Fair Value Accounting for All Financial Instruments: Perceptions from Managers of Australian Financial Institutions

The Joint Working Group (JWG) proposal for the measurement of all financial instruments at fair value and the recognition of changes in fair value in the income statement met with criticism from the Joint Working Group of Banking Associations QWGBA). This research study investigates the extent to which chief financial officers in Australian financial institutions agree with the JWGBA. Findings indicated respondents tended to agree, albeit to a lesser extent, with the JWGBA. Conversely, they also agree with the JWG, as they believe fair-value information is not commercially sensitive and could be reliably determined.     

User Requirements for Not-For-Profit Entity Financial Reporting: An International Comparison

This study investigates the not-for-profit (NFP) external financial reporting regulatory environments of the US, the UK, Canada and New Zealand and compares them with that of Australia. It finds a lack of clarity in the definition of a NFP entity under Australian accounting standards. The study also identifies various types of information that earlier research and the guidance in other countries suggest are useful to the users of NFP entities' financial statements. This information is not currently required under Australian accounting standards.     

Elderly consumers: a British comment

Elderly people in Britain, a substantial minority of some 18% of the total population, are not only market-place consumers but major users of social services. With reference to a recent investigation in the U.S., this paper looks at the British situation. Issues discussed include the limitations arising from relatively low incomes, advice opportunities and trends, and major problems in the supply of social services.     

Market Power and Buffer Stocks

The first-order conditions for a monopolist inventory holder are found under more general conditions than previously. It is found that monopolist storers facing inelastic demand will carry over more stock than they would with competition unless the elasticity of demand b increasing as price decreases or is constant. The competitive stocks equilibrium is identified and found to be Pareto optimal and hence Sams' result that there will be no losers from a rent-maximizing buffer stock policy is shown to be wrong.     

Customary vs Private Property Rights? Dynamics and Trajectories of Vernacular Land Markets in Sub‐Saharan Africa

Contemporary discourse on land in Africa is polarized between advocates of tenure reform through state registration of individual titles to land and others who claim that customary or 'communal' tenure is the only check against landlessness among the poor in the African countryside, and that 'pro-poor' land policy should therefore strengthen customary rights to land. This paper draws on a growing body of evidence on the emergence of vernacular rural land sales and rental markets to question assumptions that underlie the non-market 'ideal type' communal tenure model that has historically dominated policy thinking in Africa, and continues to be shared by both sides of the current land tenure reform debate. The paper argues that recognition of the specific characteristics of 'vernacular land markets'– commoditized transfers of land within the framework of customary tenure – is essential if state land policies are to succeed in promoting the interests of the poor.     

Technology, Environment and the Productivity Problem in African Agriculture: Comment on the World Development Report 2008

This paper is concerned with the need for a 'productivity revolution in smallholder farming' that the World Development Report 2008 (WDR08) identifies is required in sub-Saharan Africa. It reviews the technological options for such a productivity revolution in Africa, and how these are conditioned by the 'agriculture-based' model the WDR08 uses to characterize African economies. It argues that the model effects, firstly, a disconnection of agriculture from 'urban' Africa that constitutes its principal market and the source of investment and inputs with which to raise productivity, and, secondly, an adherence to unrealistic and sometimes contradictory assumptions about the way markets link agriculture to other parts of the economy.