... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...
... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...
ABSTRACT This paper reports the findings of an exploratory survey of 241 accounting professionals... more ABSTRACT This paper reports the findings of an exploratory survey of 241 accounting professionals to determine their awareness of the reporting requirements for SMEs in Australia in 2010 at a time when the reporting standards were being debated. It also documents compliance with accounting standards by Australian SMEs, and identifies the categories of recipients of SME financial statements in Australian entities. The results provide evidence of gaps between standard setters and practitioners in relation to awareness, knowledge and practice. Most respondents who are accountants for Australian entities were not aware of the debate over SME reporting standards, and indicated inconsistent application of accounting standards by reporting entities.
ABSTRACT A consultative process initiated by the Australian Accounting Standards Board (AASB) to ... more ABSTRACT A consultative process initiated by the Australian Accounting Standards Board (AASB) to create an Australian standard for Small and Medium-sized Entities (SMEs) provided an opportunity for users and preparers of financial statements to lobby for the inclusion of their views. This consultative process raises questions regarding its role in incorporating the notion of public interest into accounting standards. This paper presents evidence of self-interest and promotion of the private interests of influential stakeholders and clients, obtained by surveying financial statement users and preparers and interviews with AASB members and comment letter writers. We also find evidence of division amongst stakeholders and consider the impact of this on the incorporation of the public interest in accounting standards. This is the first study known to the authors which incorporates the views of the writers of comment letters about a national accounting standard for unlisted entities. It raises a challenge to the global accounting profession regarding its role in protecting the public interest in the standard setting process, to counter disengagement by users of financial statements.
Abstract: Illiquidity, volatile returns and lack of information are sources of the high risk that... more Abstract: Illiquidity, volatile returns and lack of information are sources of the high risk that characterise the investments made by venture capitalists (VCs). Despite the importance of such investments in the contemporary business and technological environment, and the ...
Purpose -The purpose of this paper is to analyse success at the corporate level for 72 Australian... more Purpose -The purpose of this paper is to analyse success at the corporate level for 72 Australian mergers between publicly listed firms during the period 1999-2004, and to reassess evidence in earlier Australian studies that contrasts findings from other countries which report a decline in post-merger operating performance. Design/methodology/approach -A number of accounting operating performance measures for profitability, cash flow, efficiency, leverage and growth are used to proxy for the success of the merger, which is defined in terms of an improvement in each merged firm's industry-adjusted operating performance between the pre and post-merger period. Both non-parametric and parametric comparisons of these measures are presented. Findings -Some evidence that mergers improve the operating performance of the post-merger firm is found. Industry adjusted profitability, cash flows, efficiency and leverage measures were higher in the post-merger period.
ABSTRACT In this paper, we analyse the factors that have shaped the approach taken by the Austral... more ABSTRACT In this paper, we analyse the factors that have shaped the approach taken by the Australian Accounting Standards Board (AASB) in addressing the issue of differential reporting in Australia. In contrast to its early adoption of International Financial Reporting Standards in 2005, the AASB has signalled an independent approach to differential reporting. Still in progress at the time of writing, we show how the AASB’s approach has been shaped by feedback from key stakeholder groups, as well as by influential individuals and key events. In the face of strongly held views on both sides of the debate, the Board has moved from reliance on discursive techniques to develop and justify proposed policies to embracing to a greater extent, the use of more objective research evidence to resolve the empirical questions presented in the public debate.
Purpose -Australia's early adoption of international financial reporting standards (IFRS) in 2005... more Purpose -Australia's early adoption of international financial reporting standards (IFRS) in 2005 was influenced by the argument that the quality of financial reporting would be improved as a result. The purpose of this paper is to provide an historical review of quality in relation to financial reporting in Australia by investigating how the qualitative characteristics of relevance, reliability, comparability and understandability developed in Australia between 1961 and 2004. Design/methodology/approach -This paper reviews the relevant academic and professional literature during the period as well as reporting on a survey of academics and others who contributed to debates about the characteristics of accounting. Findings -In Australia the notion of "quality" can be captured by relevance, reliability, comparability and understandability although the names and descriptions of these elements have been debated over a 40-year period. The paper contends that the exact meanings of those elements in relation to financial reporting remain unresolved, in spite of their adoption by the AASB Framework (2004) as the qualitative characteristics of accounting information.
ABSTRACT Focusing on the intensity of exploration activity by mining and exploration companies, t... more ABSTRACT Focusing on the intensity of exploration activity by mining and exploration companies, this study examines the relation between exploration expenditure and analysts’ private information search activities and forecast accuracy. Specifically, we examine whether higher intensity of exploration activity motivates analysts to acquire and process relatively more private information to meet investor demand and whether this affects the accuracy of analysts’ average forecasts. We find that the proportion of private information contained in analysts’ forecasts increases with the intensity of exploration activity, indicating that analysts undertake relatively more private information search activities for mining and exploration companies with higher levels of exploration expenditure. We also find that the accuracy of analysts’ average forecasts increases with the intensity of exploration activity, consistent with the notion that the overall information environment is enriched by analysts’ private information acquisition. This result is robust to controlling for the effects of the number of forecasts and individual analyst forecast errors on the accuracy of analysts’ average forecasts.
... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...
... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...
ABSTRACT This paper reports the findings of an exploratory survey of 241 accounting professionals... more ABSTRACT This paper reports the findings of an exploratory survey of 241 accounting professionals to determine their awareness of the reporting requirements for SMEs in Australia in 2010 at a time when the reporting standards were being debated. It also documents compliance with accounting standards by Australian SMEs, and identifies the categories of recipients of SME financial statements in Australian entities. The results provide evidence of gaps between standard setters and practitioners in relation to awareness, knowledge and practice. Most respondents who are accountants for Australian entities were not aware of the debate over SME reporting standards, and indicated inconsistent application of accounting standards by reporting entities.
