This study aims to find out how the development of financial accounting practices in Indonesia, the development of the accounting profession in Indonesia, and how the future trends of financial accounting practices in Indonesia. The results of the study showed that: (1) Thus far, the development of financial accounting practices in Indonesia was quite slow; (2) The development of the professional accounting organizations of Institute of Indonesia Accountants (IAI) and Institute Public Accountants of Indonesia (IAPI) tend to be slow until now, and (3) The tendency of financial accounting practices for the future in Indonesia is to start sequential entry in the notes of financial statement (disclosures) of reporting practices of Corporate Social Responsibility (CSR), reporting practices of human resource accounting, value added accounting , general price level accounting, ABC accounting, inflation accounting, and behavioural accounting. Keywords: Disclosures, CSR, human resources accounting, value added, ABC costing, behavioural accounting. DOI : 10.7176/RJFA/10-16-09 Publication date : August 31 st 2019
{"title":"Development and Future Trends of Financial Accounting in Indonesia","authors":"A. Afrizal","doi":"10.7176/rjfa/10-16-09","DOIUrl":"https://doi.org/10.7176/rjfa/10-16-09","url":null,"abstract":"This study aims to find out how the development of financial accounting practices in Indonesia, the development of the accounting profession in Indonesia, and how the future trends of financial accounting practices in Indonesia. The results of the study showed that: (1) Thus far, the development of financial accounting practices in Indonesia was quite slow; (2) The development of the professional accounting organizations of Institute of Indonesia Accountants (IAI) and Institute Public Accountants of Indonesia (IAPI) tend to be slow until now, and (3) The tendency of financial accounting practices for the future in Indonesia is to start sequential entry in the notes of financial statement (disclosures) of reporting practices of Corporate Social Responsibility (CSR), reporting practices of human resource accounting, value added accounting , general price level accounting, ABC accounting, inflation accounting, and behavioural accounting. Keywords: Disclosures, CSR, human resources accounting, value added, ABC costing, behavioural accounting. DOI : 10.7176/RJFA/10-16-09 Publication date : August 31 st 2019","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123797604","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}
This paper examines the impact of the par value concept on the success of new issues during initial public offering (IPO) and the subsequent efficiency of companies. The study is based on a sample of IPO firms which went public on the Warsaw Stock Exchange from 1998 to 2013. The paper shows that the concept of par value – which was invented to protect buyers and lenders against shares being issued without corresponding existing assets – interacts with investor behaviour and can be used to improve the success of a share issue. The paper also shows that this concept does not affect the profitability of companies after IPO.
{"title":"Does the Par Value of Share Influence the Success of IPOS?","authors":"Tadeusz Dudycz","doi":"10.2139/ssrn.3327644","DOIUrl":"https://doi.org/10.2139/ssrn.3327644","url":null,"abstract":"This paper examines the impact of the par value concept on the success of new issues during initial public offering (IPO) and the subsequent efficiency of companies. The study is based on a sample of IPO firms which went public on the Warsaw Stock Exchange from 1998 to 2013. The paper shows that the concept of par value – which was invented to protect buyers and lenders against shares being issued without corresponding existing assets – interacts with investor behaviour and can be used to improve the success of a share issue. The paper also shows that this concept does not affect the profitability of companies after IPO.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"248 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125772477","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}
Abstract This paper studies how information design, via public disclosure of past trade details, affects price discovery in a dynamic market. We model that an informed forward-looking buyer sequentially trades with a series of uninformed sellers (hedgers) with heterogenous hedging motives. We discover that sellers' price discovery over the underlying hidden fundamentals is crucially affected by what they can observe about past trade details. Specifically, (i) the availability of past trade details, paradoxically, makes it easier for the informed party to hide her private information and offer opaque prices. (ii) Post-trade price transparency delays price discovery, but once it happens, it is always perfect. (iii) In contrast, when only past order information is available, price discovery can never be perfect, and can even be in the wrong direction. Finally, we show that our findings are robust for diminishing bargaining power, non-zero outside options, and different trading positions.
