Small and Medium-Sized Enterprises （SMEs） in Personal Services

Entrepreneurship has become an attribute of the current growth without business activities. Entrepreneurship is a global world. It is not possible to think about economic driving force of technological development and scientific research. It materializes knowledge and involvement of people and society. Expansion of business activities is a source of individual country＇s economic performance. It contributes to the development of people＇s living standards. In every market economy, it represents an irreplaceable role for small and medium-sized enterprises （SMEs）. A strong representation of＂micro-enterprises＂ can be found in the field of personal services. Companies within the course of their existence go through particular stages of their development--from their foundation through the stage of steady development. After this stage, there comes their decline that can develop even into their termination. We indicate this process as a company life cycle. The aim of the submitted project is to map the life cycle of particularly chosen companies providing accommodation and catering services and to find a mutual relation among observed quantities and their stable economic positions in the market. The analysis is based on the data of macro-economic character, the data about development of receipts in the sector, development of inflation, tempo of economic growth, and development of consumer prices. Out of a company, non-financial factors will also be considered. The core of the analysis is the stage of sustainable stability of the assessed companies. The point of the findings is revelation of the causes of risks of possible transition into the stage of termination due to the decline of services volume, decline of profitability, and long-lasting payment insolvency. The contribution of the project is to draw our attention to possible risks of critical situation development and to propose how to avoid them so that the company will not occur in financial straits. Achieved information could assist the company managem     

Fair value accounting under financial crisis

The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting （FVA）. This debate presents a major challenge for FVA going forward and standard setters＇ push to extend FVA into other areas. In this article, we highlight three important issues as an attempt to make sense of the debate. First, much of the controversy results from confusion about what is new and different about FVA. Second, while there are legitimate concerns about marking to market （or pure FVA） in times of financial crisis, it is less clear that these problems apply to FVA as stipulated by the accounting standards, be it IFRS or U.S. GAAP. Third, historical cost accounting （HCA） is unlikely to be the remedy. There are a number of concerns about HCA as well and these problems could be larger than those with FVA.     

An Exploratory Study on Value Relevance of Sustainable Growth Rate—— Evidences from Chinese and American Listed Companies

Based on relevant researches, it can be said that it is a development of valuation perspective to determine sustainable growth rate （SGR） as an accounting variable for study on value relevance. The author selects samples from Chinese and American listed companies. The finding includes： the SGR of Chinese listed companies has value relevance and SGR is more significant than EPS, BV and EVA; the SGR of American listed companies does not have value relevance, with possible reason of timeliness of data that are selected after 2001, and the most significance of EVA.     

The expansion and limitation of behavioral finance research methods

Behavioral finance inherits the standard research methods in the finance, and it makes outstanding contribution to leading the experimental research into the field of finance. It uses the cognitive science as the method guide to expand its scientific research tools. On one hand, the intelligent development of the cognitive science provides an important and effective means of a tool for the behavioral finance research; on the other hand, precisely because behavioral finance theories of progress makes a certain extent, dependent on the modem cognitive science research results and thus the development of cognitive science, its results application and limitation will be confined to a direct impact on the development of behavioral finance. That is why we need an in-depth study of the new method of behavioral finance research and grasps their limitations.     

规模化养鸡场防疫中应注意的问题

China has had the One Child Policy for a tong period of time,though its effectiveness in controlling the expansion of population is manifest and clear,since as my grandparents＂ contemporaries used to have more than five brothers and sisters,but for my generation it＇s not very common not to be a single child at home. As a high-school student,of course I can＇t say that I understand the benign purpose of our government in implementing this policy,therefore cannot say 1 truly have the right to question whether it is a perfect ideal do feel it＇s a great pity that besides friends,I don＇t have a brother or sister,like many of my foreign friends of the same age do,to share my happiness as well as sadness in life. Thus,I wrote down the words below,as a little talk about some flaws I fnund about this policy.     

Double Misplaces of SOE＇s Ownership and the Loss of Claim Rights

Modem enterprise theory defines onterprise＇s ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise （SEE） goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise＇s residual risks （when the residual income is negative）. When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks＇ bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.     

