<![CDATA[The research paper aims to develop an accounting framework for measuring capital and strategic changes as a test of Blue Swan theory for the quality of financial reporting. The Blue Swan Index (BSTI) was devised to measure the level of transformation. Moreover, Financial Reporting Quality Index (FRQI) was proposed based on the four financial indices: ROA, ATR, EQ and OCFA are key determinants of Corporate Income Tax Non-Compliance by manufacturing companies in Sri Lanka. The analysis of annual financial accounts for the years (2016-2025) for the Baghdad Soft Drinks Company was carried out using a descriptive analytical approach. According to the researcher, descriptive statistics, correlation analysis, simple linear regression, Analysis of Variance (ANOVA), and Analytic Hierarchy Process (AHP) have been used to test hypotheses and construct the Blue Swan Index. The study established that there is a correlation between the Blue Swan Index (BSTI) and the Financial Reporting Quality Index (FRQI). The BSTI was also found to affect the FRQI positively and significantly, according to the results. Besides the investigation of investment policies, a new accounting concept dubbed the Blue Swan has also been introduced. Two other composite indices have been developed which may be used for assessment and which assist decision making. It also enhances the accounting literature on financial reporting quality. An analysis of the Blue Swan Index (BSTI) and Financial Reporting Quality Index (FRQI) as well as capital shifts of listed companies in Bangladesh.The Blue Swan index (BSTI) along with Financial Reporting Quality Index (FRQI) helps predict capital transformations as evidence from Bagdad soft drink company.]]>
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