The provision of transparent and useful information on market partici-pants and their transaction is essential for an orderly and efficient market, and it is one of the most important preconditions for imposing market discipline. Left to themselves, markets may not generate sufficient levels of disclosure. Market forces would normally balance the marginal benefits and marginal costs of addi-tional information disclosure and the end result may not be what the market par-ticipants really need.

Gheorghe V. Lepadatu, Mironela Pirnau (2009). Transparency in Financial Statements (IAS/IFRS), European Research Studies Journal Volume XII Issue 1, 101-108