摘要:

This article shows how the difference between the observed frequencies of accounting policy choice and the outcome of a random policy choice, where each available method has an equal chance of being selected, may be fully explained with a statistical model. The process of harmonization is described in a way that identifies departures from equiprobable accounting policy choice as either: (a) the systematic effects of harmonization, or (b) the effects of systematic divergence from international harmony where the frequency of adoption of differing accounting methods varies across countries, or (c) the effects of company‐specific accounting policy choices.The understanding ofharmonythat underlies previous attempts to measure harmonization is such that, with respect to a particular financial statement item, a situation of maximum harmony is reached when all companies in all countries use the same accounting method. From the standpoint of modelling the harmonization process. however, a different concept of harmony may be more useful. In this article, therefore, we posit a state ofdistributional harnzonyin which, other things being equal, the expected distribution of accounting policy choices is the same in each country. In this theoretical state. the odds of selecting a given accounting method from those available for a particular financial statement item are identical for each country. A major advantage of this benchmark is that it provides a basis for distinguishing between two possibly conflicting components of the international harmonization process: between‐country harmonization and within‐country standardization.A hierarchy of nested statistical models is then used to describe accounting policy choices made by companies with an international shareholding and registered in Europe, where the European Union has been involved in a program of accounting harmonization. The accounting policies analysed in depth in this article comprise the treatment of goodwill and accounting for deferred taxation. The results are compared with the comparability index method used previously in harmonization research st

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00448.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Evidence from the archives of the U.K. Accounting Standards Committee (ASC) is used to trace the events leading to the withdrawal of the current cost accounting standard, SSAP 16, from 1980 to 1988. Three central issues are addressed. First, the ASC's role as a regulatory body is considered in the light of the failure to obtain compliance with SSAP 16 and to find an acceptable replacement. Second, the decline in support for SSAP 16 is explained in terms of changes in the economic environment. Third, the roles of different interest groups in the process are analysed.

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00449.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

A number of recent US. studies have examined the price impact of large (block) trades using intraday data. A major finding is that the price movement following block trades continues upwards following purchases but reverses following sales. This asymmetry in price behaviour, which suggests that block sellers pay a liquidity premium while block buyers do not, has been described as ‘intriguing’ and a ‘key puzzle’. The purpose of this note is to determine whether the phenomenon exists on the Australian Stock Exchange. Evidence consistent with the ‘puzzling’ asymmetry is shown to exist when returns are measured from the block trade until the close of trade. Contrary to US. findings, which have shown that prices appear to reverse followingbothblock purchases and sales in transaction time analysis, the asymmetry in price behaviour is also demonstrated to exist in transaction returns for the ASX. All results are found to be robust to a number of research design innovations and data

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00450.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

The release of the Australian Accounting Standards Board AASB 1024.Consolidated Accounts.in September 1991 represents a fundamental shift in concept, criteria and approach. The Standard is based on the entity concept and adopts ‘capacity to control’ as the sole criterion for identifying related entities for the purpose of preparing consolidated financial statements. A conceptual (substance‐over‐form) approach is used to implement the control criterion. In essence, this approach requires accountants to make professional judgments about the existence of control based on the substance of group structures and arrangements rather than their legal form. Concerns about the subjectivity and possible variability of accountants' judgments cast some doubt on the operational effectiveness of the conceptual approach. In response to these concerns, this paper reports the results of an experiment that examines the consolidation judgments accountants make in response to a number of hypothetical scenarios. The purpose of this paper, therefore, is to provide some insights into the likely quality and reliability of consolidation judgments under the conceptual approach adopted by AASB 1024. The results indicate that accountants can be expected to exhibit broad consensus in their consolidation judgments. In addition, an analysis of the variables suggests that the degree of share ownership is the most significant factor in making such judgments. Nevertheless, other factors including the composition of the board of directors, the existence of a special arrangement, and interactions with the other variables also proved to be significant. Overall, the study provides tentative support for the conceptual approach adopted in AA

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00451.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Several recent studies have used U.S. analysts' forecasts to test for underreaction or overreaction to information in earnings announcements. These tests have provided mixed results. Evidence in Mendenhall (1991) is that analysts underreact. By contrast. results in De Bondt and Thaler (1990) showoverreactionby U.S. financial analysts to earnings announcements. The current study contributes to this topic by examining over/underreaction by Japanese financial analysts. Test results show that Japanese analysts do not overreact to earnings announcements, market to book ratios and sales growth. Instead. there is strong evidence that Japanese analysts underreact to earnings announcements and that their underreaction is more pronounced for firms with mostly permanent earnings. Our results also show that Japanese analysts display larger forecast biases for earnings reported under U.S. GAAP as opposed to Japanese GAAP. Finally, we find that US. analysts discount information in earnings announcements to a larger degree (relying to a greater extent on information in past prices instead) when compared to their Japanese counterparts. Further, in contrast to their Japanese counterparts, these analysts display no optimistic bias. The results above suggest that the impact of each country's unique culture and capital norms will have to be taken into account by policy makers in evaluating the feasibility of harmonization of accounting standards.

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00452.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

The British 1866 Audit Act was the direct outcome of Gladstone's vision for public‐sector audit and the recommendations of the influential Select Committee on Public Monies in 1857. The Committee's recommendations to establish appropriation audits for all government departments received general approval on both sides of parliament. Its proposal to combine the Comptrollership of the Exchequer with the Board of Audit was not as well received. It was not until nearly a decade later that reform to give effect to the audit recommendations was finally brought about. A crucial factor in this delay was the resistance of Lord Monteagle to the abolition of the Comptrollership of the Excheque

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00453.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

ISSN:0001-3072    

DOI:10.1111/j.1467-6281.1996.tb00454.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY