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Collins C. Ngwakwe 《Critical Perspectives On Accounting》2012,23(2):171-172
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Accounting for Extractive Industries: Has IFRS 6 Harmonised Accounting Practices by Extractive Industries? 下载免费PDF全文
Hafez Abdo 《Australian Accounting Review》2016,26(4):346-359
Accounting for extractive industries has historically been practiced by one of a number of methods: successful efforts, full costing, area of interest, appropriation and reserve recognition accounting. The choice of method adopted leads to different accounting figures. The difference in the treatment of the costs leads to different accounting figures being reported in the financial statements of extractive companies. This means that the ‘tell it like it is’ criteria of accounting functions differently, so that stakeholders find like‐with‐like comparisons for decision‐making purposes difficult. These difficulties have culminated in the release of IFRS 6 Exploration for and Evaluation of Mineral Resources, to help harmonise accounting practice. This paper, through content analysis of annual reports of 122 upstream oil and gas companies from around the world, investigates the role of IFRS 6 in harmonising extractive industries’ accounting practices. Our analysis identifies seven types of company, which differ in their compliance with IFRS 6. Hence, we conclude that IFRS 6 has had some success in harmonising accounting treatments of exploration and evaluation expense but that this success is limited and more needs to be done to achieve wider harmonisation for the extractive industries. 相似文献
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ALLAN BARTON 《Australian Accounting Review》1999,9(17):9-15
This paper critically reviews and rejects the requirement that councils value the land under their roads and include it in their financial statements. Land under roads is a public good which does not satisfy the requirements for recognition as an asset. Moreover, it does not need to be valued financially for purposes of road management. Councils are cowect in opposing the requirement of AAS 27. The inclusion of land under roads as a council asset distorts the representation of their financial position. 相似文献
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Patricia Stanton & J.W. Hughes J. Stanton 《Financial Accountability and Management》1998,14(4):249-264
Despite moves toward international harmonisation of accounting standards, there is evidence that standards regulating government accounting in various countries are diverging. This paper argues that, despite their similar federal systems and ostensibly similar objectives for federal government reporting, the accounting standards of the USA and Australia differ significantly in detail. A comparison of their objectives and standards reveals that the standards particularly differ in relation to accounting for assets, and in determining the performance of a reporting entity. Although these divergences emanate from differing philosophies underlying the standards of the two countries, they have implications for international harmonisation of accounting standards, and for reciprocity agreements. 相似文献
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This study investigates why countries mandate accruals in the definition of corporate taxable income. Accruals alleviate timing and matching problems in cash flows, which smoothes taxable income and thus better aligns it with underlying economic performance. These accrual properties can be desirable in the tax setting as tax authorities seek more predictable corporate tax revenues. However, they can also make tax revenues procyclical by increasing the correlation between aggregate corporate tax revenues and aggregate economic activity. We argue that accruals shape the distribution of corporate tax revenues, which leads regulators to incorporate accruals into the definition of taxable income to balance the portfolio of government revenues and expenditures. Using a sample of 26 OECD countries, we find support for several theoretically motivated factors explaining the use of accruals in tax codes. We first provide evidence that corporate tax revenues are less volatile in high accrual countries, but high accrual countries collect relatively higher (lower) tax revenues when the corporate sector grows (contracts). Critically, we then show that accruals and smoother tax revenues are favored by countries with higher levels of government spending on public services and uncertain future expenditures, while countries with procyclical other tax collections favor cash rules and lower procyclicality of corporate tax revenues. 相似文献
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Professional accountancy training and academic accounting programs in the United Kingdom (UK) have remained resolutely separate, despite attempts at partial integration through a system of accreditation and exemptions. This is in contrast with the situation in some other countries, notably the United States (US) and until recently Australia. This paper identifies some historical reasons for their having developed in this way and for their continuing distinctiveness. We conclude that the approach is both workable and adaptable, albeit idiosyncratic, with changes occurring over time that reflect the shifting sands of market and political pressures. With six recognised accounting bodies in the UK, this ability to respond to change is important and we surmise that it would take some fundamental shift in circumstance, such as a move towards European standardisation, for a different model to prevail in the UK. 相似文献
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There has been a perceptible movement in Australian accounting regulations towards various forms of current value accounting (CVA) in the past five years. These developments could reflect changing commercial attitudes to CVA in Australia. This paper presents evidence about the acceptance of CVA based on a survey of 176 public companies in Australia. It was found that the number of companies preparing comprehensive CVA accounts for external purposes has significantly increased since 1980. Furthermore, the majority of respondents rated a valuation basis other than historical cost as having more relevance to the resource allocation decisions of various users. While it is concluded that current value research is still an important topic for research and debate, the findings indicate that corporate acceptance of CVA will be continually hampered by a number of implementation obstacles. 相似文献
