The Limitations of Financial Reporting
After a general introduction (Section 1), Section 2 discusses the objectives of financial reporting with respect to information. It explains the concept of decision usefulness by looking first at the individual decision-model, and then at the measurement of economic wealth or income using financial statements. Section 3 briefly examines some of the attempts that have been made to test decision usefulness empirically, and gives an overview of some of the results. Section 3 is the conclusion.
Keywords: accounting, decision usefulness, economic wealth, financial reporting, income, individual decision-model, information, measurement of economic wealth, measurement of income
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