1. Do you think that the concepts of information overload and the efficient market hypothesis are compatible with or conflict with each other in disclosures presented in financial statements?

2. Identify any additional questions you believe Interview Guide should have included to improve the study.

Information Overload or Efficient Market Hypothesis Regulators for capital markets and standard setters for financial statements have long purported full disclosure of all relevant information to all users to ensure all relevant information is available for decision-making (Cascino et al., 2013). Capital markets evolved through the concept of requiring transparency and disclosure of all relevant information under the efficient market hypothesis. The efficient market hypothesis stands in contrast to information overload and is based on the premise all parties have access to all information, so there is information symmetry in capital markets (Kieso et al., 2016; Kitson, 2012). Indeed, Barker et al. (2013) indicated markets do react positively to increased disclosure. Although regulators and standard setters required disclosure of all relevant information, there are now concerns there are excessive financial statement note disclosures under IFRS, which may result in information overload for users of the information (Morunga & Bradbury, 2012). Information overload and the efficient market hypothesis may have conflicting perspectives if information becomes excessive. The efficient market hypothesis promotes the use of full disclosure (Cascino et al., 2013), whereas the theory of information overload suggests users may not be able to process information if it is overly excessive (Blummer & Kenton, 2014; Jackson & Farzaneh, 2012). Under current disclosure practices used in financial statements, there are questions on whether there is information overload in financial statement note disclosures under IFRS (Morunga & Bradbury, 2012; Radin, 2007). However, there is a requirement for full disclosure of all relevant information under both the efficient market hypothesis and under IFRS (Kieso, 2016; Kitson 2012). Regulators and standard setters are ultimately responsible for disclosure requirements and information is needed about the current state of financial statement note disclosures. Interview guide To ensure consistency among interviews, a researcher-developed 8 question interview guide was used (see Appendix 1). Questions were open-ended to encourage interviewees to make open responses. The interview questions were based on the objective of financial statement note disclosures which is to provide users with additional relevant information useful for decision-making (Kieso et al., 2013) and were developed to address the study research questions. Specifically, the questions had been formulated to gather question responses related to the information usefulness of financial statement note disclosures as called for in research by Brown and Tara (2012); Lawrence (2013); and Morunga and Bradbury (2012). To establish validity, a field test was performed. The field test allowed for the identification of questions lacking clarity and needing modification. The interview guide was divided into three sections. The first section included a question designed to gather demographic information about each participant, including education, designations, and occupation as well as the participant's reason for reviewing financial statements. The second section included questions soliciting responses on the participant's perception of the usefulness and relevance of the financial statement note disclosures (research question one). Finally, the third section included a sample list of financial statement mandatory note disclosures and participants were asked to comment on the usefulness and relevance of each note. In addition to providing additional information, section three added creditability to the data collected related to research question one providing some verification of responses. Appendix 1 Interview Guide 1. Please tell me about yourself. Please include education and occupation. Why do you review financial statements? 2. Think back to a recent financial statement that you have reviewed. Do not disclose the name on the company financial statements or any names of individuals. Would you describe the company? 3. a. Were the financial statement note disclosures part of the review? If no, why were the financial statement note disclosures not part of your review? b. Who do you think should review financial statement note disclosures? How would you feel if there were no financial statement note disclosures? c. 4. Describe types of decisions you make based on the financial statements in general? 5. Think back to a recent financial statement that you have reviewed. Would you describe to me your thoughts related to the financial statement notes in particular? 6. Describe items in the notes that you found were useful to your decision-making. 7. Describe items in the notes that you found were not useful to your decision-making. 8. Using the attached list of mandatory disclosures required by IFRS, circle any you would not use. Comment on any that you think do not add usefulness to your decision-making. A recent financial statement with note disclosure is provide for your reference if required. Information Overload or Efficient Market Hypothesis Regulators for capital markets and standard setters for financial statements have long purported full disclosure of all relevant information to all users to ensure all relevant information is available for decision-making (Cascino et al., 2013). Capital markets evolved through the concept of requiring transparency and disclosure of all relevant information under the efficient market hypothesis. The efficient market hypothesis stands in contrast to information overload and is based on the premise all parties have access to all information, so there is information symmetry in capital markets (Kieso et al., 2016; Kitson, 2012). Indeed, Barker et al. (2013) indicated markets do react positively to increased disclosure. Although regulators and standard setters required disclosure of all relevant information, there are now concerns there are excessive financial statement note disclosures under IFRS, which may result in information overload for users of the information (Morunga & Bradbury, 2012). Information overload and the efficient market hypothesis may have conflicting perspectives if information becomes excessive. The efficient market hypothesis promotes the use of full disclosure (Cascino et al., 2013), whereas the theory of information overload suggests users may not be able to process information if it is overly excessive (Blummer & Kenton, 2014; Jackson & Farzaneh, 2012). Under current disclosure practices used in financial statements, there are questions on whether there is information overload in financial statement note disclosures under IFRS (Morunga & Bradbury, 2012; Radin, 2007). However, there is a requirement for full disclosure of all relevant information under both the efficient market hypothesis and under IFRS (Kieso, 2016; Kitson 2012). Regulators and standard setters are ultimately responsible for disclosure requirements and information is needed about the current state of financial statement note disclosures. Interview guide To ensure consistency among interviews, a researcher-developed 8 question interview guide was used (see Appendix 1). Questions were open-ended to encourage interviewees to make open responses. The interview questions were based on the objective of financial statement note disclosures which is to provide users with additional relevant information useful for decision-making (Kieso et al., 2013) and were developed to address the study research questions. Specifically, the questions had been formulated to gather question responses related to the information usefulness of financial statement note disclosures as called for in research by Brown and Tara (2012); Lawrence (2013); and Morunga and Bradbury (2012). To establish validity, a field test was performed. The field test allowed for the identification of questions lacking clarity and needing modification. The interview guide was divided into three sections. The first section included a question designed to gather demographic information about each participant, including education, designations, and occupation as well as the participant's reason for reviewing financial statements. The second section included questions soliciting responses on the participant's perception of the usefulness and relevance of the financial statement note disclosures (research question one). Finally, the third section included a sample list of financial statement mandatory note disclosures and participants were asked to comment on the usefulness and relevance of each note. In addition to providing additional information, section three added creditability to the data collected related to research question one providing some verification of responses. Appendix 1 Interview Guide 1. Please tell me about yourself. Please include education and occupation. Why do you review financial statements? 2. Think back to a recent financial statement that you have reviewed. Do not disclose the name on the company financial statements or any names of individuals. Would you describe the company? 3. a. Were the financial statement note disclosures part of the review? If no, why were the financial statement note disclosures not part of your review? b. Who do you think should review financial statement note disclosures? How would you feel if there were no financial statement note disclosures? c. 4. Describe types of decisions you make based on the financial statements in general? 5. Think back to a recent financial statement that you have reviewed. Would you describe to me your thoughts related to the financial statement notes in particular? 6. Describe items in the notes that you found were useful to your decision-making. 7. Describe items in the notes that you found were not useful to your decision-making. 8. Using the attached list of mandatory disclosures required by IFRS, circle any you would not use. Comment on any that you think do not add usefulness to your decision-making. A recent financial statement with note disclosure is provide for your reference if required