The purpose of this book of readings, according to its preface, is to help students expand their knowledge ofinternationalaccounting, in particular, the current trend of interna- tional accounting standards. Such knowledge is considered important in view ofthe pressure exerted on Korea by theInternational Monetary Fund to adopt internationalaccounting standards, especially after the financial crisis in the latter part of 1997. The book contains 14 papers of which nine are from three accounting journals (TheInternationalJournalofAccounting, two articles; Accounting Horizons, four; and Issues in Accounting Education, three, all from the Fall 1996 issue). The other five papers were among those presented at the Seventh International Conference on Accounting Educa- tion, held in October 1992.
The findings of prior accounting studies also provide evidence to support the impact of LSs on the development ofaccounting systems and accounting rules in different countries. Meek and Saudagaran (1990), who examined the legislative process for formulation ofaccounting rules, argued that different LSs have different types of impact on formulation ofaccounting rules. They argued that in code law countries, the laws stipulate minimum requirements, and accounting rules tend to be highly prescriptive and procedural. In common law countries, on the other hand, the law establishes limits and professional judgment is required within these limits. Salter and Doupnik (1992) examined the impact of LSs on the development ofaccounting systems in different countries, and they hypothesized that the differences in the LSs of different countries would explain the differences in the development ofaccounting systems. Their results at a two-cluster level analysis indicated that the LS family correctly classified the classes ofaccounting system (micro or macro) for 45 out of 50 countries, i.e., with a hit ratio of 90 percent. The results of their nine-cluster analysis also indicated that the LS was a significant predictor ofaccounting clusters. Based on the above discussion, we test the following hypothesis:
The recent criticisms expressed by the Chairman ofthe UK ASB of what he sees as the increasingly rule-bound approach ofthe US accounting regulators motivated us to ask whether the myth of Anglo-American accounting might not be about to explode, and, if it did, whether there would be any significant implications for UK accounting regulation. Those criticisms may have been partly motivated by the desire not to see the UK government introduce an SEC-type stock exchange regulator with powers over financial reporting. Depending on one's view about the desirability of a UK SEC, one may therefore feel that the ASB's distancing itself from the US regulators is a shrewd and praiseworthy move. We take no position on this issue. The thrust of our article is that such a distancing would be much more the explosion of a myth than a substantive parting of previously close associates; for the closeness was in many ways itself a myth.
and plan participants. Most ofthe regulatory interest has been directed towards disclosure issues. The effect of culture on disclosure practices has been investigated often with the intent of determining the potential for harmonization ofaccounting standards. Zarzeski (1996) found that both the secretiveness of a culture and market forces could affect disclosure behavior. In a study focusing on employee benefits, Needles et al. (1991) hypothesized that regulatory differences across countries would appear in the disclosures for pensions. However, results ofthe study indicated that the overall degree of regulation for a country was not reflected in the pension disclosure practices. The countries studied appeared to exhibit fairly similar disclo- sures. A more recent examination by Street and Gray (1999) notes that relatively few differences exist in pension disclosures pursuant to IAS 19 when compared to those prepared under U.S. GAAP. This finding leads us to question the applicability of pension disclosures as a means to examine any underlying cultural differences.
First, the authors made a selection of six Middle East Islamic countries (Egypt, Saudi Arabia, Turkey, Bahrain, the United Arab Emirates, and Qatar) with a total population of 151 million, and they decided to exclude, apart from Israel, seven Islamic countries with a total population of 110.6 million (Jordan, Lebanon, Syria, Iran, Iraq, Oman, and Kuwait). These latter Islamic countries adopt mainly a different economic order than the countries chosen. Iraq and Syria are still implementing a socialist regime, Iran is implementing an Islamic economic order, and Jordan is turning to a more liberal economy. The authors did not explain the reasons for their exclusion.
