Search

Marketing scholars have extensively studied marketing's effect on firm value and have developed metrics and dashboards to help establish marketing accountability. However, empirical evidence of marketing accountability's specific outcomes is scarce and mainly derived from surveys. It also lacks consideration of outcomes beyond the marketing function's standing in the firm, thus overlooking possible downsides and outcomes with regard to external stakeholders such as investors. Using a natural experiment—Australia's change from a nonrestrictive to a restrictive accounting regime—this study investigates how accountability for the financial value of marketing assets (marketing asset accountability) affects a firm's marketing management focus on short-term vis-à-vis long-term marketing efficiency, its cost of capital, and the degree to which its stock price reflects actual future performance (i.e., stock price informativeness). The results show that marketing asset accountability improves long-term marketing efficiency, reduces cost of equity, and improves stock price informativeness, but does not consistently affect short-term marketing efficiency and cost of debt. Moreover, although marketing-intensive firms are commonly assumed to benefit most from marketing asset accountability, this is not the case. These results have implications for researchers, managers, and public policy decision makers. [ABSTRACT FROM AUTHOR]

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeszyty Teoretyczne Rachunkowości is the property of Stowarzyszenie Ksiegowych w Polsce Rada Naukowa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeszyty Teoretyczne Rachunkowości is the property of Stowarzyszenie Ksiegowych w Polsce Rada Naukowa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Umsatzsteuer-Rundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

There is an ongoing debate over uniformity versus flexibility in accounting regulation. This study examines the financial reporting consequences of a rigid accounting rule in China under which the fiscal year-end is uniform for all companies. Using extensive interviews together with large-sample archival analyses, we find that "mismatched" firms—those whose mandated financial reporting cycles are not aligned with their business cycles—exhibit higher levels of absolute abnormal accruals than their nonmismatched counterparts. Further analyses suggest that the negative association between mismatching and financial reporting quality is mainly driven by unintentional estimation errors rather than intentional earnings manipulation. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M41; M48; K22. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Socialiniai Tyrimai is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Standardization in accounting is related to establishing strict unified rules and fundamental principles to achieve unification of both the current accounting reporting and the used way of presenting accounting information about the financial status of enterprises. A change in the accounting legislation in the country took place with the adoption of a new Law on Accounting in 2016, in which the part related to the applicable accounting base was harmonized with the requirements of EU legal norms, explicitly specifying that the NSS are in the accounting base in our country. The enterprises that should draw up their financial statements when applying the IAS/IFRS are determined. The choice of accounting basis directly impacts the information in the annual financial statements used for management decisions or by outsiders. Due to the different models laid down in the NSS and IAS/IFRS, there are differences in the assessment bases, which creates a need to harmonize the accounting systems. [ABSTRACT FROM AUTHOR]

Since the last third of the 20th century, the global accounting profession has been regulated by different organizations that have worked on the definition and elaboration of standards that facilitate the provision of high quality and comparable financial information, essentially in aspects of recognition, measurement and exposition. This process has also occurred in Uruguay, both through the issuance of professional standards issued by the Uruguayan College of Accountants, Economists and Administrators, as well as through the issuance of legal standards. Thus, various laws, decrees and pronouncements have appeared, among others, that have promoted the application of accounting standards approved by international organizations. After a description of the standards issued by the different issuing agencies, an analysis is made of the evolution of accounting standards in Uruguay with six historical periods with their own characteristics. And it concludes with two field work that covers aspects such: (i) as the impact of the application of international standards for the first time, (ii) as the level of knowledge of the standards by professionals, and (iii) the level of compliance with the university training received. The main results obtained are: that it cannot be said that there is an absence of standards, that there is a certain degree of ignorance of accounting regulations, especially International Public Sector Accounting Standards (IPSAS), that there is disagreement with the training received during the undergraduate degree, which leads to the need of updating activities and that the quality of accounting information has been improved and 72% of professionals understand that the cost-benefit ratio is positive. [ABSTRACT FROM AUTHOR]

