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Hedge Accounting and its Consequences on Portfolio Earnings – A Simulation Study 套期会计及其对投资组合收益的影响——模拟研究
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-05-03 DOI: 10.1080/17449480.2020.1775267
Viktoria Müller
Abstract In this paper, I analyze the consequences of cash flow hedge accounting on portfolio earnings of firms focusing on main changes between IFRS 9 and IAS 39. For this purpose, I develop a simulation study which illustrates the quantitative effects on the accounting entries according to the currently applicable hedge accounting methods. It is especially addressed what accounting differences arise and how these distinctions may affect a firm’s earnings. Furthermore, I examine to which firms early switching becomes especially desirable or burdensome. This information is particularly useful to managers and investors. The paper shows that portfolio earnings are affected differently. In the model, IAS 39 may lead to higher or lower earnings for increasing deviations between foreign and domestic interest rates. Additionally, sensitivity to volatility changes varies among the methods. Moreover, a partly ineffective hedging relationship does not necessarily decrease earnings compared to its fully effective counterpart.
在本文中,我分析了现金流量套期会计对公司投资组合收益的影响,重点关注IFRS 9和IAS 39之间的主要变化。为此,我进行了一项模拟研究,以说明根据目前适用的套期会计方法对会计分录的定量影响。它特别讨论了会计差异的产生以及这些差异如何影响公司的收益。此外,我研究了哪些公司的早期转换变得特别可取或负担。这些信息对管理者和投资者特别有用。研究表明,投资组合收益受到不同程度的影响。在该模型中,《国际会计准则第39号》可能因外国和国内利率之间的偏差增加而导致收益增加或减少。此外,不同的方法对挥发性变化的敏感性也不同。此外,与完全有效的对冲关系相比,部分无效的对冲关系并不一定会减少收益。
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引用次数: 2
Splitting Accountability Hairs: Anomalies in the Adaptation of IFRS for SMEs in the UK and Ireland 分责制:英国和爱尔兰中小企业国际财务报告准则适应中的异常
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-05-03 DOI: 10.1080/17449480.2020.1764601
Imam Arafat, T. Dunne, A. H. Ahmed
Abstract Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing two anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.
近年来,英国和爱尔兰的财务报告框架发生了重大转变,影响了各种规模的实体,财务报告委员会发布了三个财务报告标准,取代了现有的英国公认会计准则。本文报告了对发给标准制定者回应其政策建议的151封评论信的内容分析结果。这篇论文解释了为什么准则制定者放弃了其有争议的建议,即基于缺乏公共问责制而实施《中小型企业国际财务报告准则》。此外,标准制定者积极地解决了所有问题,除了两个,代表两个异常。首先,尽管遭到大多数受访者的反对,准则制定者还是发布了一个针对上市公司全资子公司的新框架,允许它们大幅减少信息披露。其次,标准制定者尚未回应会计专业人士和非营利部门发布特定行业框架的呼吁。
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引用次数: 6
Comparability in IPSASs: Lessons to be Learned for the European Standards IPSAS的可比性:欧洲标准的经验教训
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-04-03 DOI: 10.1080/17449480.2020.1742362
G. Mattei, Susana Jorge, F. G. Grandis
Abstract In 2013 the European Commission started addressing issues concerning public sector accounting harmonization across EU Member States, embarking on a project to develop European Public Sector Accounting Standards (EPSASs). Although acknowledging the indisputable reference of the existing International Public Sector Accounting Standards (IPSASs), it highlighted that IPSASs, as they were, could not be suitably applied in the EU context (European Commission, 2013a). IPSASs were considered as not covering specific important matters of public sector accounting, not showing enough stability due to the need of constant convergence with IFRSs, and offering several options that compromised comparability. Comparability of public sector accounts across Member States is one of the main objectives of EPSASs (EUROSTAT, 2016, 2019), clearly established as a qualitative characteristic in the draft EPSAS Conceptual Framework (EUROSTAT, 2018). It is critical for EU economic and fiscal convergence that countries’ accounts allow for substantial comparison and standardized transition to the National Accounts (Jorge et al., 2014). The IPSAS Conceptual Framework (IPSASB, 2014), meanwhile issued, sustains that adopting these standards would improve comparability of General Purpose Financial Reporting (GPFR), in this way strengthening transparency and accountability of public sector finance. Given that, despite the above concerns, EPSASs are to be developed on the basis of IPSASs (European Commission, 2019), the purpose of this paper is to show that IPSASs are not an adequate reference for EPSASs in terms of allowing the desired comparability of countries’ accounts in the EU. It relies on evidence gathered from IPSAS-based financial reports prepared by some Agencies of the United Nations System and from audit reports of the UN Board of Auditors. The research illustrates that IPSASs only allow for de jure comparability of financial reports at a very broad level. Their implementation and interpretation in practice (due to the options permitted and the judgement required) does not allow for de facto comparable GPFR. European standard-setters need to be aware that the comparability EPSASs need to address across EU Member States’ accounts must go beyond the one that is permitted by IPSASs – EPSASs need to stretch IPSASs harmonization to a higher level of standardization.
