Small and medium-sized companies in most EU countries form a considerable share in the total number of companies and are also an important development impeller of the entire economy. Therefore, one of the most essenti...Small and medium-sized companies in most EU countries form a considerable share in the total number of companies and are also an important development impeller of the entire economy. Therefore, one of the most essential goals of accounting authorities in the EU is accomplishing the harmonization of accounting regulations for these companies. In this paper, the author have discussed and explained the main motifs and impediments for this harmonization. One of the main motifs is a big span and complexity of international standards of financial reports which is allowed and even prescribed in many countries. Some of the main impediments are a lack of uniformity as far as criteria for classification of small and medium-sized companies according to size are concerned as well as the determining of limitations up to which the requirements in accounting standards for small and medium-sized companies should be set.展开更多
The issue of the new standards for employees' salary and general financial rules that include employees' salary and relevant expenditures, have a great impact on human resources cost accounting. This paper performs ...The issue of the new standards for employees' salary and general financial rules that include employees' salary and relevant expenditures, have a great impact on human resources cost accounting. This paper performs a specialized study on human resources cost and employees' salary, accounts setting and accounting treatment for human resources cost accounting, human resources cost report, etc. on the basis of relevant provisions in the new Chinese accounting standards, the general financial rules, international accounting standards, and relevant academic research findings.展开更多
The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. T...The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. The results indicate that the adoption of International Financial Reporting Standards [IFRS] leads to improvement in value relevance, particularly on earnings. We also examine the impact of investor protection and the deviation of local accounting standards from IFRS on the effectiveness of the IFRS adoption. The results show supporting evidence for investor protection but inconclusive evidence for accounting standard deviation. However, additional analysis indicates that the countries which apparently benefit from adopting IFRS are those with high deviation of local accounting standards from IFRS and high investor protection. The findings imply that adopting IFRS alone cannot improve value relevance of accounting information, but standard setters and regulators need to strengthen their investor protection mechanisms in order to improve the quality of accounting information.展开更多
Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards (IFRS) instead of American generally accepte...Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards (IFRS) instead of American generally accepted accounting principles (GAAP) and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange (NYSE). Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.展开更多
This article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end, it must be ascertained whethe...This article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end, it must be ascertained whether electrical energy is bought/sold for an industrial use exclusively, so that the relevant transaction will be accounted as a normal purchase/sale, or through the lease of the relevant production plant, which would require the supply contract to be accounted in compliance with International Accounting Standards (IAS) 17 "Leasing". Alternatively, it must also be ascertained whether the relevant party is implementing financial trading strategies, as in such hypothesis, the supply contract is to be accounted as a financial instrument according to International Financial Reporting Standards (IFRS) 9/IAS 39 "Financial Instruments". Finally, the modalities used by a number of companies listed on European regulated markets to account such kind of contracts will be analyzed.展开更多
The convergence project between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States (US) was signed on September 18, 2002 in Norwalk, Conn...The convergence project between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States (US) was signed on September 18, 2002 in Norwalk, Connecticut in the US. The first is responsible for issuing International Financial Reporting Standards (IFRS) nowadays, which were created 40 years ago. More than one century ago, local regulations are used in the US. The boards differ in years of experience. With the signing of the agreement, both institutions are working to reduce the divergence of accounting. Although they have made a significant progress, it is appropriate to examine whether the difference in approaches to accounting will affect the achieved agreements. It is relevant to investigate whether the years leading the standards adopted in different countries will impact the final result. The date of completion of the project has been postponed and still has not indicated the date of termination. This research is an analysis of the importance of the convergence of accounting standards at a global level. The study presents statistics on the status of the adoption of international standards by country. The study shows a summary of the expressions made by the directors of both boards about the future of the project.展开更多