Book values and earnings are, of course, unobservable until some weeks after the end ofthe fiscal year. This raises the question ofthe timing ofthe market value measure to be associated with theaccounting variables. As discussed by Barth et al. (1996), choice of contemporaneous versus lagged market values is a trade-off. The advantage to using a lagged market price is that it may reasonably reflect theaccounting results since sufficient time has passed for these results to be public information. However, lagged market values will include effects of information and events occurring after the end ofthe fiscal year. Collins et al. (1997), examining associations between market and accounting numbers for US firms, take prices 3 months after the end ofthe fiscal period. In cross-country studies, however, this is problematic since the time lag between fiscal year-ends and report dates can vary widely. For this reason, our tests examine the relation between accounting numbers (book value and residual EPS for a fiscal year) and stock prices at the end ofthe fiscal year. Later, we analyze the sensitivity of our results using stock prices lagged 0 to 6 months following the end ofthe fiscal year.
Taewoo Park, University of Maryland, College Park Robert Parker, University of Exeter, England Eileen Peacock, Oakland University, Rochester Mark Peecher, University of Illinois, Urbana-Champaign Ronald Picur, University of Illinois ± Chicago, Chicago Karen Pincus, University of Arkansas, Fayetteville Judy Rayburn, University of Minnesota, Minneapolis
Evans, T.: See Kirsch, R., Laird, K., and Evans, T. Fevere-Marchesi, M.: Audit Quality in ASEAN 121 Galassi, G.: European Financial Reporting, A History xx Ghicas, D., Iriotis, N., Papakaki, A., and Walker, M.: Fundamental Analysis and the Evaluation of IPOs in the Construction Industry xx Graham, R. and King, R.: Accounting Practices and
The data for Usinor is taken from the company's annual report and accounts. Usinor is quoted on the Paris exchange, but unlike British Steel, it does not have a full listing in the US. Investment is possible in the US, however, through private placements. This method does not usually require the filing of a 20-F document, but Usinor provides information on French and US GAAP differences for both profit and shareholders' equity as a note to the English language version of their annual accounts. The company produces its main set of accounts in accordance with both InternationalAccounting Standards (IAS) and French GAAP. The auditor comments that there is a material transaction that is not in accordance with French GAAP (or IAS) in 1993 and 1994. Each year until 1997, the auditor also comments on the translation to US GAAP as being shown ``on a consistent basis,'' but does not state whether the revised figures also conform to US GAAP. This phrase was not
This section closely resembles that of ISA in terms of determination of sufficient appropriate evidence and procedures for obtaining evidence. Audit evidence can be obtained from compliance tests and substantive tests, such as analytical procedures. Chinese specific standard No. 11 deals with analytical procedures. However, the role of analytical procedures in the evidence collection process in China has generally not been recognized to the same extent as in the West. The efficiency and effectiveness ofthe use of analytical procedures in audits has been well recognized by the western accounting firms for decades. The primary advantage of using analytical procedures is their apparent abilities of reducing time-consuming detailed testing and of signaling a large proportion of financial misstate- ments (Hylas and Ashton, 1982; Wright and Ashton, 1989). American SAS 56 (American Institute of Certified Public Accountants, 1988) and British SAS 410 (Auditing Practices Board, 1995) have made analytical procedures mandatory in the planning and review stages ofthe audit and strongly recommend their use directly as substantive procedures. However, the decision to use analytical procedures at any stage ofthe audit in China is a matter of auditor discretion. The general lack ofthe attention on analytical procedures may be due to insufficient competitive pressure among Chinese CPA firms for cost savings.
Future flows will be affected by inflation. Professor Staubus deserves credit as a pioneer in dealing with this topic; he wrote on it while it was still largely ignored, and introduced it into his narrative whenever appropriate. While inflation's abatement has no doubt been a social blessing, it is regrettable from the teacher's viewpoint; inflation accounting was admirable training in analysis and economic thought. The book gives clear arithmetical examples of inflation's effects on earnings and assets (though it might perhaps have put more stress on the real appreciation of fixed assets, and the consequent difficulties of dealing with real depreciation and gain).
