|
Dòng
|
Nội dung
|
|
1
|
|
|
2
|
|
|
3
|
The implications of research on accounting conservatism for accounting standard setting / Araceli Moraa & Martin Walker.
// Accounting and Business Research. Volume 45, N5, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 620-650. This paper provides a commentary on the academic literature on accounting conservatism with a view to highlighting the insights of that literature that are potentially useful for accounting standard setters. We begin by introducing the basic concepts of conservatism focusing on the distinction between conditional and unconditional conservatism. We then briefly discuss the objectives of financial reporting and the economics of information, paying particular attention to the role of stewardship in the Conceptual Framework, and the economic concepts of adverse selection and moral hazard. The two middle sections of the paper provide overviews of, respectively, the theoretical and empirical literatures on accounting conservatism. Having summarised the theoretical and empirical literatures, we then try to synthesis the implications of the literature for standard setters, paying particular attention to understanding the costs and benefits of conservatism, implications for the Conceptual Framework, highlighting the particular demands of public debt markets for conservatism, and explaining how accounting standards might be adapted to allow some degree of flexibility in conservative accounting choice. The final section discusses the limitations of the academic literature from the practical point of view of standard setters, and highlights areas for new research that may be of more direct value for policy-making.
|
|
4
|
The role of accounting in the twenty-first century firm / Jerold L. Zimmermana.
// Accounting and Business Research. Volume 45, N4, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 485-509. I explore the evolving role of accounting information in allocating capital. Accounting arose to control conflicts of interest in organizations (stewardship role). The industrial revolution spawned capital-intensive firms and public capital markets with dispersed shareholders to finance these firms. The regulation of these public capital markets shifted the role of accounting toward providing investors with information for making informed investment decisions (valuation role). With the advent of the semiconductor and global competition, emerging and public firms today differ from their predecessors in fundamental ways. Exploiting the information technologies created by the semiconductor, twenty-first century firms are now more knowledge based, have more intangible assets, are more reliant on their employees’ human capital, confront increased competition, and face diverse conflicts of interests and hence different challenges accessing capital than their forerunners. Responding to the demands of twenty-first century firms, private-equity (PE) markets provide a bundled service – capital and governance. To supply this bundle, PE firms require accounting information to control the conflicts of interest both within the PE firm (between the general and limited partners) and within their investees. Controlling these conflicts shifts the role of accounting back toward its original stewardship roots. The valuation role remains important, but there is little to value unless the conflicts of interest are first mitigated.
|
|
|
|
|