CGN: Disclosure & Accounting Decisions (Topic)最新文献

{"title":"The Impact of Intangibles on Value Creation: Comparative Analysis of the Gu&Lev Methodology for the United States Software and Hardware Sector","authors":"L. C. Basso, H. Kimura, Juliana Albuquerquer Saliba, Eric Braune","doi":"10.2139/ssrn.2286210","DOIUrl":"https://doi.org/10.2139/ssrn.2286210","url":null,"abstract":"The aim of this paper was to analyze the contribution of intangible assets in the value creation of companies, using the methodology proposed by Gu and Lev (2003, 2011). The database used was collected in Datastream with information covering the period from 2001 to 2010. The main results indicate that: (i) the variables RD and SGA and RD, SGA and CAPEX represent intangibility proxies for the software and hardware sector, respectively; (ii) comprehensive value explains the market value for the two sectors; and (iii) the intangibility indices ICBV and RI and MtCV, ICM and RI present a positive and significant relationship with shareholder return for the software and hardware sector, respectively. The principal implication of the paper is having found a positive and significant relationship between comprehensive value and market value. Accordingly, if this variable really explains the market value, it is a solution to a problem that afflicts accountants, which is how to account for intangibles in the balance sheet. / El objetivo de este trabajo fue analizar la contribucion de los activos intangibles en la creacion de valor de las empresas utilizando la metodologia propuesta por Gu y Lev (2003, 2011). La base de datos utilizada fue recogida en Datastream con informacion que abarca el periodo de 2001-2010. Los principales resultados indican que: (i) las variables RD y SGA y RD, SGA y CAPEX representan proxies de intangibilidad para el sector del software y hardware, respectivamente; (ii) el comprehensive value explica el valor de mercado para los dos sectores, y (iii) los indices de intangibilidad ICBV y RI y MtCV, ICM y RI presentan una relacion positiva y significativa con el rendimiento para los accionistas en el sector del software y hardware, respectivamente. La principal consecuencia de este articulo fue obtener una relacion positiva y significativa entre el comprehensive value y su valor de mercado. Si esta variable realmente explica el valor de mercado, se trata de una solucion a un problema que afecta a los contables, que es como contabilizar los activos intangibles en el balance general.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124254798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mandatory Adoption of IFRS and Analysts’ Forecasts: How Much Does Enforcement Matter?","authors":"John Preiato, P. Brown, A. Tarca","doi":"10.2139/ssrn.1499625","DOIUrl":"https://doi.org/10.2139/ssrn.1499625","url":null,"abstract":"Differences in countries’ institutional settings are believed to impact on the extent to which benefits can be achieved from the adoption of International Financial Reporting Standards (IFRS). We investigate seven proxies that have been used to distinguish between institutional settings, including two self-constructed indexes that focus specifically on auditing and accounting enforcement (AUDIT and ENFORCE). Our measures are developed for 51 countries and three years: 2002 (that is, three years before IFRS were widely adopted in 2005); 2005; and 2008. To assess the merits of the proxies we focus on benefits manifest in firms’ information environments, as reflected in two properties of analysts’ earnings forecasts, namely their accuracy and the dispersion among them. Based on a sample of 357,034 firm-month observations available for 37 of the 51 countries, we find AUDIT and ENFORCE and the more general legal measure ‘rule of law’ of Kaufmann et al. (2010) have the strongest association with these two properties of analysts’ forecasts. We also find that AUDIT and ENFORCE provide additional explanatory power relative to ‘rule of law’. When our proxies and rule of law are included, both our measures are significant but the ‘rule of law’ proxy has explanatory power only in models based on dispersion. Thus we provide evidence of the importance of accounting enforcement in securing favourable capital market outcomes, which has not been demonstrated in the prior literature because researchers commonly use more general legal proxies for enforcement. The new AUDIT and ENFORCE proxies may be more useful than other proxies found in the literature when seeking to distinguish between countries according to the strength of their enforcement of accounting requirements.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124702557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effects of Presentation Salience and Measurement Subjectivity on Nonprofessional Investors’ Fair Value Judgments","authors":"Shana M. Clor-Proell, Chad A. Proell, Terry D. Warfield","doi":"10.2139/ssrn.1611802","DOIUrl":"https://doi.org/10.2139/ssrn.1611802","url":null,"abstract":"Fair value estimates reported in the financial statements differ in the subjectivity with which the estimates are measured. Mandated supplemental disclosures are intended to enable users to assess the nature of the inputs used to develop the fair value measurements, including their relative reliability, although prior research suggests some investors may have difficulty doing so. We draw on information processing research to predict and find that isolating fair value information in a separate column on the face of the income statement facilitates nonprofessional investors’ ability to incorporate into their perceived reliability and P/E judgments not only the fair value estimates, but also the disclosed measurement differences that underlie those estimates. Our results have implications for standard setters and researchers concerned with the effects of financial statement presentation on nonprofessional investors. Namely, we demonstrate how income statement presentation can improve reliance on mandated supplemental disclosures, thereby resulting in greater financial statement transparency.