{"title":"Dynamic Price Discovery: Transparency vs. Information Design","authors":"A. Kakhbod, Fei Song","doi":"10.2139/ssrn.3304186","DOIUrl":"https://doi.org/10.2139/ssrn.3304186","url":null,"abstract":"Abstract This paper studies how information design, via public disclosure of past trade details, affects price discovery in a dynamic market. We model that an informed forward-looking buyer sequentially trades with a series of uninformed sellers (hedgers) with heterogenous hedging motives. We discover that sellers' price discovery over the underlying hidden fundamentals is crucially affected by what they can observe about past trade details. Specifically, (i) the availability of past trade details, paradoxically, makes it easier for the informed party to hide her private information and offer opaque prices. (ii) Post-trade price transparency delays price discovery, but once it happens, it is always perfect. (iii) In contrast, when only past order information is available, price discovery can never be perfect, and can even be in the wrong direction. Finally, we show that our findings are robust for diminishing bargaining power, non-zero outside options, and different trading positions.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114231889","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}
Vlad‐Andrei Porumb, Yasemin Karaibrahimoglu, Shuo Wang
An audit review (AR) is a mechanism used by boards to assess the quality of interim financial reports on a timely basis. In this study, we analyze whether the voluntary purchase of an AR reduces the screening costs of lenders and translates into lower cost of debt for borrowers. We use a sample of 8,021 firm-year observations from 1,678 public firms in Canada over the period 2004-2015 to test this prediction. The results suggest that firms with voluntary ARs have a lower cost of debt than firms with no AR. Further analyses using samples of public bonds and private loans corroborate our findings. Cross-sectional analyses suggest that, for borrowers with higher information asymmetry, the impact of voluntary ARs is incrementally stronger only for public debt. Our study is the first to document that the voluntary purchase of ARs caters to lenders’ informational needs and benefits listed borrowers through a lower cost of debt financing.
{"title":"Spend Money to Make Money?: Voluntary Audit Reviews and Firms’ Cost of Debt","authors":"Vlad‐Andrei Porumb, Yasemin Karaibrahimoglu, Shuo Wang","doi":"10.2139/ssrn.3318601","DOIUrl":"https://doi.org/10.2139/ssrn.3318601","url":null,"abstract":"An audit review (AR) is a mechanism used by boards to assess the quality of interim financial reports on a timely basis. In this study, we analyze whether the voluntary purchase of an AR reduces the screening costs of lenders and translates into lower cost of debt for borrowers. We use a sample of 8,021 firm-year observations from 1,678 public firms in Canada over the period 2004-2015 to test this prediction. The results suggest that firms with voluntary ARs have a lower cost of debt than firms with no AR. Further analyses using samples of public bonds and private loans corroborate our findings. Cross-sectional analyses suggest that, for borrowers with higher information asymmetry, the impact of voluntary ARs is incrementally stronger only for public debt. Our study is the first to document that the voluntary purchase of ARs caters to lenders’ informational needs and benefits listed borrowers through a lower cost of debt financing.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122158102","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}
Many people assume that Family finance management is one of the most complex areas. Actually, family finance management is not as complicated as many people think, especially mothers who are often in good fortune as family finance managers. To be a smart and wise family finance manager, it does not have to be a financial expert. Family finance management does require knowledge and wisdom in running it. Most people who feel intimidated by this problem, even ignore it. This issue should be a family priority because so many problems arise because of the inadequacy of family finance managers in managing and managing their finances.
{"title":"Family Finance Management","authors":"Novita Andi Umar, Evelyn","doi":"10.2139/ssrn.3208493","DOIUrl":"https://doi.org/10.2139/ssrn.3208493","url":null,"abstract":"Many people assume that Family finance management is one of the most complex areas. Actually, family finance management is not as complicated as many people think, especially mothers who are often in good fortune as family finance managers. To be a smart and wise family finance manager, it does not have to be a financial expert. Family finance management does require knowledge and wisdom in running it. Most people who feel intimidated by this problem, even ignore it. This issue should be a family priority because so many problems arise because of the inadequacy of family finance managers in managing and managing their finances.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"45 26","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113943965","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}
Luca Del Viva, S. Kothari, N. Lambertides, L. Trigeorgis
This study contributes to our understanding of what accruals capture and how they relate to the distribution of future returns. It examines the past and future growth components of accruals and shows that, whereas past growth is negatively associated with idiosyncratic skewness, future growth is positively associated with it. In addition, although both past and future growth are negatively associated with future returns, the association is more pronounced for past growth when volatility is lower, but for future growth when volatility is higher. The study also shows that the association between the future growth component and future returns reverses in the long run, whereas the association between past growth and future returns does not. This paper was accepted by Shivaram Rajgopal, accounting.
