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摘要:This study evaluated the relationship between market-to-book ratio and Tobin's Q and accounting conservatism. An important factor in adopting conservative approaches is the increased competitive pressures. Nevertheless, conservative approach reduces expectations of future performance of the businesses. This study used the data from companies listed in TSE during 2008 to 2013. Basu's model was used to assess conditional conservatism. To evaluate the effect of market-to-book ratio and Tobin's Q on conditional conservatism, these variables were added to Basu's model. The tests showed a negative significant relationship between Tobin's Q and conditional conservatism. However, the results showed no significant relationship between market-to-book ratio and conditional conservatism....
摘要:Determining which attributes may be employed for predicting the market capitalization of a business firm is a challenging task which may benefit from research intersecting principles of accounting and finance with information technology. In our approach, information technology in the form of decision trees and genetic algorithms is applied to fundamental financial statement data in order to support the decision making process for predicting the direction of the value of a company with value defined as the market capitalization. The decision process differs from year to year; however, the amount of variation is crucial to a successful decision making process. The research question posed is “how much variation occurs between years?” We hypothesize the amount of variation is smaller than half the number of financial statement attributes that may be employed in the decision making process. We develop a system which tests the amount of variation between years measured as the amount of generations required to reach a target level of fitness. The hypothesis is tested using data filtered from Compustat's global database. The results support the research hypothesis and advance us toward answering the research question. The implications of this research are the possibility to improve the decision process when employing financial statement analysis as applied to the market capitalization and financial valuation of business firms....
摘要:Depreciation is a complex, intricate and confusing term in the fields of engineering, social and management sciences. As a result, it has been over used, over stressed, and over worked by the accountants and professional valuers. International Accounting Standard (IAS) 4, qualifies assets for depreciation when assets are used for more than one accounting period, i.e. assets held by an enterprise for production or service, and has economic useful life. Whereas, under Standard Statement of Accounting Practice (SSAP) 12, depreciation is viewed as wearing out, consumption or other loss of value of fixed asset, whether arising from use, affluxion of time or obsolescence through technology and market changes. Complexity may arise when it is viewed as a fall in price, physical deterioration, allocation of cost, fall in value, valuation technique and asset replacement. Intricate and confusion are inevitable when accountants employ various methods of providing for depreciation on the same or similar assets of different life span. These methods may include straight line, reducing balance, sum of the year's digit, revaluation, annuity, output, sinking fund etc which will definitely give different values in the financial statement. The consequential effect is either to undermine or overstate the reported profit or distributable profit in the hands of the stakeholders, hence the absurdity of the financial reports. It is recommended that depreciation should be used with caution especially when the anticipated economic useful lives of the asset is short lived by new technology or passage of time thereby making it extremely difficult to recover or replace the net book value of the asset....
摘要:Keen to project a perpetually rosy picture of the Satyam to the investors, employees and analysts, Mr. Raju (CEO and Chairman) manipulated the account books so that it appeared to be a far bigger enterprise than it actually was. The Satyam fraud has shattered the dreams of different categories of investors, shocked the government and regulators alike, and led to questioning of the accounting practices of statutory auditors and CG norms in India. An attempt has been made to provide an explanation for various “intriguing” questions about Satyam scam, such as: What was the need to commit a fraud on such a large scale? How Raju managed to cook-up books? What was Raju's real modus-operandi to manipulate the accounts for eight years? Why was Raju forced to blow his own whistle? Why was not there a stricter punitive action against the auditors of Satyam PwC?, etc.” Now, after thorough investigations done by the CBI and SEBI, they have unveiled the methodology by which Satyam fraud was engineered. Finally, we recommend that “CA practices should be considered as a serious crime, and as such, accounting bodies, law courts and other regulatory authorities in India need to adopt very strict punitive measures to stop such unethical CA practices”....
