摘要:

A fundamental requirement of Australian corporate reporting is that financial statements be “true and fair”. This paper describes the history of the true and fair requirement in Australia, considers various meanings which have been attributed to the concept and examines the merits of eliminating the qualitative standard of the true and fair view. Special attention is given to auditors' definitions of the term, and how they design their audit testing of truth and fairness, as distinct from compliance with applicable accounting standards and other statutory disclosure requireme

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00146.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This study investigates the ability of publicly available failure‐prediction models to predict the failure of companies listed on the Australian Stock Exchange. The failure‐prediction models identified in the 1990 version ofAUP 17 were evaluated and re‐estimated using recent Australian data. In addition, a model was developed incorporating publicly available information not previously included in Australian failure‐prediction models. Variables measuring the size of the board of directors, changes to the board, the lag in reporting accounts, and average effective tax rates were added to the variable set. Most of the earlier models, the re‐estimated models and the expanded model significantly outperformed chance, which suggests that auditors should consider using such models as part of their going‐concern assessment

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00147.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The decision to liquidate or trade out a company in financial distress requires considerable judgment by a provisional liquidator or administrator. While some general procedures and guidelines are available, there is no explicit framework to assist a provisional liquidator or administrator in making a recommendation to liquidate or trade out. This paper reports on the development of an expert system as a method of studying the judgments made by provisional liquidators or administrators in cases of corporate financial distress. The results reveal the major factors that are assessed in making a liquidate or trade‐out decision, and support recent calls for expanding the type of information provided by traditional accounting system

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00148.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Contrary to the findings of earlier research, this paper reports a low and declining level of voluntary compliance with important reporting provisions of AAS 25. Implications for AAS 25 of new “competing” government‐backed financial reporting regulations are also investigated. Examination of both “formal” annual accounts and “informal” member reports of various types of superannuation funds issued during 1991‐93 shows that many funds did not distribute AAS 25 reports to their members and, in fact, received very few requests for t

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00149.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The decision in AWA Ltd v Daniels has important implications for auditors, directors and other professionals providing accounting services to clients. Previously, where the external auditor had been negligent, Australian courts awarded full damages against the auditor in favour of the plaintiff In AWA, a defence of contributory negligence succeeded and damages were apportioned between the company and the external auditor. Also, the auditor succeeded in a claim for contribution against the chief executive officer. This paper analyses the implications of the AWA decision for internal and external auditors and management. It examines issues related to contributory negligence and contribution. These issues are important in the light of recent discussion about reform of the law concerning “proportional” liabil

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00150.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The Australian Accounting Research Foundation's Statement of Accounting Concept 1 “Definition of the Reporting Entity” refers to dependent users and outlines three factors to be considered in determining whether dependent users exist. This study applies these factors to the tertiary education sector and concludes that public‐sector universities can legitimately be deemed reporting entities and should produce financial reports that fully comply with Australian accounting standards and concepts. In the light of this conclusion, the universities' annual reports are examined to determine whether there has generally been compliance. The study finds that 90% of the sampled university reports deviate from Australian accounting stan

ISSN:1035-6908    

DOI:10.1111/j.1835-2561.1994.tb00151.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY