Writing the future： A theoretical justification for a uniform and universal system of currency in accounting for inflation

This paper submits that the advantages gained by introducing a single currency at the domestic level, applies equally to the economy at the global level. The advantages gained are （1） a reduction of the inflation rate to one common rate （if required） amongst all states, （2） a possible reduced interest rate, （3） an expansion in investment, （4） an increase in development and trade due to the removal of uncertainty, （5） the reduction in transaction costs, and （6） the reduction in the cost of capital （Moshirian, 2004, p. 306）. A single global currency has immediate implications in accounting for inflation as it presents an opportunity for the permanent removal of problems associated with accounting for inflation. This paper addresses the phenomenon of inflation and how accounting measurement and valuation associated with inflation is removed by the introduction of a single global currency.     

Study on Nepal-China Economic Relations

The Chinese economy is in the process of gradual transformation towards a market economy and opening to the outside world. Nepal is also committed to promoting private sector-led economic growth based on liberalization and deregulated competitive markets. To this effect the country has already introduced a range of policy reforms related to exchanged rate policy, trade and industrial policy, foreign investment policy and privatization. Both countries are now the member of the World Trade Organization. These changes in economic policies of the two neighbors have created favorable.     

The Causes of Contagion： Rational or Irrational Behavior？

The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid on analyzing the causes and effects of such threats. Financial crises in the current decade, as well as those in the past have shown that a major cause of instability in the global market is the so-called financial contagion. This leads to a natural question： whether similar authorities could specify and mitigate these shocks through efficient calculation followed by stability measures taken by banking networks. To answer this question, an empirical research was conducted by analyzing the degree of contagion induced by markets in Central and Eastern Europe, based on an econometric model, involving over 17 European countries, from January 2006 to January 2013.     

Women,Business, and Finance in 19th Century Milan

This paper contributes to the growing body of literature on the relations between women and the economy market by adding a backward and Mediterranean country on the chart of female engagement in the world of business.With regard to Anglophone settings,scholars found women managing small and medium business,entering trade,purchasing shares and“consols”,supporting firms,lending money,and investing capitals for profit.As for Italy,women’s involvement in economic activities is almost completely unknown because of the paucity of studies on the theme.The way the country industrialized played a role in that,as it drove scholars’attention mainly if not exclusively to corporate and large enterprises,where men were obviously ad lead.As privileged sources of business and economic historians,such as trade directories,narrative tales,family,and company papers often undervalue if not hiding the female participation in the“public”sphere of the economy,this work draws on fiscal sources,tax rolls,and estate returns in particular.Notwithstanding robust limitations of such documents due to the high rate of evasion and elusion in Italy,their examination unveils the relevance of women’s role not only in family business,but also in“petty”trade and informal finance,all activities that were crucial to the catching up process of a“late joiner”like Italy.     

International accounting system and its major challenges in time

The process of globalization is one of the biggest social processes which the humanity has faced ever. That＇s why its impact on the global economy is huge and due to this the accounting sector is very important. That＇s why one of the main international accounting processes on the actual period is the harmonization of the national accounting systems. The harmonization process is influenced by several factors like culture, politics, economy and sociological behaviors. The paper is trying to present the evolution of harmonization process during the time advantages and weakness generated by its solutions. The paper is trying to present also the efforts of the process to main accounting systems： US GAAP and IAS/IFRS, in order to achieve in the next period the convergence, in order to be able to propose to the financial world a unique accounting model.     

Trade Development and Global Crisis Influence

The purpose of this paper is to create a comprehensive analysis of the development of foreign trade in the global world, the process of divergence of exports and imports under the influence political and economic changes in Europe and the economic crisis in the world. Data from world public databases are summarized to a clear and understandable form. We analyzed the share of imports and exports （due to the global trade is presented） and its potential impact on the development of current account balance （CAB） for the United States of America （USA）, the European Union （EU）, and China. Correlation coefficient timeline for the last decade of CAB and world trade is also presented to show the influence of trade flow in the world and the EU with respect to current account. The work emphasizes the clear and understandable processing of the required data, which are then formulated to make arguments and then used to make predictions of further development of world trade. From summarized data, future crisis can be predicted and impacts can be evaluated.     

