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on Accounting and Auditing |
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Issue of 2018‒04‒23
five papers chosen by |
| By: | Gaëlle Lenormand (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique); Lionel Touchais (CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre) |
| Abstract: | Due to the identification and assessment difficulties, the accounting system does not always adequately take into account the intangibles. With the IFRS, there are new accounting rules for these items. The article aims to analyze whether these changes convey more useful information for intangible assets with an improvement of analysts' earnings forecasts. To test this question, we use a sample of 209 firms listed on Euronext over 9 years with the national GAAP from 2000 to 2004 and the IFRS from 2005 to 2009. We find significant lower earnings forecast error and dispersion with the use of IFRS. However, the improvement of analysts' earnings forecasts cannot be explained by the new IFRS recognition rules for intangibles. Rather, for goodwill, we note a decrease of the accuracy and dispersion of earnings forecasts. This decline may be explained by the managerial discretion in the implementation of the impairment test. |
| Abstract: | Les incorporels sont souvent mal pris en compte par la comptabilité en raison de difficultés d'identification et d'évaluation. Depuis l'application des IFRS, de nouvelles règles comptables s'appliquent aux actifs incorporels. L'objectif de cet article est d'analyser si ces changements se traduisent par une amélioration du contenu informationnel des immatériels reconnus au bilan au travers de meilleures prévisions de bénéfices réalisées des analystes financiers. A cette fin, un échantillon de 209 entreprises cotées sur Euronext est construit sur une période de 9 années avec l'application du référentiel national de 2000 à 2004 et des IFRS de 2005 à 2008. Nous constatons alors des erreurs et dispersions des prévisions significativement plus faibles sur la période d'utilisation des IFRS. Cependant, les nouvelles règles de comptabilisation des incorporels ne semblent pas contribuer à l'amélioration des prévisions des analystes. Pour le goodwill, nous constatons même une dégradation liée probablement au test de dépréciation potentiellement discrétionnaire. |
| Keywords: | intangible,IAS/IFRS,forecasts,financial analysts |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01737288&r=acc |
| By: | Tomas Ramanauskas (Bank of Lithuania); Skirmante Matkenaite (Bank of Lithuania); Virgilijus Rutkauskas (Bank of Lithuania) |
| Abstract: | By resorting to the analytical integrated accounts framework, this paper investigates the relationship between economic and financial imbalances during the recent economic and financial cycle in Lithuania. There is clear evidence from the financial accounts data that there was a pronounced expansion of balance sheets of institutional sectors during the phase of the economic upturn, whereas the economic downturn was essentially a balance-sheet recession characterised by contracting private sector balance sheets and the reversal in credit flows and monetary dynamics. The boom-and-bust cycle was strongly associated with exuberant bank lending during the boom years, followed by a sudden reversal of lending conditions and the subsequent repatriation of debt financing by foreign banks. The Lithuanian experience also confirms that strong credit and asset price boom accompanied by economic imbalances, and debt financing of current account deficits in particular, is a potentially risky mix of economic conditions. The policy response to crisis was a market-imposed austerity but nevertheless there was a sharp rise in public debt, essentially offsetting deleveraging in the private sector. The effective replacement of growth of private sector debt with a rapid accumulation of public debt was a very important stabilising factor. Certain characteristics of bank credit (namely, its partial self-financing) imply that under some conditions economic stabilisation could have been achieved through domestic financing. However, the government had to resort to foreign financing, which was rather costly. During the crisis the monetary dynamics was driven by government borrowing from abroad, stepped up capital transfers from abroad and positive current account adjustments, all of which allowed foreign parent banks to withdraw debt financing and replace it with domestic deposit financing. |
| Date: | 2018–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:lie:opaper:20&r=acc |
| By: | Abroskin, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Abroskina, Natalya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Article considers methodological aspects of accounting and reflection in the system of macroeconomic indicators of transactions related to the turnover of intellectual property products in the national economy.The main provisions of international standards and recommendations of international organizations in the field of methodology for accounting for intellectual property products (UN, OECD, Eurostat, etc.) are systematized. Modern methods for constructing cost estimates for intellectual property products are presented, recommendations on the use of promising foreign developments in the field of accounting for components of intellectual property products are developed. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031809&r=acc |
| By: | Remco Mocking (CPB Netherlands Bureau for Economic Policy Analysis); Joep Steegmans (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | This paper presents empirical evidence of both the determinants and the adjustment speed of capital structure of small and medium-sized enterprises (SMEs) in the Netherlands. Using an administrative panel data set of the period 2000-2014, containing 153,923 fi rms, we estimate a partial adjustment model through system GMM. The results show that firm size and pro tability reduce debt to assets ratios, while tangible assets, depreciation, and marginal taxes increase them. Growth of assets is either statistically or economically insigni cant. The estimated adjustment speed parameter is 0.748, indicating that the adjustment process is particularly slow in the Netherlands. |
| JEL: | G24 G28 F23 H25 H26 H87 |
| Date: | 2017–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:357&r=acc |
| By: | Leonardo Becchetti (CEIS & DEF, University of Rome Tor Vergata); Luca Corazzini (Università di Venezia “Ca Foscari”); Vittorio Pelligra (Università di Cagliari, CRENoS) |
| Abstract: | We use an original variant of the standard trust game, in order to study the effect of corruption on trust and trustworthiness. In this game, both the trustor and the trustee know that part of the surplus they can generate may be captured by a third “corrupted” player under different expected costs of audit and prosecution. We find slightly higher trustor’s giving in presence of corruption, matched by a significant effect of excess reciprocity from the trustee. Both the trustor and the trustee expect on average corruption acting as a tax, inelastic to changes in the risk of corruptor audit. Expectations are correct for the inelasticity assumption, and for the actual value of the “corruption tax”. Our experimental findings lead to the rejection of four standard hypotheses based on purely self-regarding preferences. We discuss how the apparently paradoxical excess reciprocity effect is consistent with the cultural role of heroes in history where examples of commendable giving were used to stimulate emulation of the ordinary people. Our results suggest that the excess reciprocity component of the trustee makes trustor’s excess giving a rational and effective strategy |
| Keywords: | corruption, extended trust game, lab experiment |
| JEL: | C72 C91 |
| Date: | 2018–04–11 |
| URL: | http://d.repec.org/n?u=RePEc:rtv:ceisrp:429&r=acc |