In this paper, we review recent literature on financial reporting and disclosure published in the Korean Accounting Review post Asian financial crisis (2000-2016). We survey empirical research on the role of financial accounting and reporting (1) as information in a non-strategic setting and (2) as information in a strategic setting. We summarize the research areas and questions examined over the past two decades and what we have learned from the work. We provide our thoughts as to the interesting and important issues for future research.