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ARE THE EUROPEAN PUBLIC SECTOR ACCOUNTING STANDARDS (EPSAS) BASED ON IPSAS A REAL NECESSITY FOR THE EUROPEAN UNION?

Author(s): Andrei-Răzvan Crișan,Cristina Silvia Nistor / Language(s): English Issue: 1/2016

Internationally, in the last decades, the public sector accounting harmonization process has been considered more and more concerning. The elaboration and development of EPSAS (European Public Sector Accounting Standards) is considered the keystone of accomplishing the public sector accounting harmonization within the European Union. The paper is a qualitative research and represents a summary of some stakeholders vision regarding the potential EPSASs implementation, considering the measures and decisions that should be taken within EPSASs elaboration process, and also the obstacles that hinder this process. The findings reveal the fact that, at least for the moment, the EPSASs are not a real necessity for the European Union as an economic community.

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SUNK COSTS OF CONSUMER SEARCH: ECONOMIC RATIONALITY OF SATISFICING DECISION

Author(s): MALAKHOV Sergey / Language(s): English Issue: 09/2014

The paper argues that sunk costs’ sensitivity can lead to the optimal consumption-leisure choiceunderprice dispersion. The increase in quantity to be purchased with the extension of the time horizon of theconsumption-leisure choice equalizes marginal costs of search with its marginal benefits. The implicit optimalchoice results in the explicit satisficing decision. The transformation of cognitive mechanism of discouragementinto satisficing happens only in the “common model” of consumer behavior. The paper argues that the cognitivemechanism of aspiration takes place when consumers try to get marginal savings on purchase greater than thewage rate and, therefore, they follow the “leisure model” of behavior where both the marginal utility of laborincome and the marginal utility of consumption become negative

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Spatial Analysis of Income Growth in the Philippines: Evidence from Intra-Country Data

Author(s): Albis Manuel Leonard F.,MAPA Dennis S.,Comandante Dorcas Mae P.,Cura Josephine D.,Ladao Maureen P. / Language(s): English Issue: 11/2015

This paper looks at the spatial relationship of the average per capita income growth using provincial data from 1988 to 2009. The results from the study provide insights on the geographical dimensions of provincial income growth and showed evidence on the role of spatial effects in the formal econometric analysis of intra-country income growth models. Despite data limitations, the study provides a strong empirical evidence of the presence of positive spatial dependence or degree of similarity in the average per capita income growth of the provinces, albeit the degree of positive spatial dependence weakens in the latter periods. This positive spatial correlation suggests the provinces may be converging in terms of their income growth and they do so in movements similar to their neighbors. Moreover, the study shows that spatial dependence weakened in the latter periods (1994-2000 and 2000-2009). The weakening of spatial dependence may provide insights on the uneven provincial/regional income growth experienced in the country. One possible explanation of the weak spatial dependence is that two or more groups of neighboring provinces are growing at similar rates within the group, but at different rates across groups. This opens the possibility of having different convergence clubs (of provinces) within the country.

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Is Foreign Portfolio Investment Beneficial to India’s Balance of Payments?An Exploratory Analysis

Author(s): GEORGE Justine / Language(s): English Issue: 13/2016

As oppose to the expectation, financing of Balance of Payments (BoP) with foreign investment exerted huge cost on India’s BoP. Dividend and capital gain are found to be the two cost of FPI on BoP, in which latter would considered as cost on BoP only if it is repatriated. Foreign portfolio investment (FPI) earns huge capital gain as compared to dividend and has significant evidence for repatriation.

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Drivers of Low Inflation in Malta after the Crisis

Author(s): Micallef Brian / Language(s): English Issue: 13/2016

Despite robust growth, inflation in Malta has been subdued after the crisis and lower than what a Phillips curve would imply.This study examines the determinants of low inflation by comparing inflation forecasts conditioning on three groups ofvariables – real activity, external and financial – to see which one of these categories best explains post-crisis inflation. The analysis is conducted within a Bayesian VAR (BVAR) framework over two different disinflation periods, the first one starting in mid-2008 and the other one in 2012. For Malta, forecasts conditional on the path of the external variables are the closestto the actual path of inflation in both periods. On the contrary, in the euro area, the first episode was driven by externalfactors but domestic factors played a more important role in the second one. This point to the significant cross-country heterogeneity among euro area countries even in the face of apparently similar patterns in headline inflation.