When considering and describing accounting as theory, the author uses the language of metatheory. In the light of ontology, he explains the ownership theory, the entity theory, and the fund theory, pointing out distinct links between existential indepen- dence of an entity and theaccounting concept. This is the subject matter ofthe second chapter, which also formulates accounting paradigms indicating directions of further research and the development ofaccounting theory. These paradigms are particularly worthy of notice, because an understanding of paradigms underpinning a theory or action leads to more insight and makes possible the choice of new paradigms. The author has not analyzed all possible accounting paradigms, because this would be outside the scope ofthe research theme. It is, however, a very interesting issue worthy of separate elaboration.
A number of studies have attempted to evaluate the IASC's internationalaccounting harmonization efforts (Nair and Frank, 1981; Evans and Taylor, 1982; McKinnon and Janell, 1984; Doupnik and Taylor, 1985; Doupnik, 1987; Nobes, 1987, 1990; IASC, 1988; Van der Tas, 1988). A review of these studies reveals that the majority of them have evaluated the IASC's internationalaccounting harmonization efforts at regulatory or standard-setting level in both developing and developed countries. The few studies (Evans and Taylor, 1982; Nobes, 1987, 1990; Van der Tas, 1988) which examined international harmonization ofaccounting practices at company level have only used reports of corporations in developed countries. No study appears to have measured (a) the extent to which corporations in developing countries comply with the IASC standards, or (b) the impact ofthe IASC standards on theaccounting measurement and disclosure practices of enterprises in developing countries. These omissions are lamentable for a number of reasons. Firstly, most accounting professions in developing countries do not have national standard-setting bodies, hence, the majority of them simply adopt the IASC standards as issued. Given this backdrop, any harmonization study at standard-setting level in these countries is futile. The fundamental issue is the extent to which enterprises in developing countries conform to the IASC standards. Secondly, the target oftheinternational harmonization effort is to have comparable financial reports published by enterprises in different countries and not merely having internationally harmonized accounting standards. Thirdly, the real challenge to the IASC members from developing countries and the ultimate test of their pledge of ``best endeavour,'' does not lie in the adoption ofthe IASs, but in ensuring that the IASC standards adopted are observed by enterprises in their respective countries. Finally, over 80 percent ofthe IASC members are from developing countries and the majority of them have adopted the IASs.
Field data from a preliminary study done by the researchers show that most vocational high school graduates oftheaccounting program are able to work according to their educational background. This can be seen from the school data in which 50% - 60% of graduates were accepted to work as cashiers, financial staff, bank employees, tax consulting office staff, and employee of public accounting firms. Meanwhile, the preliminary study shows that most ofthe graduates of private VHS do not work in accordance with their educational background. Data obtained from the school demonstrate that most students prefer to choose the field of administrative work and marketing rather than theaccounting field. In average, the number of students who were employed in accordance with accounting expertise was only about 20% - 30%, while the remaining graduates worked in other areas that did not correspond to educational background. This shows that the maturity level of students' career of private vocational high schools oftheaccounting program is lower when compared to that ofthe public vocational high school students.
The current review involves leading accountingjournal and management and business journals. Accountingjournal includes such as TheAccounting Review (TAR); Auditing and Accountability Journal (AAAJ); Accounting, Organizations and Society (AOS); Management Accounting Research (MAR); Journalof Management Accounting Research (JMAR); JAMAR; Malaysian Accounting Review; European Accounting Review; Review ofAccounting and Finance; Advances in Accounting; Omega; JournalofAccounting Research; JournalofInternationalAccounting Research; Critical Perspectives on Accounting; Journalof Business Finance and Accounting; Accounting and Business Research. The total number ofaccounting journals are about seventeen (17) types of journals. However, other journals are non accounting involves for instance Australian Journalof Basic and Applied Science, InternationalJournalof Academic Research; World Review of Science; Technology and Sustainable Development; World Journalof Management; InternationalJournalof Management; Problems and Perspectives in Management; Global Journalof Business Research, Information and Organization; Small, Business, Economics.
