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Word Count: 388
The owner of capital in AT is a principal or investor who is risk loving or at worst risk neutral To the AT risk lover Bayes Theorem would recommend that accountants supply good information to help investors revise their priors about expected payout product of probability multiplied by reward because that is how risk loving investors rank their investment alternatives To the EMH risk averse investor Bayes Theorem would recommend that accountants supply good information to help investors revise their priors about probability or risk because that is how risk averse investors rank their investment alternativesSPANSTYLEMSO-SPACERUN yes The argument for EMH and relevance first above reliability SPANLANGEN-CA styleCOLOR blue FONT-SIZE 7ptfEcon Cons Zeff Solomons RulandLess NIFONTSIZE1 faceWingdingsFONTSIZE1 avoid re scrutiny govt interFASB set stands FONTSIZE1 faceWingdingsFONTSIZE1 not only SPANLANGEN-CA styleFONT-SIZE 7pt mso-bidi-font-size 100pt acN stds SPANLANGEN-CA styleFONT-SIZE 7pt mso-bidi-font-size 100pt private ints FONTSIZE1 faceWingdingsFONTSIZE1 social bens cost bal-Process is being abused SPANSTYLEMSO-CHAR-TYPESYMBOLMSO-SYMBOL-FONT-FAMILYWINGDINGSFONTSIZE1 rules SPANLANGEN-CA styleFONT-SIZE 7pt mso-bidi-font-size 100pt give allow biased info -flexibility to serve public int FMTFONTSIZE1 FONTSIZE1 faceWingdingsFONTSIZE1 problem w eco SPANLANGEN-CA styleFONT-SIZE 7pt mso-bidi-font-size 100pt quality of info lessesITFONTSIZE1 FONTSIZE1 faceWingdingsFONTSIZE1 supposed to be serven pub int Solomons govt macro econs K goes where it wants to goRulandFONTSIZE1 bal EC RF professional duty to tell the truth is that investors are trying to figure out future value so the best way to do that is to tell them about current value The argument for AT and reliability first above relevance is that investors are looking for verifiable information that reveals contingent predictability because they live in a world where everyone lies Hence historical cost information the hardest and most verifiable of all is preferred especially if its audited Society at large pays for the production of good accounting information and the deal is that society at large should also benefit from it in a free market In an AT and EMH world this better be wealth in an IT world
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