The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company's individual c...The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company's individual circumstances. In this direction, the International Accounting Standards Board (IASB) has highlighted some content elements recognised as being fundamental for guaranteeing the usefulness of the management commentary. With reference to these elements, it is interesting to analyse the level of disclosure of the financial reporting. These analyses aim to identify the themes dealt with most extensively by the companies and those that require greater attention so that the narrative section of the financial statement is, on the one hand, at least consistent with the suggestions of the guideline and, on the other hand, contains information that is useful for the users. Lastly, in the light of the relevant European Union (EU) directives, the results of the analysis will help to formulate considerations on the ability of the IASB guideline to improve the completeness of the narrative section. All this is examined in a cross-country dimension: Financial reports in Italy and the United Kingdom (UK) are examined. The content analysis methodology is applied. Within the financial reporting, the management discussion is examined in particular. The analysis is performed considering 2008. This qualitative paper will contribute to the studies on disclosure and usefulness of the information provided.展开更多
In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substa...In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substances, such as fine particles. The law enforcement relies on a monitoring and reporting system to inform the European Commission and the public, for it is the citizens' right to be informed about harmful air quality. With sectoral measures, air quality could be improved in the past 20 years, but some emissions concentrations have stagnated in recent years and emissions temporarily exceed thresholds in nearly half of the Member States. The European Emission Inventory allows the commission to identify the substances, areas, and times of exceedances, and to implement sectoral measures leading to air quality improvements, all of which have to be made available publicly. This manuscript introduces the air quality legislation and reviews the quality of European air for recent years.展开更多
The purpose of this study is to explore the relevance of adopting International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs) in Swaziland. The study further seeks to determine if...The purpose of this study is to explore the relevance of adopting International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs) in Swaziland. The study further seeks to determine if IFRS for SMEs can be the solution to better reporting by local SMEs. There has been a growing need for different reporting standards for small firms and big firms over the years due to the unique challenges and attributes they face especially in the area of financial reporting. This research is based on a statistical analysis of questionnaires completed by accountants from SMEs in Swaziland as well as other stakeholders who have a direct or an indirect interest in the financial statements of SMEs. These stakeholders included audit firms and the financial institutions. The sampling rate of 10% was applied across each industry to come up with a sample of 60 SMEs. Furthermore, a 100% sampling rate on the other stakeholders was applied. These were nine financial institutions and eight audit finns. The findings from the study revealed that SMEs in Swaziland are having challenges with the current reporting framework but to some extent, the framework is suitable. Most SMEs are not aware of IFRS for SMEs, therefore the accounting profession in Swaziland (SIA) has a huge role to play in training auditors and accountants in the country. Overall, IFRS for SMEs is applicable in Swaziland.展开更多
The need for high quality standards to enhance sound and consistent financial reporting and the fact that the inefficiency and ineffectiveness of public sector extended to a belief that public and private sectors did ...The need for high quality standards to enhance sound and consistent financial reporting and the fact that the inefficiency and ineffectiveness of public sector extended to a belief that public and private sectors did not have to be managed in fundamentally different ways, fostered a wide-ranging discussion about the harmonization of public sector accounting systems and their convergence towards the private sector financial reporting standards. This paper discusses the state and perspective of public sector accounting and financial reporting in transition countries. Precisely, this paper aims to examine the adequacy of governmental accounting and financial reporting model, reflecting the existing accounting regulation and financial reporting framework in Slovenia, Croatia and Bosnia and Herzegovina. The motivation for this paper emerges from international discussions about IPSASs development and adoption, and the fact that the topic is becoming more and more relevant as many countries are moving towards adopting full accrual accounting using IPSASs as their method of financial reporting. Our results show that the degree and dynamics of government accounting systems' transformation in transition countries depends upon several specific factors which have to be taken into account when evaluating the systems and making comparison between government accounting system reforms in countries in the analysis. Thus, the study distinguishes certain similarities but also discrepancies regarding the status and possible further development of governmental accounting in countries examined.展开更多