It is investigated that the manifestation of accounting policy of a certain level in the field of accounting is the establishment of regulatory limits, which are accounting and financial reporting, their enshrinement in legislative documents. It is noted that the implementation of international financial reporting standards in the country takes place in conditions and under the influence of specific economic, political, legal, and cultural factors. Regulators who have identified a typical list of aspects that affect the process of applying IFRS are analyzed. There are differences in the formation of economic indicators around the world, so the Law "On the National Program for Adaptation of Ukrainian Legislation to European Union Legislation", i.e. accounting of enterprises, is identified as one of the priority areas in which Ukrainian legislation was adjusted. The experience of EU countries in the organization of accounting is studied. It is determined that the recommendations for the annual financial statements in Poland should contain at least the balance sheet, income statement and additional information on the financial statements; provide true and reliable information about the assets, liabilities, financial condition, and profits or losses of the company; published by each company in the relevant national register of enterprises. In Ireland, tax differences arising from double taxation, pre-agreed payments for government-related losses, and other tax benefits such as trade losses, trade payments, production losses, and production payments are also recognized separately in tax reporting. It is noted that in European countries - Germany, Sweden, Greece, Italy, Spain, and Portugal - the calculation of taxable income under tax law is based on the same calculation methods that provide information on tax revenues and expenses in the accounting system and tax reporting only for a database of accountants. Recommendations have been developed to improve accounting in EU countries. [ABSTRACT FROM AUTHOR]

Creative accounting is considered to be a 21st-century phenomenon that has received increased attention after the worldwide economic crisis and budget deficits, particularly the prevention and detection of accounting manipulation. Creative accounting is a practice that influences financial indicators by using accounting knowledge and rules that do not explicitly violate accounting policies, rules, and laws. The main purpose for implementing creative accounting is to show the financial position desired by the company management; stakeholders are informed of what the management wants them to perceive. Creative accounting can be used to manipulate financial information from its correct and accurate form by exploiting existing rules or, in many cases, ignoring one or more rules. Therefore, the methodology of the present work contributes to the existing literature by systematically reviewing the impacts of creative accounting determinants on financial reporting quality, especially in the banking sector. In this review, we describe and critically analyze previous relevant works to identify and assess the relationship between the constructs addressed in the study. In conclusion, this study offers insight for academia, researchers, and practitioners on determining creative accounting practices and their influences on fraudulent financial reporting between 2015 and 2020. Lastly, the present study contributes to the existing information by conducting new research on creative accounting determinants to enhance the quality of financial reporting and, therefore, help professionals to improve practices within the profession. [ABSTRACT FROM AUTHOR]

Inconsistencies of the accounting policy in business enterprise health care institutions with the legal and regulatory requirements, and the imperatives for forming the accounting policy of medical institutions in the new conditions of their reforms are determined by exploring their accounting procedures. The specifics of payment of value added tax by medical institutions are analyzed. Scientific-medical recommendations on accounting policy improvements with respect to the accounting of liabilities, including value added tax, are substantiated. The essential characteristic of the definition «related party» is given in keeping with the standards of accounting and tax law, accounting of transactions with related parties, with providing recommendations on the accounting of related parties. Methodical provisions on the accounting policy of incomes, stocks and expenses, pertaining to the classification and evaluation of incomes from medical services are specified. The structure of management report compiled by business entities, including medical institutions, is specified, with demonstrating that the process involved in the compilation of report is conditional on the accounting data and judgement of the management personnel, realized through the accounting policy. Based on an analytical review of methods for the compilation of report on monetary flows generated by operational activities (direct and indirect method), it is proposed that medical institutions should use indirect method as more informative one for users of financial reporting. The necessity to form information about incomes, expenses, financial results, assets and liabilities of reporting segments and its disclosure in the financial reporting is demonstrated. Recommendations on organization of an effective system for internal control of health care institutions are developed, with outlining the main areas of its organizational support in view of preventing risky events. The procedure for forming information required for the compilation of reports on management, monetary flows, and reports by segments, which is supposed by comply with all the essential aspects of a selected conceptual framework of financial reporting is shown. [ABSTRACT FROM AUTHOR]