r h i s o p in io n b a s e d o ih o ir a b ilitie s to d e r iv e f in a n c ia l v a lu e s a n d d e v e lo p if o r m a tio n s y s te m s . A ls o , a c c o u n ta n t h a v e w id e r a b ilitie s s u c h a s i n d e p e n d e n c e of m in d , in te llig e n c e , e v a lu a tiv e a b ility , th e c a p a b i li t y o f b e in g lo g ic a l a n d s y s te m a tic a n d .h e y h a v e e x p e r i e n c e in c o m m u n ic a t io n B u i to o X r M H - COUf " n 8 P r 0 f e s s '° " a lo n e wil1 no1 c n o u 8 h >f th e y d o n 't r e la te d to o t h e r b o d ie s o f e x p e r tis e s u c h a s s c ie n c e , o th e r w is e th e c h a ll e n g e to b u ilt b e tte r e n v ir o n m e n t w o u ld b e c o m e lip s e rv ic e o n ly .
T h e g o v e r n m e n t o f I n d o n e s i a has fo rm e d su c h a n o v e r s ig h t c o m m i t t e e to fa c ilita te its d e c e n t r a l iz a ti o n p r o c e s s t h e so-called “R egional A u t o n o m y C o n s i d e r a t i o n A s s e m b l y (D ewan Pertim bangan Otonomi Daerah)” [P re sid e n tia l D e c r e e 2 8 / 2 0 0 5 ] w h e r e the m e m b e r s a r e r e p r e s e n t i n g from M in istry o f H o m e A f f a i r s (a s c h a i r m a n o f D P O D ) , M i n i s t r y o f F i n a n c e ( a s v i c e chairm an), M in istry o f N a t i o n a l D e f e n s e , M i n is t r y of L a w a n d H u m a n R ig h t s , M i n i s t r y o f State Secretary, Sta te M i n i s tr y o f E m p o w e r i n g S tate A p p a r a t u s , S ta te M i n i s t r y o f N ational D e v e lo p m e n t P la n n in g , R e p r e s e n t a t i v e o f L o cal G o v e r n m e n t , a n d E x p e r t s . T h e c o m m ittee a d d re sse s is su e s s u c h as lo c a l f in a n c e and fisc a l a d m i n i s t r a t i o n , lo c a l legislation, the relatio n sh ip b e t w e e n lo c a l g o v e r n m e n t units a n d N G O s a n d p e r s o n n e l adm inistration. N o w o n ly th o s e is su e s th a t c a n n o t b e se ttle d lo c a lly b y th e t r a n s it io n ac tio n s team s are b ro u g h t to th e n a tio n a l o v e r s i g h t c o m m i tt e e ( w w w . d e p d a g r i . g o . i d )
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The study used and are sent questionnaire to two hundreds respondents (accounting practioners) in Surabaya. They asked to rate on one to five point Likert type scale the importance ofaccounting competents (in knowledge, skills, and ethics), and the importance of subjects needed in developing these competencies as well. The subjects listed based on goverment regulation No. 232/U/2000 and UU No. 045/U/2002. The scale is set low importance to one and high importance to five rating.
Depend on observation at volcanic soils in Europe, that were from Italy, Portugal (Azores), Iceland, Spain (Tenerife) and France concluse that the decomposition kinetics that the proportion of C in added plant material that would be mineralized is greater for soil microbial communities at later stages of development than at earlier stages, and also the efficiency of leaf litter decomposition increases with soil development (Hopkins and Bartoli, 2004). The use of phosphate solubilizing bacteria as inoculants simultaneously increases P uptake by the plant and crop yield. Strains from the genera Pseudomonas, Bacillus and Rhizobium are among the most powerful phosphate solubilizers. The principal mechanism for mineral phosphate solubilization is the production of organic acids, and acid phosphatases play a major role in the mineralization of organic phosphorous in soil (Rodriguez and Fraga, 1999).