Us Look Volatile."
"The Users Won't Understand."
"That's Disclosure Overload."
One More Time
Section IV
How Close Are You to QFR?
Chapter 11
It's Time for an Attitude Check
This Is a Test
How Did You Do?
Chapter 12
It's Time to Check Your Choices
Another Test
The Big Picture
Chapter 13
How Are Things Between You and Your Auditor?
The Final Test
The Big Big Picture
Section V
Getting Started
Chapter 14
Filling in the GAAP Gaps
Filling in the GAAP
Enhanced GAAP Financial Statements
Supplemental Disclosures
Auditor Involvement
Reporting Frequency
Summary
Chapter 15
Reporting Market Values
The Old Issue
Some History
Is There a Demand for Market Value Information?
The Users Speak
Reliability
An In-Process Summary
Comparability
Inflation and Measurement
The Realization Issue
Making the Move to Market Values
One More Time, the Users Speak
Chapter 16
How to Do QFR-Part I
Cost Accounting
Inventory Flows
Investments
Leases
Property, Plant, and Equipment
Intangible Assets
Business Combinations
Receivables and Payables
Chapter 17
How to Do QFR-Part II
Cash Flows
Pensions and Other Benefits
Stock Options
Earnings per Share
Reporting Frequency
Other Points
In Closing
Section VI
Finishing Up
Chapter 18
QFR and Standard Setting
Oil and Water?
A Whole New Motivation for Standard Setters
A Whole New Search
A Whole New Political System
A Whole New Kind of Output
A Whole New Kind of Agency
Conclusion
Chapter 19
How Not to Do QFR-The Enron Case Study
What Happened at Enron?
Enron and the Seven Deadly Sins of Financial Reporting
The Questionnaires
Some Closing Thoughts
Post-Test
Index
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