International Standardization of Blockchain and Distributed Ledger Technology:Overlaps,Gaps and Challenges

As one of the most concerned digital technologies in recent years,blockchain and distributed ledger technology are an important driving force for a new round of technological development.It is currently in the process of accelerating its evolution and maturity,and has gradually integrated with other digital technologies.It has been applied in many industries,providing decentralized solutions for various industries,realizing innovative storage models,and building a new trust system.As blockchain technology is officially incorporated into China’s new information infrastructure category,the application fields of blockchain have expanded rapidly,gradually extending from the financial field and government affairs to other fields in the real economy.At the same time,with the continuous development of the globalized economy,blockchain technology will also have a profound impact on international technological and economic development.Therefore,for the healthy and orderly development and real implementation of the blockchain industry,standardize the application of blockchain,effectively break through the cognitive and technical barriers between different countries,industries and systems on a global scale,prevent application risks,the development of the global blockchain industry needs standardization basis,which is particularly important and urgent.A sound standard system is an important key to the successful development of technology,and formulating the right standard at the right time for technology development helps ensure the ease of use and interoperability of the technology.From the perspective of international standardization,this article first introduces the general situation of ISO,ITU-T,IEEE,W3C and other international standardization organizations,and sorts out the status quo of the blockchain standardization working groups of mainstream international standardization organizations.All blockchain-related standards under development have been analyzed for the characteristics of international blockchain technology standards and industry application standards.Through data analysis,the overlaps,differences and conflicts in the field of international blockchain standard formulation are sorted out,and suggestions for blockchain standardization work in the application and development of blockchain technology standardization by international organizations and industries are put forward.The plans and layouts of future international standards are summarized to help the development of the international standardization of blockchain.

Challenges of the Performance Standards of the International Finance Corporation in Financing the African Integrated High-Speed Railway Network and the Way Forward: The Case of Standard Gauge Railway in Tanzania

Financing of the African Integrated High-Speed Railway Network (AIHSRN) through Standard Gauge Railway (SGR) Projects is very expensive. As a result, most of the African countries seek financial supports from the International Financial Institutions (IFIs). However, conditions provided by the IFIs through the Performance Standards (PS) of the International Financial Corporation (IFC) increase cost of the projects and thus, it becomes a burden to most of the African countries. This study aimed to explore the causes of IFC-PS through the SGR Projects that escalate costs and how to address them. The Tanzania SGR Lot 1 Project that covered 205 km from Dar es Salaam to Morogoro was selected as a case study. The methods used for data collection involved literature review, focus group discussions and interviews. The results and findings show a gap between the IFC-PS and the National Laws and Regulations that escalates costs of the projects if funds from the IFIs were to be secured. To bridge the gap, it is recommended that the African countries should engage into negotiations with the IFIs to agree to waive IFC-PS conditions that escalate costs provided they are adequately covered in the national laws and regulations;engagement of locally established national and regional financial institutions;and the responsible government institutions in the African countries should sit together for assessment and review of the IFC-PS against the national laws and regulations.

Simulated patient methodology as a“gold standard”in community pharmacy practice:Response to criticism

The simulated patient methodology(SPM)is considered the“gold standard”as covert participatory observation.SPM is attracting increasing interest for the investigation of community pharmacy practice;however,there is criticism that SPM can only show a small picture of everyday pharmacy practice and therefore has limited external validity.On the one hand,a certain design and application of the SPM goes hand in hand with an increase in external validity.Even if,on the other hand,this occurs at the expense of internal validity due to the trade-off situation,the justified criticism of the SPM for investigating community pharmacy practice can be countered.

