财务报告的决策有用性.pptxVIP

16-Aug-2303The Decision Usefulness Approach to Financial Reporting1Topic 3 The Decision Usefulness Approach to Financial Reporting Topic 3 The Decision Usefulness Approach to Financial Reporting1. Overview2.The Decision Usefulness Approach3. Objective of financial reporting4.The Decision Making5. Single-Person Decision Theory 6.The Rational, Risk-Averse Investor7.The Principle of Portfolio Diversification8.The Optimal Investment Decision16-Aug-2303The Decision Usefulness Approach to Financial Reporting2 1. Overview16-Aug-2301 Overview of Accounting Theory and its research (Qinggang Wang)3The most useful measure of net income to inform investors (to control adverse selection) need not be the same as the best measure to motivate manager performance (to control moral hazard). (Gjesdal, 1981)Inform investorsMotivate managersInformation that enables better investment decisions, current value accountingInformation that is highly informative about their performance, a less volatile and more conservative income measure, such as one based on historical costThe fundamental problem of financial accounting theory is how to design and implement concepts and standards that best trade off the investor-informing and manager performance–evaluating roles for accounting information. 1. OverviewGiven that the mixed measurement model retains historical cost accounting for major classes of assets and liabilities:The present value model faces some severe problems in practices;Historical cost accounting produces relatively reliable information, even though historical is not as relevant as present value or market-based approaches to current value.How can financial statements be made more useful? This leads to the concept of decision usefulness. To properly understand this concept, we need to consider other theories from economics and finance.Decision theories; andCapital market theories.The main purpose of this chapter is to introduce you to some of these theories and to discuss their rele