Trade Development and Global Crisis Influence

The purpose of this paper is to create a comprehensive analysis of the development of foreign trade in the global world, the process of divergence of exports and imports under the influence political and economic changes in Europe and the economic crisis in the world. Data from world public databases are summarized to a clear and understandable form. We analyzed the share of imports and exports （due to the global trade is presented） and its potential impact on the development of current account balance （CAB） for the United States of America （USA）, the European Union （EU）, and China. Correlation coefficient timeline for the last decade of CAB and world trade is also presented to show the influence of trade flow in the world and the EU with respect to current account. The work emphasizes the clear and understandable processing of the required data, which are then formulated to make arguments and then used to make predictions of further development of world trade. From summarized data, future crisis can be predicted and impacts can be evaluated.     

Self-Dealing Among Convergence and Path-Dependency Opportunities： An Empirical Analysis of Regulatory From Six European Countries

Self-dealing refers to all kinds of transactions and operations diverting value from a company to corporate controllers. In order to tackle self-dealing, academics and regulators have emphasised the legal tools. However, there is a divergence between those supporting the existence of a benchmark model towards which to converge （convergence hypothesis） and those underscoring the importance of socio-economic factors on the efficacy of governance rules （path-dependency view）. The aim of this paper is to join in the convergence vs. path-dependency debate by focusing on the efficiency of mandatory rules and investigating their effectiveness. Considering the current market integration, the traditional cost-benefit analysis has been extended in order to embrace costs specifically associated to the issue of domestic rules in a global scenario. This analysis supports the convergence view and encourages at least a partial and gradual adjustment of national legislations towards the prevailing Anglo-Saxon model. In order to test this hypothesis, an examination of the self-dealing regulatory （on conflict of interests and self-dealing） adopted in some Western （Germany, Italy, and the United Kingdom （UK）） and Eastern （Czech Republic, Hungary, and Poland） European countries has been conducted.     

Intellectual capital and value creation in the production and assembly of vehicles and auto-parts sector in Brazil： A panel data analysis

This work investigates the relationship between intellectual capital and value creation in the sector of production and assembly of vehicles and auto-parts in Brazil. Through the access of the database from the annual industrial research conducted by the Brazilian Institute of Geography and Statistics, we gathered 865 observations, from 2000 to 2006, of public and private Brazilian companies with more than 100 employees. The database allows the estimate of relevant aggregated variables such as national accounts, gross domestic product, intermediate consumption, as well as propitiates a sectorial study of business strategies and performance, including value added by individual companies. In particular, in this study we use data on variables associated to intellectual capital. To achieve the goal of the study, we consider intellectual capital as defined by Pulic （2000, 2002）, including human capital and structural capital. For the analysis of business performance, we used Pulic＇s VAIC （Value Added Intellectual Cofficient） index as a measure of efficiency of the employed financial and intellectual capital. Regression models were run to verify the relationship among the efficiency in the use of intellectual capital and the profitability of Brazilian companies. The gross income, calculated as before selling, general and administrative expenses, depreciation expenses, amortization and interest expenses, was used as measure of the flows of value creation and the profitability was measured by the gross income to the total assets of the companies. Considering the constructs defined by Pulic （2000, 2002）, we tested, for the Brazilian sector of Production and Assembly of Vehicles and Auto-parts, the following hypotheses： （l） there is a positive relationship between value creation and intellectual capital, （2） there is a positive relationship between value creation and stock of intellectual capital, （3） there is a positive relationship between value creation and efficiency of the employed capital, （4） there is a positive relationship between value creation and efficiency of the human capital, （5） there is a positive relationship between value creation and efficiency of the structural capital. The results of the study, obtained through panel data analysis and through the use static and dynamic models, support the hypotheses that the intellectual capital of the companies, in its flow and stock dimensions, is positively and significantly related to value creation.     

GARCH-Type modeling of stock market returns for the pre-crisis countries

Empirical studies have shown that a large number of financial asset returns exhibit fat tails （leptokurtosis） and are often characterized by volatility clustering and asymmetry. This paper considers the ability of the GARCH-Type （Generalized Autoregressive Conditional Heteroskedasticity） models to capture the stylized features of volatility in national stock market returns for three countries （Portugal, Spain and Greece）. The results of this paper suggest that in the presence of asymmetric responses to innovations in the market, the ARMA （1,1）-GJRGARCH（1,1） skewed Student-t model which accommodates both the skewness and the kurtosis of financial time series is preferred.     