摘要:In this paper, we are showing how Information Technology (IT) governance frameworks contribute to the implementation of the key principles of the good corporate governance, particularly, in the public sector. We demonstrate that there are numerous links, explicitly and implicitly expressed through a set of IT governance instruments, matching the proposals of good governance principles with the behavioral goals of an IT governance framework implementation. We also provide a real experience of using a set of possible instruments, in our public university, through an IT governance framework based on the ISO/IEC 38500 standard. We also present the maturity of the good governance principles implementation with this set of instruments, after governing IT in our university during the period 2007-2013. We show that using an IT governance framework in a public entity mutually reinforces the key principles of good governance, especially the transparency and accountability goals for the IT assets....
摘要:The aim of this study is to examine the impact of firm specific and macroeconomic factors on profitability of food sector in Pakistan. This study explores the impact of firm specific factors on profitability of companies listed in food sector ofKarachistock market in the presence of food inflation by employing multivariate regression analysis in common effect setting for the period of 2002-2006. The firm specific factors include debt to equity, tangibility, growth and size and macroeconomic factor include food inflation. Findings of study reveal the presence of significant negative relationship between size and profitability. However, tangibility, growth of the firm and food inflation are found insignificantly positively related to profitability. Similarly, an insignificant negative relationship is observed between debt to equity ratio of firm and its profitability. Empirical results provide evidence that the profitability of food sector is shaped by firm specific factors and not macroeconomic variables. One important limitation of study is that it only considers one macroeconomic factor i.e. food inflation. In future studies more macroeconomic factors will be explored to examine their impact on profitability of food sector firms. However, this study still provides significant insight about dynamics of profitability in food sector and helps in making optimal decisions of resource allocation in food sector of Pakistani equity market....
摘要:The main aim of this paper is to evaluate the economic response of different irrigation water levels in an early ripening peach variety. In this sense, we evaluate the economics and overall water use efficiency. The test is designed with 4 irrigation water strategies. The economic indices used that use net margin show that all the alternatives are viable although the control with its Net Margin (NM)/Cost (C) of 23.6% is of particular note. This is followed by R50, the highest deficit treatment, with an /> NM/C of 16.0%. The mean production cost was almost identical in the optimal treatment (control) and the R50 deficit treatment, €0.69 and €0.70, respectively. R50 was the most efficient treatment, with a Water Use Efficiency (WUE) of 5.54 kg·m-3. The NM m-3 as economic efficiency index was the greatest in the control (0.74 m-3), followed by R50 (0.65 m-3), while the other treatments were far from these figures. Peach cultivation generates a lot of employment and in all cases the Number of Agricultural Jobs (NAJ) ha-1 was around 0.59. As regards the social efficiency of water, the deficit treatments we applied reached high values in this respect, reaching 181 NAJ hm-3 style="vertical-align:baseline;">?in R50. /> />...
摘要:In order to perform risk assessment, current auditing standards emphasize the importance of auditors gaining a broader understanding of an organization, as well as its environment. From this perspective, Schultz Jr. (2010) stated that auditing standards direct auditors to consider business risk and other risk factors when they evaluated the overall risk of material misstatement during the planning stage of an audit [1]. This paper reviews the developments in relevant professional and academic literature in terms of client's business risk assessment. The model of the current study incorporates some 28 factors viewed as potential influence on client's business risk and control risk assessment. Attention is also directed to the degree of risk associated with the factors. Predictions of Libyan auditors' behaviour are drawn from the model and the reviewed literature....
摘要:Letter to Editor...
摘要:With the development of the national economy, the investment of science and technology has been steadily increasing during the 12th five-year plan period. Based on analyzing the problems exiting in current financial management of research institutions, this paper advances the idea of setting full-time professional administrator of research funding, and probes into the importance of the administrator that should be adopted in the meticulous financial management of research funding. Then the paper makes an analysis that the administrator should have professional knowledge of the technology, management, finance and audit. Only in this way can the administrator give the guidance and supervision throughout the budget preparation, budget implementation and financial audit. It is beneficial for the research institutions in improving the meticulous management level of research funding....
