International Accounting

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ISBN: 9780750669832 | 0750669837
Cover: Paperback
Copyright: 6/14/2006

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International Accounting, edited by Greg N. Gregoriou and Mohamed Gaber, encompasses a wide range of topics from an international accounting perspective. The book is a collection of several original research papers written by well-known authors and experts in the field of their expertise from different countries on very important and emerging topics in international accounting.

About the editors

xiii

About the contributors

xiv

1 Lobbying towards a global standard setter - do national characteristics matter? An analysis of the comment letters written to the IASB

(40)

Ann Jorissen, Nadine Lybaert, and Katrien Van de Poel

1.1 Introduction

(2)

1.2 Literature review and hypotheses development

(5)

1.2.1 Literature review

(5)

1.3 The development of hypotheses

(4)

1.4 The IASB and the standard-setting process

(4)

1.4.1 The transformation into a global standard setter

(1)

1.4.2 The mission of the IASB and its due process

(1)

1.4.3 The standard-setting process or due process

(2)

1.5 Research method

(5)

1.5.1 Data collection

(2)

1.5.2 Measurement of variables

(3)

1.6 Research results

(9)

1.6.1 The preparers lobby more often than the users

(3)

1.6.2 Large companies participate more often in the lobbying process

(1)

1.6.3 Companies that suffer from a larger negative economic impact of the standards will lobby more often

(2)

1.6.4 The position of the auditor in the lobbying process

(2)

1.6.5 The influence of country-level variables on the lobbying behavior

(2)

1.7 Conclusion

(1)

References

(3)

Appendix A

(3)

Appendix B

(2)

2 A fair go for fair value

(16)

Janice Loftus

2.1 Introduction

(1)

2.2 Experimental fair value initiatives

(2)

2.3 Proposals and requirements for fair value for financial instruments

(3)

2.4 IAS 39 and the mixed measurement model

(4)

2.5 Conclusion

(1)

References

(3)

3 The behavior modification impact of International Accounting Standards on decision-making and risk management

(40)

Stanley C.W. Salvary

3.1 Introduction

(3)

3.2 The capital market and the commodity market

(4)

3.3 The role and the psychological effect of the capital market

(5)

3.4 Simplifying assumptions versus necessary conditions for measurement

(4)

3.5 Economic reality, decision-making, and operating dynamics

(2)

3.6 Risk management and performance measurement

(5)

3.7 Structural and operating differences of companies

(4)

3.8 Sanity in market pricing and sensibility in financial reporting

(3)

3.9 The investment decision, capital budgeting, and recoverable cost

(1)

3.10 Discussion and conclusion

(2)

References

(5)

4 Fair value - the basis of International Financial Reporting Standards: a conceptual contradiction of the relevant measurement attribute in financial accounting

(30)

Stanley C.W. Salvary

4.1 Introduction

(3)

4.2 Money, a credit economy, and the cash-flow process

102

(2)

4.3 Profit measurement and management's performance assessment

104

(3)

4.4 Neutrality, stewardship, and financial reporting

107

(2)

4.5 The lower of cost and market rule, fair valuation, and realization

109

(5)

4.6 The IASB's association of fair market value with the cash-flow process

114

(2)

4.7 The Frameworks' measurement bases and the mixed attribute model

116

(2)

4.8 Investments, measurement rules, and market simulation

118

(3)

4.8.1 Lower of cost and market valuation

120

(1)

4.8.2 Realizable value

120

(1)

4.9 Summary, discussion, and conclusion

121

(2)

References

123

(4)

5 Fair value accounting under IAS/IFRS: concepts, reasons, criticisms

127

(24)

Jochen Zimmermann and Jörg Richard Werner

5.1 Introduction

129

(1)

5.2 Fair value accounting and the IFRS: basic properties and scope of application

130

(9)

5.2.1 Definition of fair values

130

(1)

5.2.2 Treatment of holding gains and losses

130

(1)

5.2.3 FVA and capital maintenance

131

(2)

5.2.4 FVA and IAS/IFRS: scope of application

133

(6)

5.3 Justifications for the use of fair values in financial reporting

139

(7)

5.3.1 Value relevance and standard setting

139

(2)

5.3.2 Revaluations as signals

141

(3)

