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The Gaap Gap: Corporate Disclosure in the Internet Age
The Gaap Gap Corporate Disclosure in the Internet Age Author:Robert E. Litan, Peter J. Wallison Half of America has invested in the stock market. The market is now central to any debate about the future of Social Security. In the Knowledge Economy, however, conventional financial reports are increasingly less accurate and relevant. In these circumstances, how does an investor assess the validity of stock prices, and how will company values... more » be communicated in the future? Today's knowledge-based economy requires a new framework for corporate disclosure. The authors envision an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet. Corporate financial reporting would become forward-looking, would be based on precise, comparable measures, and would be presented in real time.« less