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Article
Publication date: 6 February 2017

Wei Xu, Robyn Alexandra Davidson and Chee Seng Cheong

The purpose of this paper is to examine how capitalising operating leases under IFRS 16/AASB 16 affects the financial statements and value relevance of financial information. In…

4237

Abstract

Purpose

The purpose of this paper is to examine how capitalising operating leases under IFRS 16/AASB 16 affects the financial statements and value relevance of financial information. In doing so, limitations of exiting methods are highlighted and improved upon.

Design/methodology/approach

Imhoff et al.’s (1991) constructive method for capitalising operating leases is improved upon and used to restate the financial statements of 165 S&P/ASX200 companies. The financial position, key ratios and value relevance are tested for significant differences.

Findings

The results provide evidence that capitalising operating leases affects financial statements and value relevance.

Originality/value

Imhoff et al.’s (1991) constructive method has been refined, providing an improved method for capitalising operating leases than the one that has been used in the past. From a practical perspective, this research provides evidence supporting the “right-of-use” method proposed by the IASB which will see previous off-balance-sheet leases recognised.

Details

Pacific Accounting Review, vol. 29 no. 1
Type: Research Article
ISSN: 0114-0582

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Available. Content available
Article
Publication date: 20 April 2012

Chee Seng Cheong

247

Abstract

Details

Pacific Accounting Review, vol. 24 no. 1
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 24 April 2009

Chee Seng Cheong, Patrick J. Wilson and Ralf Zurbruegg

Given the mixed findings in the literature, this paper aims to re‐examine the relationship that the securitised property market has with both the fixed income and general stock…

1103

Abstract

Purpose

Given the mixed findings in the literature, this paper aims to re‐examine the relationship that the securitised property market has with both the fixed income and general stock markets in the UK and Australia from July 1998 to June 2006.

Design/methodology/approach

The base methodology is the cointegration procedure developed by Inoue in conjunction with the procedure developed by Johansen, Gonzalo and Granger that allows the extraction of permanent and transitory driving factors underlying cointegrated systems. In Australia both listed property trusts (LPTs) and real estate management and development companies (REMDs) are studied, while in the UK the analysis is restricted to REMDs due to the fact that real estate investment trusts were only introduced in 2007, hence providing insufficiently long series.

Findings

The Inoue test reveals that ignoring structural breaks in any cointegrating system may lead to erroneous inferences. In both Australia and the UK securitised property is influenced by the general stock market in both the long‐ and short‐term. In Australia the fixed income market does not have a permanent influence on LPTs, despite the fact that LPTs use more long‐term debt than REMDs.

Originality/value

A major contribution of this study clearly points to the relative weightings that portfolio managers may now consider to be appropriate vis‐a´‐vis their holdings of bonds, equities and securitised property (under its different structures as considered here) in their portfolios for both their tactical and strategic asset allocations.

Details

Journal of Property Investment & Finance, vol. 27 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 8 March 2011

Chee Seng Cheong, Anna Olshansky and Ralf Zurbruegg

The purpose of this paper is to investigate the causal relationship between risk experienced within the real estate industry and that of the overall market in the UK context. The…

5075

Abstract

Purpose

The purpose of this paper is to investigate the causal relationship between risk experienced within the real estate industry and that of the overall market in the UK context. The motivation behind this research is to investigate whether the real estate sector transmits risk to the wider marketplace and whether this phenomenon existed, or was exacerbated, during the most recent financial crisis.

Design/methodology/approach

The study was undertaken over a 20‐year timeframe, from 1990 to 2010, with special attention being awarded to the global financial crisis (GFC) period from 2008 to 2010. The paper first undertakes graphical modeling of market and industry volatilities in an attempt to identify which industry drives market uncertainty. This is followed by quantitative computation of industry‐specific volatility, which is employed in examining the relationship between these volatilities using block exogeneity/Granger causality tests. Rolling sample analysis and impulse response functions are employed as robustness tests to substantiate the main results.

Findings

First, the analysis confirms research that finance industry volatility is a leader in driving market volatility. Second, it expands on these findings to identify the real estate sector as being a key source of this causal relationship. It finds that real estate risk is the one that regularly drives finance industry volatility over the 20‐year sample period. Third, and most importantly, it emerges that the causal link between the real estate sector and market volatility is at its strongest leading up to the most recent financial crisis. More specifically, the real estate investment trusts sub‐sector of real estate industry volatility is the one that has the strongest unidirectional relationship with market‐wide volatility, both directly and indirectly, through driving the finance industry volatility during the GFC.

