The Usefulness of Financial Reporting in Spanish Local Governments

Since 1992, accounting for Spanish local governments has been undergoing substantial change. The application of a new regulation has introduced the double entry system, an approximation to the accounting terminology used in the private sector and the presentation of financial statements beyond the purely budgetary reporting. In this context, the paper attempts to examine the extent to which the new regulation has achieved the objectives of financial reporting, who the users of the information could be, what the usefulness of the financial statements is and what they are used for in local governments. The results prove that the financial reporting of local governments can be useful for potential users like audit institutions, financial institutions or creditors. However, there is a long way to go before we can say that the information is used to the maximum. This implies that further progress is necessary in the use of financial information in local governments, and fundamentally it is necessary to introduce techniques of financial analysis traditionally used in business entities.     

The Effect on Financial Reporting Quality of an Exemption from the SEC Reporting Requirements for Foreign Private Issuers

We test for differences in financial reporting quality between companies that are required to file periodically with the SEC and those that are exempted from filing reports with the SEC under Rule 12g3-2(b). We examine three earnings quality measures: conservatism, abnormal accruals, and the predictability of earnings. Our results, for all three measures, show different financial reporting quality for companies that file with the SEC than for companies exempt from the filing requirements. This paper provides empirical evidence of a link between filing with the SEC and financial reporting quality for foreign firms.     

The Credibility Of Australian Financial Reporting: Are The Co-regulation Arrangements Working?

Credible financial reporting is hard to achieve without an accounting regulatory system. In Australia a system of co-regulation has evolved, based on collaboration between the federal government and its agencies and the accounting profession. Compared with overseas systems, the Australian approach to regulation has unique as well as derivative features. Is the system working effectively for the delivery of dependable, internationally comparable financial reports that make reporting entities transparent and enhance investor confidence?     

User Requirements for Not-For-Profit Entity Financial Reporting: An International Comparison

This study investigates the not-for-profit (NFP) external financial reporting regulatory environments of the US, the UK, Canada and New Zealand and compares them with that of Australia. It finds a lack of clarity in the definition of a NFP entity under Australian accounting standards. The study also identifies various types of information that earlier research and the guidance in other countries suggest are useful to the users of NFP entities' financial statements. This information is not currently required under Australian accounting standards.     

User Requirements for Not-For-Profit Entity Financial Reporting: An International Comparison

This study investigates the not-for-profit (NFP) external financial reporting regulatory environments of the US, the UK, Canada and New Zealand and compares them with that of Australia. It finds a lack of clarity in the definition of a NFP entity under Australian accounting standards. The study also identifies various types of information that earlier research and the guidance in other countries suggest are useful to the users of NFP entities' financial statements. This information is not currently required under Australian accounting standards.     

新公共治理、政府绩效评价与我国政府财务报告的改进

新公共治理是近年来全球范围内政府治理模式变革的最新发展趋势,体现了契约政府的本质。政府绩效评价作为新公共治理得以实施的先进管理机制和战略工具,需要政府财务报告作为信息平台和制度基础,而现行的政府财务报告无力承担这一重任,所以探索绩效评价取向的政府财务报告改进问题具有迫切的现实意义。本文提出了绩效评价取向的政府财务报告目标、报告主体和报表编制基础的改进思路,在借鉴西方国家政府财务报告建设经验的基础上设计了包括绩效报告在内的多层次、复合型的政府财务报告体系。     

Compliance and Controversy: The AAS 25 Reporting Paradox

The adoption of AAS 25, which specifies uniform reporting requirements for superannuation funds, has been particularly controversial. While the Australian Accounting Research Foundation (AARF) has maintained that uniform reporting practices for superannuation funds are necessary to provide performance information to investors, the superannuation industry has argued that AAS 25 will cause "confusion, misunderstanding and unnecessary concern among fund members". Although the controversy has been widely reported, little information has emerged about the extent to which funds were already complying, or substantially complying, with the standard. This paper reports the results of a survey which indicates, contrary to expectations, that in the two years before the introduction of AAS 25 most funds were reporting in a way which would effectively comply with provisions of the standard.     

国际OTC金融衍生品的最新发展及其启示

以防范利率风险和汇率风险为主的OTC衍生产品近年来在全球范围内发展极为迅猛,其名义本金和合约数额也远远超过场内市场,品种创新也十分丰富。本文将根据ISDA的有关文件对目前OTC衍生产品的产品结构进行讨论,并介绍国际OTC衍生品市场的最新发展状况,并对中国发展OTC衍生品市场提出相关的政策建议。     

基于财政透明度视角的政府财务报告初探

财政透明是公共财政的本质特征,财政透明度的实现离不开政府财政信息建设。我国现行以预算会计报告为核心的财政信息过于简单且缺乏系统性,使财政与经济政策的选择乃至预算的编制缺乏充分依据。笔者认为,深入研究我国政府财务报告体系的构建问题,使政府财务报告成为沟通政府与民众间的重要信息源和体现政府财政透明度的重要载体,具有十分重要意义。     