摘要:Ratio analysis is a method of assessing and comparing the performance of a company in a particular year to previous years' performance and possibly with other companies in the same industry. This paper aims at analyzing the financial performance of Tesco Plc between 2010 and 2014 and compares it with the performance of both Morrisons and Sainsbury. The paper intends to make use of financial statements of Tesco, Sainsbury and Morrisons from 2010 to 2014. From the data analysis, it is discovered that from 2010, the financial performance of Tesco Plc is not improving and the shareholders' wealth has been decreasing. Not only that, the Gross Profit, Return on Capital Employed, Dividend payment, Share prices, etc. have been reducing from year to year. The consequence of this is that Tesco Plc may run into loss in the nearest future if not in 2015. The paper recommends that Tesco needs to adjust his business activities so as to improve its performance....
摘要:Related party transactions (RPTs) can have a dual nature. On one hand, these transactions may be considered sound business exchanges, fulfilling the economic needs of the company. On the other hand, RPTs may be considered a mechanism to exploit company resources as a consequence of existing conflicting interests. This study takes into account both aspects. Specifically, this paper investigates the relation between RPTs and companies' financial performance, and thus verifies whether there is an association between these kinds of transactions and earnings management. This study examines the existence of this relation as regards the universe of Italian listed companies for the period of 2008-2011. According to the related data analysis, the research concludes that related party transactions and companies' financial performance results are not correlated and that there is no evidence of a cause-effect relation. Therefore, related party transactions do not appear—thanks also to the existence of control mechanisms—a means used by Italian listed companies to realize earnings management, especially earnings smoothing....
摘要:The Open Access Model, Trends and Opportunities in Accounting Research...
摘要:From Enron, WorldCom and Satyam,it appears that corporate accounting fraud is a major problem that is increasing both in its frequency and severity. Research evidence has shown that growing number of frauds have undermined the integrity of financial reports, contributed to substantial economic losses, and eroded investors' confidence regarding the usefulness and reliability of financial statements. The increasing rate of white-collar crimes demands stiff penalties, exemplary punishments, and effective enforcement of law with the right spirit.An attempt is made to examine and analyze in-depth the Satyam Computer's “creative-accounting scandal, whichbrought to limelight the importance of “ethics and corporate governance” (CG). The fraud committed by the founders of Satyam in 2009, is a testament to the fact “the science of conduct is swayed in large by human greed, ambition, and hunger for power, money, fame and glory”. Unlike Enron, which sank due to“agency”problem, Satyam was brought to its knee due to ‘tunneling' effect. The Satyam scandal highlights the importance of securities laws and CG in ‘emerging' markets. Indeed, Satyam fraud “spurred the government of Indiato tighten the CG norms to prevent recurrence of similar frauds in future”.Thus, major financial reporting frauds need to be studied for“lessons-learned”and“strategies-to-follow”to reduce the incidents of such frauds in the future....
摘要:The purpose of this study is to determine the relative importance of factors that attract university students to the accounting profession in Lebanon using Theory of Planned Behavior. The significance of this study is based on the previous research which has shown that “intrinsic factors” (attitude toward the behavior) and “parental influence” (subjective norms) are significant predictors of career choice of accounting students. Using a very large judgmental sample from business students focusing on accounting, the researchers in this study constructed a reliable and valid instrument having one item measuring intention to pursue accounting career in Lebanon, four items measuring self efficacy, another four items measuring social influence (subjective norms) and five items measuring attitude and behavioral beliefs. The multiple regression analysis retained “Subjective Norms” in the model and removed “Beliefs and Attitude towards Accountant and CPA”, “Self Efficacy”, and “Perceived Behavioral Control”. The current study showed that path analysis was not an acceptable fit of data. All predictors (paths) except the direct effect between “Subjective Norms” and “intention to pursue accounting career in Lebanon” should be deleted from the model. Findings of this study support that Hypothesis 1—Subjective Norms (perceived social pressure to become or not become CPA) will be a significant positive predictor of intention to Pursue a CPA Career. Furthermore, the current study provided implications for policy making and for further research....