Modulatory effect of International standard Scalp Acupuncture on brain activation in the elderly as revealed by resting-state fMRI

The specific mechanisms by which acupuncture affects the central nervous system are unclear. In the International Standard Scalp Acupuncture system, acupuncture needles are applied at the middle line of the vertex, anterior parietal-temporal oblique line, and the posterior parietal-temporal oblique line. We conducted a single-arm prospective clinical trial in which seven healthy elderly volunteers (three men and four women;50–70 years old) received International Standard Scalp Acupuncture at MS5 (the mid-sagittal line between Baihui (DU20) and Qianding (DU21)), the left MS6 (line joining Sishencong (EX-HN1) and Xuanli (GB6)), and the left MS7 (line joining DU20 and Qubin (GB7)). After acupuncture, resting-state functional magnetic resonance imaging demonstrated changes in the fractional amplitude of low frequency fluctuations and regional homogeneity in various areas, showing remarkable enhancement of regional homogeneity in the bilateral anterior cingulate, left medial frontal gyrus, supramarginal gyrus, right middle frontal gyrus, and inferior frontal gyrus. Functional connectivity based on a seed region at the right middle frontal gyrus (42, 51, 9) decreased at the bilateral medial superior frontal gyrus. Our data preliminarily indicates that the international standard scalp acupuncture in healthy elderly participants specifcally enhances the correlation between the brain regions involved in cognition and implementation of the brain network regulation system and the surrounding adjacent brain regions. The study was approved by the Ethics Committee of the China-Japan Union Hospital at Jilin University, China, on July 18, 2016 (approval No. 2016ks043).

Comparison of seismic actions and structural design requirements in Chinese Code GB 50011 and International Standard ISO 3010

This papcr presents a comparison between the Chinese Code GB50011-2001 and the International Standard ISO3010:2001(E),emphasizing the similarities and differences related to design requirements,seismic actions and analytical approaches.Similarities include:earthquake return period,conceptual design,site classification,structural strength and ductility requirements,deformation limits,response spectra,seismic analysis procedures,isolation and energy dissipation, and nonstructural elements.Differences exist in the following areas:seismic levels,earthquake loading,mode damping factors and structural control.

Ophthalmology residency training in Jordan:an evaluation of quality and comparison with international standards

AIMTo evaluate Jordanian ophthalmology residency programs in achieving competencies outlined by the International Council of Ophthalmology (ICO) and residents' satisfaction with available training programs in Jordan, and to highlight weakness points that may be improved and strengthened.

International Public Sector Accounting Standards （IPSAS） Implementation in the European Union （EU） Member States

The aim of this paper is to analyze the implementation level of International Public Sector Accounting Standards （IPSAS） in the member states of the European Union （EU）. After an introduction of the legislative framework in the EU and a review of the literature about the implementation of IPSAS in the EU member states, this paper classifies, on the basis of a survey, the states according to their formal implementation levels of IPSAS. It also analyzes the types of accounting （cash basis accounting, modified cash basis accotmting, accrual accounting, and modified accrual basis accounting） used by the states studied. The survey shows that there are important disparities among the member states, both for the application of IPSAS and for the type of accounting that is used. Furthermore, it appears that even if IPSAS is not legally adopted in most European member states, there is a tendency to use modern accounting systems based on accrual accounting close to IPSAS.

The Impact of International Accounting Standards Board （IASB）＇s Guidelines for Preparing Management Commentary （MC）： Evidence From Italian Listed Firms

This paper investigates the Italian firms＇ disclosure in response to the new guidance on the management commentary （MC） contained in the International Financial Reporting Standard （IFRS） practice statement issued by International Accounting Standards Board （IASB） in 2010. The study is organized as follows. After reviewing the relevant literature on financial disclosure and MC, this paper examines the content of the Italian management＇s report-----known as ＂Relazione sulla Gestione＂ and that of the recent IASB＇s IFRS practice statement. Hence, it applies a self-constructed disclosure index and a multiple correspondence analysis （MCA） on MC of a sample of 66 Italian non-financial listed firms. The results show that the level of disclosures provided by the Italian listed firms does not seem to be affected by the IASB＇s guidelines. However, the survey highlights large differences in the level and type of disclosure provided in MC among the sectors and firms. This paper aims to contribute to the financial reporting debate by understanding the IASB＇s guidelines and their impacts on the voluntary disclosure practices of Italian listed firms.

