Value Relevance of Comprehensive Income for the Canadian Market*

The value relevance of comprehensive income (CI) compared to net income (NI) remains unresolved. We look at this issue in the Canadian market, using association methods to determine the value relevance of reporting CI and other comprehensive income (OCI) components for stock prices and returns. The sample consists of all the firms in the S&P/TSX Composite Index that prepared their financial statements according to Canadian standards or International Financial Reporting Standards (IFRS) over the 2008–2016 period. Although we find no evidence that CI is more value relevant than NI for stock prices and returns, we note that some OCI components are incrementally value relevant beyond NI for both amounts. In addition, financial services firms differ from other companies in terms of the relationships between some of their OCI components and prices or returns, with such firms even driving some relationships. Relationships between OCI components and prices or returns are also affected when data from the financial crisis period are excluded, with some relationships even changing after IFRS adoption. These results inform Canadian standard setters and financial statement users that OCI components are decision useful for the Canadian market.     

Crowdsourcing and work: individual factors and circumstances influencing employability

The development of a fast and reliable Internet, new technologies online payment systems, and changes in work structure that enable and demand flexible working patterns have driven a move to a new form of Internet‐enabled labour exchange called crowdsourcing. Evidence from an in‐depth qualitative study is presented, focusing on selected users' interactions and experiences of working on two UK‐based crowdsourcing platforms. The paper shows that workers engaged in this form of labour exchange need to deploy existing employability skills and networks to effectively meet the challenges, and take advantage of the opportunities, that crowdsourcing presents. Individual factors and circumstances emerge as paramount for workers' continued engagement in this form of employment. Using selected components from an employability framework, the findings suggest that crowdsourcing can offer new pathways to practising skills and enhancing employability for some workers.     

Poxvirus‐vectored Vaccines Call for Application of the Precautionary Principle

Genetically engineered viruses (GEVs) used as live vaccines are, and will increasingly become, important for prevention of disease in human as well as animal populations. Poxviruses have a number of attractive theoretical and practical advantages as gene expressing vaccine vectors: their large genomes render construction of multivalent vaccines feasible, the vaccines are easy to produce, the virus particles are very thermostable, and inoculation is followed by long‐lasting, protective immune responses. On the other hand, administration and environmental release of GEVs may represent potential unintended harms to human, animal and ecosystem health. We will argue that a strict application of risk‐cost/benefit analyses do not cope appropriately with the current lack of scientific understanding and the complexity of ecosystems that will become GEV recipients, and fail to take into account the deeper ethical groundings that shape the scientific and public opinions. To avoid serious, unintended ecological effects of GEVs, it may be necessary to elaborate the ethical basis for protecting health and the environment. The Precautionary Principle (PP) may provide a basis for adequate consideration of ecological and ethical issues of vital importance to protection of health and environment from unforeseen adverse effects of poxvirus‐vectored vaccines. To operationalise the PP, we suggest that there is a need to identify and systematise lack of scientific understanding, and to acknowledge uncertainty by initiating research with a broad focus involving interdisciplinary research. In this paper we present three main issues related to the employment of the PP: i) identification of scientific uncertainty and its ethical significance in risk assessment and risk management processes, ii) the need for broad risk assessment as a response to scientific uncertainty, and iii) the need for transparency and public involvement to enhance the debate about normative standards concerning acceptability of benefits, risks and uncertainty with regard to GEV use and release.     

Communication skills in accounting education: Perceptions of academics,employers and graduate accountants

Communication skills are central to intellectual interaction between the providers and the recipients of information. The importance of accounting starts with the gathering and processing of information and ends with the communication of processed information. This paper examines the communication skills which employers, academics and graduate accountants consider necessary to the newly graduated accountant. It also identifies and considers the differences in perception which occur between these groups and suggests solutions to the communication gap. This study confirms findings from previous research that new graduate accountants experience communication-related problems in early employment. In addition, it provides evidence that the Australian accounting curriculum has contributed to the development of communication skills. However, the paper highlights the need for the reconsideration of an emphasis on communication skills in the accounting curriculum, a role which arises from the very nature of accounting as the processing and communication of information.     

Devaluation and its consequences in developing countries

To analyze the role of the trade and payments regime in economic development the National Bureau of Economic Research undertook a major research project on this issue. In this article a brief report on some of the findings pertaining to the effect of exchange rates, i. e. devaluation under exchange control is provided.