摘要:

With the issuing of Statement of Accounting Concepts 4 on the definition and recognition of elements of financial statements, research into the possible ramifications of the application of recognition criteria in that statement is timely. Using 60 experienced Australian auditors as subjects, this study provides information on the numerical equivalents of uncertainty expressions such as “beyond any reasonable doubt” and “virtually certain” (as per the asset‐recognition criteria of AASB 1020), and “probable” (as per Statement of Accounting Concepts 4). In addition, it compares the decisions made by auditors under the criteria included in AASB 1020 and SAC 4. The results indicate that the regognition criteria in AASB 1020 are a higher test of stringency for the recognition of assets than those adopted in

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00124.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

There has been a lack of analysis of the justification for trustees in collective investment schemes, although a study of the topic is pertinent because of the prominent position occupied by trustees in certain schemes. One possible justification, considered in this paper, is the existence of a collective action problem. Four types of schemes are examined: debentures, public unit trusts, life‐insurance firms and superannuation funds. While each of these schemes can exhibit a considerable collective action problem, only the first three typically involve a trustee. We conclude that even where a collective action problem exists, there is not necessarily the need for a trustee. There may be more efficient solutions to the proble

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00125.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The deterioration over recent years of the Australian real property market brought the focus of public attention on to the investment entities which manage holdings of real properties. Concerns grew particularly about the stability and liquidity of unlisted property trusts. Some of the worries related to asset valuations and whether the balance‐sheet representations of trusts' real property reflected likely recoverable amounts. These concerns were realised on 23 July 1991 when the Federal Government announced a 12‐month freeze on redemptions from all existing unlisted property trusts. The significance of the financial reporting policies of unlisted property trusts is amplified when their size is considered: for the quarter ending 30 June 1991, assets under management in unlisted property trusts which were members of the Investment Funds Association of Australia (IFA) totalled $6.7 billion. This article describes a survey of unlisted property trusts' general‐purpose financial re

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00126.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

During the 1980s, auditors engaged in price competition which resulted in a marked decline in relative audit fees. Preliminary evidence suggests that, on average, larger companies experienced a saving of 40 per cent. Given the increases in overall audit costs during the 1980s, it is arguable that the savings can be explained by increases in efficiency. More research is required to determine whether the explanation lies with such cost savings or in a decline in audit quality.

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00127.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Formal mathematical techniques are being used increasingly as aids to commercial decision‐making. We propose that those deciding whether to liquidate or trade‐out should, as a matter of course, have sufficient information to enable sensitivity analysis on any forecast returns. Sensitivity analyses are notably lacking in documentation used for predicting the outcomes of schemes of arrangement such as the complex Estate Mortgage Trusts (EMT) moratorium on the withdrawal of funds by unitholders. This article details the outcomes of some schemes of arrangement in Australia in the 1960s and 1970s and discusses the EMT moratorium. The moratorium procedures provide the setting and data for simulations and sensitivity analyses. Coupled with the evidence provided by Dean (1977, 1983) and Aitken (1981), this suggests a need for information on the expected timing of payouts to enable sensitivity analysis whenever a scheme involves delayed distributi

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00128.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Accounting policy‐makers continue to confront problems that arise from ambiguities in the value of some types of transaction. For example, AAS21 was put in place partially to ensure that assets of a business acquired are accounted for at fair market value, rather than at the values recorded in the books of the acquired business. One related question that has not been clarified is the value to be attributed to shares issued as a result of convertible note‐holders exercising conversion options. Convertible notes and convertible preference shares feature regularly in the capital structures of Australian firms. This paper discusses the economic nature of the conversion option, outlines alternative ways of accounting for conversion in the context of tax and other economic implications, and reports a brief survey of current pract

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00129.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This study was prepared from public information as a basis for classroom discussion, rather than to illustrate effective handling or otherwise of an administrative situation. It was suggested by an earlier case analysis of the W.T. Grant bankruptcy in the US by James A. Largay HI and Clyde P. Stickney, which appeared in the Financial Analysts Journal (July/August 1980).In the 1988 annual report of Hooker Corporation, the chief financial officer's review of performance contained the following: “The confidence of major banks with regard to Hooker's strategy is reflected in the large increase in banking lines negotiated during the year, with a number of United States and Canadian banks joining the group as lenders

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1992.tb00130.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY