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Discussion about the actual nature of political action is unusual in the literature about the Financial Accounting Standards Board (FASB). Examines the treatment of politics in the US standard setting context and this analysis results in the conclusion that despite widespread recognition that standard setting is political, what this means is greatly underappreciated. Moving knowledge about financial accounting policy towards a more adequate realization of its political nature is furthered by a discussion of the roles of power, ideology and rhetoric.

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Security valuation has been in the forefront of the accounting and finance literature for many years. Although there is consensus that stock prices are related to future cash flows of the firm, there is controversy about the usefulness of the ex post earnings and cash flow measures in signaling stock prices. A cross-sectional equity valuation model is used to examine the incremental valuation content of earnings and cash flows in the marketplace. A sample of retail firms is used for the four-year period from 1980 to 1983. The results of this study indicate that (a) operating earnings have valuation content beyond operating cash flows, (b) operating cash flows do not have valuation content beyond operating earnings, and (c) the components of earnings, namely operating cash flows and accruals provide the same information to the market about future expected cash flows.

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This year's annual reports are the first to inform investors and analysts about comprehensive income. What format have companies used? Have the numbers proven important to users of financial statements, as the Financial Accounting Standards Board (FASB) contends? In fact, what do they disclose? The author reviews the rules for disclosure, examines actual company disclosures, and discusses the implications—for chief financial officers (CFOS) and financial statement readers. © 1999 John Wiley & Sons, Inc.