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121423505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Valuation Weights, Linear Dynamics and Accounting Conservatism: An Empirical Analysis","authors":"D. Ashton, Pengguo Wang","doi":"10.1111/jbfa.12001","DOIUrl":"https://doi.org/10.1111/jbfa.12001","url":null,"abstract":"Residual income models provide an important theoretical link between equity valuation and financial statement variables. While various researchers have developed models of how accounting policy impacts on the structure of these models, empirical support for these models is at best weak and frequently contradictory. In this paper, we develop an analytical model, which identifies the dependency between valuation weights in residual income models and the associated structure of earnings information dynamics and accounting conservatism. In contrast to many earlier studies, we find strong evidence of conservatism in our reformulation of the linear dynamics. We proceed to test our predictions of the dependency of the weights on two measures of conservatism, the conventional measure of price-to-book ratio and the recent measure of a C-Score index developed by Khan and Watts (2009) and find that the empirical results accord well with our theoretical predictions in the case of the former but not the latter measure.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118216091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Framework of Environmental Management Accounting: An Overview","authors":"M. Kamruzzaman","doi":"10.2139/ssrn.2179031","DOIUrl":"https://doi.org/10.2139/ssrn.2179031","url":null,"abstract":"This article is intended to understand environmental management accounting, its increasing importance, and new developments. The global profile of environmental issues has risen significantly during the past two decades, precipitated in part by major incidents such as the Bhopal chemical leak (1984) and the Exxon Valdez oil spill (1989). These events received worldwide media attention and increased concerns over major issues such as global warming, depletion of non-renewable resources, and loss of natural habitats. This study paper highlights on the utilization and benefits of using environmental management accounting for firms. In order to realize the uses and benefits of such a system, a framework is drawn to develop and implement an environmental management accounting system within an organization. The paper also compares and finds the difference between traditional financial accounting method and environmental management accounting to outline the importance of the later system in the current business environment. The research paper also discusses the methods of finding environmental costs and how the companies can accrue saving and generate revenues by separating environmental costs from general accounting. The paper attempts to find out the basic benefits companies can garner by adopting an efficient environment management accounting practice which has the primary role to lead a company in the path of progress through eco-friendly initiatives. Furthermore, the research would validate the use of system in aiding management decisions regarding designing environmental friendly products, attuning production process and managing wastes. Although, environmental management accounting is a new approach to improve the environmental performance of a company, proper implementation of the system can assure transparency for the company to report the environmental costs clearly and help them in accessing their corporate social responsibility initiatives as well. All this, in turn enhance the image of the company in the media as well as amongst its shareholders.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123958300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Externalities of Mandatory IFRS Adoption: Evidence from Cross-Border Spillover Effects of Financial Information on Investment Efficiency","authors":"Chen Chen, Danqing Young, Zili Zhuang","doi":"10.2139/ssrn.2145730","DOIUrl":"https://doi.org/10.2139/ssrn.2145730","url":null,"abstract":"ABSTRACT: This study examines the externalities of mandatory IFRS adoption on firms' investment efficiency in 17 European countries. We use the ROA difference between the firm and its peers to proxy for the information on the peers' investment performance. We find that the spillover effect of a firm's ROA difference versus its foreign peers, but not domestic peers, on the firm's investment efficiency increases after IFRS adoption. We also find that increased disclosure by both foreign and domestic peers after IFRS adoption has a spillover effect on a firm's investment efficiency. Further, a firm's investment changes induced by its ROA difference versus foreign peers are more