This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by...This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.展开更多
The purpose of this paper is to investigate the value relevance of earning based accounting information and to see how value relevance has changed with the introduction of new information technology at Colombo Stock E...The purpose of this paper is to investigate the value relevance of earning based accounting information and to see how value relevance has changed with the introduction of new information technology at Colombo Stock Exchange （CSE） in Sri Lanka. Sample of the study includes 129 companies selected from 6 major sectors at CSE. Cross sectional and time series cross-sectional regressions are used for the data analysis. Study finds that earnings per share （EPS） and returns on equity （ROE） have a significant impact on market price. However, the explanatory power of combined variables is below average. Further, value explanatory power of earnings has considerably improved after the new information technology adoption at CSE. This study is unique because it examines the impact of technological advancements on value relevance of accounting information probably as the first paper to be applied on Sri Lanka.展开更多
Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with co...Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with corporate sustainability issues like market share, customer loyalty, supply chain management, corporate governance, and human resources in annual reports as well as the audited financial reports. Annual reports, one of the important instruments of transparency and disclosure, are widely used by shareholders and stakeholders. Recent laws and regulations in the US, European Union, and Turkey require enhanced disclosures in annual reports. In the first part of this study, a comparative regulatory framework for annual reports will be established under the Sarbanes Oxley Act （SOX）, the Securities and Exchange Commission （SEC） filing requirements, the New Turkish Commercial Code, and regulations of Capital Markets Board （CMB） of Turkey. In the second part of this study, annual reports of four sample companies listed in the New York Stock Exchange （NYSE） and Corporate Governance Index of Borsa Istanbul will be discussed in the light of disclosure requirements of Form 20-F. Findings of this study support the hypothesis which states that regulatory environment has a positive impact on the quantity and quality of disclosures. Attention is drawn to the need for global standardization to reduce the reporting variances and the need for independent audit of annual reports to increase the reliability.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
文摘This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.
文摘The purpose of this paper is to investigate the value relevance of earning based accounting information and to see how value relevance has changed with the introduction of new information technology at Colombo Stock Exchange （CSE） in Sri Lanka. Sample of the study includes 129 companies selected from 6 major sectors at CSE. Cross sectional and time series cross-sectional regressions are used for the data analysis. Study finds that earnings per share （EPS） and returns on equity （ROE） have a significant impact on market price. However, the explanatory power of combined variables is below average. Further, value explanatory power of earnings has considerably improved after the new information technology adoption at CSE. This study is unique because it examines the impact of technological advancements on value relevance of accounting information probably as the first paper to be applied on Sri Lanka.
文摘Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with corporate sustainability issues like market share, customer loyalty, supply chain management, corporate governance, and human resources in annual reports as well as the audited financial reports. Annual reports, one of the important instruments of transparency and disclosure, are widely used by shareholders and stakeholders. Recent laws and regulations in the US, European Union, and Turkey require enhanced disclosures in annual reports. In the first part of this study, a comparative regulatory framework for annual reports will be established under the Sarbanes Oxley Act （SOX）, the Securities and Exchange Commission （SEC） filing requirements, the New Turkish Commercial Code, and regulations of Capital Markets Board （CMB） of Turkey. In the second part of this study, annual reports of four sample companies listed in the New York Stock Exchange （NYSE） and Corporate Governance Index of Borsa Istanbul will be discussed in the light of disclosure requirements of Form 20-F. Findings of this study support the hypothesis which states that regulatory environment has a positive impact on the quantity and quality of disclosures. Attention is drawn to the need for global standardization to reduce the reporting variances and the need for independent audit of annual reports to increase the reliability.
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.