{"title":"Asymmetric Returns and the Economic Content of Accruals and Investment","authors":"Luca Del Viva, S. Kothari, N. Lambertides, L. Trigeorgis","doi":"10.2139/ssrn.3161993","DOIUrl":"https://doi.org/10.2139/ssrn.3161993","url":null,"abstract":"This study contributes to our understanding of what accruals capture and how they relate to the distribution of future returns. It examines the past and future growth components of accruals and shows that, whereas past growth is negatively associated with idiosyncratic skewness, future growth is positively associated with it. In addition, although both past and future growth are negatively associated with future returns, the association is more pronounced for past growth when volatility is lower, but for future growth when volatility is higher. The study also shows that the association between the future growth component and future returns reverses in the long run, whereas the association between past growth and future returns does not. This paper was accepted by Shivaram Rajgopal, accounting.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126341521","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}
Pub Date : 2018-01-09DOI: 10.1504/IJAF.2018.10010908
Yasean A. Tahat, Ghassan H. Mardini, Ayman E. Haddad
This study explores the extent of financial instruments (FI) information that is supplied by Qatari listed companies under International Accounting Standards (IAS) 30, IAS 32 and International Financial Reporting Standards (IFRS) 7 for the period between 2005 and 2012. The study adopts the unweighted disclosure approach to measure the extent of FI-related information provided by a sample of 282 Qatari firm observations between 2005 and 2012. The results of the study indicate that the implementation of IFRS 7 statistically improved FI-related information. Specifically, the quantity of FI disclosure rose from 24% in 2005 (under IAS 30/32) to greater than 28% in 2007 (under IFRS 7) and this rise was sustained, reaching 47% in 2012. Also, the results of the study reveal that the level of FI disclosure varies among companies by year, category of information and industry type. The current paper provides a great insight into the accounting profession and is of interest to both national (Qatari) and international accounting regulators regarding the implications of applying IFRS 7 in an emerging capital market.
{"title":"A Longitudinal Analysis of Financial Instruments Disclosure in an Emerging Capital Market: The Case of Qatar","authors":"Yasean A. Tahat, Ghassan H. Mardini, Ayman E. Haddad","doi":"10.1504/IJAF.2018.10010908","DOIUrl":"https://doi.org/10.1504/IJAF.2018.10010908","url":null,"abstract":"This study explores the extent of financial instruments (FI) information that is supplied by Qatari listed companies under International Accounting Standards (IAS) 30, IAS 32 and International Financial Reporting Standards (IFRS) 7 for the period between 2005 and 2012. The study adopts the unweighted disclosure approach to measure the extent of FI-related information provided by a sample of 282 Qatari firm observations between 2005 and 2012. The results of the study indicate that the implementation of IFRS 7 statistically improved FI-related information. Specifically, the quantity of FI disclosure rose from 24% in 2005 (under IAS 30/32) to greater than 28% in 2007 (under IFRS 7) and this rise was sustained, reaching 47% in 2012. Also, the results of the study reveal that the level of FI disclosure varies among companies by year, category of information and industry type. The current paper provides a great insight into the accounting profession and is of interest to both national (Qatari) and international accounting regulators regarding the implications of applying IFRS 7 in an emerging capital market.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129044982","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}
Pub Date : 2017-08-15DOI: 10.11648/J.AJMSE.20170204.12
C. Ajekwe, Adzor Ibiamke, Marie Fagson Silas
The paper examines the impact of IFRS adoption on the use of loan loss provisions (LLPs) to manage earnings and capital by listed deposit money banks in Nigeria. The study employed an ex-post facto research design and a sample of fourteen (14) Deposit Money Banks listed on the Nigerian Stock Exchange. Data was obtained from 2009 to 2014 to capture the pre- and post- IFRS adoption periods. Using paired sample t-test, we find quantitative evidence to the effect that there are significant increase in the means of loan loss provisioning, and capital management by Deposit Money Banks in Nigeria in the post IFRS adoption period compared to the pre-IFRS adoption period. However, the levels of earnings smoothing are significantly lower in the post IFRS period. The implication of this finding is that adoption of IFRS improved earnings quality in the sense of reduced earnings smoothing.