Current accounting development in Kosovo is estimated to be relatively good, which always constituted in terms of maintenance, improvement and facilitate of financial reporting system for all business entities within ...Current accounting development in Kosovo is estimated to be relatively good, which always constituted in terms of maintenance, improvement and facilitate of financial reporting system for all business entities within this system In recent years, Kosovo experienced rapid development in economic and social aspects, along with all effects and other changes, which has occurred in the development of accounting and financial reporting system. Accounting requirements are already addressed to the business community for keeping proper accounting in accordance with existing intemational and Kosovar standards. In recent years in Kosovo, we notice an increase of enterprises in the number, especially private enterprises, which have highlighted the great necessary to have such information, who had been a major help for their managers. With this, the accounting gets a new role, becoming the information that flows from that decisive leadership bodies. But the changing of role of accounting must be accompanied by measures to ensure its retention in accordance with the requirements and new conditions created展开更多
In this paper, the authors focus on valuation standards as a result of the mandatory effect of the implementation of International Financial Reporting Standards (IFRS), and more precisely on the context of fair valu...In this paper, the authors focus on valuation standards as a result of the mandatory effect of the implementation of International Financial Reporting Standards (IFRS), and more precisely on the context of fair value. The paper assesses the impact concentrate on the IFRS adopter countries and at the same time on the Business Valuation Standards (BVS), because they provide consistence and comparability, in time and in space, to the valuation even different implementation levels of the accounting information system (AIS). The results corroborate that rules and practices are not sufficient conditions to create a widespread accounting language, and international institutional standards play an essential role in framing financial reporting characteristics, in order to assist financial analysts and accountants to implement the accounting system and strategies, as well as, on firms to adopt the best valuation practices on their disclosures. Also, the authors recommend that the International Accounting Standards Board [IASB], the Securities and Exchange Commission [SEC], the European Commission [EC] and valuation agencies should now devote their efforts to harmonizing valuation standards rather than harmonizing accounting standards.展开更多
The convergence of accounting standards started in the 1970s, with international norms issued by the International Accounting Standards Board (IASB) and with the efforts of various countries to adopt the Internation...The convergence of accounting standards started in the 1970s, with international norms issued by the International Accounting Standards Board (IASB) and with the efforts of various countries to adopt the International Financial Reporting Standards (IFRS), already mandatory in Brazil since 2010. Thus, comparable accounting information is clearly important, and this study plans to confirm the level of comparability of net income and equity of companies in the financial sector (in Brazil, "Finance and Others"), listed in the stock exchange, futures, and commodities (BM&F Bovespal), issued according to Brazilian Generally Accepted Accounting Principles (BR GAAP) and the IFRS. This study is descriptive, using a quantitative approach. Data were collected from secondary sources, more specifically, from the explanatory notes in the financial statements of the companies listed in the financial sector of the BM&F Bovespa in the fiscal year of 2010. The results showed a reasonable level of comparability, with 68% of the companies presenting materially comparable information for net income and 72% of them for equity. However, decisions made based on data issued following the two different standards may have suffered the influence of asymmetric information; in other words, the comparability of information did not seem to satisfy those companies during the studied period of time. The main limitations of this study were data collection and selection for the development of the research because of: (1) inconsistence in net income and equity reconciliation criteria in the companies investigated; and (2) lack of uniformity in designating the adjustments that affect net income and equity in the conversion of the BR GAAP standard into the IFRS.展开更多
The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more co...The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more comparability and transparency and also higher-quality financial statements. The creation of such standards by the IASB aims at achieving harmonization of accounting practices among countries. The objective of this research is to show that in accordance with the expectations of international organizations, the adoption of IAS-IFRS increases the information content of financial statements and also to identify the key accounting variables that have been affected by this adoption. This article used a sample of year observations of 150 French firms which have adopted IAS-IFRS since 2005 as data to study the association relationship between accounting variables and stock returns before and after the adoption of IASs. The findings of this paper show that the application of IAS-IFRS as accounting standards increases the information content of accounting numbers. Dividends, long-term debts, equity, and revenue variables are most correlated with stock returns. Their information content has reached 80% after the adoption, while it was 30% before.展开更多
The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA...The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight three important issues as an attempt to make sense of the debate. First, much of the controversy results from confusion about what is new and different about FVA. Second, while there are legitimate concerns about marking to market (or pure FVA) in times of financial crisis, it is less clear that these problems apply to FVA as stipulated by the accounting standards, be it IFRS or U.S. GAAP. Third, historical cost accounting (HCA) is unlikely to be the remedy. There are a number of concerns about HCA as well and these problems could be larger than those with FVA.展开更多
