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on Accounting and Auditing |
| By: | Sandra Blome; Kai Fachinger; Dorothee Franzen; Gerhard Scheuenstuhl; Juan Yermo |
| Abstract: | This paper provides a stylised assessment of the impact of investment-relevant pension fund regulations and accounting rules on contribution and investment strategies within the context of an asset-liability model (ALM) specifically designed for this purpose. The analysis identifies a substantial impact of regulations which, in a simplified way, resemble those in place in Germany, Japan, the Netherlands, United Kingdom and the United States. The ALM model shows that regulations affect funding costs primarily through the choice of investment strategy. Strict funding regulations may force sponsors to make up funding shortfalls in bad economic times and lead them to invest more conservatively, which ultimately raises net funding costs. The paper also shows that fairvalue accounting standards (with immediate recognition of actuarial gains and losses) can contribute to higher funding levels than required by regulators. <P>Réglementation des organismes de retraite et gestion des risques : Résultats d'un exercice d'optimisation fondé sur un modèle de GAP <BR>Nous présentons dans cette étude une évaluation simplifiée de l'impact qu'ont les règles comptables et les dispositions réglementaires applicables aux organismes de retraite en matière de placements sur les stratégies de cotisation et d'investissement, dans le cadre d'un modèle de gestion actif-passif (GAP) spécialement élaboré à cet effet. Nous mettons en évidence l'existence d'un impact sensible des dispositions réglementaires qui, pour simplifier, ressemblent à celles qui sont en vigueur en Allemagne, aux États-Unis, au Japon, aux Pays-Bas et au Royaume-Uni. Le modèle de GAP montre que l'influence exercée par les dispositions réglementaires sur le coût des capitaux passe essentiellement par le choix de la stratégie d'investissement. Une réglementation stricte en matière de financement peut contraindre les promoteurs de plans de retraite à combler les déficits de financement en période de conjoncture économique défavorable, et les amener à investir avec davantage de prudence, ce qui entraîne à terme une augmentation du coût net des capitaux. Nous montrons également dans cette étude que les normes de comptabilisation à la juste valeur (impliquant la prise en compte immédiate des gains et pertes actuariels) peuvent contribuer à des niveaux de financement plus élevés que ceux requis par les autorités de réglementation. |
| Keywords: | investment, investissement, accounting, comptabilité, pension fund |
| JEL: | G23 J32 |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:oec:dafaab:8-en&r=acc |
| By: | Michael Keen; Ben Lockwood |
| Abstract: | Almost unknown in 1960, the value added tax (VAT) is now found in more than 130 countries, raises around 20 percent of the world’s tax revenue, and has been the centerpiece of tax reform in many developing countries. This paper explores the causes and consequences of the remarkable rise of the VAT. A key question is whether it has indeed proved, as its proponents claim, an especially effective form of taxation. To address this, it is first shown that a tax innovation—such as the introduction of a VAT—reduces the marginal cost of public funds if and only if it also leads an optimizing government to increase the tax ratio. This observation leads to the estimation, on a panel of 143 countries for 25 years, of a system of equations describing both the probability of VAT adoption and the revenue impact of the VAT. The results point to a rich set of determinants of VAT adoption, this being more likely, for example, if a country has a program with the IMF and the less open it is to international trade. In the revenue equation, the presence of a VAT does indeed have a significant impact, but also a complex one, with a negative intercept effect counteracted by positive effects that are greater the higher are per capita income and, more tentatively, openness. While the sign of the revenue impact of the VAT is thus in general ambiguous, most countries that have adopted a VAT seem to have gained a more effective tax instrument in doing so (though this is less apparent in sub-Saharan Africa), and most without it seem likely to gain from its adoption. |
| Keywords: | Value added tax; tax reform |
| JEL: | H20 H21 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:eui:euiwps:eco2007/09&r=acc |
| By: | Bayazitli, Ercan; Yayla, Hilmi Erdogan; Gurel, Eymen |
| Abstract: | This study uses the theory of values which bases on Schwartz (1992)’s 10 core life values to explore the life value directions of 448 Certified Public Accountants from Union of Chambers of Certified Public Accountants of Turkiye (TÜRMOB) registered 31 different chambers. A questionnaire is applied to the sample and SPSS 13 packaged software is respectively used in data entrance-analyze and factor analysis (Principle Components Analysis, Equamax Rotation) processes. We find that certified public accountants in Turkiye have 8 life value directions as Conformity, Power, Universalism, Stimulation, Tradition, Belonging, Benevolence and Hedonism. |
| Keywords: | Life values; accounting profession; certified public accountant’s life values in Turkiye |
| JEL: | M41 |
| Date: | 2006–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:3662&r=acc |
| By: | Annabelle Mourougane |
| Abstract: | After the radical reforms undertaken in the 1980s, the NZ tax system has long been regarded as one of most efficient within the OECD, and is based on a comprehensive income approach. Looking forward, the country will require a tax regime that helps the economy to continue raising living standards, supports savings and investment and copes with emerging pressures such as increasing geographic mobility of labour and capital. In this context, it will be important to have in place a clear long-term direction for the tax system to guide reforms. There are at least two broad options that are worth considering: adapting the system within a comprehensive income approach or adopting a dual income tax system. Future changes to the tax system need to be consistent with the approach ultimately adopted. In any case, a number of limitations of current tax bases will need to be tackled. This Working Paper relates to the 2007 OECD Economic Survey of New Zealand (www.oecd.org/eco/surveys/nz). <P>Vers un système fiscal plus efficace en Nouvelle-Zélande <BR>Après les réformes radicales entreprises au cours des années 80, le système fiscal néo-zélandais est considéré depuis longtemps comme l’un des plus efficients de la zone OCDE. A l’avenir, le pays aura besoin d’un régime fiscal qui aide l’économie à élever le niveau de vie, soit favorable à l’épargne et à l’investissement et puisse faire face à des pressions émergentes telles que la mobilité géographique croissante du travail et du capital. Dans un tel contexte, il sera important d’avoir en place une direction claire sur le long terme pour guider les réformes du système fiscal. Au moins deux options méritent considération : adapter le système dans le cadre d’une approche de revenu global ou bien adopter un système de taxation dual. Les changements futurs du système fiscal devront être cohérents avec l’approche finalement adoptée. Dans tous les cas, il sera nécessaire de modifier un nombre de limitations des bases de taxation actuelles. Ce Document de travail se rapporte à l'Étude économique de l'OCDE de la Nouvelle-Zélande 2007 (www.oecd.org/eco/etudes/nz). |
| Keywords: | taxation, fiscalité, New Zealand, expenditure tax, Nouvelle-Zélande, comprehensive income approach, approche de revenu global, dual income system, système de taxe dual, taxe à la consommation |
| JEL: | E62 H2 |
| Date: | 2007–06–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:557-en&r=acc |