Global Financial Crisis： Systemic Failure and the Underlying Knowledge Gap

Recently, global financial crisis or meltdown rocked the international financial market. This havoc was the result of the reckless use of financial derivatives that received spontaneous patronization from the financial whiz, but it is strange to discover that those proponents of market economy embarked on policy that was purely Keynesian in principle. The episode started in August 2007 with the collapse of subprime mortgage market and reached its climax during August 2008. Central banks in many countries of the western world intervened in the market to pump additional fund to give buoyancy in the credit market. The crisis encapsulated with the queer idea of financial instruments and multiple origins related to subprime mortgage left its trail in both developed and developing countries. Thus, an elaborate analysis of the causal link among various innovative instruments highlighting a mismatch between academic doctrine and real-life perspective and the inadequacy of the institutional arrangements supposed to tame the volatility of the market may be a useful guide to financial analysts and policy planners. The purpose of this paper is to highlight systemic gaps in the meltdown and redefine the contour of macroeconomics most appropriate to weather such catastrophe in the future.     

A Study of the Awareness Level of Takaful Products Among Micro Enterprises in Malaysia

The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.     

Simulation Models for Evaluation and Selection of Depreciation Policy for Agricultural Companies in the Republic of Bulgaria

In the present paper, the results from research on the influence of criteria （factors） such as depreciation method, materiality threshold, and inflation rate on the selection of depreciation policy are shown. The research has been carried out with the help of specifically devised simulation models. The simulation is realized in accounting for the unevenness of money in time and the profitability of the company, the tax rates for corporate tax, and the inflation rate. The models have been devised after analyzing methodology issues, related to depreciation policy and investigating current practices in its implementation in specific agricultural companies in present-day Bulgaria. It has been determined that there is a clear-cut relation between the profitability of the companies and the materiality threshold and depreciation method chosen. The main conclusion is that when the companies develop their depreciation policy, at ceteris paribus they should select higher materiality thresholds and diminishing balance depreciation methods due to the inequality of money in time, the acceleration of obsolescence, and the inflation processes.     

Modus operandi of transnational transfer pricing for window dressing

A goal of transfer pricing may be to maximize after tax revenue by setting transfer prices that reduce the total tax paid. ＂Transfer pricing＂ is the pricing of products or services provided by one division to other division of the same corporate entity. Most of the corporate entities are using the method of ＂Window dressing＂, which is a technique used in preparation of financial statements of corporate entities. A transnational corporation is any enterprise that undertakes Foreign Direct Investment （FDI）, owns or controls income gathering assets in more than one country, produces goods or services outsides its country of origin, or engages in international production. Profitability of the transnational corporate entities is being manipulated by the technique of transfer pricing. Abuse of transfer prices is a key tool used by the corporate entities to think that they have virtually no profit; hence, they shouldn＇t pay any taxes. India needs to realize the fundamental need for co-operation among tax administrations in order to remove the obstacles that international double taxation presents to the free movement of goods, services and capital between various countries. In this context, one needs to consider that transactions among associated enterprises may take place under different conditions from those taking place among independent enterprises, while enforcing the act of transfer price mechanism. This paper focuses on transfer pricing and its implications in transnational transactions.     

Control and its role in the process of ensuring knowledge continuity

With the commencement of the 21st century, the information age, knowledge economy and integration of information and knowledge among production factors, organizations show increasing interest in knowledge management. Managers are trying not only to preserve knowledge and transfer it efficiently within their organization, but also to ensure that it is not lost when a knowledge employee leaves the organization. Therefore, it is indispensable for organizations to monitor, record, transfer and preserve their knowledge. In order to ensure efficient preservation of knowledge by the organization, it is essential to integrate the area of the so-called knowledge continuity into the general management and ensure its maximum value. The goal of the article is to identify the role of control in the transformation process and its impact on ensuring knowledge continuity within the organization. A partial goal lies in identifying output quality control by means of productivity One of the conclusions of the article is that in today＇s economic situation, ignoring the existence of knowledge continuity could result in a crisis of management of knowledge and its loss.     

Financial Development,Trade Openness,and Economic Growth in Zambia

This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.     

