A Synthesis

Papers in this volume address three basic issues. First, are there identifiable economic consequences of accounting reports? Hakansson's paper in the main, and the Leftwich-Watts-Zimmerman and Smith papers in part address that question. The second question-does accounting reporting make a difference in terms of social welfare-is also addressed by Hakansson. Finally, the Newman and Johnson papers primarily address the third question: what is the role of the state in shaping this welfare impact of the accounting standards? Hakansson's paper also addresses this issue.