摘要2013年,欧盟委员会开始解决欧盟各成员国公共部门会计协调问题,启动了一个制定欧洲公共部门会计准则的项目。尽管承认现有《国际公共部门会计准则》的引用是无可争议的,但它强调,《国际公共机构会计准则》不能在欧盟范围内适当适用(欧盟委员会,2013a)。IPSAS被认为没有涵盖公共部门会计的具体重要事项,由于需要与IFRS不断趋同,没有表现出足够的稳定性,并且提供了一些损害可比性的选项。各成员国公共部门账户的可比性是EPSAS的主要目标之一(EUROSTAT,20162019),在EPSAS概念框架草案(EUROSTAT,2018)中明确确立了这一定性特征。对于欧盟的经济和财政趋同至关重要的是,各国的账户允许与国民账户进行实质性比较和标准化过渡(Jorge et al.,2014)。同时发布的《公共部门会计准则概念框架》(IPSASB,2014)坚持认为,采用这些标准将提高通用财务报告的可比性,从而加强公共部门财务的透明度和问责制。鉴于尽管存在上述担忧,但EPSASs将在IPSAS的基础上制定(欧盟委员会,2019),本文的目的是表明,就允许欧盟各国账户的预期可比性而言,IPSAS并不是EPSASs的充分参考。它依赖于从联合国系统一些机构编写的基于公共部门会计准则的财务报告和联合国审计委员会的审计报告中收集的证据。研究表明,IPSAS只允许在非常广泛的层面上对财务报告进行法律上的可比性。它们在实践中的实施和解释(由于允许的选项和所需的判断)不允许事实上具有可比性的GPFR。欧洲标准制定者需要意识到,EPSAS需要在欧盟成员国账户中解决的可比性必须超出IPSAS允许的范围——EPSAS需要将IPSAS的协调扩展到更高水平的标准化。
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引用次数: 13
The Value Relevance of Risk Disclosure: An Analysis of the Banking Sector 风险披露的价值相关性:对银行业的分析
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-02-27 DOI: 10.1080/17449480.2020.1730921
B. Giner, Alessandra Allini, Annamaria Zampella
Abstract The aim of this study is to test whether financial risk disclosures required by IFRS 7 and Pillar 3 are value relevant for investors to support them in their investment decisions. The sample in the study consists of banks listed on the London, Paris, Frankfurt, Madrid, and Milan Stock Exchanges over an 8-year period, from 2007 to 2014. Based on the aforementioned standards, we built financial risk disclosure indexes and distinguished different risk categories, qualitative and quantitative, as well as credit, liquidity, and market risk. Our analyses confirm that there is a positive association between bank value and several categories of established risk disclosures. Furthermore, it suggests that disclosure adds value to more traditional risk value measures. Besides, our results suggest that investors pay attention to the strength of the bank authority when using risk disclosures.
摘要本研究的目的是检验IFRS 7和支柱3要求的财务风险披露是否与投资者的价值相关,以支持他们的投资决策。研究样本包括2007年至2014年8年间在伦敦、巴黎、法兰克福、马德里和米兰证券交易所上市的银行。基于上述标准,我们构建了财务风险披露指标,区分了不同的风险类别,定性风险和定量风险,以及信用风险、流动性风险和市场风险。我们的分析证实,银行价值与几类既定风险披露之间存在正相关关系。此外,它还表明,信息披露为更传统的风险价值度量增加了价值。此外,我们的研究结果表明,投资者在使用风险披露时关注银行当局的实力。
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引用次数: 25
The Effects of Key Audit Matters on the Auditor’s Report’s Communicative Value: Experimental Evidence from Investment Professionals and Non-professional Investors 关键审计事项对审计报告沟通价值的影响——来自投资专业人士和非专业投资者的实验证据
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-02-25 DOI: 10.1080/17449480.2020.1726420
Annette G. Köhler, Nicole V. S. Ratzinger‐Sakel, Jochen C. Theis
Abstract We investigate the effect of key audit matters (KAM) in the auditor’s report as required by the new ISA 701. We consider investment professionals and non-professional investors in our experiments, in which we test the communicative value of a KAM section relating to goodwill impairment. Our main results show that in the condition in which the KAM section suggests that already small changes in the key assumptions could eventually lead to a goodwill impairment (KAM negative condition), investment professionals assess the economic situation of the company to be significantly better as compared to the condition in which the KAM section suggests that only large changes in the key assumptions could eventually lead to a goodwill impairment (KAM positive condition). In the additional analysis with non-professional investors, we find that a KAM section has no communicative value, implying that non-professional investors have difficulties with processing the information conveyed with KAM.