We present the first large-sample empirical evidence on U.S. auditors' responses to changes in entity-level audit risk during 2006-2007, the period leading up to the financial crisis of 2008-2009. Treating fiscal year 2005 engagements as a pre-crisis benchmark, we find that audit attention during fiscal year 2006 and 2007 bank audit engagements shifted in line with the shifting audit risks. One implication of these findings is that auditors were able to recognize and respond to financial statement impacts of the macroeconomic shocks that unfolded during the lead-up to the crisis. Another implication is that auditors' failure to issue advance warnings of increasing auditee riskiness during the time leading up to the financial crisis more likely reflects limitations of extant accounting and auditing rules rather than a lack of auditor awareness or attention to those risks. [ABSTRACT FROM AUTHOR]

This article aims to research the major changes in the Conceptual Framework of Financial Reporting; to find out the new gaps in the current document; to group the changes into categories; to analyze the current difficulties and consequences of these changes for a consistent understanding between standard-setters and practitioners. The Onion research model based on the quantitative data collection with elements of descriptive analysis was considered as important contributions to the research methodology of the Conceptual Framework for Financial Reporting investigation. As a result, a comparative analysis of the financial reporting concepts was made between July 1989, September 2010, and March 2018. The implications of results are two-fold. On the one hand, the revised Conceptual Framework is a more comprehensive set of concepts that enhance the understanding between practitioners and standard-setters. On the other hand, it consists of the new gaps most of them in the --Updating/ category. It is concluded that this innovation complicates the reporting process for practitioners because it requires using of additional judgments. Besides, the investigation shows some IFRS are not justified within only the Conceptual Framework that might be the subject for further research. [ABSTRACT FROM AUTHOR]

Quality, timely and accurate information is extremely important for making a timely and accurate decisions. A large number of stakeholders (owners, management, employees, customers, suppliers, investors, financial institutions, the state, ....) are interested in the operation of business entities. The most reliable source of information on the financial operations of business entities are the audited financial statements prepared in accordance with International Financial Reporting Standards. The responsibility for preparing the financial statements lies w-ith the management but in practice the responsibility for the truthfulness and accuracy of the information presented in the financial statements lies with the certified accountant. Even during the Covid-19 pandemic, accountants worked tirelessly on all the risk posed by the pandemic and gave support to the business sector to apply for the anti-crisis measures. The obligation and responsibility of the accountant for the accuracy and completeness of the information presented in the financial statements arises in a number of laws (the Law on Accounting, the Law on Trade Companies, the Law on Securities, ...), which prohibits the certified accountant to sign incorrect or incomplete financial statements, i.e. financial statements that cause delusion and which are contrary to international financial reporting standards. Accountants are the core of the economy, an important link between the state and the business sector, responsible for calculating and collecting taxes that fill the budget, business sector consultants. How proud this sounds! But do accountants really feel proud in practice? In 2012, the Law on Accounting was adopted, which was expected to put order in the profession and raise it to the pedestal it deserves. Therefore, the purpose of this paper is to conduct research to identify the rights and obligations of accountants and how much accountants believe that there is a balance between rights, responsibilities and obligations. The research will be conducted by means of a questionnaire submitted to the accounting companies registered in the register of ISOS (Institute of Accountants and Certified Accountants). According to the answers to the questionnaire, we will give suggestions for overcoming the problems and improving the situation in which this extremely important profession finds itself. [ABSTRACT FROM AUTHOR]

The article presents accounting research on the reaction of investors to the dual financial statements required of foreign corporations by the U.S. Securities & Exchange Commission (SEC) in which earnings stated under International Financial Reporting Standards (IFRS) must be reconciled to the U.S. accounting standards Generally Accepted Accounting Principles (GAAP). It is noted that the SEC voted to eliminate this requirement in 2007 Securities trading volume for firms which reconciled earnings from IFRS to GAAP in 2005-2006 and from 1994-2005. It is found that earnings reconciliation was directly correlated to abnormal trading volume, primarily generated by first time users of IFRS with low levels of institutional investment.