Application of International Public Sector Accounting Standards in Vietnam in Current Conditions

The objective of improving the state accounting system is to build a state accounting system based on a single and complete database which is applied uniformly across all public authorities and agencies from central to local. Such an accounting system must ensure a reliable and smooth flow of information among all the entities that take part in the preparation, allocation, execution, and finalization of the state budget. In order to improve the quality of financial information, to harmonize, and to develop accounting profession globally, the trend of international economic integration requires the standardization of accounting legislative framework among countries and first of all, the harmonization and unification of the preparation, presentation, and disclosure of financial information. Financial statements of each business in the private sector and financial statements of the government in the public sector in different countries should be transparent and presented in accordance with the accounting standards and principles and in line with international practices so that the financial information will be able to be compared and evaluated. Therefore, financial statements of each entity in the public sector and the consolidated financial statements of public sector entities issued by the government in different countries must be prepared and presented in a unified form to suit the international public sector accounting standards. Accordingly, with the application of the interview method in research, the main objective of this article is to focus on searching for the bases and consideration for the application of international public sector accounting standards in Vietnam in current conditions. This article consists of eight sections： （1） what are international public sector accounting standards？ （2） accounting entities of the public sector; （3） the limitations of current public sector accounting in Vietnam; （4） financial information to meet the requirements of state management and to comply with international practices; （5） the advantages of applying international public sector accounting standards in Vietnam; （6） the difficulties and challenges of applying international public sector accounting standards in Vietnam; （7） learning experiences from other countries; and （8） conclusion.     

International Supply Chain Management （ISCM）： An Emergent Perspective on Internationalization Driven by Information and Communications Technology （ICT）

The focus of the article is on the contribution of the perspective of supply chain management （SCM） to the explanation of internationalization processes. The empirical study is based on case studies of 20 small- and medium-sized enterprises （SMEs） with international activities from China, India, New Zealand, and Singapore. All chosen firms were founded after 1980 in order to capture retrospectively the whole globalization process of each firm. All sample firms operate their supply chains （SCs） on the basis of information and communications technology （ICT）. Depending on size, strategy, business model, industry, and mindset of the managers, firms use ICT on a range from integrating individual functional areas to integrating the whole SC through enterprise resource planning （ERP） and customer relationship management （CRM） systems.     

Review of International Accounting Standards Board （IASB） Proposed New Conceptual Framework： Discussion Paper （DP/2013/1）

The International Accounting Standards Board （IASB） is one of the largest independent accounting standard setters whose publications, International Financial Reporting Standards （IFRSs）, have revolutionalized the accounting profession, investors, finance providers, and the entire accounting information stakeholder community. The conceptual frameworks are the theoretical accounting bases that are constituted by a set of principles that underlie as a bedrock foundation cornerstone for the development and updating of IFRSs. The existing conceptual frameworks were issued by IASB in 2010, after long years of protracted and wide consultation and joint project with the biggest American standard setter Financial Accounting Standards Board （FASB）. In year 2013, the IASB embarked on a solo project to update the conceptual framework and issued a discussion paper （DP/2013/1） to its users and stakeholder community for comments. The methodology used in this study of an extensive review of literature （secondary/primary） from the discussion paper, existing conceptual framework, and comment letters from investors, accounting, insurance, and international audit firms has been manipulated. The findings revealed that the existing conceptual framework has opposing objectives especially that of decision usefulness （future-oriented information） and concepts of ＂prudence and stewardship/accountability＂, which are deeply embedded within the framework as subsumed, but their prominence has been overshadowed and watered down by not identifying them as objectives. The finding also revealed that almost all public accounting and audit firms are advocating not only for the reinstatement of the ＂prudence and stewardship/accountability＂ but also for a clear definition of recognition, de-recognition, and measurement of statement of financial position elements （assets and liabilities） and also elements of the comprehensive income statement （revenues and expenses）, which have seriously compromised investors, p     

Empirical Study on Relevancy of Mandatory and Voluntary Accounting Changes—Based on Chinese Listed Companies in 1999 and 2001＂

Based on the samples of mandatory accounting changes （MAC） and voluntary accounting changes （VAC） of our country in 1999 and 2001, this research explores the relevancy between MAC and VAC and its specific performance. The results of this research are shown as follows： （1） The timing relationship exists between MAC and VAC, and the frequency of VAC rises significantly in MAC year; （2） The relevancy exists in the earnings effects between MAC and VAC, and the combined effects which MAC and VAC have on earnings are in direct correlation with the earnings effects of MAC in the same year; （3） The supervisory factors of the securities market together with MAC influence the direction of VAC. Different from Pincus and Wasley＇s conclusion, when MAC is used to decrease profits, the part of VAC in our country counterbalances the effots of MAC; the listed companies with a special purpose will be against the direction of MAC and apply to VAC with a particular purpose.     

