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Is financial reporting still useful? Australian evidence

Abstract:
There has been recent and growing criticism of the usefulness of financial reporting for investors, particularly the annual financial statements. In response, the IASB is pursuing several projects aimed at improving the relevance of financial information. To inform the IASB’s work, we investigate, using a mixed‐method approach, the extent and nature of the use of annual financial statements by equity investors. We examine the relevance of financial reporting for equity valuation in Australia across time. We find that financial reporting (specifically, reported net income, shareholders’ equity, and operating cash flows) remains relevant for investment decisions. We further support this finding with evidence from field interviews that provide insight into how and why financial statements are used by equity investors. The field evidence also demonstrates that no one financial statement dominates in investor decision making. Given the increasing availability of more timely, forward‐looking information from alternative sources, we examine the relevance of non‐GAAP financial information and other non‐financial information for investor decision making. We find that non‐GAAP financial information (as proxied by EBIT and EBITDA) is more value relevant than statutory measures. We further find a broad range of non‐financial information is utilized by investors in making investment decisions both as a ‘screen’ and for valuation purposes. Our findings inform regulators and other stakeholders as we provide evidence of the continuing relevance of financial statements and the complementary role of non‐GAAP financial and other information. Our evidence provides a rebuttal to the recent criticism.
Author Listing: Michael J. Davern;Nikole Gyles;Dean Hanlon;Matthew Pinnuck
Volume: 55
Pages: 237-272
DOI: 10.1111/ABAC.12152
Language: English
Journal: Abacus

Abacus-A Journal of Accounting Finance and Business Studies

ABACUS

影响因子:2.3
是否综述期刊:否
是否OA:否
是否预警:不在预警名单内
发行时间:-
ISSN:0001-3072
发刊频率:-
收录数据库:Scopus收录
出版国家/地区:-
出版社:Wiley-Blackwell

期刊介绍

年发文量 40
国人发稿量 15
国人发文占比 37.04%
自引率 0.0%
平均录取率 -
平均审稿周期 -
版面费 US$3000
偏重研究方向 BUSINESS, FINANCE-
期刊官网 -
投稿链接 -

质量指标占比

研究类文章占比 OA被引用占比 撤稿占比 出版后修正文章占比
100.00% 40.22% 0.00% 0.00%

相关指数

影响因子
影响因子
年发文量
自引率
Cite Score

预警情况

时间 预警情况
2025年03月发布的2025版 不在预警名单中
2024年02月发布的2024版 不在预警名单中
2023年01月发布的2023版 不在预警名单中
2021年12月发布的2021版 不在预警名单中
2020年12月发布的2020版 不在预警名单中

JCR分区 WOS分区等级:Q2区

版本 按学科 分区
WOS期刊SCI分区
(2021-2022年最新版)
BUSINESS, FINANCE Q2

中科院分区

版本 大类学科 小类学科 Top期刊 综述期刊
管理学
4区
BUSINESS, FINANCE
商业:财政与金融
4区
2021年12月
升级版
管理学
4区
BUSINESS, FINANCE
商业:财政与金融
4区
2020年12月
旧的升级版
管理学
4区
BUSINESS, FINANCE
商业:财政与金融
4区
2022年12月
最新升级版
管理学
4区
BUSINESS, FINANCE
商业:财政与金融
4区