完善地方政府金融管理体制研究

地方政府金融管理体制是我国金融体制的重要组成部分。目前我国地方政府金融管理实践中还存在着重复监管、监管盲区、责权不对等、职能混淆等问题,基于对当前地方政府金融管理体制缺损主要原因的分析,借鉴国外经验及寻求理论指导,本文建议从中央地方政府统分结合、金融发展与风险防范关系、需求角度及基础性制度安排等方面入手,逐步完善地方政府金融管理体制。     

法治水平、地方政府干预行为与金融发展

本文从法治约束地方政府对财产权保护和契约维护干预的角度论述了我国转轨过程中投资者保护和最终决定的金融发展水平。首先从分权改革制度设计的分析入手,论证分权后一定程度上成为独立行为主体的地方政府在约束缺失的情况下,为缓解财政压力向辖区内经济体伸出了掠夺之手。并且政府的权力边界在分权后的扩张干预了契约维护质量。本文利用1987-2004年的省级面板数据证实了伴随改革进程,法治水平的提高有力地约束了地方政府的干预行为,促进了金融的发展。最后文章提出随着改革的推进,尤其是进入市场经济制度日益完善的后改革时期,要继续大力推进规范政府行为的法治建设,更好地保护私人投资,金融才能健康发展。     

地方政府:中国金融发展重要的观察视角

从中国金融近30年的发展历史看,地方政府在其中起了重要作用,特别是近期以来各个地方政府针对金融领域采取的种种措施,为这种作用增添了重要的注脚。地方政府在中国金融发展中发挥重要作用,是基于政府主导经济发展和中央、地方政府分权等中国金融发展的具体国情,基于现象的观察证明了这种作用的存在。但是地方政府的这种作用似乎还没有得到各方足够而全面的重视,而我们则以此为选择作为研究中国金融发展规律的视角。     

地方政府如何引导地方金融平稳转型

在目前我国特定的政治体制和经济背景下,地方政府对于改善当地金融生态环境、促进金融效率的提高仍然起着重要作用。大多地方金融机构正处于艰难转型的十字路口,平稳走过这个十字路口当然需要政府助一把力。那么,面对依然问题丛生的地方金融,地方政府应该和能够做些什么呢?     

论中国金融全球化区域化进程中金融监管法律的协调

中国金融业的全球化与区域化进程对中国的金融监管提出了新挑战,作为金融监管的制度基础,金融监管法律制度同样面临如何适应中国金融业全球化与区域化的问题。本文认为全球化区域化进程中中国金融监管法律的制度建设,应以法律协调的方式进行。本文从分析中国金融全球化区域的特征入手,明确了全球化区域化对中国金融监管法律协调的需求,然后在具体分析国际社会金融监管法律协调实践的基础上,提出中国金融全球化区域化进程中金融监管法律协调的目标、原则及其协调方式的选择建议。     

公共绩效管理框架下的政府财务绩效报告体系构建研究

绩效管理在公共部门的广泛应用,引发了对于政府财务绩效信息的迫切需求。本文结合公共绩效管理的解释框架分析了政府财务绩效信息的需求和供给,全面阐述了政府财务绩效报告体系的构建思路和整体框架,细致地刻画了绩效报告体系的具体内容并设计了实施路径,对于在权责发生制基础上构建政府财务会计和成本会计提出了具体方案。     

《关于加强地方政府融资平台公司管理有关问题的通知》述评

为有效防范财政金融风险,加强对地方政府融资平台公司(以下简称为"融资平台公司")的管理,保持经济持续健康发展和社会稳定,国务院于2010年6月10日印发<关于加强地方政府融资平台公司管理有关问题的通知>(以下简称为<通知>). <通知>出台背景 为克服国际金融危机的不利影响,中央于2008年底出台"4万亿元"投资计划,借以拉动经济增长.     

农户金融服务认知、融资需求与借贷行为研究——基于连云港市农村金融的多维分析

本文通过对连云港市三县216户的问卷调查,对农户金融认知、融资需求和农户借贷行为进行实证研究。调查结果表明：农户的金融服务需求表现出多层次、多样化的特征;农户融资依然困难;农户的意愿融资渠道同实际融资渠道相背离;农户对借款利率十分敏感,对借款利率的需求弹性高;农户信用意识较强,但信用表现不容乐观;金融供给不足,私人借贷盛行。研究结论折射出建立新型农村金融体系,推广小额信贷组织,给予民间金融更大的发展空间将更符合农村融资的实际。     

地方政府金融办职能定位问题研究

随着地方经济的快速发展,地方政府金融办在促进地方金融发展、配合中央金融监管部门开展工作、落实国家金融调控政策、填补金融监管空白等方面发挥着不可替代的作用。但伴随着金融办职能的扩张,出现了职能边界模糊、人员配备不足、职能冲突等问题。必须合理划定金融办的职能边界,巩固以协调、服务为中心的固有职能,明确以金融监管为中心的扩充职能。剥离融资和金融资产监管职能,并通过立法的方式将金融办的职能范围予以明确。     

农村金融深化与农民组织化:建立以金融为核心的普惠合作体系

本文综合金融抑制与金融深化的一般理论,对农村金融抑制的根源进行探讨,在对中国农村金融市场的相关特点进行分析后,继续对农村金融的信用与信息、风险与控制,农民组织化特别是合作化促进金融深化等问题进行深入研究,在此基础上提出建立以金融为核心的普惠合作体系,以期为中国农村金融深化和农民组织化提供借鉴。