摘要:The USaccounting profession was caught up in, and some say responsible for, the whirlwind of accounting and business scandals that rocked the US markets in 2002. To restore investor confidence in financial information, the Sarbanes-Oxley Act created a new Public Company Accounting Oversight Board with the authority to set standards for auditors of publicly traded companies, thus ending a century of professional regulation of auditing. In this analysis we employ sociological theories of professionalism [1-4] to help understand the implications of the Sarbanes-Oxley legislation for the accounting profession and for the public interest. We explain why professional self-regulation is important for retaining valuable economic franchises. We also explain why the public interest orientation of the profession is important and how government take-over of auditing standards potentially erodes the public accounting profession's commitment to the public interest. Self-control over professional work, a key characteristic of professional status, is pre-empted by the newly created government oversight body PCAOB. With government takeover of oversight of auditing practice, claims to professional status are weakened and professional commitment to and involvement with vital work standards may suffer. In addition, the profession may no longer have incentives to promote the public interest or to innovate and change in response to changing conditions. We also trace events leading up to Sarbanes-Oxley legislation and conclude that underlying problems arising from internal work differentiation as consulting work became more profitable and glamorous and development of a commercially oriented work culture may continue to threaten the profession in the future. Finally, we speculate that the greatest costs may be opportunity costs as the profession no longer has the incentives or ability to innovate and embrace new forms of accountability....
摘要:This paper makes an analysis of the European System of Accounts (ESA95) financial treatment of Public-Private Partnerships (PPP). PPP are complex operations that allow incumbents to create infrastructures while hiding debt, with an eye on the next elections. However, the sad part of the story is that PPP are more expensive than traditional contracts in the long run. We think that PPP are not always the best solution. Governments should allocate the risk to the party that is the “least cost avoider”, i.e., the party best suited to control and/or bear the risk. Without this approach, the public sector runs the risk of using PPP with the aim to achieve inadequate goals, for example to achieve a short-term improvement of public accounts, and at the same time, worsening the long-term financial picture....
摘要:In the last five years, the vocabulary of financial reporting has been enriched by a new specific term: “business model”. However, as the expression is rather equivocal, it is not still possible to find an unanimously shared meaning of the term in the literature. Because of the relatively recent application of the term “business model” in financial reporting, the investigation of its proper meaning is still an uninflated topic of research. Specific purpose of this paper is trying to contribute in finding a proper definition of this term when used in financial reporting (if any). In this sense, after having reviewed the main literature on “business model” definition we have analyzed the parts of the comment letters on the IASB's Discussion Paper 2013/1—titled “Review of the Conceptual Framework for Financial Reporting”—which deal with “business model” definition. In particular, the questions whose answers have been specifically investigated are the following: 1) Should the IASB define “business model”? Why or why not? 2) If you think that “business model” should be defined, how would you define it? However, considering the contrasting definitions found both in the literature and in the comment letters, it is not still possible to get a widely accepted meaning of the term “business model” in financial reporting. For these reasons, at this stage of research, the authors completely agree with the thought of Singleton-Green that asserts, “Defining or agreeing a definition of the term “business model” will not advance our understanding of the financial reporting issues”....
摘要:As the authors' request, the?paper "A Qualitative Study of the Internal Audit Functions of Two Leading Gaming Corporations: Macau Evidence" published in Vol.2, No.4, 110-114, 2013 has been withdrawn from the website. id="__kindeditor_bookmark_end_9__" style="display:none;">...
摘要:This paper begins with the assumption that in many public administrations, budgets are not limited to the role of mere statements to provide additional information; they are authorisations with a legal value that make them autonomous documents. Our aim was therefore to analyse the relations between politicians and managers, focusing in particular on the governance models in use within public administration in Italy and the role of budgeting in these cases. We have also looked at the contents and constraints of IPSAS 24, from which the difficulties of its application in Italy have emerged. Our research has led to a firm belief that IPSAS 24 needs to be supplemented by an international standard specifically dedicated to budgeting. Moreover, this should include a European version which takes into account SEC 95 and the COFOG classification....
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