The purpose of this paper is to come up with factors in loan loss provisioning practices on commercial banks that reflect on collectability of defaulted loans. The need for this research is due to failures in the loan...The purpose of this paper is to come up with factors in loan loss provisioning practices on commercial banks that reflect on collectability of defaulted loans. The need for this research is due to failures in the loan loss provisioning practices which resulted in loan loss provisions (LLP) not reflecting on collectability of the defaulted loans. As a consequence, the banks do not capture their loss expectations and do not continuously reassess their loss expectations as the conditions affecting their borrowers may change. Henceforth, in their financial reporting, the banks do not represent relevantly and faithfully their true underlying credit risks conditions. When the banks do not represent relevantly and faithfully their true underlying risk conditions, they contradict the objectives of useful financial reporting. The results showed that among explanatory variables, bad debt recoveries as a factor in loan loss provisioning practices that reflect on collectability of defaulted loans was rejected. Bad debt recoveries was a biased variable and inconsistent estimator. In context of perceived credit risks as the basis to make credit judgments, an estimate of bad debt recoveries had not fulfilled the criteria. On the other hand, non-performing loans (NPL) as a factor in loan loss provisioning practices was not rejected.展开更多
Demarcating the boundary between the constitutional right to freedom of speech and online speech crime is a major task before Chinese judiciary.In defining speech crime,we need to draw distinctions between facts and o...Demarcating the boundary between the constitutional right to freedom of speech and online speech crime is a major task before Chinese judiciary.In defining speech crime,we need to draw distinctions between facts and opinions;public and private affairs;and subjective and objective reality.Under the reasonable belief rule,“subjective reality”must be treated as justifiable cause.Given the technological applications and social nature of online media,internet service providers are only obliged to be neutral;they must not indiscriminately be deemed to be guilty of being accomplices or of the crime of nonperformance.In litigation involving speech crime,criminal proceedings must,in principle,be launched on the basis of the actual or presumed wishes of the victim.When a speech act seriously jeopardizes social order and the national interest but the victim is unable to determine whether to lay a charge,a direct public prosecution may be carried out.Finding someone guilty of“seriously jeopardizing law and order and the national interest”must be based on real,material disruption of order and on the fact that the suspect acted deliberately with no legitimate purpose.Minor speech crimes must not be indiscriminately subjected to fixed-term imprisonment,and social media tools serve routine purposes and should not be confiscated without good reason.展开更多
文摘Small and medium-sized companies in most EU countries form a considerable share in the total number of companies and are also an important development impeller of the entire economy. Therefore, one of the most essential goals of accounting authorities in the EU is accomplishing the harmonization of accounting regulations for these companies. In this paper, the author have discussed and explained the main motifs and impediments for this harmonization. One of the main motifs is a big span and complexity of international standards of financial reports which is allowed and even prescribed in many countries. Some of the main impediments are a lack of uniformity as far as criteria for classification of small and medium-sized companies according to size are concerned as well as the determining of limitations up to which the requirements in accounting standards for small and medium-sized companies should be set.
文摘The issue of the new standards for employees' salary and general financial rules that include employees' salary and relevant expenditures, have a great impact on human resources cost accounting. This paper performs a specialized study on human resources cost and employees' salary, accounts setting and accounting treatment for human resources cost accounting, human resources cost report, etc. on the basis of relevant provisions in the new Chinese accounting standards, the general financial rules, international accounting standards, and relevant academic research findings.
文摘The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. The results indicate that the adoption of International Financial Reporting Standards [IFRS] leads to improvement in value relevance, particularly on earnings. We also examine the impact of investor protection and the deviation of local accounting standards from IFRS on the effectiveness of the IFRS adoption. The results show supporting evidence for investor protection but inconclusive evidence for accounting standard deviation. However, additional analysis indicates that the countries which apparently benefit from adopting IFRS are those with high deviation of local accounting standards from IFRS and high investor protection. The findings imply that adopting IFRS alone cannot improve value relevance of accounting information, but standard setters and regulators need to strengthen their investor protection mechanisms in order to improve the quality of accounting information.