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This paper investigates the potential for accounting rules to mitigate under-investment induced by myopic managerial incentives. It exploits the difference within US GAAP requiring the capitalization of some research and development (R&D) costs in software development but proscribing the capitalization of R&D in other industries. We first investigate whether other hi-technology firms with no capitalization of R&D costs suffer higher levels of under-investment in myopic settings relative to software development firms. Second, we investigate whether the capitalization rule assists in mitigating under-investment within the software development industry, and whether this comes at the cost of over-investment in the presence of financial flexibility. Our findings are consistent with the mitigation of under-investment in the software development setting but we find no evidence of over-investment in the presence of high financial flexibility. Other hi-tech firms that cannot capitalize R&D costs suffer higher levels of under-investment relative to software development firms. Finally, we find that the ability to capitalize for the sample of software firms does reduce the probability of cutting R&D investment when managers are under earnings pressure. The findings in this paper are relevant to standard setters seeking to understand the costs imposed by (understandably) conservative accounting rules, and how verification of points of feasibility alongside less conservative accounting can prevent dysfunctional investment outcomes. This is the first study to consider whether the ability to (justifiably) capitalize the costs of internally generated intangibles can improve investment efficiency (the allocation of resources). 相似文献
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Jairos Josiah Bruce Burton Sonja Gallhofer Jim Haslam 《Critical Perspectives On Accounting》2010,21(5):374-389
The interrelation of privatisation and accounting constitutes a wide-ranging focus for research that is attractive from a critical theoretical and interdisciplinary perspective. A number of studies may be considered part of this focus in holding themselves out as types of evaluation of – or as an accounting, or accountability, for – privatisation. For us, the evaluation of privatisation programmes is properly a concern of critical accounting research and of those interested in the development of more holistic forms of accounting and auditing for appraisal, such as is envisaged in forms of social accounting and social auditing. Indeed the assessment of privatisation has been deemed within the ambit of the social audit movement. Privatisation in Africa is controversial. In today's context it is often integral to the particular form of the globalisation process and carries related ambiguities. Apparently something of a panacea for its advocates, it is problem-ridden for its critics. How should we account for privatisation in Africa? We promote the delineation of a holistic accounting evaluation model by reflecting on a critical review of research constituting accounts of privatisation in Africa. Of course such research, to the extent that it is holistic or comprehensive, would include attention to the mobilisation in context of various accountings as well as related practices of governance at micro- and macro-levels—in turn reflecting the sense in which accounting, along with related systems of governance, is pervasive in privatisation processes. While we find strengths in the research analysed and acknowledge its contribution, we point to deficiencies and gaps from a critical theoretical and interdisciplinary perspective. These gaps and deficiencies delimit policy discourse and praxis vis-à-vis privatisation in Africa and beyond. They also point to a more holistic accounting model of appraisal. We acknowledge the particularities of Africa, and indeed of the differing nations, cultures and regions of Africa, but also suggest the model's relevance not only for African contexts but beyond. 相似文献
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We construct a measure of the speed with which forecasts issued by sell-side analysts accurately forecast future annual earnings. Following Marshall, we label this measure earnings information flow timeliness (EIFT). This measure avoids the aggregation problem inherent in price-based measures of information efficiency. We document large variation in EIFT across firm-years, and show that EIFT is positively associated with the extent of analyst following, consistent with increased analyst coverage improving the speed with which earnings-related information is recognised. We also find that EIFT is higher for firm-years classified as ‘bad news’ (i.e., where analysts’ forecasts at the start of the financial period exceed the reported outcome). However, when we separately consider instances where analysts appear to forecast non-GAAP (or ‘street’) earnings rather than GAAP earnings, we find that the greater timeliness of bad news is concentrated among observations where analysts forecast non-GAAP earnings, where unusual items are typically excluded. We conclude that the market for accounting information is more efficient for negative operating outcomes than for negative outcomes reflecting unusual items. 相似文献
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《Journal of Accounting Education》1994,12(4):343-357
In response to repeated calls for changes in accounting education, the Accounting Education Change Commission was formed and several universities have embarked on a variety of programs to improve accounting education in the U.S. Overseas accounting education models exist that may assist in the reform process. This paper reports on accounting education in New Zealand, and specifically at the University of Otago, which embraces many of the attributes sought in the United States. We assess the influence of the accounting profession on education in New Zealand and describe important features of the accounting degree program. Finally, experience in New Zealand suggests U.S. reformers should examine overseas models of accounting education and that important changes may be required by the accounting profession and employers for significant reforms to occur in accounting education in the U.S. 相似文献
