Notable exceptions are Barth (1991) and Choi et al.
(1997) that addressed reliability of the post-retirement
measures, and Ayers (1998) that examined value relevance
incremental to the previous accounting methodology. Furthermore,
evaluation at the individual standard level does
not permit a collective evaluation of the standard-setting
process. We conduct an expanded investigation of
accounting standards over three decades to provide evidence
on the effect of accounting standard-setting process
on accounting quality