| Pre-Test | p. xiii |
| Prologue | p. xvii |
| Four Axioms and Seven Deadly Sins | |
| Foundation for a Revolution | p. 3 |
| The Quality Financial Reporting Revolution | p. 4 |
| The Four Axioms | p. 6 |
| A Different Slant | p. 7 |
| Using the Axioms to Define Financial Reporting Strategies | p. 8 |
| Summary | p. 11 |
| The Seven Deadly Sins of Financial Reporting | p. 13 |
| A Brief Background | p. 14 |
| Underestimating the Capital Markets | p. 17 |
| Obfuscating | p. 18 |
| Hyping and Spinning | p. 19 |
| Smoothing | p. 20 |
| Minimum Reporting | p. 21 |
| Minimum Auditing | p. 23 |
| Preparation Cost Myopia | p. 24 |
| Summary of the Sins | p. 26 |
| It Isn't the Ethics as Much as the Economics | p. 26 |
| Gaap Aren't Good Enough | |
| Financial Reporting in the U.S. and Elsewhere | p. 31 |
| A Brief History | p. 31 |
| Where Does the Information Go, and How Is It Used? | p. 35 |
| What Does This Model Mean for QFR? | p. 39 |
| The U.S. System--As Good as It Gets? | p. 40 |
| Why GAAP Aren't Good Enough | p. 43 |
| The GAAP Due Process | p. 44 |
| Understanding What GAAP Can and Cannot Do | p. 48 |
| Summing Up | p. 49 |
| Proof in the Pudding | p. 51 |
| What's the Point? | p. 57 |
| PEAP, WYWAP, and POOP | p. 60 |
| What Should Financial Reporting Accomplish? | p. 63 |
| What Should Financial Statements Contain? | p. 65 |
| How GAAP Aren't Good Enough | p. 67 |
| Almost the Final Word | p. 78 |
| An Ethical Insight | p. 78 |
| Building Confidence in Quality Financial Reporting | |
| The QFR Strategy for Overcoming the Old Obstacles | p. 83 |
| The Basic Situation | p. 83 |
| Three Places to Start | p. 87 |
| What About GAAP? | p. 89 |
| A New Strategy | p. 91 |
| Why QFR Makes More Sense than the Status Quo | p. 92 |
| The Wrong Role for Regulators | p. 93 |
| Some Thoughts on Regulation and Deregulation | p. 94 |
| A Closing International Thought | p. 96 |
| Financial Analysts Speak Their Minds | p. 98 |
| The AIMR Monograph | p. 98 |
| The Capital Markets Are Markets | p. 99 |
| The Four Axioms | p. 103 |
| The Seven Deadly Sins of Financial Reporting | p. 104 |
| GAAP Aren't Good Enough | p. 110 |
| Timeliness | p. 115 |
| Summary | p. 116 |
| The Weight of the Evidence | p. 118 |
| Survey-Based Studies | p. 119 |
| Notable Experts | p. 127 |
| Summary | p. 137 |
| Academic Research--The Empiricists Strike Back | p. 138 |
| Empiricism | p. 138 |
| Methodology | p. 140 |
| Information Quality and Its Results | p. 142 |
| Research on Information Quality | p. 143 |
| Welker | p. 144 |
| Lang and Lundholm | p. 146 |
| Botosan | p. 147 |
| Sengupta | p. 148 |
| Healy, Hutton, and Palepu | p. 150 |
| Lang and Lundholm, the Sequel | p. 151 |
| Barth, Hall, Kurtzman, Wei, and Yago | p. 152 |
| Summary | p. 154 |
| State Your Objections! | p. 155 |
| "You Can't Make Me!" | p. 156 |
| "That's Proprietary Information." | p. 156 |
| "The Markets Aren't That Efficient." | p. 158 |
| "It's Too Expensive." | p. 160 |
| "No One Else Is Doing It." | p. 163 |
| "I Don't Have the Information Handy." | p. 165 |
| "I Might Get Sued." | p. 166 |
| "But What if I Have to Report Bad News?" | p. 168 |
| "It'll Make Us Look Volatile." | p. 170 |
| "The Users Won't Understand." | p. 171 |
| "That's Disclosure Overload." | p. 172 |
| One More Time | p. 172 |
| How Close are You to QFR? | |
| It's Time for an Attitude Check | p. 177 |
| This Is a Test | p. 177 |
| How Did You Do? | p. 189 |
| It's Time to Check Your Choices | p. 192 |
| Another Test | p. 192 |
| The Big Picture | p. 203 |
| How Are Things Between You and Your Auditor? | p. 206 |
| The Final Test | p. 207 |
| The Big Big Picture | p. 218 |
| Getting Started | |
| Filling in the GAAP Gaps | p. 223 |
| Filling in the GAAP | p. 224 |
| Enhanced GAAP Financial Statements | p. 227 |
| Supplemental Disclosures | p. 228 |
| Auditor Involvement | p. 231 |
| Reporting Frequency | p. 232 |
| Summary | p. 234 |
| Reporting Market Values | p. 235 |
| The Old Issue | p. 235 |
| Some History | p. 237 |
| Is There a Demand for Market Value Information? | p. 239 |
| The Users Speak | p. 240 |
| Reliability | p. 242 |
| An In-Process Summary | p. 244 |
| Comparability | p. 244 |
| Inflation and Measurement | p. 245 |
| The Realization Issue | p. 246 |
| Making the Move to Market Values | p. 249 |
| One More Time, the Users Speak | p. 251 |
| How to Do QFR | p. 254 |
| Cost Accounting | p. 255 |
| Inventory Flows | p. 256 |
| Investments | p. 258 |
| Leases | p. 260 |
| Property, Plant, and Equipment | p. 261 |
| Intangible Assets | p. 263 |
| Business Combinations | p. 265 |
| Receivables and Payables | p. 266 |
| How to Do QFR--Part II | p. 271 |
| Cash Flows | p. 271 |
| Pensions and Other Benefits | p. 275 |
| Stock Options | p. 280 |
| Earnings per Share | p. 283 |
| Reporting Frequency | p. 285 |
| Other Points | p. 287 |
| In Closing | p. 288 |
| Finishing Up | |
| QFR and Standard Setting | p. 293 |
| Oil and Water? | p. 293 |
| A Whole New Motivation for Standard Setters | p. 295 |
| A Whole New Search | p. 296 |
| A Whole New Political System | p. 297 |
| A Whole New Kind of Output | p. 299 |
| A Whole New Kind of Agency | p. 301 |
| Conclusion | p. 302 |
| How Not to Do QFR--The Enron Case Study | p. 303 |
| What Happened at Enron? | p. 304 |
| Enron and the Seven Deadly Sins of Financial Reporting | p. 309 |
| The Questionnaires | p. 320 |
| Some Closing Thoughts | p. 322 |
| Post-Test | p. 327 |
| Index | p. 331 |
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