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Quality Financial Reporting for Everyone

PART FIVE IN A SERIES

Over the last month, we have had the opportunity to describe in these pages the basics of Quality Financial Reporting. QFR is our proposed alternative to management's current dependence on compliance with generally accepted accounting principles to produce fully informed capital markets.

Whereas the status quo paradigm looks for ways to reduce information flows and provide comfort for managers and auditors, QFR turns the tables and spurs the search for new ways to bring comfort to financial statement users. By providing more complete information, managers reduce uncertainty, risk, and the demanded rate of return.

The ultimate results are lower capital costs and higher stock prices.

The Transition

Moving to QFR is much more than a tweak of the existing system. This fact makes it quite different from current clamors for reform in accounting...

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