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Računovodstvo - razvoj i perspektiva

Author(s): Bernardo Aureo / Language(s): Serbian Issue: 8/2016

Economic changes, in the business sense, require continuous recording through the accounting system. The development of economic changes has caused the development of the accounting system. Models of the accounting system techniques, since its inception until today, can serve as a basis for understanding of perspectives in its existence. Accounting as a system is very old, but is firmerand more comprehensively tied to the changes that followed. Therefore, in this paper, we will show current accounting system and its developmentperspective.

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CHARACTERISTICS OF THE START-UP CULTURE FROM THE PERSPECTIVE OF ORGANIZATIONAL CULTURE MODEL

Author(s): Cezary Kwiatkowski / Language(s): English Issue: 3/2016

The purpose of this paper is to present a selection of start-up culture qualities whereby start-up businesses gain a competitive advantage over more traditionally oriented companies. The article is based on literature studies revealing a clear distinction that exists between the culture of start-ups and the culture of huge corporations managed within a more traditional framework. Using a theoretical concept of organizational culture, the author attempts to single out the critical characteristics of this phenomenon and to describe its structure as the basis for further analysis aimed at depicting the cultural contrasts between traditionally oriented corporations and start-ups.

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Goodwill impairment test disclosures under uncertainty

Author(s): Karol Marek Klimczak,Anna Pikos,Dynel Marta / Language(s): English Issue: 4/2016

The goal of this paper is to examine how disclosures of goodwill impairment tests under IAS 36 are prepared in conditions of high uncertainty. The data come from Polish companies listed at the Warsaw Stock Exchange, where economic and legal developments have been dynamic as compared to the main global equity markets, thus increasing uncertainty. We use interviews and content analysis, and we draw on genre theory to understand how narrative disclosures are written. We find that the disclosures follow clear rules of a genre, which require the financial statement disclosures to be a domain of facts. In cases where significant doubts concerning the reliability of impairment test outcomes exist, preparers place clues that professional readers can notice and follow to determine the reliability of test results themselves. These findings suggest that specific disclosure requirements are needed in countries where the national culture does not favor open discussions of the limitations to the reliability of accounting numbers.

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Group accounting: the effect of IFRS adoption. The case of Greece

Author(s): Ioannis Samaras,Stergios Athianos / Language(s): English Issue: 4/2016

The present study examines the value relevance of disclosed related party transactions (RPTs) in the Greek listed companies on the Athens Stock Exchange. We are based on two types of transactions: exchange of goods-products and the exchange of assets (group accounting), using a value relevance approach. We apply the model of Ohlson (1995) for the period 2003 - 2013 and we observe that the reported earnings of firms selling goods or assets to related parties exhibit a lower valuation coefficient than those of firms without such transactions. The Greek accounting standards provide limited recognition of assets, together with the frequent use of forecasts, resulting in a more conservative recognition of results compared to the IAS / IFRS, which are using fair value for the recognition of financial instruments and internally generated intangible assets.

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A scientist in the board effect on recognition of R&D outcomes in private firms' reports

Author(s): Anna Białek-Jaworska / Language(s): English Issue: 4/2016

The paper aims to identify factors influencing the management decision of private companies regarding the capitalization of expenditures on R&D outcomes in the assets with impact of a scientist in the supervisory versus management board taken into account. Due to the strong impact of tax law on the accounts of private companies, the Polish context provides an interesting field for studies of R&D outcomes recognition since both expensing and capitalization of R&D costs are permitted within tax regulation, whereas Polish GAAP regulation considers R&D capitalization as similar to IAS 38 for successful developmental works. The research analyses data of 15,041 non-financial companies for years 2003-2013 used the logit panel and tobit panel methods. Results confirm that scientists on a supervisory board are more aware of the need to disclose information about the success of commercialization and persuade companies to capitalize expenditures on R&D outcomes. More indebted companies and entities that realize projects co-financed from grants for fixed tangible or intangible assets, are more likely to capitalize higher expenditures on R&D outcomes in their assets. Conversely, private firms with patents, greater growth opportunities or a scientist on the management board are less likely to capitalize spending on R&D outcomes.

