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3 years ago

an investigation of the usefulness of accounting information for ...

an investigation of the usefulness of accounting information for ...

Mean SD

Mean SD Mandatory 4.01 0.69 Voluntary 3.74 0.78 Quantitative Information 4.02 0.69 Non Quantitative Information 3.78 0.78 Historical Information 3.89 0.72 Forward-Looking Information 4.11 0.72 Table 2: Mean and Standard Deviation according to Categories of Information Disclosure Rank Financial Information 1 Cash flow statement 2 Statement of financial problems 3 Stockholders' information 4 Voluntary account information 5 Comprehensive Income Statement 6 General Information 7 Supplementary Information 8 Information regarding accounting practices Table 3: Ranking of Financial Information Disclosed in Financial Statements From the above table, it is revealed that financial analysts are more interested with cash flow statement information followed by the information from the Statement of Financial position. The information provided from the Comprehensive Income Statement is ranked fifth in the table. The main reason might be that financial analysts consider liquidity more important than profitability. The liquidity position of the business gives better indication if the business would be able to operate as a going concern. Factor Analysis was conducted for each of the seven sections regarding the usefulness of the financial information except for the Usefulness of cash flow information which consists of only two statements. A Principal Component Analysis with varimax rotation was used. These are summarized in order of importance in Tables 4a to 4g. 10

Q1 Usefulness of comprehensive income statement Expenses /losses Financial Performance Trading performance Selling, general and administrative expenses Income tax expense Foreign exchange gains / losses Minority Interest Net income reported Operating income Total comprehensive income Consolidated income statement Costs of goods sold Sales or revenue Table 4a: Factor Analysis on Usefulness of Comprehensive Income Statement From Table 4a, we observed that 3 components were extracted in order of importance, namely Expenses/Losses, followed by Financial Performance and Trading Performance. In the same way, the extracted components are arranged in order of importance for the remaining sections as shown in Tables 4b to 4g. Q2 Usefulness of statement of financial position Equity and Reserves Current Assets Working Capital Appropriation of retained earnings Shareholders' equity changes Goodwill and other intangibles Retained earnings Accounts receivables Cash and cash equivalents Inventories Current Assets Non-current Assets Liabilities Table 4b: Factor Analysis of Usefulness of Statement of Financial Position 11

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