The End of Accounting and the Path Forward for Investors and Managers, First Edition by Lev, Baruch -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Table of Contents Dedication Acknowledgments The Book in a Nutshell

The Fading Usefulness of Investors' Information Who Cares? Not Only for Investors Financial Information, a Major Driver of Economic Growth Unique among Regulations About Us and Our Approach Notes

Prologue Chapter 1: Corporate Reporting Then and Now: A Century of “Progress”

Spot the Differences Differences Spotted Real Improvements Spotted? A Devil's Advocate Takeaway Notes

Chapter 2: And You Thought Earnings Are the Bottom Line

The Lucrative Earnings Prediction Curb Your Enthusiasm Earnings Had Its Days of Glory But Wait, What about the Earnings Consensus? Takeaway Notes

Part One: Matter of Fact

How to Measure the Usefulness of Financial Information Honey, I Shrunk Accounting Some Useful Details And Now for Some Intuition Who's the Culprit—Earnings or Book Values? Are We Fair to Accounting? How Can This Be? Takeaway Notes

Chapter 4: Worse Than at First Sight

When Is a Message Informative? A Preempted Announcement Measuring Financial Report Timeliness Roll the Tape Aren't We Trivializing Accounting's Contribution? Takeaway Notes

Chapter 5: Investors' Fault or Accounting's?

Irrational Investors? Eyes to the Future Predicting Corporate Earnings And the Results Are… Reasons, Please Investors Alert: An Accounting Loss Isn't What It Used to Be Takeaway Notes

Chapter 6: Finally, For the Still Unconvinced

“But Accounting Is Complicated” Experts at Work Vague Information and Disagreement Quantifying Disagreement Takeaway Notes

Chapter 7: The Meaning of It All

To Recap Should Investors Really Care? A Last-Ditch Defense of Accounting The Decreasing Volatility of Businesses Takeaway Notes

Part Two: Why Is the Relevance Lost?

Note Chapter 8: The Rise of Intangibles and Fall of Accounting

The Intangibles Surge Accounting for Intangibles, Inconsistent and Opaque Worst Yet—Misleading Information More Bad News More, Not Less Information Is Needed Intangibles and the Accounting Relevance Lost Not in Their Best Interest Takeaway Notes

Chapter 9: Accounting: Facts or Fiction?

“GE Brings Good Things to Life,” But Not to Accounting How Did Estimates Come to Dominate Accounting? Away with Historical Values Roll the Tape Clinching the Deal Takeaway Notes

Chapter 10: Sins of Omission and Commission

The Missing Accounting Link Accounting and Nonaccounting Events Did We Forget Causation? On Conservative Accountants Takeaway Notes

Part Three: So, What's to Be Done?

Notes Chapter 11: What Really Matters to Investors (and Managers)

The Corporate Mission Digging a Bit Deeper Strategic Resources Mapping Investments to Resources Preserving and Renewing the Strategic Resources Strategic Asset Deployment and Operation Measuring the Value Created The Proposed Strategic Resources & Consequences Report Takeaway Notes

Sector Synopsis Sirius XM: Resources & Consequences Report Subscribers Growth It's the Strategy, Stupid Disruption Threat Value Created A Reality Check But Is This Really What Investors Need? Finally, a Report for the Sector Notes

Sector Synopsis It All Starts with Strategic Assets The Resources & Consequences Report: Customers New Products—Innovation Agents—Still Important Operations—Resource Deployment Penetrating the Costs Black Box Resource Preservation Value Created Notes

Strategy and Strategic Resources Investing in Innovation The Resources & Consequences Report: Resource Investments Innovation Strategic Resources Resource Preservation Resource Deployment-Operations Value Created Notes

Chapter 15: Strategic Resources & Consequences Report: Case No. 4—Oil and Gas Companies

Accounting Limitations Resource Investments Strategic Resources Resources Threats Resource Deployment—Operations Value Created Notes

Part Four: Practical Matters

Chapter 16: Implementation

How to Elicit the Proposed Information Pfizer Responds to Analysts' Pipeline Questions Why the Pipeline Expos? An Important Role for the SEC Industry Associations Could Help, Too But, of Course, Managers' Cooperation Is Indispensable Competition and Litigation Concerns For Consideration: Lighten the Regulatory Burden Takeaway Notes

Chapter 17: So, What to Do with Accounting? A Reform Agenda

Revitalizing Accounting I. Treat Intangibles as Assets II. Reverse the Proliferation of Accounting Estimates III. Mitigate Accounting Complexity Takeaway Notes

Chapter 18: Investors' Operating Instructions

Analysis Focused on Strategic Assets Assessing Enterprise Performance and Competitive Edge: The New Approach First Step: Taking an Inventory of Strategic Resources Second Step: Creating and Maintaining Strategic Assets Third Step: Successful Deployment of Strategic Assets Takeaway Notes

Epilogue: Advocacy Needed Author Index Subject Index End User License Agreement