Pub Date : 2015-09-29DOI: 10.1504/ijca.2015.072002
G. Donleavy
The opportunity to achieve a major turning point in accounting history was the publication of The Corporate in the UK in 1975. It recommended several new reports, but its recommendations were largely ignored. One of the recommended reports, however, the value added statement, has been adopted by a number of jurisdictions around the world with stakeholder accountability as a prime objective. This paper surveys the arguments for the value added statement being for the generality of statement users what the income statement and statement of financial position have for stockholders and bondholders alone. The actual use made of the statements around the world and their usefulness is then reviewed, and the reasons for a quite widespread disappointment are discussed. Finally, the paper relates the value added statement to the ruins of the labour theory of value and suggests future research to determine the contribution value added statements could make to determining the extent to which a corporation's results are the spoils of a zero sum game under oligopolistic conditions or value genuinely created for the industry or economy a whole.
{"title":"Usefulness unfulfilled: a performance review of value added statements","authors":"G. Donleavy","doi":"10.1504/ijca.2015.072002","DOIUrl":"https://doi.org/10.1504/ijca.2015.072002","url":null,"abstract":"The opportunity to achieve a major turning point in accounting history was the publication of The Corporate in the UK in 1975. It recommended several new reports, but its recommendations were largely ignored. One of the recommended reports, however, the value added statement, has been adopted by a number of jurisdictions around the world with stakeholder accountability as a prime objective. This paper surveys the arguments for the value added statement being for the generality of statement users what the income statement and statement of financial position have for stockholders and bondholders alone. The actual use made of the statements around the world and their usefulness is then reviewed, and the reasons for a quite widespread disappointment are discussed. Finally, the paper relates the value added statement to the ruins of the labour theory of value and suggests future research to determine the contribution value added statements could make to determining the extent to which a corporation's results are the spoils of a zero sum game under oligopolistic conditions or value genuinely created for the industry or economy a whole.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116943511","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}
Recent years have been marked by major changes to the process of standardisation and harmonisation of international accounting. In most countries, although imposed by the IAS 39 standard on financial instruments, fair value is particularly challenging. But why is fair value imposed as a valuation model in accounting standards? Thus, the object of this paper is to present a state of the art and debate the use of the fair value in financial assets accounting.
Pub Date : 2015-09-29DOI: 10.1504/ijca.2015.071991
Wei-bin Zhang
This paper studies dynamic interactions between economic growth, economic structure, international trade pattern, and gender division of labour and leisure. It builds a multi-country growth model with endogenous time distribution between leisure and work. It emphasises effects of gender differences in human capital and propensity to leisure on global economic growth and income and wealth distribution between countries in a global economy with free trade. The model is unique in that it introduces global economic issues related to gender within a general dynamic equilibrium framework with any number of countries and endogenous wealth accumulation. The model is built on microeconomic foundations. It not only integrates the three well-known key models - the Solow growth model, the Oniki-Uzawa trade model, and the Uzawa two-sector model - in growth theory and international growth economics, but also introduces gender and endogenous time distribution between home and labour for any number of national economies.
{"title":"International distribution of income and wealth in a multi-country growth model with gender division of labour and elastic labour supply","authors":"Wei-bin Zhang","doi":"10.1504/ijca.2015.071991","DOIUrl":"https://doi.org/10.1504/ijca.2015.071991","url":null,"abstract":"This paper studies dynamic interactions between economic growth, economic structure, international trade pattern, and gender division of labour and leisure. It builds a multi-country growth model with endogenous time distribution between leisure and work. It emphasises effects of gender differences in human capital and propensity to leisure on global economic growth and income and wealth distribution between countries in a global economy with free trade. The model is unique in that it introduces global economic issues related to gender within a general dynamic equilibrium framework with any number of countries and endogenous wealth accumulation. The model is built on microeconomic foundations. It not only integrates the three well-known key models - the Solow growth model, the Oniki-Uzawa trade model, and the Uzawa two-sector model - in growth theory and international growth economics, but also introduces gender and endogenous time distribution between home and labour for any number of national economies.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126495196","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 : 2015-09-29DOI: 10.1504/ijca.2015.071990
B. Committe
In 2007 the US Department of the Treasury established the Advisory Committee on the Auditing Profession "to assist the Department in evaluating the sustainability of a strong and vibrant auditing profession." In establishing the Committee, the Department expressed its concern with the quality of the 'human capital' constituting the independent audit profession, suggesting that it was not good enough. The Advisory Commission gave the work of considering the educational qualifications and needed educational improvements to the accounting profession which then organised The Pathways Commission which members were current accounting academicians and members from the practicing independent audit profession. Unremarkably, the Commission's recommendations were to not change anything, or at least, not to make any significant changes. This paper recommends that the legal profession - that is, lawyers with a financial accounting expertise - take over the independent audit profession.