Originality/value

These findings are significant for market participants, such as pension funds, which need to protect their assets from a stock market crash. Furthermore, anticipating a downturn by observing the trends in real estate sector volatility is highly advantageous in informing their trading strategies now and into the future. Policy makers likewise need a signal of an impending credit crunch and can utilize real estate market statistics to pre‐empt a freezing up of the credit markets.

Details

Journal of Property Investment & Finance, vol. 29 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 14 September 2010

Chee Seng Cheong, Sujin Kim and Ralf Zurbruegg

This paper aims to provide an investigation into whether financial analysts' forecast accuracy differs between the pre‐ and post‐adoption of the international financial reporting…

4444

Abstract

Purpose

This paper aims to provide an investigation into whether financial analysts' forecast accuracy differs between the pre‐ and post‐adoption of the international financial reporting standards (IFRS) in the Asia‐Pacific region, namely, for the countries of Australia, Hong Kong and New Zealand. In particular, this study seeks to examine whether the treatment of intangibles capitalized in the post‐IFRS period have positively aided analysts in forecasting future earnings of a firm.

Design/methodology/approach

Panel data analysis is applied over a period from 2001 to 2008.

Findings

Evidence is found to show intangibles capitalized under the new recognition and measurement rules of IFRS are negatively associated with analysts' earnings forecast errors. The results are robust to several model specifications across each of the countries, suggesting that the adoption of IFRS may indeed provide more value‐relevant information in financial statements for the users of financial reports.

Originality/value

This paper analyzed whether the adoption of IFRS has led to any changes in the accuracy of earnings forecasts. The results will be of help to analysts' earnings forecast activity and those with interest in the subject.

Details

Pacific Accounting Review, vol. 22 no. 2
Type: Research Article
ISSN: 0114-0582

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Available. Content available
Article
Publication date: 14 September 2010

380

Abstract

Details

Pacific Accounting Review, vol. 22 no. 2
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 14 September 2010

David Lont and Norman Wong

The purpose of this paper is to provide editorial insight into recent developments in financial accounting issues in the Pacific Rim area. The paper aims to focus on the impact of…

2971

Abstract

Purpose

The purpose of this paper is to provide editorial insight into recent developments in financial accounting issues in the Pacific Rim area. The paper aims to focus on the impact of international financial reporting standards (IFRS) and provide a commentary, as well as context, for the papers that appear in this special issue.

Design/methodology/approach

The paper reviews and comments on several relevant academic papers and regulatory releases.

Findings

This paper outlines several key developments in the Pacific Rim region since the decision by Australia and New Zealand to adopt IFRS. The proposed adoption of IFRS in other countries is examined, and noted are the successes and tensions that one set of global accounting standards creates. The contributions of four papers are outlined in this special issue to this debate, and provide suggestions for future research.

Practical implications

This review should be of relevance to academics, the profession, and regulators, by providing academic insights into the current debate about the costs and benefits of IFRS.

Originality/value

This paper offers a contemporary analysis of the success and challenges of IFRS adoption in the Pacific Rim area.

Details

Pacific Accounting Review, vol. 22 no. 2
Type: Research Article
ISSN: 0114-0582

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Book part
Publication date: 13 April 2015

Balakrishnan Muniapan

There are ten universal principles of United Nations Global Compact in four areas namely human rights, labour, environmental and anti-corruption, and this chapter will explore the…

Abstract

Purpose

There are ten universal principles of United Nations Global Compact in four areas namely human rights, labour, environmental and anti-corruption, and this chapter will explore the sixth principle of labour standard on elimination of discrimination in employment and occupation, in particular the doctrine of constructive dismissal in Malaysian labour relations. Constructive dismissal is creating a new challenge in labour relation in Malaysia.

Methodology/approach

This chapter specifically analyses some of the constructive dismissal awards and its implication to labour relations in Malaysia. The methodology employed in this chapter is the analysis of case laws using criterion-based sampling from the Industrial and Superior Court awards on constructive dismissal.