{"title":"Loan Loss Provisions, Earnings Smoothing and Capital Management Under IFRS: The Case of Deposit Money Banks in Nigeria","authors":"C. Ajekwe, Adzor Ibiamke, Marie Fagson Silas","doi":"10.11648/J.AJMSE.20170204.12","DOIUrl":"https://doi.org/10.11648/J.AJMSE.20170204.12","url":null,"abstract":"The paper examines the impact of IFRS adoption on the use of loan loss provisions (LLPs) to manage earnings and capital by listed deposit money banks in Nigeria. The study employed an ex-post facto research design and a sample of fourteen (14) Deposit Money Banks listed on the Nigerian Stock Exchange. Data was obtained from 2009 to 2014 to capture the pre- and post- IFRS adoption periods. Using paired sample t-test, we find quantitative evidence to the effect that there are significant increase in the means of loan loss provisioning, and capital management by Deposit Money Banks in Nigeria in the post IFRS adoption period compared to the pre-IFRS adoption period. However, the levels of earnings smoothing are significantly lower in the post IFRS period. The implication of this finding is that adoption of IFRS improved earnings quality in the sense of reduced earnings smoothing.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"550 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134485775","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}
Considered a long time strategic value because of its importance, management control has become the cornerstone of the fact that it is source of potential improvement progress to all types of businesses. It is a function that motivates those responsible and encourages them to carry out activities that contribute to the achievement of the organization's objectives. Often, managers need, in addition to a management control system, an increasingly effective internal and external control system that allows them to better manage their companies and provides them with reasonable assurance about the achievement objectives.
{"title":"Study of the Contribution of Management Control System in Strengthening the Internal and External Control Function: Case of Tunisian SMEs","authors":"H. Affes","doi":"10.2139/ssrn.2974430","DOIUrl":"https://doi.org/10.2139/ssrn.2974430","url":null,"abstract":"Considered a long time strategic value because of its importance, management control has become the cornerstone of the fact that it is source of potential improvement progress to all types of businesses. It is a function that motivates those responsible and encourages them to carry out activities that contribute to the achievement of the organization's objectives. \u0000Often, managers need, in addition to a management control system, an increasingly effective internal and external control system that allows them to better manage their companies and provides them with reasonable assurance about the achievement objectives.","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121457456","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}
N. Amahalu, Mary-Fidelis Chidoziem Abiahu, C. Nweze, Obi Chinyere
The main objective of this study is to ascertain the determinants of audit quality inNigeria. The specific objectives are toascertain the effect or otherwise of Board size, ownership concentration and Board independence on borrowing cost ofbrewery firms listed on the floor of Nigeria Stock Exchange from 20102015. Ex-post fact research design was used forthis study. Secondary data were sourced from the publications of Nigeria stock exchange. Inferential statistics of thehypotheses were carried out with the aid of E-view 9.0 statistical software using co-efficient of correlation and ordinaryleast square (OLS) regression. In a bid to determining the validity of the data used Granger causality test was used.Findings of this study shows that Board size, ownership concentration and Board independence have a positive andstatistically significant effect on borrowing cost at 5% significance level. It is recommended among others that thereshould be an increase in board independence since it significantly decreases a firm’s cost of capital and increases firm’svaluation
{"title":"Effect of Corporate Governance on Borrowing Cost of Quoted Brewery Firms in Nigeria (2010-2015)","authors":"N. Amahalu, Mary-Fidelis Chidoziem Abiahu, C. Nweze, Obi Chinyere","doi":"10.53555/eijbms.v3i1.23","DOIUrl":"https://doi.org/10.53555/eijbms.v3i1.23","url":null,"abstract":"The main objective of this study is to ascertain the determinants of audit quality inNigeria. The specific objectives are toascertain the effect or otherwise of Board size, ownership concentration and Board independence on borrowing cost ofbrewery firms listed on the floor of Nigeria Stock Exchange from 20102015. Ex-post fact research design was used forthis study. Secondary data were sourced from the publications of Nigeria stock exchange. Inferential statistics of thehypotheses were carried out with the aid of E-view 9.0 statistical software using co-efficient of correlation and ordinaryleast square (OLS) regression. In a bid to determining the validity of the data used Granger causality test was used.Findings of this study shows that Board size, ownership concentration and Board independence have a positive andstatistically significant effect on borrowing cost at 5% significance level. It is recommended among others that thereshould be an increase in board independence since it significantly decreases a firm’s cost of capital and increases firm’svaluation","PeriodicalId":113347,"journal":{"name":"Chicago Booth ARC: Financial Accounting (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114822949","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}
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