Hail, Procrustes!

Jack Stecher, Norwegian School of Economics and Business Administration
Jeroen Suijs, RSM Erasmus University

ABSTRACT. This paper studies harmonization of financial reporting systems with a common standard, in particular in settings where agents in different jurisdictions may interpret the same events differently (for example, in a world where there is no “true income”). We present conditions for a common standard to be viable, and show that reports under such a standard contain less information than those in jurisdictional systems. The techniques used here also provide a general method for characterizing non-partitional information structures.

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