On the Myth of “Anglo-Saxon” Financial Accounting

The term “Anglo-Saxon accounting” (ASA) is used by a number of academic writers on the subject of International Accounting to refer to an approach to financial accounting and reporting that is supposedly common to the UK and Ireland, the USA and other English-speaking countries including Canada, Australia, and New Zealand. While most of the writers we cite as using this term are continental Europeans, they also include an Englishman, J. Flower. The term is typically used to imply not just similar conceptual and technical approaches, but also a hegemonic alliance in the international politics of accounting regulation.This article seeks to establish that ASA in this sense is a myth. We do this first by critically examining four putative commonalities that are frequently attributed to the UK and USA approaches to financial accounting and that form the basis of the myth, and second by indicating the unfeasibility of such a hegemonic alliance within the IASC. A myth may have some factual foundations, but belief in it rests also on bases that are non-factual. So it is with ASA. In particular, analysis of the terms “true and fair view” (TFV) and “fair presentation (FP) in accordance with generally accepted accounting principles (GAAP)” shows that, far from their possessing a semantic equivalence that constitutes a commonality between UK and US financial reporting, their interpretation indicates a profound difference between the UK and US approaches. What UK and US financial reporting have historically shared is a micro- and capital market orientation that lends itself to international accounting regulation in a context of global capital markets. But with such an orientation now being generally accepted internationally, the differences between UK and US financial reporting are taking on an increased significance that this article seeks to highlight.     

NONPOINT POLLUTION,WEEDS AND RISK

Nonpoint pollution from agricultural production continues to force regulators to rethink policies aimed at reducing input sources such as herbicides and fertilisers. This paper considers how a producer's choice of an input strategy defined by application rate or persistence affects input-use patterns, and consequently, nonpoint pollution. Working within an endogenous risk framework, we explore how input sets with herbicides defined either as self-insurance or self-protection are affected by increased risk of herbicide treatment failure. Our results suggest that increased risk will generally decrease both herbicide and fertiliser application rates, resulting in the use of less flexible and less persistent herbicides. In addition, a quantity constraint policy restricting the amount of herbicide applied will decrease the amount of fertiliser applied.     

Importance of tourism for the economy of Bermuda

The aim of this paper is to compare the results of three separate input-output studies carried out to measure and monitor the contribution of international tourism to the economy of Bermuda in comparison with the impacts made by other export sectors. The studies are part of the ongoing program of the government of Bermuda. Since the early 90s, the leading generator of foreign currency and income has been international business and finance. The level of employment in the economy, however, depends principally upon tourism, and the Bermudian government and private sector are taking positive measures to address the downward trend.     

天价礼服 定制永恒的瞬间

婚礼的过程是短暂的,但它却是一生幸福的绚烂绽放。一件与你完美结合,独一无二的礼服在人生最美妙的婚礼上映托出同样绝无仅有的你。这是一种艺术品的气质,它是爱情的传承与见证,承载着专属的华贵与永恒的记忆,值得被永远珍藏。     

Residential Mortgage Default: The Roles of House Price Volatility, Euphoria and the Borrower’s Put Option

House price volatility; lender and borrower perception of price trends, loan and property features; and the borrower’s put option are integrated in a model of residential mortgage default. These dimensions of the default problem have, to our knowledge, not previously been considered altogether within the same investigation framework. We rely on a sample of individual mortgage loans for 20 counties in Florida, over the period 2001 through 2008, third quarter, with housing price performance obtained from repeat sales analysis of individual transactions. The results from the analysis strongly confirm the significance of the borrower’s put as an operative factor in default. At the same time, the results provide convincing evidence that the experience in Florida is in part driven by lenders and purchasers exhibiting euphoric behavior such that in markets with higher price appreciation there is a willingness to accept recent prior performance as an indicator of future risk. This connection illustrates a familiar moral hazard in the housing market due to the limited information about future prices.     

Land Pooling for Resubdivision and New Subdivision in Western Australia

Abstract . Land pooling is a technique for the unified subdivision of separate private landholdings in urban-fringe areas. Pooling projects are self-financing and the costs and profits of each project are shared between the participating landowners. It provides local governments with a powerful tool for implementing their municipal land use plans and for ensuring an adequate supply of urban land. Local governments in Western Australia began using land pooling in 1951, first to redesign and service old, undeveloped subdivision estates (development projects), then to install special infrastructure works in new suburban areas, and later for the progressive development of their municipalities. By 1982 a total of 56 pooling projects ranging from 1.5 to 250 hectares had been undertaken in metropolitan Perth. The technique and its use in the state of Western Australia are described and discussed and improvements 3re proposed. A case history of a typical pooling project is presented in the appendix. The West Australian experience shows that land pooling could be adopted to improve urban development and land supply for housing in the U.S.A. and Canada, and in other mixed-economy countries.     

Samaritan's Purse furthers worldwide relief efforts with OCR for Forms

Samaritan's Purse is widely known for our Operation Christmas Child program. The program has been a phenomenal success, growing from 110,000 donated shoe boxes in 1994 to 2.3 million in 1998--an annual growth rate in excess of 110 percent.