The Faithful Representation of Electrical Energy Sale and Purchase Agreements Under International Accounting Standards/International Financial Reporting Standards （IAS/IFRS）

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.

International Accounting Standards Board （IASB） and Financial Accounting Standards Board （FASB） Convergence Project： Where Are They Now？

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.

Application of International Public Sector Accounting Standards in Vietnam in Current Conditions

The objective of improving the state accounting system is to build a state accounting system based on a single and complete database which is applied uniformly across all public authorities and agencies from central to local. Such an accounting system must ensure a reliable and smooth flow of information among all the entities that take part in the preparation, allocation, execution, and finalization of the state budget. In order to improve the quality of financial information, to harmonize, and to develop accounting profession globally, the trend of international economic integration requires the standardization of accounting legislative framework among countries and first of all, the harmonization and unification of the preparation, presentation, and disclosure of financial information. Financial statements of each business in the private sector and financial statements of the government in the public sector in different countries should be transparent and presented in accordance with the accounting standards and principles and in line with international practices so that the financial information will be able to be compared and evaluated. Therefore, financial statements of each entity in the public sector and the consolidated financial statements of public sector entities issued by the government in different countries must be prepared and presented in a unified form to suit the international public sector accounting standards. Accordingly, with the application of the interview method in research, the main objective of this article is to focus on searching for the bases and consideration for the application of international public sector accounting standards in Vietnam in current conditions. This article consists of eight sections： （1） what are international public sector accounting standards？ （2） accounting entities of the public sector; （3） the limitations of current public sector accounting in Vietnam; （4） financial information to meet the requirements of state management and to comply with international practices; （5） the advantages of applying international public sector accounting standards in Vietnam; （6） the difficulties and challenges of applying international public sector accounting standards in Vietnam; （7） learning experiences from other countries; and （8） conclusion.

A Review of White Granulated Sugar Standard Development in China and Comparative Study on the Chinese White Granulated Sugar Standard with International Standard

The sugar standard implemented under specific historical conditions had played a positive role in standardizing the production of China's sugar industry,promoting the development of sugar industry and strengthening the quality management of sugar products.This paper systematically combs the development of national standard and industrial standard of white granulated sugar,and analyzes the technical requirements such as sensory indicators,physical and chemical indicators and health indicators.From the development of China's white granulated sugar product standard,the sucrose content of the same level of white granulated sugar has not been adjusted,while the standard for indexes other than sucrose content,have been improved to meet the needs of the development of China's sugar industry and the development of domestic and foreign trade.Through comparison with the international standard of white granulated sugar,it is concluded that China’s national standard of white granulated sugar has kept pace with international standard.

The Differences between Chinese Accounting Standards for Business Enterprises and International Financial Reporting Standards as well as the Convergence Strategy Method

The continuous development and progress of international economic integration has resulted in the increasing of economic and trade exchanges between various countries.In order to implement a more systematic corporate financial supervision mechanism effectively and adapt to the needs of economic development,it is necessary to clarify corporate accounting standards and international financial reporting standards.The relationship between them are crucial to improve the transparency of financial statements and optimize management levels.This paper analyzes the differences between Chinese business accounting standards and international financial reporting standards as well as discusses the convergence process and convergence strategy methods for reference.

Impact of International Financial Reporting Standards （IFRS） Adoption on Key Financial Ratios＂ The Case of the Czech Republic

This contribution analyzes the impact of new International Financial Reporting Standards （IFRS） reporting rules on financial ratios prepared in the Czech companies. Using a sample of 16 Czech firms, we attempt to measure the scope and size of the differences in the selected set of financial ratios as calculated with data reported according to the traditional Czech accounting standards （CAS） and under the IFRS provisions. Our study discovers that there are important differences resulting from the two reporting formats. Our research comes to a conclusion that translation of Czech statements to IFRS may cause changes in the values of financial indicators without relationship to the real change in the firms＇ value, performance, and stability. Even though the findings were not statistically significant, the indicative results of our measurements disclosed an important fact that the transition to IFRS could cause deterioration of key indicators and thereby could impact on the overall rating of companies. One needs to be cautious with generalization due to the small sample size.