Cultural analysis of the management accounting application in China

Management accounting is an applied subject. As YU Xu-ying said, it not only embodies the concept of technology, also reflects the fixed concept of social culture. Viewing from the cultural point, this paper analyses the applying status quo of management accounting in China. Its main viewpoints are as follows： management accounting is originated from the West, and its appearance is built on the basis of the West thought of management, so, to a certain degree, it is influenced by the West culture. In fact, its application in China is in a new cultural circumstance so that it is certainly influenced by the Chinese culture, especially the Chinese traditional culture; thus one of the important reasons for the undesirable application of management accounting in China is the difference between the East culture and the West culture. Therefore, the special cultural factor of China should be considered in order to promote what is beneficial and to abolish what is harmful if management accounting is widely applied in China.     

Banking crises and financial system in Turkey

The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.     

英特尔：步入不惑

For 100 years, over 90% enterprises possibly will face bankruptcy. Even for the large enterprises, few will live more than half the age of human beings in the market with fierce competition. Over half of companies in the list of Fortune 500 of 1970 have disappeared up to now. And that the age of large enterprises will not be more than 40 years has become a fixed rule. However, such rule does not apply to Intel. In the aspect of research and marketing, Intel continuously creates the needs in advance with very aggressive spirit; in the aspect of slrategy and tactic, Intel launches an attack actively in an unconventional way; and it realizes its belief and rule with one of its properties. All those make it young as original. However, how to make it young in the next 40 years and next after next years is not simply the problem of lntel but all of the enterprises which have live over 40 years     

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.     

The evolution of auditing： An analysis of the historical development

This paper aims to analyze the development of auditing. It is found that auditing has evolved through a number of stages. In the mid 1800s to early 1900s, the audit practice was considered as ＂traditional conformance role of auditing＂. However, for the past 30 years, the auditor has been playing an ＂enhancing role＂. Today, auditors are expected not only to enhance the credibility of the financial statement, but also to provide value-added services. Nevertheless, following extensive reform in various countries as a result of the collapse of big corporations, it is expected that the role of auditors will converge. It is evident that the paradigm about auditing has shifted over the years and it is likely to continue shifting in the future.     

Harmonization in auditing profession

The globalization process is affecting a lot the economical environment and in many spheres has characterized the last decade of the twentieth century; accounting and auditing as information tools of the real economy are no exception. This paper introduces the analysis of the ongoing process of harmonization of the qualification to audit at a global level. The aim of the paper is to throw light on the processes of harmonizing auditing and accounting on a global basis, an issue that is of considerable debate at the current time both in the accountancy profession and in academia. The paper is structured is several chapters. In the first chapter entitled ＂Process of globalization and accounting evolution＂ the authors are presenting the steps in the main harmonization process and its major players during the last decades. The engine of internationalization seems to be the Anglo-Saxon accounting systems where the globalization issue was always very important. In the second chapter ＂Literature review＂ the authors are presenting some articles linked with the subject of our paper. In the third chapter ＂Harmonization of the qualification to audit＂ the authors are presenting need of ＂global qualification＂ in accounting and audit profession. In the fourth chapter ＂The field of global accountancy education＂, the authors are presenting the history of the adopting by the international organizations sustainable global education curricula in the field of accounting and audition profession. There the authors are underlying the role of Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting International, which is considered to develop a ＂model curriculum＂ for a global accountancy qualification. Also is presented the IFAC＇s Education Committee＇s results and also the ACCA program in educational field. The chapter ＂Forces which are ruling the regulation process＂ is presented the IASC/IASB and the European directives in harmonization process. On the chapter ＂Global accountancy education＂ the authors are presenting the threats of using the need of ＂international qualification in audit＂ by developed countries as a tool of exploitation, using it as ＂cultural capital＂ for sale to developing countries （See the ACCA mechanism）. Also the authors are presenting the IFAC role on building up international accounting curricula, which can be implemented through its members all over the world. The conclusions are trying to emphasize the steps which the accounting education needs to be followed in Romania due to the international evolutions.     

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.     

Becoming a historical thinker might be the first step for developing a consciousness of reasoned conciliation

The goal of this presentation is to examine the hypothesis that the ethno-political conflict in Israel can be utilized in history education to foster learning of historical thinking and to construct a tolerant space within the education system that will enable the structuring of in-principle criteria for coexistence prior to the ending of the conflict. I assumed that inculcation of historical knowledge in the education system in Israel by means of an attentive and reflexive cultural dialogue, which sensitively and skillfully confronts contradictory historical narratives as an everyday learning reality in class, will help structure a conciliatory consciousness of the kind we seek.     

