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Article
Publication date: 1 April 2001

J.G.I. Oberholster and M.J. Nieuwoudt

For years, interim financial reports in South Africa were regulated by the South African Companies Act No. 61 of 1973 (as amended) (i.e. statutory requirements) and by the…

244

Abstract

For years, interim financial reports in South Africa were regulated by the South African Companies Act No. 61 of 1973 (as amended) (i.e. statutory requirements) and by the Johannesburg Stock Exchange (JSE) Listing Requirements (i.e. regulatory requirements) only. However, on the international front, major progress was being made in respect of improving the quality of interim financial reporting. South Africa soon followed suit and issued its own accounting statement, AC 127, which is based on the international standard (IAS 34). The School of Accountancy at the University of Pretoria commenced a research project on interim financial reporting in 1997 to investigate compliance with related reporting requirements. This paper is a product of the project. The purpose of the study reported in this paper was to: [a] Compare the requirements stated in IAS 34 and AC 127 with the local regulatory and statutory requirements, to determine whether these requirements are duplicated and to establish in which respect the accounting standards require additional disclosure requirements. [b] Provide an overview of the extent to which companies listed on the JSE adhered to IAS 34 and AC 127 and complied with regulatory and statutory requirements in their interim financial reports in the period 1997 to 1999. [c] Make recommendations regarding the improvement of local statutory and regulatory disclosure requirements.

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Meditari Accountancy Research, vol. 9 no. 1
Type: Research Article
ISSN: 1022-2529

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Article
Publication date: 1 April 2008

Z.Y. Sacho and J.G.I. Oberholster

This paper investigates the factors influencing the future of the IASB, using as the point of departure, a review of its historical progression towards becoming the global…

862

Abstract

This paper investigates the factors influencing the future of the IASB, using as the point of departure, a review of its historical progression towards becoming the global accounting standard‐setting authority. It concludes that the IASB is an organisation vulnerable to (1) political lobbying of influential institutions, (2) US accounting authorities decision makers, (3) potential accounting scandals, and (4) cultural differences resulting in the misapplication of its standards around the world. Such factors should be borne in mind when charting the next steps for the IASB and in evaluating the comparability and quality of accounts produced under IFRSs around the world.

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Article
Publication date: 1 October 2005

Z.Y. Sacho and J.G.I. Oberholster

This article investigates the most appropriate accounting treatment for expensing the fair value of employee share options (ESOs) in financial statements. The debate centres…

152

Abstract

This article investigates the most appropriate accounting treatment for expensing the fair value of employee share options (ESOs) in financial statements. The debate centres around whether the grant date or the exercise date is the most appropriate date for determining the value at which the ESOs are eventually accrued within the financial statements. After examining accounting models for each of the above measurement dates, the article concludes that exercise date accounting best reflects the economic substance of the ESO transaction. Therefore, the IASB should consider revising its definition of equity to encompass only existing shareholders, leaving all other financial obligations to be classified as liabilities.

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Meditari Accountancy Research, vol. 13 no. 2
Type: Research Article
ISSN: 1022-2529

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Article
Publication date: 9 November 2022

Huu Cuong Nguyen

This study aims to examine the levels of interim financial reporting (IR) disclosure by listed firms in the Asia-Pacific region and factors influencing these disclosure levels.

205

Abstract

Purpose

This study aims to examine the levels of interim financial reporting (IR) disclosure by listed firms in the Asia-Pacific region and factors influencing these disclosure levels.

Design/methodology/approach

Drawing on a sample of 700 interim reports issued in 2012 by the top 100 listed firms in seven Asia-Pacific countries (Australia, Hong Kong, Malaysia, Singapore, the Philippines, Thailand and Vietnam), the author constructed a disclosure index consisting of disclosure items commonly required across the sample countries. Using this index, the study measures the extent to which listed firms in the Asia-Pacific Region comply with IR disclosure requirements. The study performs ordinary least square regression to investigate the influence of the four country-level factors including international financial reporting standard (IFRS) adoption, audit review, reporting frequency and reporting lag.

Findings

This research documents that IR disclosure varies significantly across the region. The IR disclosure levels are positively associated with IFRS adoption, audit review and mandatory of quarterly reporting, but negatively associated with reporting lag.

Originality/value

IR regulation varies across the Asia-Pacific region, but there is no existing research on the country-level factors influencing IR disclosure practices. To the best of the author’s knowledge, this is the first paper providing some insights into IR disclosure levels by listed firms in the region. It also contributes to the disclosure literature by providing empirical evidence on the country-level factors influencing these disclosure levels. Deriving from the findings, the authors offer recommendations for regulators, investors and listed firms on the issue of reviewing the regulation, using information and preparing IR.

