Abstract

IBANEZ-JIMENEZ, Eva María  and  MUNOZ-MERCHANTE, Ángel. Prospective Financial Information: Comparative Analysis of its Standardization and Empirical Evidence. Cuad. Contab. [online]. 2014, vol.15, n.38, pp.459-500. ISSN 0123-1472.  https://doi.org/10.11144/Javeriana.cc15-38.ifpa.

This article contributes to a better understanding of information dissemination practices of prospective financial information, by reviewing international accounting standards and empirical evidence. First, the comparative analysis of the standardization of this type of information is approached from two perspectives. Next, the principles of voluntary membership, recommended by the most prestigious accounting bodies in the world in international guidelines for the preparation of the Management Report of listed companies were identified (ASB, 2006; CA, 2009a; CNMV, 2013; FRC, 2013; IASB, 2010; SEC, 2003). Furthermore, the accounting rules that legally required prospective financial information is reviewed. Three case studies were selected: US, UK and Canada, countries that enjoy a longer tradition in this field. Subsequently, the empirical evidence that the prospective financial information is analyzed. As a result, the methodologies applied (and indexes content analysis disclosure), open lines of research in this field and the main conclusions reached by researchers were identified. Our analysis confirms the usefulness of information to prospective investors and their -limitations and bias in their estimates-.

Keywords : Prospective Information; Management Report; narrative information; content analysis; disclosure index.

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