{"title":"Human capital and audit independence","authors":"B. Committe","doi":"10.1504/ijca.2015.071990","DOIUrl":"https://doi.org/10.1504/ijca.2015.071990","url":null,"abstract":"In 2007 the US Department of the Treasury established the Advisory Committee on the Auditing Profession \"to assist the Department in evaluating the sustainability of a strong and vibrant auditing profession.\" In establishing the Committee, the Department expressed its concern with the quality of the 'human capital' constituting the independent audit profession, suggesting that it was not good enough. The Advisory Commission gave the work of considering the educational qualifications and needed educational improvements to the accounting profession which then organised The Pathways Commission which members were current accounting academicians and members from the practicing independent audit profession. Unremarkably, the Commission's recommendations were to not change anything, or at least, not to make any significant changes. This paper recommends that the legal profession - that is, lawyers with a financial accounting expertise - take over the independent audit profession.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123749601","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 : 2015-09-29DOI: 10.1504/ijca.2015.072003
Aida Sy, Abdelkader Mohamed Sghaier Derbali
In this paper, we investigate empirically the day-of-the-week anomalies in the Stock Exchange of Casablanca. The OLS, GARCH(1, 1), EGARCH(1, 1) and TGARCH(1, 1) models were used to explain the existence of daily anomalies over the period of 3rd January 2005 to 29th August 2014. The data includes daily opening and closing index prices of the Stock Exchange of Casablanca. For the OLS empirical results verify that day of the week effects on the intraday and the interday do not affect the Moroccan Index MASI in the absence of the market risk factors. Most importantly, empirical results indicate that Thursday has a negative impact on stock returns in Moroccan Stock Exchange. For none normally of the return distributions of the MASI index, we use the GARCH models. The results from the GARCH models indicate the existence of day-of-the-week effects on stock returns and volatility of the Moroccan stock market.
{"title":"The day of the week effects in the Stock Exchange of Casablanca: analysis by intraday and interday returns","authors":"Aida Sy, Abdelkader Mohamed Sghaier Derbali","doi":"10.1504/ijca.2015.072003","DOIUrl":"https://doi.org/10.1504/ijca.2015.072003","url":null,"abstract":"In this paper, we investigate empirically the day-of-the-week anomalies in the Stock Exchange of Casablanca. The OLS, GARCH(1, 1), EGARCH(1, 1) and TGARCH(1, 1) models were used to explain the existence of daily anomalies over the period of 3rd January 2005 to 29th August 2014. The data includes daily opening and closing index prices of the Stock Exchange of Casablanca. For the OLS empirical results verify that day of the week effects on the intraday and the interday do not affect the Moroccan Index MASI in the absence of the market risk factors. Most importantly, empirical results indicate that Thursday has a negative impact on stock returns in Moroccan Stock Exchange. For none normally of the return distributions of the MASI index, we use the GARCH models. The results from the GARCH models indicate the existence of day-of-the-week effects on stock returns and volatility of the Moroccan stock market.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114527136","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 : 2015-09-29DOI: 10.1504/ijca.2015.072004
K. Dunn, Jeremy Schwartz
The AICPA cites the need for a 'complete education' as one of its rationales for the institution of the 150-hour rule. The liberal arts college provides a broadly educated student with critical thinking skills, making it a natural fit for such a 'complete education'. Unfortunately, there is often resistance to incorporating accounting courses into the curriculum at a liberal arts college. We offer an interdisciplinary course that unites the natural sciences with accounting concepts. While the overall goal of this particular course is for students to experiment with materials in producing soap, they are also expected to demonstrate basic skills in accounting in order to produce their soap profitably. Since students are making real world commodities, this approach provides them with a vivid picture of the manufacturing process and broadens the educational experience.
