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Discussion of "Implications for GAAP from an analysis of positive research in accounting"


  • Lambert, Richard


This paper discusses the paper "Implications for GAAP from an Analysis of Positive Research in Accounting," by Kothari, Ramanna, and Skinner (in press). I discuss the role that information can play in efficiently allocating capital in the economy, and I argue that the GAAP is not primarily designed with the objective of addressing "control" issues, i.e., resolving contracting problems between shareholders and managers or between shareholders and bondholders. I also discuss the impact that conservatism has on the properties of accounting numbers, and on how it affects the usefulness of these numbers in managerial incentive contracts and in contracts with bondholders.

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  • Lambert, Richard, 2010. "Discussion of "Implications for GAAP from an analysis of positive research in accounting"," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 287-295, December.
  • Handle: RePEc:eee:jaecon:v:50:y:2010:i:2-3:p:287-295

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    1. repec:eee:jaecon:v:64:y:2017:i:1:p:78-97 is not listed on IDEAS
    2. repec:spr:reaccs:v:23:y:2018:i:2:d:10.1007_s11142-018-9443-5 is not listed on IDEAS
    3. Dichev, Ilia D. & Graham, John R. & Harvey, Campbell R. & Rajgopal, Shiva, 2013. "Earnings quality: Evidence from the field," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 1-33.
    4. Mary E. Barth, 2015. "Financial Accounting Research, Practice, and Financial Accountability," Abacus, Accounting Foundation, University of Sydney, vol. 51(4), pages 499-510, December.
    5. Macve Richard, 2013. "“Trading Places”: A UK (and IFRS) Comment," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 4(1), pages 27-40, April.
    6. Donovan, John & Frankel, Richard & Lee, Joshua & Martin, Xiumin & Seo, Hojun, 2014. "Issues raised by studying DeFond and Zhang: What should audit researchers do?," Journal of Accounting and Economics, Elsevier, vol. 58(2), pages 327-338.

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