Australian Accounting Review最新文献

Stablecoins are a rapidly evolving subcategory of cryptocurrency that aim to reduce the price fluctuations of traditional cryptocurrencies and thus become a common digital payment instrument. This paper aims to assess the material substance of fiat-backed stablecoins to determine whether fiat-backed stablecoins could be considered, in accordance with IFRS, as cash or cash equivalents. We chose 11 fiat-backed stablecoins representing 99.97% of the total market capitalisation of all fiat-backed stablecoins. Using a three-step approach, we performed an analysis of the legal and general terms and conditions of the selected stablecoins and of cryptocurrency exchanges, and quantitatively analysed their risk characteristics in comparison with fiat currency pairs, money market indexes and instruments, and traditional cryptocurrencies. The results show that nine of the 11 stablecoins met the objective requirements of cash equivalents according to their material substance and, using an extensive interpretation of IAS 7, could be reported as cash equivalents. This study enhances understanding of the material substance of fiat-backed stablecoins for their financial reporting and can be used by entities when creating accounting policies under existing IFRS rules and by accounting standard setters as evidence when formulating new rules or officially interpreting existing ones to provide guidance on the financial reporting of fiat-backed stablecoins.

This paper's finding's will be usef

ul for both practitioners and academics grappling with the difficulty of defining ‘equity’ and ‘liabilities’. In addition, the research makes a valuable contribution by addressing the need for interpretive-inspired financial reporting research.

This paper explores the distinction between ‘equity’ and ‘liabilities’ in financial reporting to assess the merits of the current system of accounting for share-based payment transactions. It applies an interpretive methodology. Data were collected from a series of interviews with purposefully selected experts. Criticisms of, and support for, the current accounting regime are interpretively analysed and used to identify key themes or principles for evaluating the merits of three models proposed in the academic literature: the strict liability, narrow equity, and ownership-settlement models. The study finds that the strict liability approach remains supported on the grounds that it provides decision-useful information with which users are familiar. The other models are rejected as they are perceived as diminishing the usefulness of financial reporting. The study also identifies support for an obligation-centric approach, not fully developed in the literature, which may require detailed consideration by standard-setters.

Innovations surrounding digital corporate reporting and underlying technology such as XBRL have been slowly introduced to corporate reporting infrastructure since the early 2000s. These innovations promise to enhance the accessibility, accuracy and comparability of reported information, and more effectively meet the needs of information users. Whilst research in the last two decades has attempted to provide evidence of the impact of digital corporate reporting, it remains largely fragmented and sparse. We take an eclectic perspective to review and synthesise existing research on digital corporate reporting and assess the broader research implications for key stakeholders, including preparers and users of corporate reports, regulators and standard-setters. In doing so, we offer an appraisal for those contemplating the growing influence of digital corporate reporting, and identify opportunities and avenues for future research.

This study presents a retrospective review of the Australian Accounting Review (AAR) across its first 30 years of publication, 1991 to 2020. AAR’s academic contributions have grown by 17.01% year-on-year over this period, while its level of academic influence has risen by 20.21%. Authorship numbers have grown by 16.10% annually, from 11 authors in the year of inception to 969 individuals in 2020. Emerging initially as an important regional resource, the AAR has evolved to become an internationally renowned academic outlet with contributions sourced from 44 different countries. Emergent themes in the journal include integrated reporting, corporate social responsibility, investor protection and comprehensive income.

Early life experience may influence an executive's psychology and behaviour, which affects the company's financial policy. Using a unique early life political event, this paper finds that the ‘Down to the Countryside’ experience of board chairs in China increases their risk aversion and reduces the firms’ innovation investments. Such an effect is robust to a series of alternative tests. Further analysis shows that this impact is not weakened by chairs’ higher education, and their increased risk aversion results in the chairs being more prudent and making more efficient investment decisions.