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Effects of Turkish Accounting Standards application on independent audit procedures

Author(s): Fatih Coşkun Ertaş,Atila Karkacıer / Language(s): English Issue: 4/2016

The main purpose of this study is to determine the effects of Turkish Accounting Standards, which are compatible with International Financial Reporting Standards composed by the International Accounting Standards Board and providing to eliminate the differences among the accounting practices of the countries and to compare companies’ accounting information, on independent audit procedures. Independent audits are essential to verify the accuracy and reliability of the financial statements belonging to companies. In this study, first of all, a number of examinations on the Turkish Accounting Standards applications have been carried out. Then, the information about the independent audits have been submitted. Finally, whether Turkish Accounting Standards Applications have positive or negative effects on independent audit firms and on independent auditors was searched through the questionnaire technique conducted among the independent auditing firms affiliated to the Free Market Board. Ultimately, it was concluded that the auditors consider International Accounting Standards as modern, reliable and sufficient to answer the purpose. In addition to this, Turkish Accounting Standards must be absolutely performed by companies, but it makes audit procedures difficult for audit firms and for independent auditors.

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Profiles. The way MA students perceive professional accountants and managers

Author(s): Victoria Bogdan,Saveanu Tomina,Olimpia Ban,Dorina Nicoleta Popa / Language(s): English Issue: 4/2016

Nowadays, the accountant’s and business manager’s image in society is an increasingly debated subject in the literature. The existing stereotypes in accounting developed in relation with the national context affect the students’ attitude towards accounting (Albu et al., 2012). This study aimed to design the profiles of professional accountants and managers in the perception of 106 MA students. We used the questionnaire and the projective research techniques. The exploratory factor analysis, revealed three distinct profiles of accountants: liberal and independent, statutory and advisor professional accountant, and two profiles of managers: confident and conservative. Only the profile of statutory professional accountant is explained by experience and education and there is a positive correlation between the scale of professional judgment and this profile. We found that the higher the score for statutory professional accountant the stronger the opinion that the correctness of professional judgment is reflected in a relevant information. The association done by the MA students with a book fits the greatest extent to the liberal and independent accountant and for the MA students who supported the confident manager profile, the association is largely congenial with a color.

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The interaction effect of accounting information systems user satisfaction and Activity-Based Costing use on hotel financial performance: Evidence from Greece

Author(s): Ioannis Diavastis,Evgenia Anagnostopoulou,George Drogalas,Theofanis Karagiorgos / Language(s): English Issue: 4/2016

The interaction of Information Technology (IT) and contemporary management accounting systems is an emerging research area. This paper aims at exploring the interaction effect of Accounting Information Systems (AIS) user satisfaction and Activity-Based Costing (ABC) use on hotel financial performance. We empirically test the above relationship in Greek hotel industry, because its highly competitive and information-intensive nature is characterized by the necessity for useful and accurate cost accounting information. Using hierarchical regression analysis, results suggest that when ABC use interacts with AIS user satisfaction, hotel financial performance is improved. On the contrary, AIS user satisfaction and ABC use have no significant association with financial performance when they act independently. This study fills a gap in the literature by developing a new framework that combines IS user satisfaction theory (IS Success Model) and contemporary management accounting techniques. Moreover, it underlines the role of AIS user satisfaction as an enabler of ABC. Finally, our findings extend the hospitality accounting literature, since empirical research on ABC is limited in the hotel industry.

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Disclosure of related party transactions and information regarding transfer pricing by the companies listed on Bucharest Stock Exchange

Author(s): Liliana FELEAGA,Ioana Neacşu (Ignat) / Language(s): English Issue: 4/2016

Related party transactions and transfer prices have begun to be considered a powerful instrument of financial frauds as a result of the recent financial scandals. Transactions with related parties situated in tax havens are one of the principal elements which contribute to the faltering confidence of the investors. We focused on the related party transactions and transfer prices in the context of Romanian listed companies given the features of the local institutional context. For example, 36% of the companies listed on Bucharest Stock Exchange have affiliates in tax havens. The objective of this study is to analyse how the Romanian companies listed on Bucharest Stock Exchange disclosed during 2012-2014 the related party transactions and information regarding transfer pricing and what institutional factors are associated with disclosure. We found that companies audited by a Big Four, large companies and companies which perform transactions with non-resident related parties disclose more information compared with companies audited by a non-Big Four entity, small or medium companies and companies which perform transactions with resident related parties. We also found that factors like sector of activity and nature of capital (foreign or local) do not significantly influence the disclosure of related party transactions and transfer pricing aspects. Results might be of interest for other emerging economies, offering insights with regards to the importance of such disclosures for investors. On the other hand, the results might be useful for developed countries (e.g. western investors) which find Romania an attractive country in terms of investments.