Findings

There has been an increasing number of awards on constructive dismissal made by the Malaysian Industrial Court over the last nine years. From the year 2009–2013, the Industrial Court has made 663 awards on constructive dismissal, mostly against employers. With compensation awarded to each employee amounted to as much as 24 months of back-pay salary plus a month’s pay for every year of service, employers can no longer neglect this pressing issue.

Research limitations/implications

The concept of constructive dismissal falls within the purview of section 20 of the Industrial Relations Act 1967 in Malaysia. Constructive dismissal is a ‘deemed dismissal’ if an employer is guilty of a breach of the employment contract which goes to the root of the contract. It arises when a workman terminates his/her contract of employment and considers himself/herself discharged from further obligations because of the employer’s conduct.

Practical implications

With a good understanding of the constructive dismissal awards, it is expected that organizations will manage and treat their human resources as their greatest assets and prevent constructive dismissal claims from taking place. This will eventually help to improve and maintain harmonious labour relations. This chapter is likely to provide insights into the Malaysian labour relations environment for international business operations.

Originality/value

In the context of Malaysian labour relations, studies on constructive dismissal are limited as it is considered as a new area and a specific area of study. This chapter therefore hopes to fill the existing gap in the literature, to highlight some of the recent awards and lessons to prevent constructive dismissal claims from taking place and generally to contribute to the constructive dismissal literature.

Details

Beyond the UN Global Compact: Institutions and Regulations
Type: Book
ISBN: 978-1-78560-558-1

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Article
Publication date: 1 February 2004

Alice Christudason

In the face of Singapore's land scarcity problem, there is an increasing prevalence of strata‐titled developments providing private housing in Singapore. This paper considers the…

2096

Abstract

In the face of Singapore's land scarcity problem, there is an increasing prevalence of strata‐titled developments providing private housing in Singapore. This paper considers the awareness in certain quarters of certain fundamental aspects of this unique form of property ownership. The particular aspect which this paper considers is the understanding and interpretation of the term “common property” among two important groups of people. The first group comprises those who purchase strata title properties – they are referred to as “subsidiary proprietors”. The second group comprises “managing agents” (MAs), who may be delegated this task of professionally managing and maintaining the strata‐titled development. The findings of a survey are that their understanding of this fundamental term is inadequate. Based on these findings, the paper concludes with recommendations for improving the level of professionalism among MAs through licensing and courses for continuing professional development. This will bode well for the overall state of strata‐titled developments which are not only here to stay, but are expected to increase in number in Singapore.

Details

Property Management, vol. 22 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 11 July 2022

Yong Kang Cheah, Kuang Kuay Lim, Hasimah Ismail, Ruhaya Salleh, Chee Cheong Kee and Kuang Hock Lim

This study examines sociodemographic and lifestyle factors associated with knowledge of calories.

260

Abstract

Purpose

This study examines sociodemographic and lifestyle factors associated with knowledge of calories.

Design/methodology/approach

Data were analysed from the Komuniti Sihat Pembina Negara (KOSPEN) 2016. Logistic regressions were used to examine the effects of sociodemographic and lifestyle factors on knowledge of the definition of calories, recommended caloric intake and the effect of calories on body weight.

Findings

The results revealed that large proportions of respondents did not know the definition of calories (51.33%), recommended caloric intake (95.50%) and the effect of calories on body weight (64.89%). The proportions of respondents having knowledge of calories varied by income, gender, ethnicity, educational level, marital status, employment status, urbanization of states, smoking status and awareness of body mass index (BMI). Respondents were less likely to have knowledge of calories if they were low-income earners, non-Malays, less-educated, unemployed, smokers and unaware of their BMI.

Practical implications

Sociodemographic and lifestyle factors play an important role in affecting knowledge of calories. Policymakers should make a concerted effort to improve knowledge of calories among adults with different sociodemographic backgrounds and lifestyle profiles.

Originality/value

This study provides several contributions to the literature: (1) The country of interest is Malaysia, where the prevalence of obesity is high and studies related to knowledge of calories are lacking. (2) In addition to knowledge of recommended caloric intake, knowledge of the definition of calories and the effect of calories on body weight factors are considered. (3) Apart from sociodemographic variables, smoking behaviour and awareness of BMI variables are included in the analyses.

Details

British Food Journal, vol. 125 no. 4
Type: Research Article
ISSN: 0007-070X

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