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on Accounting and Auditing |
| By: | Ives, Matthew; Beinhocker, Eric; Gasparini, Matteo; Fry, Sophie; Carr, Ben |
| Abstract: | The discussions around the role of the financial system in fostering the green transition have been steadily growing. Companies are increasingly required to quantify and disclose climate risks. However, the influential role of existing accounting and financial reporting requirements, and broader financial regulation, are not commonly considered to be a significant driver in the transition. Analyzing data and classifications from the European Banking Authority, we test whether existing frameworks might inadvertently be disincentivizing divestments from brown assets. We find that a significant bias exists – differences in the provision coverage ratio (PCR) reveal banks have to account for nearly double loan loss provisions for lending to non-brown sectors as to brown. We argue that this bias could be present in other model-based regulations, such as capital requirements and possibly impact the ability of banks to fund green investments. Finally, we discuss the possible underlying drivers of this effect and some avenues for further research. |
| Date: | 2023–06 |
| URL: | https://d.repec.org/n?u=RePEc:amz:wpaper:2023-11 |
| By: | Beth Hammack |
| Abstract: | A third policy tool, one which usually does not garner the same attention as the first two, is the Federal Reserve’s balance sheet. While the balance sheet is often operating in the background, it has become a more active tool of policy since 2007. As we normalize the balance sheet in 2025, the FOMC faces a number of decisions, ranging from technical adjustments—such as slowing the pace of runoff at our last meeting—to more fundamental issues. In my remarks today, I will provide my perspective on several important issues regarding the balance sheet and raise some questions that I feel need more discussion. |
| Date: | 2025–04–23 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedcsp:99903 |
| By: | Sebastiaan Pompe; Miss Alice F French; Martin Aldcroft; Camilla Fredriksen |
| Abstract: | This paper explores one dimension of the IMF’s COVID response – support for conducting and publishing independent audits of COVID-related spending. The economic impact of COVID was felt across the globe and created stresses on the balance of payments of member countries. Many members turned to the IMF for emergency financing . The IMF Managing Director urged member countries to “do what it takes but keep the receipts.” In line with this guidance, the majority of IMF emergency financing included commitments by members to put in place transparency and accountability measures. In 56 member countries, Fund financing included commitments for SAIs to audit spending related to the response to COVID. SAI audit reports were ultimately published in 50 member countries. This paper examines how these commitments were implemented, and the broader lessons which can be derived. |
| Keywords: | Supreme Audit Institutions; Accountability; Covid-19; pandemic; governance; emergency financing |
| Date: | 2025–04–11 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/075 |
| By: | Gregory Heem (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur); Luc Marco |
| Abstract: | The first practical guide to the regulations governing the leasing of accounting services was published in 1899 by business lawyer Louis Rachou under the enticing title Code des comptables. This edition was a great success, with the Ministry of Commerce purchasing several hundred copies. A second edition appeared in 1908, again written by the legal advisor to the Société Académique de Comptabilité. By the mid-1930s, however, the text had become outdated and out of date. That's why our author enlisted the services of another business lawyer specializing in private accountancy: René Georges-Etienne. This edition, re-examined, corrected and enlarged, underwent a final revision in 1939, again under the direction of Louis Rachou's favorite collaborator. Thus, for 40 years, this was the reference work of the French accounting profession. It is the third edition of 1934 that we offer in this annotated reprint, as this volume has disappeared from the main public libraries in our country. By taking stock of the legal regulations governing accounting firms, the self-employed and even itinerant accountants, this work is the precursor of today's professional ethics manuals. As such, it deserves to be reread and meditated upon to understand how accountants took the reins of their profession at the time of the great economic crisis of the 1930s. |
| Abstract: | Le premier guide pratique sur la réglementation du louage de services comptables a été publié en 1899 par l'avocat d'affaires Louis Rachou sous le titre alléchant de Code des comptables. Cette édition a connu un vif succès puisque le ministère du Commerce en a acheté plusieurs centaines d'exemplaires. Une deuxième édition parut en 1908, toujours sous la plume du conseiller juridique de la Société Académique de Comptabilité. Mais au milieu des années trente, le texte avait vieilli et n'était plus à jour. C'est pourquoi notre auteur s'est adjoint les services d'un autre avocat d'affaires spécialisé en comptabilité privée : René Georges-Etienne. Cette édition, re-vue, corrigée et augmentée, fera enfin l'objet d'une dernière révision en 1939, toujours sous la direction du collaborateur préféré de Louis Rachou. Ainsi, pendant 40 ans, ce fut l'ouvrage de référence de la profession comptable française. C'est la troisième édition de 1934 que nous proposons dans cette réédition commentée, car ce volume a disparu des principales biblio-thèques publiques de notre pays. En faisant le point sur la réglementation juridique qui encadrait les cabinets de comptabilité, les indépendants et même les comptables ambulants, cet ouvrage est le précurseur des manuels actuels de déontologie de la profession. A ce titre, il mérite d'être relu et médité pour comprendre comment les comptables ont pris les rênes de leur profession au moment de la grande crise économique des années trente. |
| Keywords: | Comptable, Comptable en entreprise, Comptable agréés, Expert comptable, Louage de service, Louage de services, Louis Rachou, René Georges-Etienne, Histoire de la comptabilité, Histoire de la profession comptable, Prud'homie, Prud'homme, Prud'hommes, déontologie, déontologie du comptable, Profession comptable, Profession comptable française, Profession comptable libérale |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05011444 |
| By: | Richard Winter; Jan Zental |
| Abstract: | Wealth transfer taxes can be important instruments to counter increasing wealth inequality. Yet, inter-generational business transfers, whose distribution is particularly concentrated at the top, are inherently difficult to tax. Many countries treat this asset class preferentially to avoid overburdening family firms, and sophisticated tax avoidance strategies by business owners exploit this preferential treatment to erode the tax base. We analyse how business transfers react to anticipated changes in such preferential tax treatment using administrative data at the individual-transfer level from the universe of German gift tax assessments. We find strong and rapid timing responses of business transfers to expected tax changes. We show that the response is stronger for higher-valued transfers and find heterogeneity in transfer characteristics consistent with a tax avoidance motive. We further estimate that the amount of foregone gift tax revenue due to timing responses is up to 2.8 times the size of actual annual inheritance and gift tax revenue. |
| Keywords: | wealth transfer tax avoidance, business owners, tax uncertainty |
| JEL: | H00 H23 H25 H26 K34 D80 D81 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11687 |