Discuss the article in light of THEORIES and CONCEPTS of FINANCIAL ACCOUNTING THEORY

*THE WRITER IS REQUIRED TO KNOW THE FINANCIAL ACCOUNTING THEORY AND CONCEPTS.

INSTRUCTION:
The chosen article should be discussed in light of theories or concepts discussed in the course (course is based on the FINANCIAL ACCOUNTING THEORYsixth edition by William R. Scott) For example, you may relate the article to theories which either confirm or contradict or expand upon the material in the article.
*Please NOTE, that i do not want an introduction or conclusion and only want this one page discussion, based on ELEPHANT 1 part of the article. So please only work on elephant 1.

ARTICLE:
theories discussed in the text which could be used to discuss the article are:

Chapter 3 i?? Decision Usefulness approach to financial reporting/ Rational Investor
Chapter 4 i?? Efficient Securities Market
?To the extent that the markets are not efficient, accounting information exists (role of financial reporting increases)
Chapter 5 i??the Information Approach to decision usefulness
?Assumes securities market efficiency, investors responsible for predicting future firm performance
Chapter 6 i?? Measurement Approach to decision usefulness
?Greater use of current values in financial statements (increase decision usefulness over that of information approach)
?Securities markets may not be fully efficient, average investor not fully rational and markets not fully efficient, a measurement perspective may improve decision making and market efficiency
?People are loss-averters, hang on to losers and sell winners, individuals also tend to overweight salient, anecdotal and extreme evidence
?Current values may be subject to manager bias
ch 12standard setting: economic issues
ch 13: standard setting: political issues

These are the theories that I thought could be used to discuss the article. Feel free to use these or any other that you think could be useful and has mentioned in the FINANCIAL ACCOUNTING THEORY TEXTBOOK.

I did not specify the number of sources but please add if you use any.

Thanks