文摘Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards (IFRS) instead of American generally accepted accounting principles (GAAP) and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange (NYSE). Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.
文摘This article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end, it must be ascertained whether electrical energy is bought/sold for an industrial use exclusively, so that the relevant transaction will be accounted as a normal purchase/sale, or through the lease of the relevant production plant, which would require the supply contract to be accounted in compliance with International Accounting Standards (IAS) 17 "Leasing". Alternatively, it must also be ascertained whether the relevant party is implementing financial trading strategies, as in such hypothesis, the supply contract is to be accounted as a financial instrument according to International Financial Reporting Standards (IFRS) 9/IAS 39 "Financial Instruments". Finally, the modalities used by a number of companies listed on European regulated markets to account such kind of contracts will be analyzed.
文摘The convergence project between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States (US) was signed on September 18, 2002 in Norwalk, Connecticut in the US. The first is responsible for issuing International Financial Reporting Standards (IFRS) nowadays, which were created 40 years ago. More than one century ago, local regulations are used in the US. The boards differ in years of experience. With the signing of the agreement, both institutions are working to reduce the divergence of accounting. Although they have made a significant progress, it is appropriate to examine whether the difference in approaches to accounting will affect the achieved agreements. It is relevant to investigate whether the years leading the standards adopted in different countries will impact the final result. The date of completion of the project has been postponed and still has not indicated the date of termination. This research is an analysis of the importance of the convergence of accounting standards at a global level. The study presents statistics on the status of the adoption of international standards by country. The study shows a summary of the expressions made by the directors of both boards about the future of the project.
文摘The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company's individual circumstances. In this direction, the International Accounting Standards Board (IASB) has highlighted some content elements recognised as being fundamental for guaranteeing the usefulness of the management commentary. With reference to these elements, it is interesting to analyse the level of disclosure of the financial reporting. These analyses aim to identify the themes dealt with most extensively by the companies and those that require greater attention so that the narrative section of the financial statement is, on the one hand, at least consistent with the suggestions of the guideline and, on the other hand, contains information that is useful for the users. Lastly, in the light of the relevant European Union (EU) directives, the results of the analysis will help to formulate considerations on the ability of the IASB guideline to improve the completeness of the narrative section. All this is examined in a cross-country dimension: Financial reports in Italy and the United Kingdom (UK) are examined. The content analysis methodology is applied. Within the financial reporting, the management discussion is examined in particular. The analysis is performed considering 2008. This qualitative paper will contribute to the studies on disclosure and usefulness of the information provided.
基金the Comparative Policy and Practice Study of the EU-China Environmental Governance Programme’s core theme Public Access to Environmental Information with funding from the European Union(www.ecegp.com)
文摘In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substances, such as fine particles. The law enforcement relies on a monitoring and reporting system to inform the European Commission and the public, for it is the citizens' right to be informed about harmful air quality. With sectoral measures, air quality could be improved in the past 20 years, but some emissions concentrations have stagnated in recent years and emissions temporarily exceed thresholds in nearly half of the Member States. The European Emission Inventory allows the commission to identify the substances, areas, and times of exceedances, and to implement sectoral measures leading to air quality improvements, all of which have to be made available publicly. This manuscript introduces the air quality legislation and reviews the quality of European air for recent years.
文摘The purpose of this study is to explore the relevance of adopting International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs) in Swaziland. The study further seeks to determine if IFRS for SMEs can be the solution to better reporting by local SMEs. There has been a growing need for different reporting standards for small firms and big firms over the years due to the unique challenges and attributes they face especially in the area of financial reporting. This research is based on a statistical analysis of questionnaires completed by accountants from SMEs in Swaziland as well as other stakeholders who have a direct or an indirect interest in the financial statements of SMEs. These stakeholders included audit firms and the financial institutions. The sampling rate of 10% was applied across each industry to come up with a sample of 60 SMEs. Furthermore, a 100% sampling rate on the other stakeholders was applied. These were nine financial institutions and eight audit finns. The findings from the study revealed that SMEs in Swaziland are having challenges with the current reporting framework but to some extent, the framework is suitable. Most SMEs are not aware of IFRS for SMEs, therefore the accounting profession in Swaziland (SIA) has a huge role to play in training auditors and accountants in the country. Overall, IFRS for SMEs is applicable in Swaziland.
