This study examines the value relevance (information content) of cash flow and accounting figures in situations where the information is asymmetrical and Compare the relative information content of them to clarify the role of accounting figures in investment decision making and mitigating the agency problems (specifically resulting from the existence of information asymmetry in the emerging markets). Based on testing a sample of 76 firms from Tehran Stock Exchange (TSE) during 2005 to 2011, the results support the priority of accounting figures over cash flows in the market (TSE). On the other hand, when the information is asymmetrical, the accounting figures are still more relevant than the cash flows and have more relative information content. At the same time, in small firms, the value relevance of the accounting figures compared to cash flows is more; while in large firms, the relative content of accounting figures and cash flow figures aren't significantly different.