ABSTRACT A consultative process initiated by the Australian Accounting Standards Board (AASB) to ... more ABSTRACT A consultative process initiated by the Australian Accounting Standards Board (AASB) to create an Australian standard for Small and Medium-sized Entities (SMEs) provided an opportunity for users and preparers of financial statements to lobby for the inclusion of their views. This consultative process raises questions regarding its role in incorporating the notion of public interest into accounting standards. This paper presents evidence of self-interest and promotion of the private interests of influential stakeholders and clients, obtained by surveying financial statement users and preparers and interviews with AASB members and comment letter writers. We also find evidence of division amongst stakeholders and consider the impact of this on the incorporation of the public interest in accounting standards. This is the first study known to the authors which incorporates the views of the writers of comment letters about a national accounting standard for unlisted entities. It raises a challenge to the global accounting profession regarding its role in protecting the public interest in the standard setting process, to counter disengagement by users of financial statements.
Abstract: Illiquidity, volatile returns and lack of information are sources of the high risk that... more Abstract: Illiquidity, volatile returns and lack of information are sources of the high risk that characterise the investments made by venture capitalists (VCs). Despite the importance of such investments in the contemporary business and technological environment, and the ...
Purpose -The purpose of this paper is to analyse success at the corporate level for 72 Australian... more Purpose -The purpose of this paper is to analyse success at the corporate level for 72 Australian mergers between publicly listed firms during the period 1999-2004, and to reassess evidence in earlier Australian studies that contrasts findings from other countries which report a decline in post-merger operating performance. Design/methodology/approach -A number of accounting operating performance measures for profitability, cash flow, efficiency, leverage and growth are used to proxy for the success of the merger, which is defined in terms of an improvement in each merged firm's industry-adjusted operating performance between the pre and post-merger period. Both non-parametric and parametric comparisons of these measures are presented. Findings -Some evidence that mergers improve the operating performance of the post-merger firm is found. Industry adjusted profitability, cash flows, efficiency and leverage measures were higher in the post-merger period.
ABSTRACT In this paper, we analyse the factors that have shaped the approach taken by the Austral... more ABSTRACT In this paper, we analyse the factors that have shaped the approach taken by the Australian Accounting Standards Board (AASB) in addressing the issue of differential reporting in Australia. In contrast to its early adoption of International Financial Reporting Standards in 2005, the AASB has signalled an independent approach to differential reporting. Still in progress at the time of writing, we show how the AASB’s approach has been shaped by feedback from key stakeholder groups, as well as by influential individuals and key events. In the face of strongly held views on both sides of the debate, the Board has moved from reliance on discursive techniques to develop and justify proposed policies to embracing to a greater extent, the use of more objective research evidence to resolve the empirical questions presented in the public debate.
Purpose -Australia's early adoption of international financial reporting standards (IFRS) in 2005... more Purpose -Australia's early adoption of international financial reporting standards (IFRS) in 2005 was influenced by the argument that the quality of financial reporting would be improved as a result. The purpose of this paper is to provide an historical review of quality in relation to financial reporting in Australia by investigating how the qualitative characteristics of relevance, reliability, comparability and understandability developed in Australia between 1961 and 2004. Design/methodology/approach -This paper reviews the relevant academic and professional literature during the period as well as reporting on a survey of academics and others who contributed to debates about the characteristics of accounting. Findings -In Australia the notion of "quality" can be captured by relevance, reliability, comparability and understandability although the names and descriptions of these elements have been debated over a 40-year period. The paper contends that the exact meanings of those elements in relation to financial reporting remain unresolved, in spite of their adoption by the AASB Framework (2004) as the qualitative characteristics of accounting information.
ABSTRACT Focusing on the intensity of exploration activity by mining and exploration companies, t... more ABSTRACT Focusing on the intensity of exploration activity by mining and exploration companies, this study examines the relation between exploration expenditure and analysts’ private information search activities and forecast accuracy. Specifically, we examine whether higher intensity of exploration activity motivates analysts to acquire and process relatively more private information to meet investor demand and whether this affects the accuracy of analysts’ average forecasts. We find that the proportion of private information contained in analysts’ forecasts increases with the intensity of exploration activity, indicating that analysts undertake relatively more private information search activities for mining and exploration companies with higher levels of exploration expenditure. We also find that the accuracy of analysts’ average forecasts increases with the intensity of exploration activity, consistent with the notion that the overall information environment is enriched by analysts’ private information acquisition. This result is robust to controlling for the effects of the number of forecasts and individual analyst forecast errors on the accuracy of analysts’ average forecasts.
This paper advocates inclusion of a wider set of ethical theories into the accounting canon. We f... more This paper advocates inclusion of a wider set of ethical theories into the accounting canon. We find that the mainstream accounting curriculum does not adequately engage with non-Western ethical theories nor contemporary Western ethical thought, as evidenced by the ethics content of core accounting texts and the International Federation of Accountants' (IFAC) ethics publications. We suggest adopting a " thematic " approach to teaching ethics as an integrated part of accounting curricula. This approach addresses two competing principles implicit in International Education Standard 4: (i) that all accountants need to be educated to meet global ethical standards; and (ii) that teaching ethics should accommodate ethical traditions and practices that could vary between nations and cultures. The thematic approach we propose requires less additional space within existing accounting curricula and less additional preparation by accounting educators than the alternative approach of teaching substantive ethical theories from a sufficiently diverse range of cultures and traditions. The paper also provides exemplars of this thematic approach to teaching ethics in accounting.
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