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Pacific Accounting Review, vol. 35 no. 2
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 1 April 2008

D.B. van der Schyf

There is increasing academic pressure on Departments of Accounting in South Africa whose academic programmes are accredited with the South African Institute of Chartered…

469

Abstract

There is increasing academic pressure on Departments of Accounting in South Africa whose academic programmes are accredited with the South African Institute of Chartered Accountants (SAICA). The reason for this that the academic training of potential chartered accountants has long been their main academic focus, and they often fail to do justice to their real academic mission of scholarly activity in accounting (the pursuit of science as an endeavour), which is central to the essence of a university. The quality of such departments’ research is not yet an important criterion for their prestige. However, only Departments of Accounting that develop Accounting as a social science in scholarly activity in accounting deserve international recognition. This empirical study attempts to convince Departments of Accounting, particularly those whose academic programmes are accredited by SAICA, to embark on scholarly activity in accounting as soon as possible.

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Article
Publication date: 4 April 2016

Mahesh Joshi, Prem W. Senarath Yapa and Diane Kraal

The purpose of this paper is to examine the perceptions of professional accountants from three countries from the Association of South East Asian Nations (ASEAN) in order to…

5551

Abstract

Purpose

The purpose of this paper is to examine the perceptions of professional accountants from three countries from the Association of South East Asian Nations (ASEAN) in order to evaluate their perceived benefits associated with the adoption of International Financial Reporting Standards (IFRS) in their respective nations as well as the implications of these standards for the accounting and auditing professions in their country of practice. It also explores the extent to which the adoption of IAS/IFRS accounting standards have been supported by the state, media and local professional accounting bodies.

Design/methodology/approach

The study uses survey approach to seek perceptions of professional accountants in these three countries with a view to understanding their perceptions regarding the socio-economic issues related to the adoption of the IFRS and role of social institutions. The study also uses appropriate statistical tests for interpretation of the data.

Findings

The analysis of the data shows that accounting professionals in Singapore, Malaysia and Indonesia strongly supported IFRS adoption; their opinions did not differ significantly by place of training, experience or professional qualifications. Respondents agreed that their countries benefited economically from harmonisation with global accounting standards. The surveyed accountants believed that pressure from international agencies was instrumental in the adoption of IFRS in the region. The findings also show that governments, the media and professional accounting bodies have supported the adoption, communication and application of IFRS.

Originality/value

This is the first study examining the role of social and professional institutions in the adoption of the IFRS and one which also provides an inter-country comparison of accountant’s perspectives on adoption of the IFRS among three ASEAN countries.

Details

International Journal of Managerial Finance, vol. 12 no. 2
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 1 October 2010

J. Rossouw

Although the intention of the International Accounting Standards Board (IASB) is not to permit choices in the accounting treatment of similar transactions and events…

576

Abstract

Although the intention of the International Accounting Standards Board (IASB) is not to permit choices in the accounting treatment of similar transactions and events, International Financial Reporting Standards (IFRSs) still contain various choices of accounting treatment. Different accounting alternatives for similar transactions limit the comparability of financial information. Certain accounting policies result in differences in recognition, measurement and disclosures. This article identifies 16 such accounting policy choices and presents the descriptive empirical results on which accounting policies were in fact chosen by a sample of 157 South African listed companies, in cases where IFRSs allow a choice between alternative accounting policies. Disclosure of accounting policies is necessary for the users of financial statements to enable them to compare the financial statements of various entities in making economic decisions. The research also found a lack of disclosures relating to chosen accounting policies in limited cases.

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Meditari Accountancy Research, vol. 18 no. 2
Type: Research Article
ISSN: 1022-2529

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Available. Open Access. Open Access
Article
Publication date: 8 December 2021

Paola Ramassa and Giulia Leoni

This paper explores how the International Accounting Standards Board (IASB) has dealt with the emerging issue of accounting for cryptocurrencies by investigating its constituents'…

8883

Abstract

Purpose

This paper explores how the International Accounting Standards Board (IASB) has dealt with the emerging issue of accounting for cryptocurrencies by investigating its constituents' expectations and the motivations underlying its regulatory response.

Design/methodology/approach

The theoretical lens of regulatory space is used to analyse the four-year debate around cryptocurrency holdings and informs the extensive thematic analysis of public documents, meetings recordings and comment letters on the topic.