{"title":"Bar none: moulding a broader curriculum for accounting","authors":"K. Dunn, Jeremy Schwartz","doi":"10.1504/ijca.2015.072004","DOIUrl":"https://doi.org/10.1504/ijca.2015.072004","url":null,"abstract":"The AICPA cites the need for a 'complete education' as one of its rationales for the institution of the 150-hour rule. The liberal arts college provides a broadly educated student with critical thinking skills, making it a natural fit for such a 'complete education'. Unfortunately, there is often resistance to incorporating accounting courses into the curriculum at a liberal arts college. We offer an interdisciplinary course that unites the natural sciences with accounting concepts. While the overall goal of this particular course is for students to experiment with materials in producing soap, they are also expected to demonstrate basic skills in accounting in order to produce their soap profitably. Since students are making real world commodities, this approach provides them with a vivid picture of the manufacturing process and broadens the educational experience.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134404481","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 : 2015-07-10DOI: 10.1504/ijca.2015.070472
Umesh Sharma, M. Kelly
This paper suggests that academics need to engage with the sustainable business model, rather than accept that the purpose of business is simply to maximise shareholders' wealth as suggested by neoclassical economics. The business world needs to change considerably as we move from the 20th century, deeper in to the 21st century. Sustainable business practices are essential to global well-being; learners need to have the opportunity to identify problems for themselves and provide solutions of their own. The paper argues that students need to recognise that 'good living' in contemporary society requires the adoption of a sustainable business perspective by business managers and management control systems (MCS) needs to be built to recognise this situation.
{"title":"The changing role of accounting education and management control systems in the age of sustainability","authors":"Umesh Sharma, M. Kelly","doi":"10.1504/ijca.2015.070472","DOIUrl":"https://doi.org/10.1504/ijca.2015.070472","url":null,"abstract":"This paper suggests that academics need to engage with the sustainable business model, rather than accept that the purpose of business is simply to maximise shareholders' wealth as suggested by neoclassical economics. The business world needs to change considerably as we move from the 20th century, deeper in to the 21st century. Sustainable business practices are essential to global well-being; learners need to have the opportunity to identify problems for themselves and provide solutions of their own. The paper argues that students need to recognise that 'good living' in contemporary society requires the adoption of a sustainable business perspective by business managers and management control systems (MCS) needs to be built to recognise this situation.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133834716","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 : 2015-07-10DOI: 10.1504/ijca.2015.070467
T. Zeng
This study seeks to explore the interaction between accounting and organisation, and to describe how accounting systems, activities, and practices constitute and are constituted by the organisational settings in an emerging economy. The setting of the study is a Chinese state-owned foreign trade company - China Packaging Import and Export Liaoning Company. The company experienced substantial changes at the end of 1980s and the beginning of 1990s, when the country moved from a central-planning economics system to a market-oriented one. Focusing on this changing time period, we can see a vivid picture of how accounting systems were intertwined with and implicated into organisational life.