摘要我们根据新的ISA 701的要求,调查了审计师报告中关键审计事项(KAM)的影响。我们在实验中考虑了投资专业人士和非专业投资者,在实验中,我们测试了与商誉减值相关的KAM部分的沟通价值。我们的主要结果表明,在KAM准则部分表明关键假设中已经很小的变化最终可能导致商誉减值的情况下(KAM准则负面条件),投资专业人士评估,与KAM准则部分表明只有关键假设的重大变化才能最终导致商誉减值的情况相比,公司的经济状况要好得多(KAM准则积极条件)。在对非专业投资者的额外分析中,我们发现KAM准则部分没有交流价值,这意味着非专业投资者在处理KAM准则传达的信息方面存在困难。
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引用次数: 86
Accounting and Politics in Europe: Influencing the Standard 欧洲的会计与政治:影响会计准则
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-01-25 DOI: 10.1080/17449480.2020.1714065
P. Walton
ABSTRACT The paper considers the case of lobbying to influence the content or other aspects of a standard within Europe. It reviews the institutional framework to identify opportunities for lobbying and then considers the mechanics and constraints that affect lobbying in this context.
本文考虑游说影响欧洲标准的内容或其他方面的情况。它审查了制度框架,以确定游说的机会,然后考虑在这种情况下影响游说的机制和限制。
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引用次数: 7
On the Relationship between Audit Tenure and Fees Paid to the Audit Firm and Audit Quality 论审计任期与审计事务所收费和审计质量的关系
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-01-02 DOI: 10.1080/17449480.2019.1669808
Josep García-Blandón, J. M. Argiles, Diego Ravenda
Abstract We investigate the impact of audit firm tenure, partner tenure, audit fees, fees for non-audit services and total fees on audit quality, as measured by discretionary accruals. Our sample consists of Spanish non-financial public companies for the years between 2006 and 2013. Results indicate that audit quality increases with audit firm tenure but decreases with partner tenure. Moreover, the level of fees paid to the audit firm seems to have a negative impact on audit quality, which is mainly driven by fees for audit services. In this regard, we do not observe any significant relationship between fees for non-audit services and audit quality. Our results also show that the negative relationship between either long partner tenures or high fees and audit quality does not occur when the tenure with the audit firm is long. Therefore, long audit firm tenures do not only seem to involve higher audit quality ‘per se’, but also moderate the negative effects of partner tenure and audit fees on audit quality. The results of this study, which are robust to several sensitivity checks, may be relevant for the current debate on auditor rotation and the joint provision of audit and non-audit services.
摘要我们研究了审计事务所任期、合伙人任期、审计费用、非审计服务费用和总费用对审计质量的影响,以可支配性应计项目衡量。我们的样本包括2006年至2013年间的西班牙非金融上市公司。结果表明,审计质量随审计事务所任期的增加而增加,但随合伙人任期的增加而降低。此外,支付给审计公司的费用水平似乎对审计质量有负面影响,这主要是由审计服务费用驱动的。在这方面,我们没有观察到非审计服务的费用与审计质量之间有任何显著关系。我们的研究结果还表明,当合伙人在审计事务所的任期较长时,长期任期或高收费与审计质量之间的负相关关系并不发生。因此,较长的审计事务所任期似乎不仅涉及更高的审计质量“本身”,而且还缓和了合伙人任期和审计费用对审计质量的负面影响。这项研究的结果经得起若干敏感性检查,可能与目前关于审计员轮调和联合提供审计和非审计服务的辩论有关。
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引用次数: 12
Intensive Board Monitoring, Investor Protection and Segment Disclosure Quality: Evidence from EU 强化董事会监督、投资者保护与部门信息披露质量:来自欧盟的证据
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2020-01-02 DOI: 10.1080/17449480.2019.1646427
Sameh Kobbi-Fakhfakh, R. Shabou, Benoît Pigé
Abstract This study examined the association between intensive board monitoring (IBM) and segment disclosure quality (SDQ). It also investigated whether this association can be moderated by firm's home country investor protection (IP) level. Based on a panel of 271 non-financial European Union (EU) listed corporations covering the 2007–2012 period, this study estimated two multiple regression models including industry and year fixed effects. We found evidence that the segment disclosure quality is higher when a majority of outside directors serve on monitoring committees. We, also, found that the positive association between IBM and SDQ is more pronounced for firms in a weak IP environment and less pronounced for firms in a strong IP environment. Thus, we provided evidence in favor of a substitutive relationship between IBM and IP level with respect to their association with SDQ. Our findings are evidenced by several robustness tests.