value-relevant after IFRS adoption, and those induced by increased disclosure by foreign peers under IFRS are value-relevant. Additional analyses reveal that our results are affected by legal enforcement strength, peer composition, and industry competition. Overall, we document positive externalities of mandatory IFRS adoption. Data A...","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132339161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Governance, Cultural Factors and Voluntary Disclosure: Evidence from Selected Companies in Bangladesh","authors":"M. Akhtaruddin, Dr. Md. Rouf","doi":"10.22495/CBV8I1ART4","DOIUrl":"https://doi.org/10.22495/CBV8I1ART4","url":null,"abstract":"This research aims to test empirically the relationship between corporate governance, cultural factors and voluntary disclosure by the listed companies in Bangladesh. The corporate governance factors examined are proportion of independent non-executive directors (INDs), board leadership structure, management ownership, board size and audit committee size. The extent of voluntary disclosure level is measured using 68 items of information. Data are taken from annual reports of the listed companies in Bangladesh. The result shows a positive association between board size, board leadership structure, audit committee size and voluntary disclosure. However, no evidence is found to support the contention that independent directors are associated with increased disclosure, consistent with previous studies. Higher education of the CEO and CFO is positively related to the level of voluntary disclosure. The result also indicates that the extent of voluntary disclosures is negatively associated with a higher management ownership.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"201 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134281384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Journey of SOX, PCAOB, AS2, and AS5 in the Management’s Assessment of Internal Control Over Financial Reporting","authors":"Molish Nakarmi","doi":"10.2139/ssrn.2051248","DOIUrl":"https://doi.org/10.2139/ssrn.2051248","url":null,"abstract":"The rise of fraud companies led the investors to hide from the market, and thus, the flow of investment in the trading market reduced dramatically. The Accounting Committee needed to stop the misconduct of the companies in providing false financial statements. Therefore, Sarbanes-Oxley Act (SOX) Section 404 was established to mandate the publicly traded companies to provide an auditor’s report on their internal control over financial reporting. This paper focuses on the functions of SOX, Public Company Accounting Oversight Board (PCAOB), Auditing Standard 2, and Auditing Standard 5.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115096268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Initial Credit Ratings and Earnings Management","authors":"K. Demirtas, K. Cornaggia","doi":"10.2139/ssrn.2032870","DOIUrl":"https://doi.org/10.2139/ssrn.2032870","url":null,"abstract":"Credit rating agencies assert that they rely on financial information provided by issuers and that they value rating stability as well as accuracy. In an environment where rating agencies depend on issuer-reported information and are reluctant to adjust ratings promptly, managers of issuing firms can utilize the discretion afforded by GAAP to obtain the most favorable credit ratings. Consistent with our expectations, we find that current accruals are unusually positive and high around initial credit ratings. The increase in abnormally high accruals leading up to the initial credit rating year is followed by a reversal in the subsequent years. Multivariate regression analyses suggest that accounting accruals, abnormal current accruals in particular, are significantly positively related to initial credit ratings after controlling for several issue- and issuer-related characteristics indicative of default risk. Our results are robust to additional tests that account for endogeneity between credit ratings and earnings management, adjust for performance, and account for firms issuing debt and equity simultaneously.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130275874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Protecting the Unknown: The Impact of the Liberalization of NOL Carrybacks in Acquisitions","authors":"D. Tavakoli","doi":"10.2139/ssrn.2047573","DOIUrl":"https://doi.org/10.2139/ssrn.2047573","url":null,"abstract":"This paper explores the impact of section 382 of the Code and its limitations on Net Operating Losses (NOLs) and advocates for new method for valuing NOL limitations. Section 382 limits the corporation’s future ability to use its NOLs if there is an ownership change or an equity structure shift. To corporations, NOLs are assets that provide value in tax-benefits; to potential acquirers, NOLs provide a valuable option for corporations to offset future income gains. This paper suggests that Congress should revise section 382 of the code to reflect the intent of the transaction. Abusive transactions should not be allowed to utilize any benefits from NOLs. Conversely, transactions meant to raise capital for a firm should not cause any NOL revaluation. And merger transactions should have a NOL limitation that is proportional to the value added to the firm in the acquisition.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130414736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}