文摘The need for high quality standards to enhance sound and consistent financial reporting and the fact that the inefficiency and ineffectiveness of public sector extended to a belief that public and private sectors did not have to be managed in fundamentally different ways, fostered a wide-ranging discussion about the harmonization of public sector accounting systems and their convergence towards the private sector financial reporting standards. This paper discusses the state and perspective of public sector accounting and financial reporting in transition countries. Precisely, this paper aims to examine the adequacy of governmental accounting and financial reporting model, reflecting the existing accounting regulation and financial reporting framework in Slovenia, Croatia and Bosnia and Herzegovina. The motivation for this paper emerges from international discussions about IPSASs development and adoption, and the fact that the topic is becoming more and more relevant as many countries are moving towards adopting full accrual accounting using IPSASs as their method of financial reporting. Our results show that the degree and dynamics of government accounting systems' transformation in transition countries depends upon several specific factors which have to be taken into account when evaluating the systems and making comparison between government accounting system reforms in countries in the analysis. Thus, the study distinguishes certain similarities but also discrepancies regarding the status and possible further development of governmental accounting in countries examined.
文摘Current accounting development in Kosovo is estimated to be relatively good, which always constituted in terms of maintenance, improvement and facilitate of financial reporting system for all business entities within this system In recent years, Kosovo experienced rapid development in economic and social aspects, along with all effects and other changes, which has occurred in the development of accounting and financial reporting system. Accounting requirements are already addressed to the business community for keeping proper accounting in accordance with existing intemational and Kosovar standards. In recent years in Kosovo, we notice an increase of enterprises in the number, especially private enterprises, which have highlighted the great necessary to have such information, who had been a major help for their managers. With this, the accounting gets a new role, becoming the information that flows from that decisive leadership bodies. But the changing of role of accounting must be accompanied by measures to ensure its retention in accordance with the requirements and new conditions created
文摘In this paper, the authors focus on valuation standards as a result of the mandatory effect of the implementation of International Financial Reporting Standards (IFRS), and more precisely on the context of fair value. The paper assesses the impact concentrate on the IFRS adopter countries and at the same time on the Business Valuation Standards (BVS), because they provide consistence and comparability, in time and in space, to the valuation even different implementation levels of the accounting information system (AIS). The results corroborate that rules and practices are not sufficient conditions to create a widespread accounting language, and international institutional standards play an essential role in framing financial reporting characteristics, in order to assist financial analysts and accountants to implement the accounting system and strategies, as well as, on firms to adopt the best valuation practices on their disclosures. Also, the authors recommend that the International Accounting Standards Board [IASB], the Securities and Exchange Commission [SEC], the European Commission [EC] and valuation agencies should now devote their efforts to harmonizing valuation standards rather than harmonizing accounting standards.
文摘The convergence of accounting standards started in the 1970s, with international norms issued by the International Accounting Standards Board (IASB) and with the efforts of various countries to adopt the International Financial Reporting Standards (IFRS), already mandatory in Brazil since 2010. Thus, comparable accounting information is clearly important, and this study plans to confirm the level of comparability of net income and equity of companies in the financial sector (in Brazil, "Finance and Others"), listed in the stock exchange, futures, and commodities (BM&F Bovespal), issued according to Brazilian Generally Accepted Accounting Principles (BR GAAP) and the IFRS. This study is descriptive, using a quantitative approach. Data were collected from secondary sources, more specifically, from the explanatory notes in the financial statements of the companies listed in the financial sector of the BM&F Bovespa in the fiscal year of 2010. The results showed a reasonable level of comparability, with 68% of the companies presenting materially comparable information for net income and 72% of them for equity. However, decisions made based on data issued following the two different standards may have suffered the influence of asymmetric information; in other words, the comparability of information did not seem to satisfy those companies during the studied period of time. The main limitations of this study were data collection and selection for the development of the research because of: (1) inconsistence in net income and equity reconciliation criteria in the companies investigated; and (2) lack of uniformity in designating the adjustments that affect net income and equity in the conversion of the BR GAAP standard into the IFRS.