In the Veblen-Commons view of the business enterprise as going concern, the primary goal of the enterprise is to engage in sequential acts of production through time. To that end, intangible assets play a crucial role in providing a differential advantage, granting the owners an income stream separate from normal activity that more easily allows them to achieve this purpose. Therefore, understanding the business enterprise from a Veblen-Commons perspective requires first and foremost an understanding of the way in which such assets confer this differential advantage. In doing so, two things become clear: First, such assets are grounded in law and accounting, and as such, any discussion of them must include a discussion of how they emerge in a legal process and how accountants treat them on the balance sheet. Second, as the enterprise evolves, so too does the form of the differential advantage. This article incorporates both of these points to provide a clear, coherent framework of intangible assets within the business enterprise from a Veblen-Commons perspective that can be used to understand a financialized economy. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Economic & Social Research is the property of Abant Izzet Baysal University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeitschrift für Abgaben-, Finanz- und Steuerrecht is the property of Verlag Oesterreich GmbH and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

True and fair view is overriding principle that prevails in the financial statements. This principle, as well as guiding the implementation of other principles, requires that accounting standards are not applied to the extent that it prevents the true and fair view for financial statements. The content of the Principle, which is outlined in Article 515 of the Turkish Commercial Code, is determined by accounting principles and concepts. The relevance of the financial information presented in the financial statements and the faithful representation are essential features. In addition, the supportive features which are based on accounting law provide a thorough understanding of financial information. True and fair view principle is the main element of financial statements; breaching of the Principle leads to the absence of financial statements. The resolutions of the general assembly regarding the approval of the financial statements in the absence of true and fair view are null and do not have release effect of the managers. [ABSTRACT FROM AUTHOR]

Copyright of Business Consultant / Poslovni Konsultant is the property of FINconsult Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Introduction. The corporate governance system in theory and practice is considered as one of the factors. It affects the development of the accounting system, in particular, the financial reporting system. A corporate governance system is properly built that takes into account the particularities of the corporate structure, the existing legal, political and market restrictions, can prevent the manipulation of accounting indicators and turn the accounting system into a more reliable and efficient tool for making management decision by managers and help to ensure the various information needs of various groups of external stakeholders. Purpose. The aim of the research was to fulfil the task of substantiating the essence and general characteristics of creative accounting practices as an element of the corporate governance system. Results. The role of the corporate governance system in the development of accounting has been analysed. The reasons for using the concept of creative accounting in accounting research have been highlighted. The role of creative accounting in the implementation of opportunistic behaviour by managers of the corporate structure has been established. The essence of the concept of "earnings management" and methods for its implementation in practice, have been substantiated. The general characteristics of creative accounting practices as an element of the corporate governance system have been suggested. It has been proposed to understand creative accounting practices in the corporate governance system as a set of actions within the established accounting principles and rules, as well as illegal fraudulent actions that lead to a decrease in corporate transparency. Discussion. Research prospects are in improved corporate governance systems are in the established reasons for the possibility of using creative accounting practices (unresolved aspects of accounting reflection, fraudulent actions). [ABSTRACT FROM AUTHOR]

