Accounting in the late medieval town: the account books of the stewards of Southampton in the fifteenth century

The fifteenth-century account books of the Southampton town officer known as the steward are the main source used here for a study of accounting in the late medieval town. The article considers internal and external influences on Southampton's early change to paper account books, improved presentation of accounting information and use of English in the stewards' books. It explores the links between writing materials, format and language in the preparation of town accounts at Southampton and other towns. The article concludes by suggesting that the classified account introduced in the steward's book of 1441-2 is evidence of a wider function for charge/discharge accounting than is normally attributed to it.     

New Canadian Accounting Standards for Private Enterprises and the Adoption Timing Decision

Prior research into the adoption timing decision of organisations in relation to newly promulgated accounting standards has focused exclusively on public enterprises and used economic cost–benefit frameworks as a main method of analysis. The current study examines the impact of a broader range of factors, including cost–benefit considerations, on the adoption timing decision of private firms with respect to the new set of Canadian accounting standards for private enterprises released in 2009. These factors were organised into a coherent framework using the theory of planned behaviour. The survey findings reveal that several items related to attitudes towards the behaviour, subjective norms and perceived behavioural control play a significant role in managers’ adoption behaviour. This study provides relevant insights for private enterprise managers, financial statement users, standard setters and academics.     

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.     

Hedge commitments and agency costs of debt: evidence from interest rate protection covenants and accounting conservatism

We provide large sample evidence that credible hedge commitments reduce the agency costs of debt and that accounting conservatism enhances hedge commitments. We examine 2,338 bank loans entered into by 263 mandatory derivative users that are contractually obligated by interest rate protection covenants, 709 voluntary derivative users, and 1,366 non-users. We show that loan contracts are more likely to include interest rate protection covenants when borrowers are less likely to maintain the hedge position once the financing is completed. We find that borrowers who credibly commit to hedge using these covenants significantly reduce their interest rates. While we do not find an average interest savings for voluntary derivative users, we do find a reduction in their loan rates when they practice conservative financial reporting. Our results suggest that accounting conservatism helps borrowers resolve shareholder-creditor conflicts by committing to maintain their hedge positions after completing debt financing.     

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.     

Aquaculture: an emerging issue for public concern

The present paper reviews the literature on the risks and benefits of aquaculture. By bringing together sources from both natural sciences and social sciences, we provide a synthesis of perspectives on the relatively novel activity of modern aquaculture. This review consists of three parts: first, a background to aquaculture; second, an overview of the scientific risks and benefits; and third, an introduction to the related public perception issues. We establish five main risk‐related areas: human health, environment, organizational, fish welfare, and social issues and utilize these to highlight potential divergences in expert and lay perceptions. Drawing on findings from the risk perception literature, particularly those related to previous food‐related controversies, it is argued that aquaculture incorporates a range of issues, which have already been shown to be a catalyst for public concern. As such, we conclude that, in addition to natural science studies, aquaculture requires a social science approach in order to be able to anticipate and address future controversies in a timely and efficient manner. However, to date, only few articles address aquaculture from a social science perspective, and the present paper is offered as a step in this direction.     

Taking its toll: The private financing of roads in Spain

The article analyses the cost of using private finance to build, finance and maintain toll roads in Spain. Spain is the primary exponent of private finance for roads in Europe, where the case rested on the lack of public finance, in contrast to the UK that has stressed value for money. The evidence shows that more than half of the toll charge represents the cost of finance; the cost of private finance is nearly double the cost of public finance; and financing is underpinned by various forms of public support creating risks for the taxpayers.     

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.