Gaps in the IFRS Conceptual Framework

Abstract

The stated purpose of the IFRS Conceptual Framework is to assist the IASB to develop Standards that are based on consistent concepts, and also to assist preparers to develop consistent accounting policies when Standards either do not apply or allow a choice of accounting policy. Yet, the Framework actually does surprisingly little to help the IASB (or preparers) determine which assets, liabilities, income and expenses should be recognised, and how they should be measured. The Framework’s focus on assets and liabilities implies that the accounting can, and should, be determined from the balance sheet. Yet, many current financial reporting requirements focus initially on the income statement, and so they are not so much derived from the Framework as instead in need of being reconciled back to it. At its heart, the problem here is that, while the Framework states that accrual accounting provides a better basis for assessing past and future performance than cash-based information, it does not explain why. To do so would require a conceptualisation of how entities’ business models are employed to create value, and of the strengths and limitations of accounting data in enhancing investors’ understanding of that value-creation. The lack of explanation of the purpose and informational objectives of accruals, how they relate to business models and how they cause the income statement and the balance sheet to interact are gaps in the Framework. Filling those gaps would provide a more robust, and natural, way for the IASB to develop recognition and measurement requirements in its Standards.     

基于MGB理论的农户参与乡村旅游影响因素研究——以福州三个地区为例

基于目标导向行为理论,以249份调研数据为依据,运用二元Logistic回归模型对农户参与乡村旅游情感影响因素进行分析,得出农户的行为态度、主观规范、正面预期情绪和感知行为控制通过行为欲望对行为意向具有积极的正向影响,而负面情绪通过行为欲望对其参与乡村旅游行为意向具有消极影响。提出要强化情感效应,重视正向情绪引导;完善乡村旅游引导和利益共享机制,保障农户获得实质性经济收益;把握乡村原生态,消除农户抵触心理。     

Does Integrated Reporting Matter to the Capital Market?

Integrated reporting (<IR>) is an emerging international corporate reporting initiative to address limitations to extant corporate reporting approaches, which are commonly criticized for being both voluminous and disjointed. While <IR> is gaining in popularity, current momentum has been limited due to a lack of clear evidence of its benefits. Utilizing the most suitable setting currently available, being discretionary disclosures made by listed companies on the Johannesburg Stock Exchange, this study provides evidence that analyst forecast error reduces as a company's level of alignment with the <IR> framework increases. Further, the improved alignment is associated with a subsequent reduction in the cost of equity capital for certain reporting companies. The results are obtained after controlling for factors relating to financial transparency and the issuance of standalone non‐financial reports, which suggests that <IR> is providing incrementally useful information to the capital market over and above existing reporting mechanisms.     

Bank Capital Regulation of Trading Portfolios: An Assessment of the Basel Framework

In setting minimum capital requirements for trading portfolios, the Basel Committee on Banking Supervision (1996, 2011a, 2013) initially used Value‐at‐Risk (VaR), then both VaR and stressed VaR (SVaR), and most recently, stressed Conditional VaR (SCVaR). Accordingly, we examine the use of SCVaR to measure risk and set these requirements. Assuming elliptically distributed asset returns, we show that portfolios on the mean‐SCVaR frontier generally lie away from the mean‐variance (M‐V) frontier. In a plausible numerical example, we find that such portfolios tend to have considerably higher ratios of risk (measured by, e.g., standard deviation) to minimum capital requirement than those of portfolios on the M‐V frontier. Also, we find that requirements based on SCVaR are smaller than those based on both VaR and SVaR but exceed those based on just VaR. Finally, we find that requirements based on SCVaR are less procyclical than those based on either VaR or both VaR and SVaR. Overall, our paper suggests that the use of SCVaR to measure risk and set requirements is not a panacea.     

城市群产业协调发展研究综述

通过回顾国内外城市群产业协调发展的文献,梳理城市群产业协调发展的相关概念内涵,总结协调发展的研究内容和调控措施,发现城市群产业协调发展概念缺乏明确的界定,理论发展滞后于新形势下不断丰富的协调内容。提出未来需继续构建并完善城市群产业协调发展理论体系,拓展城市群产业协调发展评价指标体系。     

申遗背景下的中国自然遗产潜力评估

参照世界自然遗产地学、美学、生物生态过程和濒危物种栖息地4项申遗评选标准,依据地貌景观、生物景观等价值构成,建立美学价值评估方法;依据世界遗产13类地学主题评价框架、地质演化过程、典型类型地貌等价值构成,建立地学价值评估方法;依据生态系统过程、物种多样性、栖息地等价值构成,建立生物生态学价值评估方法。利用全球对比的方法提取和评估突出普遍价值,将中国自然遗产潜力区分为青藏高原区、西北干旱区、东部季风区等生态环境基本单元,筛选我国世界自然遗产潜力区。重点提出海洋类世界自然遗产和西部北部地区申遗的可能性,提出中国申报世界自然遗产突出普遍价值的评估策略与优先原则。     

海洋空间利用年度计划内涵研究与制度框架构建

海洋空间利用年度计划是自然资源部基于其国土空间用途管制职责提出的海洋空间资源管理新思路。基于当前海洋资源管理面临问题、生态文明体制改革要求以及空间资源计划管理经验,研究并提出海洋空间利用计划的内涵;并在此基础上,提出了海洋空间利用年度计划的构建原则、目标和制度体系。通过以上研究,拟为海洋空间利用年度计划制度的建立和实施提供技术支撑和决策支持。     

Online consumer behaviour and its relationship to website atmospheric induced flow: Insights into online travel agencies in China

Although the study of flow has recently received a lot attention, little is published about what factors controllable by firms influence its formation. Furthermore, there is a lack of knowledge between the relationship of website atmospheric cues and flow experience. Using a stimulus–organism–response framework (S–O–R framework) as the theoretical basis, this study examines the impact of consumer perceptions of website atmospheric cues (informativeness, effectiveness and entertainment) on the development of flow and its subsequent impact on purchase intention and satisfaction. A self-administered online survey was used for data collection through an internet market research firm which randomly selected individuals from its online panel. Our results support the validity of the S–O–R framework in the context of online tourism and indicate that flow fully mediates the three site atmospheric cues with regards to purchase intention and satisfaction with the travel website. This study enhances our understanding on the determinants of online purchase intention and satisfaction as well as on how a proper web atmospheric design alters consumer shopping experience which entices favourable purchase intention and generates satisfaction.     

The rise of Mexican entrepreneurial migration to the United States: A mixed‐embeddedness approach

Although many studies have analyzed the behavior of high‐skilled migration to the United States, few have focused on the escalating migration of Mexican entrepreneurs, and particularly on the determinants of this kind of high‐skilled migration. This article addresses this gap through a qualitative approach conforming to quantitative procedures, based on 20 in‐depth interviews applied to Mexican entrepreneurs working and/or living in the United States. Theoretically, a mixed‐embeddedness approach guides this research because it allows examining both the individual characteristics of Mexican entrepreneurs, and the influence of the home and host countries' institutional contexts on their business endeavors. Findings revealed Mexico's institutional weaknesses, such as insecurity, corruption, and bureaucracy, are important drivers of migration but so are the perception of a friendly U.S. fiscal system, the search for a better quality of life, and the appeal of a more transparent business environment.