The subject of research in this work is the accounting of non-financial enterprises on a global scale. The subject of the article is to develop a global accounting framework for preparing and presenting the financial statements of business enterprises. The primary objective of the study is by analyzing the applicable accounting frameworks of IFRS, US and EU to derive the concept of financial reporting fundamentals. In the article is supported the thesis that the integration of different national accounting legislation and internationally applicable accounting frameworks is a theoretical and practical possible and feasible process at the center of which lies the deductive conceptual approach. The ultimate outcome of accounting integration will be reflected in the global adoption of the concept that financial reporting is a whole, comprehensive and complete process that aims to provide high quality information about the entity's business, the results achieved and the effectiveness of its operations, the changes in its cash flows and equity. The research approach is aimed at carrying out a structural analysis of the fundamental rules, norms and requirements of the conceptual frameworks of IFRS and the US Generally Accepted Accounting Principles as well as the EU Accounting Regulations. On this basis, on the one hand, the basic similarities and resemblances of the accounting frameworks in question are systematized and, on the other hand, their most significant contradictions are summarized. An attempt has been made to outline the factors, conditions and circumstances that have led to the establishment and adoption of different concepts in the accounting and presentation of financial statements of business enterprises. The article presents the role and importance of the processes of harmonization, convergence and adaptation of accounting rules as part of the evolutionary development of financial reporting. The author draws special attention to the fact that the integration of financial reporting should not be absolutized. Accounting globalization implies that, at global level, basic concepts, principles, rules and bases of accounting and presentation of aggregated accounting information are adopted in the financial statements of enterprises but at the same time hierarchically subject to specific rules and norms corresponding to the local , national and regional specificities. Although a global consensus has been reached on the purpose of financial reporting, at an individual enterprise level, accounting needs to meet the objectives, requirements and needs of both the owners of the capital and the external users of the summarized accounting information. In this regard, the European Union's experience with the enterprise categorization approach and, for each category, the applicable accounting basis and the minimum requirements for the content and structure of the financial statements can be successfully used internationally. [ABSTRACT FROM AUTHOR]

In this paper, we examine the factors that influence the development of accounting and reporting practices in Sri Lanka in the backdrop of its political and economic environment. We find that the early days of accounting in Sri Lanka were heavily influenced by the British colonial system. Subsequently, its greatest influence was derived from the regulatory and institutional framework backed by local and British professional accounting bodies. We also interview key stakeholders to draw insights on how the institutional factors contribute to the development of financial reporting in Sri Lanka. We discover that the Institute of Chartered Accountants of Sri Lanka (ICASL) is a key player in developing and implementing accounting standards and the best financial reporting practices. We observe that although the Sri Lankan Government has undertaken many initiatives to improve the quality of financial reporting, monitoring and enforcing regulations remain weak partly due to political interference. Therefore, we suggest that strengthening the existing regulatory mechanisms will help to improve the reporting quality and build investor confidence. [ABSTRACT FROM AUTHOR]

We examine small firms’ compliance with tax and accounting regulations before and after a change in the threshold for mandatory auditing. Prior to 2011, all Norwegian firms were required to be audited. In 2011, a law change allowed small Norwegian firms to choose not to be audited. After this change, the Norwegian Directorate of Taxes conducted on- and off-site inspections of a representative sample of 2117 Norwegian firms, with a focus on compliance with specific requirements in tax and accounting regulation. We use the results from these inspections to construct a compliance quality score (CQS). We find that the firms that chose to opt out of auditing have lower CQS than do firms that chose to continue to be audited; that the CQS of firms that chose not to be audited declined after opting out; and that some of the opt-out firms fully mitigated the decline in CQS by engaging external accountants or auditors to prepare their annual financial statements. The results should be of interest to regulators considering increasing the thresholds for mandatory auditing, as our results show that (i) firms that choose not to be audited can experience a decline in CQS after opting out and (ii) CQS can be maintained at the same level as before if opt-out firms engage external consultants that assist in preparing the annual accounts. [ABSTRACT FROM AUTHOR]

Validation is often considered the cornerstone of expert systems evaluation. Validating expert systems has, however, turned out to be a difficult task because an expert system is often both a piece of software and a model. The general procedures for validation of traditional software cannot, therefore, usually be followed when validating an expert system. This article shows how the validation of a concrete full-scale expert system for financial statement planning was conducted, utilizing guidelines on validation of expert systems given in literature and incorporating them into the classical spiral model used in developing the system. [ABSTRACT FROM AUTHOR]