A Panel Data Analysis of Corporate Attributes and Stock Prices for Indian Manufacturing Sector

Stock prices have always been considered as unpredictable phenomena due to their dynamic patterns. Identifying the forces that contribute to variations of stock prices is probably one of the most researched areas in finance. This study relates stock prices to the stock volatility （measured by beta） and to corporate attributes, i.e., size, liquidity, profits, leverage, and returns. The study is based on manufacturing sector in India, and it is based on a sample of 3,027 manufacturing companies during the periods from 1991-1992 to 2006-2007 collected from the Centre for Monitoring Indian Economy （CMIE） database. The regressions were performed with the dummies for time effect and firm effect separately and then for both effects together. Panel data models have been used to estimate the stock prices equation. The model finds out fixed and random effects between independent and explanatory variables and analyzes them through Hausman test. The paper also studies multicollineairity that may exist amongst the selected variables. The study shows that volatility （represented by Beta）, profit （represented by earnings per share （EPS））, and size （represented by market capitalization （MCAP）） significantly influence the stock prices （at the level of 5%）. Panel data analysis using Hausman test supports the fixed effect model.     

Writing the future： A theoretical justification for a uniform and universal system of currency in accounting for inflation

This paper submits that the advantages gained by introducing a single currency at the domestic level, applies equally to the economy at the global level. The advantages gained are （1） a reduction of the inflation rate to one common rate （if required） amongst all states, （2） a possible reduced interest rate, （3） an expansion in investment, （4） an increase in development and trade due to the removal of uncertainty, （5） the reduction in transaction costs, and （6） the reduction in the cost of capital （Moshirian, 2004, p. 306）. A single global currency has immediate implications in accounting for inflation as it presents an opportunity for the permanent removal of problems associated with accounting for inflation. This paper addresses the phenomenon of inflation and how accounting measurement and valuation associated with inflation is removed by the introduction of a single global currency.     

The Role of Comprehensive Income as Financial Performance Predictor： Panel Evidence From Italy

The aim of this study is to investigate whether the comprehensive income （CI） and its individual components are useful in assessing the future cash flows for Italian listed companies. In addition, we verify whether the recent requirement of International Accounting Standard （IAS） 1 （r2011） of providing the other comprehensive income （OCI） separates in two sub-totals （recycling and non-recycling items groups） is useful to explain the expected cash flows. We consider a sample of 121 Italian non-financial companies listed on the Italian Stock Exchange for the testing period of 2008-2011, employing a fixed-effect regression model, and we test the relationship between the changes in the variables considered and not the relative absolute value reducing, in this way, the risk of not grasping a report if the independent variable and the response variable do not have the same sign. Our results stress that CI and the two new sub-aggregates are not relevant to explain future cash flows, while net income （NI） and OC1 as a whole seem to be more relevant to make explicit the future financial position. The study contributes, as a sort of post-implementation review, to the current debate on the ability of Cl to predict the future cash flows and on the real usefulness of the CI and the sub-aggregate identified by the IAS 1 revised as well.     

Organizational Learning （OL） and Organizational Innovation （OI）： The Case of Information and Communication Technology （ICT） Industry in Malaysia

The progression through which a person acquires ,;kills, understanding, and opinions regarding a particular organization or company is called organizational learning （OL）. In this study, the connection between organizational innovation （OI） and OL within the inf3rmation and communication technology （ICT） industry in Malaysia is surveyed. These relationships are examined, because various previous inquiries have shown that an imperative precursor to firm performance is OL. Two hundred and seventy-eight surveys were completed by small and medium organizations across Malaysia. The connections existing between the causes of OL and the causes of OI were ascertained by using structural equation modeling （SEM）. Amongst the Malaysian small- and medium-sized enterprises （SMEs） that participated in fire study, OI and OL are considerably linked.     

Triangulation Approach to Costing in Higher Education Institutions

This study presents a triangulation approach to the investigation of costing possibilities in Greek higher education institutions. The historical data contained in the financial statements of universities provide the expenditures of the latter. These expenditures are then re-determined with the use of independent variables （Jacobian determinants）, as well as with activity-based costing （ABC） and interviews, in order to obtain certainty of accuracy of the calculations and an indication of the cost of educational services, which can help determine magnitudes and improve the long-term planning of university resources. The above process can be used to create cost drivers and cost pools for the new financial burden of academic departments （cost centres） and to calculate the cost per student for each department. This information does not function at variance with or as a substitute for traditional accounting systems but in parallel （or supplementally）, providing administrators with more comparative data and a clearer picture of a university＇s economic operations which will facilitate its decision planning. Thus, it can provide higher education institutions with a decision-making tool for the following tasks： （1） allocation of national and community funds to university departments; （2） financing of textbooks, food, and accommodation; and （3） determining the optimum number of new enrolments.     

