Our series on the Financial Accounting Standards Board's Conceptual Framework has focused so far on broad issues. We first explained the need to acknowledge that the goal for standard-setting is promoting efficiency in the capital markets by continually improving the information that flows to them about securities issuers.

We then explained that financial statement users are the key players because they consume the information. To produce information useful for decisions, managers' and auditors' concerns must take a back seat to issues about meeting the markets' demand for facts. It does no good to publish statements that no one cares to read or dares to believe.

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