A system dynamics model for the assessment of the effects of advertising and sales promotion on profitability

Advertising and sales promotion have significant impact on raising customer awareness. They are tools by which customers become acquainted with new and innovative products and services of the companies. Despite the importance of these tools in increasing sales, it is not easy to evaluate their effect on sales. One of the problems confronted by the marketing managers is the determination of a clear relationship between the effectiveness of advertising and sales promotion on profitability. In this article, considering the relationship between these tools and brand equity, we have attempted to determine the relationship between effectiveness of these two factors and profitability. Next, a system dynamics model for representing the effects of marketing communication tools on company profitability is offered. Finally, using the data from a corporation and the numeric values related to each of the elements in the model, an attempt has been made to determine a number representing the magnitude of the effect of advertising and sales promotion on the corporation＇s revenue and profitability and to draw the respective curves related to the effects of these two factors.     

Evaluation of Several Phases in the Development of Management Accounting

This paper discusses three issues, raised by Relevance Lost （Johnson ＆ Kaplan, 1987）, about historical evaluation of the development of management accounting. The first issue is when management accounting system was formed; the second is how to evaluate its development in subsequent decades; the third is how to evaluate the development of practice and research of management accounting in almost twenty years after Relevance Lost was published. The role of Relevance Lost in practice and theoretical research of management accounting is widely recognized, and the disagreement with it in this paper is in the specific area of the development history of management accounting. The authors of this paper believe that the development, through having its ups and downs over time, is generally speaking a continuous process, not separated by disconnected phases, leaping from one to another. Along with the progress in practice and research, researchers and practitioners are deepening their understanding about the theoretical foundation and practical development of management accounting. The history of development of management accounting is consistent with the process people gradually understand it.     

Some of the Conventional Accounting Concepts That Are Not in Accordance With the Paradigm of Islamic Accounting

This paper discusses some of the conventional accounting concepts, such as historical cost concept, conservatism concept, matching concept, objectivity concept, stable monetary unit assumption, and going-concern assumption, which are not in accordance with the Islamic accounting paradigm due to their divergence with some verses of the Holy AI-Qur＇an, the Hadiths of the Prophet Muhammad, peace be upon him （pbuh）, and the basic of Zakat calculation. This is a conceptual paper describing some of the conventional accounting concepts that are not in accordance with the paradigm of Islamic accounting. The paper concludes that the historical cost concept can be replaced by： current cash equivalent concept, historical cost and current value concepts （market selling price）, current cost concept, historical cost concept in all （except for Zakat purposes） accounting calculations, current valuation concept, and fair value concept. Conservatism concept must be eliminated if historical cost concept is not used anymore. Matching concept can be replaced by asset-liability approach concept. Objectivity concept can be replaced by Zakat accountability concept. Stability of the monetary unit assumption can be replaced by gold or silver measurement, or Dirham currency, and going-concern assumption must be eliminated.     

Corporate Reporting： An Integrated Approach to Legitimacy Claims

With the increasing pressure on companies to engage in corporate social responsibility （CSR）, it is paramount for businesses and organizations to gain social legitimacy through building trust and credibility towards their stakeholders. Corporate reporting is a major tool whereby they can demonstrate their transparency and their will to contribute to society. However, reporting is often addressed as a narrow and restricted discipline based on specific areas of communication like financial and CSR communication, which potentially can lead to ＂disconnected reporting＂. The aim of this paper is to address reporting within a framework of corporate communication, introducing the concept of corporate reporting as ＂an issue of integration＂ and to discuss the opportunities and challenges of corporate reporting as a driver for gaining social legitimacy. Recent research in corporate reporting and the development of standards by distinguished reporting agencies （e.g., Klynveld Peat Marwick Goerdeler （KPMG）, A4S, PricewaterhouseCoopers （PwC）） seem to support this position, arguing that integrated reporting is ＂the way forward＂. Accordingly, the authors conclude that there is a need to include a broader range of aspects in the corporate reporting literature applying a strategic integrated approach by which corporate reporting may more explicitly help businesses and organizations gain social legitimacy towards their internal and external stakeholders.     

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.     

Analysis on the Background of Applicability of the Conservatism Convention

＂Conservatism＂ is a widely accepted accounting convention in the industrialized world, but it has long been slated and prohibited under the orthodox ideological influences. To date, the conservatism convention has not been fully adopted or implemented although the governments have made substantial efforts to reform its accounting system to bridge the gaps between the accounting practices in recent years. The study findings will facilitate a proper assessment of the future development of accounting standards and practices.