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The purpose of this paper is to review academic literature on prediction of firm's future cash flow, which is the fundamental issue in accounting and finance investigated under capital market-based accounting research. We begin by presenting the main findings regarding the important role played by earnings, cash flow from operations and accruals in predicting future cash flows followed by the methodology used. The findings from this literature show that the results are inconsistent with FASB assertion. Instead, most of the studies report that cash flow from operations is a better predictor of future cash flows, whereas some researchers support the assertion. However, other researchers have shown that the ability of earnings improved when it is disaggregated into its major accruals components. This inconsistency in the results was due to the following reasons; methodological differences; measurement error in the predictor variables and the period covered by the study. Overall the paper provides additional insight to readers who wish to familiarize with this line of research and provides possible areas for further research.

The study is based on companies that went through IPO on the Bombay Stock Exchange (BSE) and/or National Stock Exchange in the period 2011-2012. The paper applied a disclosure index comprising of 78 items to quantify the amount of information regarding intellectual capital included in the IPO prospectuses of Indian companies. The sum of disclosed score is divided by 78 to arrive at the index. For disclosure index content analysis is used. Multiple regression model and Correlation is used to examine the significance and association between disclosure index with independent variables. The main objective of this paper is to study the extent of intellectual capital disclosures in Initial Public offering (IPO) prospectus of Indian companies and also to examine the factors that influence the intellectual capital disclosure. The regression results reveal that of all the independent variables studied i.e. Board size Board independence Size Age Leverage Managerial ownership and Industry differences; Intellectual capital disclosure is influenced by industry differences. India is considered as knowledge economy and has highest contribution in gross domestic product from services sector wherein intellectual capital plays the most important role. As regards intellectual capital the studies have been insufficient. To our knowledge this is the first research on intellectual capital disclosures in IPO prospectuses of Indian companies.

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In the last two decades, accounting literature has focused increasingly on examining value relevance of accounting information. After the announcement of IFRS adoption, there has been a growth in the literature, which links value relevance of accounting information with IFRS adoption. This study aims to provide a brief literature and presents empirical findings. The purpose is to help future researchers to have the understanding of this nature of the study and identify gaps in the current literature. The article covered 90 empirical research papers published between 1993 and 2016 from various countries across continents, and the majority of them concluded that accounting information is relevant across continents before and after IFRS adoption, while few hold the opposite view. Few studies show no evidence in the improvement of accounting information after IFRS adoption.