摘要本研究考察了强化董事会监督(IBM)与分部披露质量(SDQ)之间的关系。它还调查了这种关联是否可以通过公司的母国投资者保护(IP)水平来调节。本文以2007-2012年271家非金融类欧盟上市公司为样本,估计了行业固定效应和年度固定效应两种多元回归模型。我们发现,当大多数外部董事担任监督委员会成员时,分部披露质量更高。我们还发现,在知识产权环境较弱的公司中,IBM和SDQ之间的正相关关系更为明显,而在知识产权环境较强的公司中则不那么明显。因此,我们提供了支持IBM和IP级别之间的替代关系的证据,就它们与SDQ的关联而言。几个稳健性测试证明了我们的发现。
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引用次数: 3
On the ‘Disclosure Initiative – Principles of Disclosure’: The EAA Financial Reporting Standards Committee’s View 关于“披露倡议-披露原则”:监管局财务报告准则委员会的意见
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2019-09-29 DOI: 10.1080/17449480.2019.1664753
C. Abad, E. Barone, Benita M Gullkvist, N. Hellman, Ana Marques, J. Marton, Stephanie A. Mason, Ricardo Luiz Menezes da Silva, A. Morais, Soledad Moya Gutiérrez, Alberto Quagli, A. Vysotskaya
Abstract This paper summarises the contents of a comment letter produced by a working group of 12 academics in response to the International Accounting Standards Board (IASB) Discussion Paper on principles of disclosure. The comment letter was submitted by the Financial Reporting Standards Committee (FRSC) of the European Accounting Association (EAA). The work includes reviews of relevant academic literature of areas related to the various questions posed by the IASB in the Discussion Paper, including the ‘disclosure problem’ and the objective of the project, the suggested principles of effective communication, the roles of the primary financial statements and notes, the location of information and the use of performance measures. The paper also discusses the disclosure of accounting policies, the objectives of centralised disclosure, and the New Zealand Accounting Standards Board staff’s approach to disclosure.
摘要本文总结了由12名学者组成的工作组针对国际会计准则理事会(IASB)关于披露原则的讨论文件撰写的评论信的内容。该评论信由欧洲会计协会(EAA)财务报告准则委员会(FRSC)提交。这项工作包括审查与国际会计准则理事会在讨论文件中提出的各种问题有关的领域的相关学术文献,包括“披露问题”和项目目标、建议的有效沟通原则、主要财务报表和说明的作用、信息的位置和业绩计量的使用。本文还讨论了会计政策的披露、集中披露的目标以及新西兰会计准则委员会工作人员的披露方法。
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引用次数: 9
Fair Value Accounting: The Eternal Debate – AinE EAA Symposium, May 2018 公允价值会计:永恒的争论- EAA研讨会,2018年5月
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2019-09-02 DOI: 10.1080/17449480.2019.1664754
Araceli Mora, Anne Mcgeachin, Mary E. Barth, R. Barker, Alfred Wagenhofer, P. Joos
Abstract The last financial crisis led to a vigorous debate still in place about the pros and cons of fair-value accounting (FVA). While detractors basically argue its potential negative impact on procicality and financial stability or inadequacy in illiquid markets or specific business models, the International Accounting Standards Board (IASB) pushed to extend FVA in the new financial instruments standard and issued IFRS 13 to clarify its meaning and application. Some empirical research shows the usefulness of fair value accounting information to investors and contradicts its negative impact on stability, while other studies argue about its limitations in the contracting and stewardship role of accounting. The panelists of this symposium will present their views to contribute to the debate, which should be of interest not just to academic researchers, but also to practitioners and standard setters to deal with implementation issues and potential needs to address in the standards.
上一次金融危机引发了一场关于公允价值会计(FVA)利弊的激烈辩论。虽然批评者基本上认为其对实用性和金融稳定性的潜在负面影响,或在非流动性市场或特定商业模式中的不足,但国际会计准则理事会(IASB)推动在新的金融工具准则中扩展FVA,并发布了国际财务报告准则第13号,以澄清其含义和应用。一些实证研究表明公允价值会计信息对投资者有用,并与其对稳定性的负面影响相矛盾,而其他研究则认为公允价值会计信息在承包和管理会计角色方面存在局限性。本次研讨会的小组成员将提出他们的观点,为辩论做出贡献,这不仅应该引起学术研究人员的兴趣,而且应该引起从业者和标准制定者的兴趣,以处理标准中的实施问题和潜在需求。
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引用次数: 9
期刊
Accounting in Europe
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