5.3.3 Fair value accounting, contracting, and incentives

144

(2)

5.4 Conclusion

146

(2)

References

148

(3)

6 Does Delaware incorporation add value? An accounting-based analysis

151

(18)

Feng Chen, Kenton K. Yee, and Yong Keun Yoo

6.1 Introduction

153

(1)

6.2 Development of hypotheses

154

(2)

6.3 Sample selection

156

(4)

6.4 Empirical results

160

(5)

6.4.1 Descriptive statistics

160

(2)

6.4.2 Is there a Delaware value premium?

162

(3)

6.5 Conclusion

165

(1)

References

166

(3)

7 Empirical evidence on the relation between revaluations of fixed assets and the future performance of firms in Brazil

169

(20)

Alexsandro Broedel Lopes

7.1 Introduction

171

(3)

7.2 Revaluation of fixed assets in Brazilian GAAP and related literature

174

(6)

7.2.1 Brazilian GAAP for revaluation

174

(4)

7.2.2 Previous research

178

(2)

7.3 Models and results

180

(5)

7.3.1 Descriptive statistics

180

(1)

7.3.2 Research design and results

180

(5)

7.4 Conclusions and implications for future research

185

(2)

Acknowledgments

187

(1)

References

187

(2)

8 Hedge funds and the stale pricing issue

189

(10)

Greg N. Gregoriou, William Kelting, and Mohamed Gaber

8.1 Introduction

191

(3)

8.2 Background information

194

(1)

8.3 Recent developments

195

(1)

8.4 Checklist of questions

196

(1)

8.5 Conclusion

197

(1)

References

197

(2)

9 Adopting and implementing International Financial Reporting Standards in transition economies

199

(26)

Robert W. McGee

9.1 Introduction

201

(1)

9.2 Adopting and implementing IFRS

202

(3)

9.3 Translation problems

205

(4)

9.4 Teaching the new rules to practitioners

209

(1)

9.5 Reforming university curriculums

209

(9)

9.6 Credible accounting certification

218

(2)

9.7 Conclusion

220

(1)

Acknowledgments

221

(1)

References

221

(4)

10 International convergence: the Australian journey

225

(42)

Janice Loftus

10.1 Introduction

227

(1)

10.2 Models of international harmonization or convergence of accounting

228

(2)

10.3 Models of accounting regulation

230

(1)

10.4 Australian standard setting 1970-1983

230

(2)

10.5 International harmonization of accounting 1970-1983

232

(3)

10.6 Australian standard setting 1984-1988

235

(3)

10.7 International harmonization of accounting 1984-1988

238

(2)

10.8 Australian standard setting 1988-1990

240

(2)

10.9 International harmonization of accounting 1988-1990

242

(1)

10.10 Australian standard setting 1991-1999

243

(4)

10.11 International harmonization of accounting 1991-1999

247

(5)

10.12 Australian standard setting 2000 onwards

252

(2)

10.13 International harmonization of accounting 2000 onwards

254

(4)

10.14 The beginning of a new journey or the end of the road?

258

(3)

Acknowledgments

261

(1)

References

261

(6)

11 Determinants of bias in management earnings forecasts: empirical evidence from Japan

267

(28)

Koji Ota

11.1 Introduction

269

(1)

11.2 Background on Japanese management forecasts

270

(2)

11.3 Data

272

(1)

11.3.1 Sample selection

272

(1)

11.3.2 Management forecast error

272

(1)

11.4 Determinants of bias in management earnings forecasts

273

(15)

11.4.1 Univariate analysis

273

(13)

11.4.2 Multivariate analysis

286

(2)

11.5 Market awareness of bias in management earnings forecasts

288

(2)

11.6 Conclusion

290

(2)

Acknowledgments

292

(1)

References

293

(2)

12 Expected earnings growth when there is a growth option

295

(30)

Kenton K. Yee

12.1 Introduction

297

(2)

12.2 Perpetual growth option: model setup

299

(4)

12.3 Accounting policies and earnings–value relations

303

(4)

12.4 Long-run earnings growth with a growth option

307

(5)

12.5 Conclusion

312

(3)

References

315

(2)

Appendix

317

(8)

13 The true cost of employee share options: the recent debate and potential costs for a case study firm

325

(22)

