Dont let the quality of information deteriorate with age a profitable message to the executives who want to rise to the constant challenge of giving investors the verifiable information when needed most. Such capital market needs could be satisfied by implementing Quality Financial Reporting (QFR) by corporates.

History reveals that new concepts are graciously accepted when they rise above the flaws of traditional ones. Such paradigm shifts have brought glory to the four markets of the firm i.e. customers, workers, suppliers and capital markets. Traditional concepts were replaced with new ones in these markets, as Total Quality Management (TQM) align well with customer needs and wants; Human Resource Management (HRM) view employees as its partners; JustInTime(JIT) concept got well with the suppliers and last but not the least Quality Financial Reporting (QFR) is catching up with capital markets. This article visualizes QFR as the revolution that would bind the relationship of investors and creditors with the corporate who comes up with its frequent, transparent, true information. It's worth mentioning here that the conceptual change doesn't necessarily mean to throw away the older ones but rather supplement them with relevant changes and improvisation.

Need for such change in capital markets aroused during the Asian financial crises of 199798. At this period the Americans boasted that their corporate governance and financial disclosure models were to be followed by rest of the world. But their hype couldn't last long. In the year 2001 they faced the largest corporate accounting scandals in history. The dual impact was so intense that policymakers have called for farreaching reforms in both the corporate governance and financial disclosure rules. Corporate managers are now paying more attention to disclosure issues and scrutiny than never before. They are reaching out capital markets with relationships that are open and honest. For this, managers only need to provide investors and creditors with a good cash flow opportunity followed by upfront, trustworthy and complete information which symbolizes the true picture of company status.

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