Objective With the rapid growth of the economy and the expanding role of the private sector, financial markets have gained increased importance. Among the factors influencing the efficiency of financial markets, how information is disseminated to various stakeholders plays a crucial role. The method of information transfer stands as a key component in shaping the efficiency of capital markets. Management Commentary (MC), serving as a supplementary report to companies' financial statements, holds a pivotal role in enhancing capital market transparency through the disclosure of both financial and non-financial information. The objective of this research is to formulate an MC framework and subject it to experimental testing utilizing quantitative data. It is to introduce, for the first time, an MC framework specifically tailored to the context of Iran.   Methods This study adopts a mixed research methodology. Initially, qualitative content analysis was utilized, involving the comprehensive review of documents and studies pertaining to the IFRS Foundation in the domain of Management Commentary (MC), along with other relevant guidelines and Reporting frameworks. This systematic examination facilitated the construction of the initial MC Reporting framework and the formulation of pertinent hypotheses. Subsequently, to adapt and present the MC Reporting framework in the Iranian context, survey data, obtained through a researcher-designed questionnaire, was collected. Each sub-category of the Reporting framework was assessed and ranked using the one-sample Wilcoxon signed-rank test, with the final ranking determined based on Friedman's test.   Results Based on the findings of the qualitative section, the initial framework for MC comprises five key dimensions: Objectives, Qualitative Characteristics, Content Elements, Forward-Looking Information, and Information Related to the Long-Term Success of the Company. According to the findings of the quantitative section, none of these dimensions and their subcategories were rejected. Therefore, the MC Reporting framework in Iran was structured across five dimensions as follows: 1. Objectives: comprising five distinct objectives, 2. Qualitative characteristics: encompassing eleven specific characteristics, 3. Content elements: consisting of six defined content elements, 4. Forward-looking information: comprising seven principles & 5. Information related to the long-term success of the company: categorized into six distinct areas. The relative importance of each dimension within the Reporting framework is ranked as follows: 1. Objectives, 2. Qualitative characteristics, 3. forward-looking information, 4. Content elements, and 5. Information related to the long-term success of the company. Furthermore, the subcategories within each dimension of the Reporting framework were also assessed and ranked according to their relative importance.   Conclusion The suggested Reporting framework has the potential to serve as a valuable reference for institutions and organizations responsible for formulating capital market regulations. This includes entities like Audit Organization and Securities & Exchange Organization. By utilizing this framework, these regulatory bodies can develop native standards and guidelines for the presentation of MC. Furthermore, companies can benefit from this framework when presenting their MC. This ensures a more tailored and effective approach to MC Reporting within the context of the Iranian capital market.

This paper analyzed the consequences of financial Reporting convergence towards integrated Reporting in Iran's capital market focusing on agency cost and cost of equity capital. In order to measure the financial Reporting convergence towards integrated Reporting, a checklist has been used which designed based on the international integrated Reporting framework. The agency cost measured using the efficiency criterion based on the ratio of operational expenses to operational revenues. The cost of equity capital estimated based on the expected rate of return using the capital assets pricing model. The research population includes 144 firms listed in the Tehran Securities & Exchange over March 2016 till March 2021. Multivariable regression models were used to test research hypotheses. The findings showed that increase in convergence level of firms’ financial Reporting with integrated Reporting framework has reduced agency cost and cost of equity capital. These findings suggested that focusing on the benefits of integrated Reporting through transparency and completeness of information disclosure has weakened agency conflicts and reduced agency costs. In addition, integrated Reporting has reduced the cost of capital in financing decisions due to the adoption of sustainable business model from integrated thinking and the reduction of information asymmetry due to greater transparency for more informed forecasting.

Efficient market hypothesis predicts that capital markets are beset with cer-tain biases which result from wrong estimation, and negatively influence shareholders’ expectations for higher returns, which in turn affects invest-ment efficiency, financial constraints and corporate performance efficacy in competitive markets, and eventually mitigates firm value. The present study aims Financial Reporting language Bad on Aggressive Financial Reporting Investor protection over the period 2013-2017. Earnings forecast error and CEOs’ overconfidence biases serve as the measure of CEO’ s perceptual biases, the model developed by Biddle et al (2009) is employed to proxy for investment efficiency, and KZ model is also adopted to calculate financing constraints. The results reveal that both earnings forecast error and overconfidence biases negatively affect investment efficiency, while they positively influence cor-porate financing constraints. These results indicate that CEO’ s perceptual biases creates a constraint on financing, and, on the other hand, reduces the efficiency of corporate investments. Under these conditions, the trust and confidence of investors and shareholders in relation to the company will be reduced, and the company will face negative features like the risk of a financial crisis.

The growth of international trade and capital flow and the growing economic cohesion over the past three decades has led to the harmonization of accounting standards among countries. With the adoption of International Financial Reporting Standards (IFRS) in many countries of the world, and the announcement by the IranianSecurities and Exchange Organization of the requirement to impose standards for a group of companies under the supervision of that organization, the main objective of this study is to examine the impact of the implementation of international financial Reporting standards on quality Financial Reporting in Iran. To this end the effect of applying IFRS on thequalityof identifying and measuring transactions, the quality of identifying and measuring assets and liabilities, the quality of presentation and disclosure of financial statements, and the qualitative characteristics of financial information, is investigated. A survey approach is used to conduct research. The statistical population of this research includes academic and professional experts. Number of questionnaires is sent to the respondents and 117are collected. According to the results of one sample T-test, the implementationof the International Financial Reporting Standards improves the process of identifying and measuring transactions, assets and liabilities, increasing the quality of presentation and disclosure of financial statement components, and the overall quality of financial Reporting.

The subject of financial Reporting transparency and its importance which has been more highlighted in recent years following unfortunate circumstances and created crises in world stock exchange and specially Black September in 1997, the event of September in 2001, disclosure of World Com, Enron, Xerox, Parmalat on the global level, and fall of Tehran Stock Exchange Index in 1383 caused the subject of financial statement transparency to become a necessary phenomenon and the necessity of stock exchange to allocate a greater share to itself. This study has been performed as below: Investigations concerning the relationship between tax Reporting and financial Reporting transparency.The subjects of the study consisted of different groups including Stock Exchange, Tehran Tax Affairs Organization, university professors, managers (companies), and certified accountants (auditors) of Tehran in 1389.The sampling method was based on ratio scale, and the sample volume was 150.The subjects were divided into five groups (the calculation procedure has been explained in the first chapter). To analyze the data and to indicate whether or not there is a relationship between tax Reporting and financial Reporting transparency in each participant group the inferential statistics of correlation coefficient was used and to show the difference between each pair of correlation related to these groups the inferential statistics of Z- Fischer was applied. The results of the study indicated a positive relationship between tax Reporting and financial Reporting transparency in that financial Reporting transparency will be secured to a great extent if tax Reporting is documented in addition to present financial Reporting.