In the 1960s, a group of culturally similar countries--the Nordic countries-- cooperated in harmonizing their companies acts, including their accounting requirements. They even issued a Nordic proposal for new companies acts, intended to be enacted as new laws in each of the Nordic countries. The purpose of the paper is to study this harmonization effort and to suggest future research to enhance our understanding of diverse financial reporting practices. The paper shows that accounting harmonization in this context was difficult, even though the prerequisites for success were excellent. Future research should explore the experiences of accounting harmonization in other contexts. [ABSTRACT FROM AUTHOR]

The article discusses how small businesses should deal with Generally Accepted Accounting Practices (GAAP) and how they are affected by preparation costs. The article describes how the Financial Accounting Standards Board (FASB) views financial statement requirements and discusses whether small firms can fairly be held to the same standards as larger firms. The article names 'standards overload' as a side effect from FASB requirements, stating that they are mostly relevant for larger firms but that smaller firms feel the pressure as well. The article states that small firms sometimes must hire outside accountants to compile financial statements because the GAAP requirements are too complex.

This article discusses current controversies over push-down accounting and reporting for unconsolidated subsidiaries in the U.S. as of March 1986. Accounting for unconsolidated subsidiaries including the use of push-down and carve-out accounting is a problem that was first addressed in Accounting Research Bulletin No. 51 (ARB No. 51). In attempting to mandate consolidated financial reporting, ARB No. 51 appears to have encouraged the opposite. The main question to be considered in push-down accounting is whether there are circumstances in which the cost of the acquiring entity in a purchase-business combination should be imputed to the acquired entity. If an individual acquires all of a company's stock, one traditionally uses the company's historical cost information in the preparation of financial statements. On a related subject, the Securities and Exchange Commission has issued Staff Accounting Bulletin No. 55, which expresses the staff's views concerning the allocation of expenses and related disclosures in financial statements of subsidiaries, divisions, or lesser business components of another entity. In general, the staff believes that the historical income statements of a registrant should reflect all of its costs of doing business. Therefore, in specific situations, the staff has required the subsidiary to revise its financial statements to include certain expenses incurred by the parent on its behalf.

SFAS No. 52 requires that the financial statements of operations whose functional currencies are those of countries with low or moderate inflation rates be translated using the current-rate method. Financial statements of operations in highly inflationary economies are required to be translated using procedures similar to those set forth in SFAS No. 8. This article presents empirical evidence in support of the FASB decision regarding operations in highly inflationary economies and also in support of the FASB decision to differentiate between foreign operations on the basis of the foreign inflation rate. [ABSTRACT FROM AUTHOR]

The article focuses on the conceptual framework project of the U.S. Financial Accounting Standards Board, the most expensive, time-consuming, lengthy and profound program of the Board. It is estimated that nearly 40 percent of the Board's resources were devoted to the project in both 1979 and 1980. The author believes that the project will have a greater impact on the development of accounting standards than any event in the profession. In the conceptual framework, the Board aims to establish the objectives of financial reporting, the definitions of elements that should be reported on financial statements, the attributes of those elements that should be measured, the methods of measuring the attributes, the qualitative characteristics the measurements must have, and the location of that information in financial reports.

The article discusses international differences in the accounting of inventories and depreciable assets as well as how the differences affect financial statements. Actual transactions from two U.S. manufacturing firms were subjected to the accounting methods of four different European countries through a computer simulation to show the differences on financial statements. The report of the results includes discussions on the specifications of research methodology and account data, statements of the accounting principles for each foreign country, and a description of the computer program used in the simulation.