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Literature on dynamic portfolio choice has been finding that volatility risk has low impact on portfolio choice. For example, using long-run US data, Chacko and Viceira [2005. “Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets.” The Review of Financial Studies 18 (4): 1369–1402] found that intertemporal hedging demand (required by investors for protection against adverse changes in volatility) is empirically small even for highly risk-averse investors. We want to assess if this continues to be true in the presence of ambiguity. Adopting robust control and perturbation theory techniques, we study the problem of a long-horizon investor with recursive preferences that faces ambiguity about the stochastic processes that generate the investment opportunity set. We find that ambiguity impacts portfolio choice, with the relevant channel being the return process. Ambiguity about the volatility process is only relevant if, through a specific correlation structure, it also induces ambiguity about the return process. Using the same long-run US data, we find that ambiguity about the return process may be empirically relevant, much more than ambiguity about the volatility process. Anyway, intertemporal hedging demand is still very low: investors are essentially focused on the short-term risk–return characteristics of the risky asset. 相似文献
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This paper identifies, evaluates and analyses the resulting impact of mandatory expensing of share‐based compensation (SBC) under IFRS2/FASB123R on a set of widely used performance measures in the EU and US banking industry. The paper shows that the accounting treatment of SBC schemes, following the mandatory adoption of IFRS2/FAS123R, has a statistically significant negative impact on the selected performance measures over the period 2004–11. The impact also seems to be material, yet modest, for US banks and only for large and high‐growth EU banks, indicating that earlier public concerns and criticisms of the implementation of IFRS2/FAS123R are largely unsubstantiated. The findings also show that banks continue to use SBC, but there is a reduction, albeit insignificant, in the recognised SBC expense over the period 2009–11. That is, earlier public concerns that firms would curtail employing SBC in their employees’ compensation schemes to avoid the effect of SBC expense recognition on their financial ratios came to light after the first option life‐cycle in the post‐adoption period was over. The findings also show a marked movement towards using cash‐settled‐based payments, possibly due to their manipulative accounting treatment, a potentially interesting issue for related accounting research and accounting standard setters. 相似文献
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This study examines the effect of fractional volatility on option prices. To this end, we develop an approximation method for the pricing of European-style contingent claims when volatility follows a fractional Brownian motion. Through extensive numerical experiments, we confirm that the decrease in the smile amplitude under fractional volatility is much slower than that under the standard stochastic volatility model. We also show that the Hurst index under fractional volatility has a crucial impact on option prices when the maturity is short and speed of mean reversion is slow. On the contrary, the impact of the Hurst index on option prices reduces for long-dated options. 相似文献
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In principle, the Accounting for People initiative announced by the UK government in January 2003 held out the possibility of a real step forward in promoting the interests of employees. Despite its distinctly managerialist discourse, the initiative acknowledged that having now recognised that ‘people are our greatest asset’, employers should begin to consider how to report on their people management activities in financial statements. After more than three and a half years of consultation, debate and deliberation, larger UK quoted companies are now charged with providing only a minimal level of general information on their employees. Whatever promise may have been evident to wishful thinkers in the early months of the initiative, this outcome confirms that there is little possibility for progressively ‘accounting for people’ as long as such practices are shaped by powerful sectional interests. The purpose of this paper is to subject the initiative to critical scrutiny. The paper seeks to document how the Accounting for People initiative was quickly and effectively emasculated as a consequence of the power and influence wielded by the UK accountancy profession, identified as a key agent of capital. Additionally, attention is drawn to a number of contemporary developments, largely and perhaps knowingly ignored in the course of the Accounting for People debate, that may yet inform and energise a more radical approach to accounting for people. 相似文献
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Andreas Feiner 《实用企业财务杂志》2016,28(2):47-55
A large body of research has documented a positive relationship between different measures of sustainability—such as indicators of employee satisfaction and effective corporate governance—and corporate financial performance. Nevertheless, many investors still struggle to quantify the value of ESG to investment performance. To address this issue, the authors tested the effects of using different ESG filters on an investable universe that serves as the starting point for a fund manager. In this way, they attempted to determine the extent to which ESG data can add value to any investment approach, regardless of preferences towards sustainable investing. The authors report “an unequivocally positive” contribution to risk‐adjusted returns when using a 10% best‐in‐class ESG screening approach (one that effectively removes companies with the lowest 10% of ESG rankings), both on a global and a developed markets universe. More specifically, as a result of such screening, both the global and developed markets portfolios show higher returns, lower (tail) risk, and no significant reduction of diversification potential despite the reduction in the number of companies. Use of a 25% screening filter was also found to add value, especially by reducing tail risks, but with a larger deviation from the unscreened universe. Overall, then, the authors’ finding is that the incorporation of ESG information contributes to better decision‐making in every investment approach, with the optimal configuration depending on a fund manager's preferences and willingness to deviate from an unscreened benchmark. 相似文献