文摘The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more comparability and transparency and also higher-quality financial statements. The creation of such standards by the IASB aims at achieving harmonization of accounting practices among countries. The objective of this research is to show that in accordance with the expectations of international organizations, the adoption of IAS-IFRS increases the information content of financial statements and also to identify the key accounting variables that have been affected by this adoption. This article used a sample of year observations of 150 French firms which have adopted IAS-IFRS since 2005 as data to study the association relationship between accounting variables and stock returns before and after the adoption of IASs. The findings of this paper show that the application of IAS-IFRS as accounting standards increases the information content of accounting numbers. Dividends, long-term debts, equity, and revenue variables are most correlated with stock returns. Their information content has reached 80% after the adoption, while it was 30% before.
文摘The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight three important issues as an attempt to make sense of the debate. First, much of the controversy results from confusion about what is new and different about FVA. Second, while there are legitimate concerns about marking to market (or pure FVA) in times of financial crisis, it is less clear that these problems apply to FVA as stipulated by the accounting standards, be it IFRS or U.S. GAAP. Third, historical cost accounting (HCA) is unlikely to be the remedy. There are a number of concerns about HCA as well and these problems could be larger than those with FVA.
文摘The purpose of this paper is to come up with factors in loan loss provisioning practices on commercial banks that reflect on collectability of defaulted loans. The need for this research is due to failures in the loan loss provisioning practices which resulted in loan loss provisions (LLP) not reflecting on collectability of the defaulted loans. As a consequence, the banks do not capture their loss expectations and do not continuously reassess their loss expectations as the conditions affecting their borrowers may change. Henceforth, in their financial reporting, the banks do not represent relevantly and faithfully their true underlying credit risks conditions. When the banks do not represent relevantly and faithfully their true underlying risk conditions, they contradict the objectives of useful financial reporting. The results showed that among explanatory variables, bad debt recoveries as a factor in loan loss provisioning practices that reflect on collectability of defaulted loans was rejected. Bad debt recoveries was a biased variable and inconsistent estimator. In context of perceived credit risks as the basis to make credit judgments, an estimate of bad debt recoveries had not fulfilled the criteria. On the other hand, non-performing loans (NPL) as a factor in loan loss provisioning practices was not rejected.
基金phased result of“Research on Core Issues concerning the Internet as the‘Largest Variable,’”a major project funded by the Jiangsu Province Social Science Foundation(14ZD003)“Research on the Criminal Conviction Mechanism,”a general project on the humanities and social sciences funded by the Chinese Ministry of Education(15YJA820015)
文摘Demarcating the boundary between the constitutional right to freedom of speech and online speech crime is a major task before Chinese judiciary.In defining speech crime,we need to draw distinctions between facts and opinions;public and private affairs;and subjective and objective reality.Under the reasonable belief rule,“subjective reality”must be treated as justifiable cause.Given the technological applications and social nature of online media,internet service providers are only obliged to be neutral;they must not indiscriminately be deemed to be guilty of being accomplices or of the crime of nonperformance.In litigation involving speech crime,criminal proceedings must,in principle,be launched on the basis of the actual or presumed wishes of the victim.When a speech act seriously jeopardizes social order and the national interest but the victim is unable to determine whether to lay a charge,a direct public prosecution may be carried out.Finding someone guilty of“seriously jeopardizing law and order and the national interest”must be based on real,material disruption of order and on the fact that the suspect acted deliberately with no legitimate purpose.Minor speech crimes must not be indiscriminately subjected to fixed-term imprisonment,and social media tools serve routine purposes and should not be confiscated without good reason.