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A reversed engineered pitch based on Rietveld (2016), “Creating value through the freemium business model: a consumer perspective”

Author(s): Bogdan Alexandru Ratiu / Language(s): English Issue: 4/2016

This pitching research letter presents a new angle to Faff’s (2015,2016) pitch template. To better appreciate the research thrust underlying ascholarly paper, a reverse-engineered pitch can be created. This helps enhanceone’s understanding of the finer aspects of an article and it is also an exercise topractice the pitching skills. A step by step guide for reverse-engineering ispresented, followed by some tips and things to remember. The conclusion is thatthe pitch template has a real educational value, by offering a very structured andconcise medium to extract core ideas from any paper.

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Corporate governance and leverage in Australia: A pitch

Author(s): Nadarajah Sivathaasan / Language(s): English Issue: 4/2016

This pitch letter refers to the template developed by Faff (2015a) for pitching research, mainly designed for novice researchers. This template facilitates putting research ideas together in a structured manner, instead of using a multipagedocument. In this pitch, I use the template in a non-linear manner to proposemy research topic on “corporate governance and leverage in the context ofAustralia”.

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Investigating chef-leader behaviour impacts on subordinate work team identification: A pitch

Author(s): Matthew L. Brenner / Language(s): English Issue: 4/2016

This pitch letter outlines my personal experience applying Faff’s (2015a) two-page pitching template to my PhD research plan. It discusses how the process of completing the pitching template has enabled me to better organise and articulate my research plan. This letter provides support for the use of the pitching template to evaluate and assess research which is beyond the initial stages of development. This letter describes how the pitching process systematically enables a researcher to not only conceptualize a research plan, but also enables a researcher to critically evaluate and assess an already established research plan for greater clarity.

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Analysis of the impact of first-time mandatory IFRS adoption on financial statements: The case study of the listed hotels in Turkey

Author(s): İlhan Dalcı,Hasan Özyapıcı / Language(s): English Issue: 1/2017

This study aims to explore the impact of first-time IFRS adoption on the selected financial ratios of the hotels listed in ISE in Turkey. The selected liquidity, solvency, and profitability ratios were used. Both non-parametric Wilcoxon signed-rank test and paired-samples t-test have been applied to test the impact of IFRS adoption. The results show that the transition to IFRS does not influence the financial ratios of listed hotels in Turkey. Accordingly, it sheds light into whether or not transition to IFRS influences the financial performance of the hotel industry in an emerging country. In addition, this study provides better understanding of financial reporting theory and IFRS practices in hospitality sector. This study also provides useful information to the decision-makers such as hotel managers, accountants, investors from other emerging economies, and practitioners who are currently evaluating the merits of applying IFRS. To the best of our knowledge, there is no study investigating the quantitative impact IFRS transition in the hospitality industry in general and hotels in particular. Thus, the present study is expected to fill this gap.

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The Legitimacy of the International Integrated Reporting Council

Author(s): Mădălina Dumitru,Raluca Gina Guşe / Language(s): English Issue: 1/2017

Our research is focused on the organizational legitimacy gained by the International Integrated Reporting Council (IIRC). We analyze all the answers received by IIRC in response to its Consultation Draft (CD) and match the responses with the legitimacy types, explaining the reasons of the users for participating in the standard-setting process. Also, for certain types of legitimacy, we analyze the information provided by the IIRC on its website. A qualitative approach is presented in this paper. We conclude that different groups of stakeholders grant different types of legitimacy. Our research contributes to the body of knowledge on integrated reporting in several ways. First, few studies discuss the legitimacy of a standard-setter, especially in the area of non-financial reporting. Second, our study considers the legitimacy granted by all the categories of stakeholders. Also, we identify the threats to the IIRC’s legitimacy and provide guidance concerning sources of legitimacy that may be explored in the future.

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“Reverse Engineering” the Pitching Research Template: A Simple Tool to Help Understand the Academic Literature

Author(s): Imam Salehudin / Language(s): English Issue: 1/2017

Academic literature can be wordy and hard to understand. This letter discusses the application of the "pitching research" template by Faff (2015, 2016) as a useful tool to help PhD students in understanding the literature – and particularly the “key” papers – that they read for their research. The authors also offer personal reflections on the experience of using the pitch template for this purpose and encourage other PhD students to use it to aid their research.

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