Colette Grey, Derry Cotter, and Edel Barnes

13.1 Introduction

327

(2)

13.2 Literature review

329

(4)

13.2.1 ESO value and accounting income

329

(2)

13.2.2 Recognition date

331

(1)

13.2.3 Measuring fair values

332

(1)

13.3 Case study: ESAT Telecom Group

333

(5)

13.4 Results

338

(2)

13.5 Discussion

340

(3)

13.6 Conclusion

343

(2)

Acknowledgments

345

(1)

References

345

(2)

14 Impairment of fixed assets: perceived implementation problems associated with International Accounting Standard No. 36

347

(20)

Mohamed E. Ibrahim

14.1 Introduction

349

(5)

14.1.1 Indications of impairment

352

(1)

14.1.2 The impairment test

353

(1)

14.1.3 Accounting for impairment

353

(1)

14.2 Previous studies

354

(5)

14.3 Methods

359

(1)

14.3.1 Sample

359

(2)

14.4 Results

361

(3)

14.4.1 Sample profile

361

(1)

14.4.2 Implementation problems

362

(2)

14.5 Conclusion

364

(1)

References

365

(2)

15 The rise and impact of hybrid securities in Australian listed corporations

367

(20)

Tyrone M. Carlin and Nigel Finch

15.1 Introduction

369

(1)

15.2 The Australian hybrids market

370

(5)

15.3 Measuring the impact of hybrids

375

(1)

15.4 Results

376

(7)

15.5 Conclusion

383

(2)

References

385

(2)

16 Empirical evidence on the use, size, concentration, and cost of executive options schemes in Australia

387

(14)

Tyrone M. Carlin and Guy Ford

16.1 Introduction

389

(1)

16.2 How prevalent are executive options plans in Australia?

390

(2)

16.3 Size, activity, and concentration of the observed options schemes

392

(4)

16.4 Estimated cost of executive options schemes

396

(2)

16.5 Conclusion

398

(1)

References

399

(2)

17 The introduction of fair value in Italy: economic and financial reporting issues

401

(56)

Giovanni Melis, Andrea Melis, and Alessandro Pili

17.1 Introduction

403

(1)

17.2 The adoption of the International Financial Reporting Standards in Italy

404

(2)

17.3 Accounting for the fair value changes: a comparative analysis of IFRS, US GAAP, and Italian GAAP

406

(19)

17.3.1 Intangibles and fixed assets

406

(9)

17.3.2 Investment properties

415

(1)

17.3.3 Assets and liabilities in foreign currency

415

(3)

17.3.4 Actuarial gains and losses on defined benefit plans

418

(1)

17.3.5 Financial assets and liabilities

419

(5)

17.3.6 Biological assets

424

(1)

17.4 The entity's capital maintenance

425

(8)

17.4.1 Example 1 (investment property)

426

(4)

17.4.2 Example 2 (financial liability)

430

(3)

17.5 Accrual basis vs prudence: a comparative analysis of IFRS, Italian, and US GAAP

433

(5)

17.6 The underlying reasons for the importance of the prudence principle in Italy

438

(5)

17.6.1 Ownership, capital, and control structures of Italian nonfinancial listed companies

439

(1)

17.6.2 Generally accepted concept of the corporate entity: IASB vs Italy

440

(1)

17.6.3 Cultural issues concerning prudence and risk avoidance

441

(2)

17.7 The adoption of the comprehensive income statement in Italy

443

(7)

17.7.1 Example 1 (investment property)

445

(1)

17.7.2 Example 2 (financial liability)

445

(5)

17.8 Conclusion

450

(1)

Acknowledgments

451

(3)

References

454

(3)

18 Factors affecting accounting development in the harmonization process with the international framework: the case of Estonia

457

(26)

Toomas Haldma

18.1 Introduction

459

(1)

18.2 Literature review

460

(2)

18.3 Factors influencing accounting reform in Estonia

462

(1)

18.4 Stages of the integration of the Estonian accounting system into the international framework

463

(7)

18.5 Findings and discussion

470

(9)

18.5.1 The political system

470

(2)

18.5.2 The legal system

472

(2)

18.5.3 The taxation system

474

(1)

18.5.4 Finance and capital markets

475

(1)

18.5.5 The accounting profession

476

(3)

18.6 Conclusion

479

(1)

