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【正文】 Gee Lan, PhD Associate Professor of Accounting University Of Windsor Windsor, Ontario, Canada March 19, 2020 2 Outline of Presentation 1 ? Roles of standard setting bodies (FASB, CICA), Managers, Auditors and Suppliers of Capital (Investors and Creditors or lenders) [See Diagram] ? Information Economics Approach and Efficiency of capital markets ? WorldCom, Enron and Arthur Andersen ? Incentives of Management to Manage Earnings 3 Outline of Presentation 2 ? Steps to prevent scandals from occurring in the future? ? Some Ethical Principles ? An Ethical Case ? Questions regarding presentation or any other (accounting) questions. 4 Information Economics Approach ? Information Asymmetry exists between the parties in business transactions. The managers ( agents) have more information than the investors (principals). ? Managers may attempt to select policies or to release biased information that benefit themselves to the expense of the owners . ? Role of Accounting: to provide information useful for rational decisionmaking. 5 Decision Usefulness Approach ? Section 1000 of CICA Handbook (par. ): ? The objective of financial statements is to municate information that is useful to investors, members, contributors, creditors and other users… in making their resource allocation decisions and/or assessing management stewardship. 6 Objectives of Financial Statements ? Statements of Financial Accounting Concepts (1978) (SFAC 1): ? To provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions. ? To provide information to help present and potential investors and creditors in assessing the amounts , timing and uncertainty of prospective cash receipts from dividends or interest. 7 Relevance and Reliability ? To be useful, accounting information should provide an informative information system that links current financi
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