The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Finland

ABSTRACT

We investigate how Finland has applied Directive 2013/34/EU of the European Parliament and of the Council to the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. In addition to the implementation process and general implications of the Finnish Accounting Act, we emphasize its implications and interplay with IFRS. We conclude that the national implementation of Directive 2013/34/EU successfully diminished the administrative burden experienced by small companies.     

Do Firms Manage Fair Value Estimates? An Examination of SFAS 142 Goodwill Impairments

Abstract:  I find that goodwill write-offs under Statement of Financial Accounting Standards No. 142 (SFAS 142) are associated with future expected cash flows as mandated by the standard. However, there are indications that goodwill write-offs lag behind the economic impairment of goodwill. Additional analysis reveals that the association between goodwill write-offs and future cash flows is insignificant for firms with contemporaneous restructuring. I hypothesize that this finding is due to agency-based motives. Finally, I examine a sample of non-impairment firms in which there are indications that goodwill is impaired. I fail to find convincing evidence that these firms are opportunistically avoiding impairments.     

Consumer education and everyday futures work

The purpose of this article is to draft new tasks for consumer education in a transformed and transforming world and consumption situation. The basic claim is that consumer education needs to become empowering or emancipatory, and that this can be reached through emphasizing the futures aspect and skills concerning everyday futures work. The functions of traditional consumer education can be described as socializative, preventive and corrective. This is not enough in a rapidly changing world in which consumers face completely new challenges. Section 2 of this article studies changes focal to the individual consumer. In Section 3 I define the basic functions of a household as an economic unit, consumption and consumer education. In Section 4 I continue the analysis of the functions of consumer education with the help of the neologism everyday futures work, which is grounded on the application of Joseph Nuttin's theory of action. I also argue that to fulfill an empowering function, consumer education has to emphasize the futures aspect. The core concept here is futures-will, which highlights the dynamic character of human action. In Section 5 I suggest relevant solutions for consumer education in relation to the challenges and functions of consumption described above as well as explain how the enhancing of everyday futures work skills could be applied in the framework of the cycle of human action. I conclude the article by discussing some recent topics in consumer education to show that consumer education thinking is in some measure - even if not often explicitly expressed - converging with futures education.     

Bridges over troubled waters: Observations on the futures work of Eleonora Masini

It is really an expedition to study the work of a person you think you somehow know. In this commentary I try to apply my female point of view into the work of Eleonora Masini, one of the most outstanding female futures researchers and a person who has left a deep footprint in the futures research culture of our planet. The material is vast and, for me, the more impressive the unknown continents of the work of this bridge builder seems the more one learns. The areas which I try to cover are first her work as bridge builder among futures researchers as well as between researchers and activists from every continent. Basically this work seems to maintain threads of a global aspect and an ethical touch and creates forums where people can have discussions on an equal basis. This approach has much in common with the principles of the Club of Rome where she was invited as one of the first female members of the club. As a bridge builder for female futures researchers and activists she has gifted a great model through her own activity; she has educated and encouraged lots of women in the field. To give a futures perspective, I discuss a few of those problems she has brought up, but which have not been discussed as much as they deserve. The problems I pose are, first, the division between the culture of care and the culture of control, by now also divided into the female and the male culture. The dominance of the culture of control has caused the problem of useless people. Second is the role of everyday life and households in the world economy. The third is that futures studies has neglected to study the everyday futuring or anticipation of ordinary people. The fourth problem concerns the missing discussion about the future in terms of feminine worldviews.     

Gendered society, gendered futures research

New fields of research, new approaches and branches of science enrich the scientific world-view and scientific toolbox. Below I employ concepts developed for a newcomer to the domain of science, feminist and women's research, in the field of futures research. The distinction between biological sex and sociocultural gender is a useful conceptual device. The sociocultural woman's or man's role is distinguished from being a biological woman or man. With the help of this distinction feminists have shown that, especially in science, there is a dominant male mode of thinking, which they call ‘the male bias'. The male bias in Western futures research gets its extreme expression in the forecasting approach. There are, though, early efforts to develop ‘female futures research' from practical work with women's futures to theoretical and utopian considerations. The female approach is but an embryo and should be developed further. To begin is to understand the dilemma.     

Economic consequences of SFAS 142 goodwill write‐offs

This paper examines the economic consequences of goodwill write‐offs under Statement of Financial Accounting Standards No. 142 (SFAS 142). Although write‐off firms have performed poorly, it is evident that deteriorating economic performance explains only a small proportion of write‐offs. After controlling for endogeneity of write‐off choice, I fail to find evidence that investors and analysts fixate on SFAS 142 goodwill write‐offs. I also provide evidence that write‐off firms pay higher audit fees, suggesting that auditors charge higher fees in response to extra audit effort. These results are consistent with the principles of market efficiency, analyst‐forecast rationality and efficient audit pricing.