Acknowledgement

480

(1)

References

480

(3)

19 An elegant comparison of the tax advantages of mutual funds, IRAs, and Roth IRAs - what hath Roth wrought?

483

(8)

Colin Read

19.1 Introduction

485

(1)

19.2 A model of lifetime consumption and savings under various tax regimes

485

(2)

19.3 The analysis of Roth retirement savings

487

(1)

19.4 Comparison to mutual funds under an infinite time horizon

488

(1)

19.5 Conclusion and public policy ramifications

489

(2)

20 A meta-national perspective on accounting and auditing in nonprofit organizations: the literature interpreted in a principal-agent framework

491

(16)

Marc Jegers

20.1 Introduction

493

(1)

20.2 Containing the external stakeholders—management agency costs

494

(7)

20.2.1 The role of accounting: reducing information asymmetry between board and management

494

(1)

20.2.2 A special case: religious organizations

495

(1)

20.2.3 Accounting knowledge

495

(1)

20.2.4 Donors and the organization

496

(1)

20.2.5 Accounting regulation

497

(1)

20.2.6 Accounting choices

498

(1)

20.2.7 Compliance

499

(1)

20.2.8 Choices and compliance when calculating the cost of nonprofit activities

500

(1)

20.3 The role of external audit

501

(1)

20.3.1 Reducing agency costs

501

(1)

20.3.2 Audit pricing

501

(1)

20.3.3 Containing the management—other staff agency costs: internal control

502

(1)

20.4 Conclusion

502

(1)

Acknowledgments

503

(1)

References

503

(4)

21 How about performance audits for public companies?

507

(16)

Haji Shafi Mohamad

21.1 Introduction

509

(1)

21.2 Extensions to the role of external auditing

509

(1)

21.3 The concept of performance auditing

510

(2)

21.4 The origins of auditing

512

(2)

21.5 Limitations and problems with implementing performance audits

514

(1)

21.6 Auditor independence

515

(1)

21.7 Cost/Benefit

515

(1)

21.8 Establishing measurement criteria

516

(2)

21.9 Conclusion

518

(2)

References

520

(3)

22 Empirical evaluation of discretionary accruals models

523

(26)

Xavier Garza-Gómez

22.1 Introduction

525

(2)

22.2 Estimating discretionary accruals

527

(3)

22.2.1 Basic accrual models

528

(2)

22.2.2 Alternative accrual models

530

(1)

22.3 Important properties of total accruals

530

(6)

22.3.1 Accruals calculation

531

(1)

22.3.2 Sample and descriptive statistics

532

(4)

22.4 Evaluation of discretionary accruals models

536

(8)

22.4.1 Initial standard errors

537

(3)

22.4.2 Results of discretionary accrual models

540

(4)

22.5 Information content of discretionary and nondiscretionary accruals

544

(2)

22.5.1 Sensitivity tests

545

(1)

22.6 Conclusion

546

(1)

References

547

(2)

23 What to teach? A comparison of professional and paraprofessional accountants' views on accounting topic emphasis

549

(20)

Geoffrey Tickell and Kosmas X. Smyrnios

23.1 Introduction

551

(4)

23.2 Methodology

555

(3)

23.2.1 Participants

555

(3)

23.2.2 Procedure

558

(1)

23.2.3 Data analyses

558

(1)

23.3 Results

558

(7)

23.3.1 Descriptive statistics

558

(1)

23.3.2 Principal components analyses

559

(6)

23.4 Conclusion

565

(1)

References

566

(3)

24 Australia's accounting education in perspective

569

(18)

Geoffrey Tickell and Kosmas X. Smyrnios

24.1 Introduction

571

(1)

24.2 Higher education in Australia

571

(2)

24.3 Technical and Further Education (TAFE)

573

(2)

24.4 Increased cooperation between TAFEs and universities

575

(2)

24.5 Lifelong learning

577

(1)

24.6 Seamless education

578

(2)

24.7 The accounting profession and accounting education in Australia

580

(2)

24.8 Accounting education in Australia

582

(1)

24.9 Accounting education in TAFE

583

(1)

24.10 Conclusion

583

(1)

References

584

(3)

Index

587

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International Accounting

Summary

Table of Contents

Supplemental Materials

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International Accounting

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