{"title":"Accounting in a changing organisational reality: the case of China Packaging Import and Export Liaoning Company","authors":"T. Zeng","doi":"10.1504/ijca.2015.070467","DOIUrl":"https://doi.org/10.1504/ijca.2015.070467","url":null,"abstract":"This study seeks to explore the interaction between accounting and organisation, and to describe how accounting systems, activities, and practices constitute and are constituted by the organisational settings in an emerging economy. The setting of the study is a Chinese state-owned foreign trade company - China Packaging Import and Export Liaoning Company. The company experienced substantial changes at the end of 1980s and the beginning of 1990s, when the country moved from a central-planning economics system to a market-oriented one. Focusing on this changing time period, we can see a vivid picture of how accounting systems were intertwined with and implicated into organisational life.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128986152","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 : 2015-07-10DOI: 10.1504/ijca.2015.070461
S. Gandja
The heterogeneous reactions of the banks and the asymmetric impact of the 2007-2009 financial crises on the real activity highlighted a necessity to analyse the relationship between the bank balance-sheets and the economic activities in Europe. In this paper, the banks behaviour is evaluated across the capital levels and the components of the regulatory capital. The data is collected by a combination of the bank balance sheets. The data processing is conducted through the principal component analysis and the error correction model. The results indicate that the banks reaction is mainly dictated by the variables related to the performance and the macroeconomic indicators.
{"title":"Capital levels, regulatory capital and banks' reaction: an analysis of the relationship by an error correction model","authors":"S. Gandja","doi":"10.1504/ijca.2015.070461","DOIUrl":"https://doi.org/10.1504/ijca.2015.070461","url":null,"abstract":"The heterogeneous reactions of the banks and the asymmetric impact of the 2007-2009 financial crises on the real activity highlighted a necessity to analyse the relationship between the bank balance-sheets and the economic activities in Europe. In this paper, the banks behaviour is evaluated across the capital levels and the components of the regulatory capital. The data is collected by a combination of the bank balance sheets. The data processing is conducted through the principal component analysis and the error correction model. The results indicate that the banks reaction is mainly dictated by the variables related to the performance and the macroeconomic indicators.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133967917","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 : 2015-07-10DOI: 10.1504/IJCA.2015.070460
Michael D'Amato
Fiscal irresponsibility and abuses in the proper use of derivatives resulted in the largest municipal failure in US history (at the time). Orange County's fiscal stress and its resulting bankruptcy were attributed to massive financial mismanagement by the county's treasurer, and his actions caused the loss of $1.6 billion. This being said, the 1994 bankruptcy of Orange County, California was caused by a variety of additional factors. This paper provides an analysis of the bankruptcy and explores the role of Robert Citron, the county's treasurer, as well as the influence of derivatives, the presence of political pressures, and the inadequacy of accounting reporting standards and regulatory organisations. Additionally, an analysis of the contemporary misuse of financial derivatives that helped spark the 2008 global financial crisis is also presented. An overview of the role of derivatives in the 2008 crisis is included to further highlight the disastrous consequences of their misuse. Areas of emphasis include the unregulated over-the-counter (OTC) derivative market and the lack of any informative reporting standards for such instruments. The paper concludes with a review of current accounting standards regarding derivatives, namely the Dodd-Frank Act of 2010.
{"title":"A critical examination of the US economy: the Orange County bankruptcy case","authors":"Michael D'Amato","doi":"10.1504/IJCA.2015.070460","DOIUrl":"https://doi.org/10.1504/IJCA.2015.070460","url":null,"abstract":"Fiscal irresponsibility and abuses in the proper use of derivatives resulted in the largest municipal failure in US history (at the time). Orange County's fiscal stress and its resulting bankruptcy were attributed to massive financial mismanagement by the county's treasurer, and his actions caused the loss of $1.6 billion. This being said, the 1994 bankruptcy of Orange County, California was caused by a variety of additional factors. This paper provides an analysis of the bankruptcy and explores the role of Robert Citron, the county's treasurer, as well as the influence of derivatives, the presence of political pressures, and the inadequacy of accounting reporting standards and regulatory organisations. Additionally, an analysis of the contemporary misuse of financial derivatives that helped spark the 2008 global financial crisis is also presented. An overview of the role of derivatives in the 2008 crisis is included to further highlight the disastrous consequences of their misuse. Areas of emphasis include the unregulated over-the-counter (OTC) derivative market and the lack of any informative reporting standards for such instruments. The paper concludes with a review of current accounting standards regarding derivatives, namely the Dodd-Frank Act of 2010.","PeriodicalId":343538,"journal":{"name":"International Journal of Critical Accounting","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116954787","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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