Performance on the 2011 Certified Public Accountant （CPA） Examination for Large,Middle, and Small Historically Black Colleges and Universities （HBCUs）

There are over 100 historically black colleges and universities （HBCUs） in the United States. The majority of these HBCUs are located in the southeast section of the United States. HBCUs are a major supplier of certified public accountants （CPAs） to the profession. Therefore, the performance of candidates from HBCUs should be of interest to various constituents including educators, employers, parents, students, and other stakeholders. The purpose of this paper is to provide statistical performance on the 2011 CPA examination for large, middle, and small HBCUs based upon the number of testing events taken. Taking a testing event is not the same as passing a testing event. This was the dichotomy between quantity and quality of HBCUs＇ performances. For large HBCUs, Morehouse University, North Carolina Agricultural and Technical State University （NC A＆T）, and Tennessee State University （TSU） were cited. For middle HBCUs, Albany State University, Norfolk State University （NSU）, and North Carolina Central University （NCCU） were cited. For small HBCUs, Alcorn State University, Fisk University, and University of Maryland Eastern Shore （UMES） were cited. The dichotomy between quantity and quality is real.     

Motivations and performance of public to private transactions： An international study

This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.     

The Changes in World Oil Prices, Monetary Factors, and Foreign Index Toward Composite Index Movement： Indonesian Case for the Period of 2005-2011

Capital market is one of the drivers of the economy through the formation of capital investor excess as well as an indicator of a country＇s economy. Movement of stock price index is often influenced by many factors, derived from the company＇s performance, monetary factor, and changes in world oil prices. This study highlights the problem in world oil prices due to political turmoil in the Middle East. The samples are taken from the Jakarta Composite Stock Price Index （JCI）, oil prices, Indonesian inflation rate, Certificate of Bank Indonesia＇s （CBI） rate, and the reserve assets, during the period from January 2005 to December 2011 （84 months）. Using the data published by the Bank of Indonesia, reports of the Central Bureau of Statistics （Biro Pusat Statistik, BPS）, and other relevant sources, the data analyzed through the Eviews 7.1. The main objective of this study is to examine the effect of oil prices, foreign stock price index, and monetary variables （inflation rate, CBI rate, country＇s foreign reserves, and others） toward the JCI analyzed through the error correction model （ECM）. Hypothesis testing with the F-test for the 95% confidence level indicates that the oil price, exchange rate （Indonesian Rupiah （IDR）/United States Dollar （USD））, CBI rate, foreign exchange reserves, the Dow Jones Index, and the Taiwan stock index, both simultaneously as well as partially have a significant influence on the JCI.     

Forensic Accounting and Fraud： Capability and Competence Requirements in Malaysia

The 2011 Global Economic Crime Survey instituted by PricewaterhouseCoopers （PwC） confirms the economic crime in Malaysia to be on the increase and, therefore, requires immediate attention to stem the tides. In anticipation of the challenges occasioned due to a shift from the modified cash basis to the accrual basis of accounting, the Malaysian State＇s determination to move from a developing nation to a developed nation, and to be ranked among the first 10 in 2020, this paper presents the need for forensic accountant and auditor capability （i.e., mindset and skills） on forensic accountant and auditor competence （i.e., task performance fraud risk assessment （TPFRA）） in the Malaysian public sector. It also draws the attention of the users of public sector accountants and auditors to the understanding of fraud mechanisms and how to deal with fraudsters. The population of this study comprised the accountants and auditors in the office of the Accountant General and Auditor General of Malaysia. The objective of this paper is to investigate the competence requirements of accountants and auditors in the effective and efficient utilization of capability requirements, which have the potentials to usher in the best global practices in fighting fraud in the Malaysian public sector.     

State Auditing With the Investment in Public Sector： Case of Vietnam

In Vietnam, in the current period, public investment plays an important role in the improvement of technical infrastructure systems, economic and social development of motivation to promote national development. However, the question is how to ensure that these sources of funds are used most effectively in terms of limited resources. In this article, the author would like to emphasize the critical role of the state auditor which is not only in the transparency of information, in enhancing the trust of the citizens, but also in providing important and reliable information to the public sector agencies, units, investors, and people in the society. From that, it could help to serve the management and administration of revenues and expenditures of the state budget as well as reasonably and efficiently using financial resources and assets. In case of perfectly conducting those tasks, they will contribute the power to the economy, fight corruption as loss or waste, and detect and prevent violations of law; improve the efficient use of the budget, the money, and property of the state; and serve effectively for the operation of the National Assembly and People＇s Councils at all levels of the implementation and monitoring function to decide important issues of national and local governments. With the above information, these matters in Vietnam will be solved through this paper that consists of five parts： （1） the basics about the current public investment in Vietnam; （2） the role of state auditing in improving performance management and monitoring of investment; （3） the limitations of state auditing in public investment; （4） many solutions to promote the role of state auditing in improving the effective investment activities; and （5） conclusion.