The analysis of theoretical approaches concerning determination of “monetary means” concept and their classification in the economic literature and according to the accounting standards, has been considered in the article. Monetary means are the most available assets of the enterprise, which provide its necessary paying capacity, and it causes the necessity to get full information about their movement and balance in the enterprise to increase efficiency of their use and management. [ABSTRACT FROM AUTHOR]

The new International Ethics Standards Board for Accountants (IESBA) standard on noncompliance with laws and regulations (NOCLAR) has been adopted by over 100 countries, including Canada and Mexico and is well on the way to becoming the global standard for accounting ethics. U.S. accounting professionals may become subject to the IESBA standard by working in a country or jurisdiction that has adopted the standard, working as part of a professional network that has adopted the standard, or performing services for a company that is part of a group governed by IESBA standards. While the IESBA standard resembles U.S. standards, it is more inclusive. U.S. standards exclude from consideration illegal acts (similar to NOCLAR) that do not have a material effect on the financial statements, while IESBA standards includes NOCLAR even when not material. Accounting professionals should recognize that they may have broader responsibilities for resolving NOCLAR when working under IESBA standards. © 2017 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

Despite a substantial move toward convergence between principles-based International Financial Reporting Standards (IFRS) globally, there has been little research examining the differences between national standards and IFRS. The purpose of this study is to investigate the differences between IFRS and Saudi accounting standards (Saudi GAAP) issued by the Saudi Organization for Certified Public Accountants (SOCPA). Saudi Arabia is a member of G20 and the largest oil exporter in the world. The study finds that there are major differences between Saudi GAAP and the 15 IFRS standards studied: IAS 1 Presentation of Financial Statements; IAS 7 Statement of Cash Flows; Zakat and IAS 12 Income Tax; IAS 16 Property Plant and Equipment; IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; IAS 17 Leases; IAS 19 Employee Benefits; IAS 21 The Effects of Changes in Foreign Exchange Rates; IAS 24 Related Party Disclosures; IAS 34 Interim Financial Reporting; IAS 36 Impairment of Assets; IAS 38 Intangible Assets; IAS 40 Investment Property; IAS 41 Agriculture; and IFRS 9 Financial instruments. To the best of our knowledge, this is the first study on differences between Saudi GAAP and IFRS, and the findings thus make a valuable contribution to accounting regulation literature. The findings are innovative and will be helpful to local standard setters (SOCPA), international standard setters (IASB), and preparers and investors. The findings suggest that urgent training is required for the effective implementation of IFRS in Saudi Arabia. [ABSTRACT FROM AUTHOR]

This article contains the proceedings of the open debate that followed the plenary panel on 'Accounting Regulation and the Public Good' at the international workshop on 'Which Accounting Regulation for Europe's Economy and Society?' organised under the auspices of the European Parliament in Strasbourg, on 20 May 2015. [ABSTRACT FROM AUTHOR]

This article is the transcript of a speech given at the international workshop on "Which accounting regulation for Europe's economy and society?" held at the European Parliament, Strasbourg, on May 20, 2015. This speech is based on the work summarised in "Schwarz et al., 2015. 'Why accounting matters: A central bank perspective'. Accounting, Economics and Law: A Convivium.". [ABSTRACT FROM AUTHOR]

When the Financial Accounting Standards Board (FASB) issued FAS 141R in 2007, it redefined what constitutes a business for financial reporting purposes. [ABSTRACT FROM AUTHOR]

In recent years, the idea of non-financial information has been gaining more and more popularity. Its meaning in the decision-making process has been underlined by the European Parliament. To provide users of financial statements with access to the nonfinancial data, Directive 2014/95/UE was proposed to be implemented into national legislation systems. The aim of the paper is to examine whether the changes in the accounting law would result in reduction of information loopholes of reports recipients' and could increase the quality and comparability of statements published by the companies. Research methods applied in the article include critical analysis of the literature and legal acts and a comparative analysis of the survey results. [ABSTRACT FROM AUTHOR]

Copyright of Umsatzsteuer-Rundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The normative basis of financial reporting is dealt within this paper into three sections. In the first part of this paper will point out the need for appropriate regulation of financial reporting in our country which is currently transitioning to improve economic state within European economy. The second section deals with elements of financial reporting regulations. The last section of the paper discusses the role of specialized organizations and experts in the process of professional growth of the finance sector in Serbia. [ABSTRACT FROM AUTHOR]