The Relevance of International Financial Reporting Standards for Small and Medium-Sized Entities （IFRS for SMEs） in Swaziland

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.

International Trade Needs Standardization in China

This article introduces the concepts of international trade procedures simplification and standardization, and illustrates implememt procedures and methods, furthermore, it puts forward proposals for training of international trade procedures simplification and standardization.

Evaluation of International Standards of Management of Communication and Information Technology (MCIT) in Khorasan Razavi Hospitals from the Perspective of Managers

The general goal of the management of communication and information technology (MCIT) in the health sector, is to accelerate collecting, achieving and supporting the health system processes, and effective decision-making for managing this system;because preparing and providing health care services for society is very complex, and highly dependent on the information system. The aim of this investigation is to determine the mean scores of the possibility of implementing the MCIT standards in Khorasan Razavi hospitals, from the perspective of managers. This was a cross sectional descriptive-analytic study conducted in two steps in all hospitals. In the first step, the applicability of the standards in hospitals was studied. In the second step, the current status of hospitals was compared with international standards MCIT. In order to determine the validity of the questionnaires, opinions of professors and experts were acquired. Regarding the reliability, the SPSS V. 12 calculated the value of Cronbach’s to be 0.95 for the first questionnaire and 0.86 for the second questionnaire. Data were analyzed using statistic tests of one way ANOVA and t-test. The level of significance was fixed at 0.5. In the 16 hospitals studied, the mean and standard deviation of MCIT were (57.25 ± 13.74). The MCIT standards are applicable in hospitals of Khorasan Razavi according to half (49.4%) of managers;nonetheless, their application requires greater efforts by the hospitals.

Analysis of international and national standards on logistics tracking and monitoring and their application

From the scope and technical system perspective, this paper sums up the history and current situation of logistics tracking and monitoring standards under international standards and national standards system. Taking the first international standard developed by China in the field of logistics and Internet of Things as an example, it analyzes the status quo and trend of monitoring in logistics, presenting valuable experience for standards development in logistics tracking and monitoring in China.

Vietnamese State Budget Accounting With the Relationships Between the State Budget Law and International Public Sector Accounting Standards （IPSAS）＊ Pham Quang Huy University of Economics, Ho Chi Minh City, Vietnam

For a long time, Vietnam has modifications in all aspects in the society. For many years, Vietnam has improved features in administrative works as well as in different areas, such as public administration, finance, and accounting In the accounting content, budget accounting is an important thing which is worth noting. However, along with the achievements, Vietnam is also facing a number of limitations to be overcome for ensuring transparency in the state budget. Since then, the main purpose of the article is to provide a general picture of budget accounting in Vietnam and what has not been done through finding the relationships with budget regulations and international public sector accounting. The results showed that Vietnam will transform and issue the new law on budget and build up a new model for controlling information published by data accounting system in the future.

Claim reserving for insurance contracts in line with the International Financial Reporting Standards 17:a new paid‑incurred chain approach to risk adjustments

This study considers the risk management of insurance policies in line with the implementation of the new International Financial Reporting Standards 17.It applies the paid-incurred chain method to model the future unpaid losses by combining the information channels of both the incurred claims and paid losses.We propose the recovery of the empirical distribution of the outstanding claims liabilities associated with a group of contracts via moment-based density approximation.We determine the risk measures and adjustments that are compliant with the new standard using the Monte–Carlo simulation method and approximated distributions.The historical data on the aggregate Ontario automobile insurance claims over a 15-year period are analyzed to examine the appropriateness and accuracy of our approach.