Research on environmental accounting information disclosure for thermal power enterprises in China： Current situation, countermeasure and implement way

Along with the unceasing expansion of the human society production and the economic activity scale, the influence and harm of the social economy to the global environment is more and more serious. As one of the high-polluting industries in China, the environment problems of the thermal power enterprises attract attention from the country and society. It is crucial for the country to improve the laws and regulations about the disclosure of environmental accounting information gradually, and the thermal power enterprises should also disclose more valuable environmental accounting information to the public. This paper analyzes and elaborates the current situation, countermeasure and implement way of the environmental accounting information disclosure systematically.     

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.     

Issues on Public Sector Accounting Reform in Jordan

This study reviews recent articles discussing the benefits of International Public Sector Accounting Standards(IPSAS)implementation in reforming public sector accounting,specifically in developing countries.These benefits are among others better transparency,accountability,and decision making in public sector financial transactions.The purpose of this study is to examine the role of IPSAS in addressing some critical financial issues,including financial aids,budget deficit,taxes,and corruption,which may hinder the progress of Jordanian public sector and the country’s economic growth.This study concludes that IPSAS has an effective role in addressing these thorny issues and its implementation would therefore allow the Jordanian public sector to reach its development goals.The unique contribution of this study is that it enriches the body of knowledge regarding the benefits of IPSAS implementation in a more holistic manner and in a new context,Jordan.     

Which Central and Eastern European country has the greatest potential for housing market recovery？

This paper is concentrated on analyzing the CEE （Central and Eastern European） countries housing and lending market development in 2002-2009. These countries experienced real estate boom and bust phases during that time and the aim of this paper is to understand which of these countries have the greatest potential for housing market recovery. The study has conducted comparable analysis of these countries and their real estate and lending market. The data was collected from central banks, national statistic offices and real estate companies. The results suggest that countries with higher housing debt had stronger real estate booms and the current bust-cycle has caused much steeper decline in prices. This paper attempts to look at the CEE housing markets from the developer＇s or investor＇s point of view and may be useful for banks and other financial institutions which are related to housing market and lending.     

The Global Chief Executive Officer （CEO）： Leadership Styles, Arts, and Skills

The global chief executive officer （CEO） should quickly adjust his/her leadership styles, arts, and skills to customize for the particular host country as he/she manages the global organization in its many diverse environments. He/she has to quickly customize to the local needs his/her styles of strategic and operational decision-making, communication, and interpersonal approaches. His/her repertoire of leadership styles, arts, and skills has to be wider and richer in variety. He/she must quickly move from one host-country-focused approach to another, drawing the needed blend of leadership styles, arts, and skills from his/her repertoire and effectively applying them to the host country situation. Thus, a CEO must analyze his/her situation and re-orient his/her approach to fit the varying international situations, such as culture, operating, and subsidiary＇s organizational, economic, political, governmental, and technological. An effective CEO is perspicuous and quick of action in adjusting and modifying his/her roles, styles, arts, and leadership processes to fit the situation in which he/she is in at the moment.     

Impact of mergers on the corporate performance of acquirer and target companies in India

Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.     

Development of the Insurance Industry in Europe in Economic and Financial Crisis

This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.     

The Changes in World Oil Prices, Monetary Factors, and Foreign Index Toward Composite Index Movement： Indonesian Case for the Period of 2005-2011

Capital market is one of the drivers of the economy through the formation of capital investor excess as well as an indicator of a country＇s economy. Movement of stock price index is often influenced by many factors, derived from the company＇s performance, monetary factor, and changes in world oil prices. This study highlights the problem in world oil prices due to political turmoil in the Middle East. The samples are taken from the Jakarta Composite Stock Price Index （JCI）, oil prices, Indonesian inflation rate, Certificate of Bank Indonesia＇s （CBI） rate, and the reserve assets, during the period from January 2005 to December 2011 （84 months）. Using the data published by the Bank of Indonesia, reports of the Central Bureau of Statistics （Biro Pusat Statistik, BPS）, and other relevant sources, the data analyzed through the Eviews 7.1. The main objective of this study is to examine the effect of oil prices, foreign stock price index, and monetary variables （inflation rate, CBI rate, country＇s foreign reserves, and others） toward the JCI analyzed through the error correction model （ECM）. Hypothesis testing with the F-test for the 95% confidence level indicates that the oil price, exchange rate （Indonesian Rupiah （IDR）/United States Dollar （USD））, CBI rate, foreign exchange reserves, the Dow Jones Index, and the Taiwan stock index, both simultaneously as well as partially have a significant influence on the JCI.