Findings

Facing national standard setters' initiatives to regulate accounting for cryptocurrency, the IASB defended its position in the regulatory space through an agenda decision based on ewct 2xisting standards, which was finalised by the International Financial Reporting Standards Interpretation Committee (IFRS IC) despite criticism from constituents and Board members.

Research limitations/implications

The paper provides insights into the IASB approach to a regulatory vacuum regarding a new class of items, which derive from a new and rapidly-evolving technology. Disruptive technology impacts the contested arena of accounting regulation, in which the constituents ask for new solutions and the IASB tries to resist such pressures, while defending its position.

Practical implications

The paper sheds light on the growing importance of agenda decisions in the IFRS environment and on the limits of the IASB long regulatory process in the circumstance of emerging accounting issues deriving from rapidly-evolving technology.

Originality/value

This investigation is timely and relevant as it considers the regulatory issues arising from disruptive technological innovations (i.e. cryptocurrency), shedding light on the limits of regulatory processes in times of technological change.

Details

Accounting, Auditing & Accountability Journal, vol. 35 no. 7
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 12 October 2012

Daniël Coetsee and Nerine Stegmann

The purpose of this paper is to examine the profile of accounting research in the two academic accounting research journals in South Africa (Meditari Accountancy Research and SA

964

Abstract

Purpose

The purpose of this paper is to examine the profile of accounting research in the two academic accounting research journals in South Africa (Meditari Accountancy Research and SA Journal of Accounting Research) during the ten‐year period from 2000 to 2009.

Design/methodology/approach

The archival research method is applied, which analyses existing data (in this case the articles published in the South African (SA) accounting research journals) to come to research conclusions. The research method used to analyse the related articles in the SA accounting research journals is based on various international studies. The following dimensions are assessed: authorship; research field; the nature of the research; and research methods. Authorship is classified by institution, and the top seven authors by relative contribution are also identified. Both empirical and theoretical work are classified separately in different research methods.

Findings

These different dimensions provide a broad‐based review of the current profile of accounting research in South Africa.

Research limitations/implications

Other refereed academic articles in the field of accounting have been published in non‐accounting specific SAPSE‐approved journals. These articles are also excluded from the scope of this research since the journals in which they are published have not been established by accounting academics specifically.

Practical implications

The motivation for doing this research is to identify the current profile of accounting research in South Africa that could be used as a basis for future research‐related development.

Originality/value

Knowledge of the profile of accounting research in South Africa could provide opportunities for scholars to expand identified research areas and explore methods that are currently under‐developed in the South African accountancy research field. The paper also acknowledges the contributions by the most prolific authors in the identified journals.

Details

Meditari Accountancy Research, vol. 20 no. 2
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 8 February 2021

Anuradha Pandya, Wayne van Zijl and Warren Maroun

The objective of this research is to explore the challenges being encountered when applying and implementing fair value accounting requirements, focusing specifically on the…

844

Abstract

Purpose

The objective of this research is to explore the challenges being encountered when applying and implementing fair value accounting requirements, focusing specifically on the determination of fair value per International Financial Reporting Standards (IFRS) 13: Fair value measurement (IFRS 13) in the South African capital market.

Design/methodology/approach

Data are collected from 20 detailed interviews, primarily with preparers and interpretively analysed to identify how individuals internalise the requirements of IFRS 13 and the challenges associated with its application. The researchers focus specifically on South Africa because of its status as a developing economy and, at the same time, its extensive experience in applying IFRS.

Findings

South African preparers appear reluctant to change from a conventional cost-based measurement approach to one grounded in fair value. Primary concerns include the perceived usefulness of fair value accounting and its conceptual appropriateness, given its perceived de-emphasis of the traditional stewardship role of financial reporting. Related challenges to the application of IFRS 13 include concerns about the cost of determining fair value; the inherent subjectivity of fair value measures and the practical difficulty of calculating fair values when markets are not efficient or where business environments are complex and dynamic where Level 1 inputs are not widely available for all assets and liabilities. These challenges encourage preparers to choose accounting policies, which minimise the use of fair value or apply the provisions of IFRS 13 legalistically.

Research limitations/implications

Data are collected from a group of respondents from a single developing economy. Additional research on the application of IFRS 13 in other developing markets will be required to conclude on the relevance of economic, cultural and social factors for the understanding and implementation of new accounting standards by practitioners.

Practical implications

Standard setters and regulators cannot assume that new accounting standards will be interpreted and applied as intended. Even when compliance with IFRS is mandatory, preparers have considerable discretion when it comes to operationalising accounting prescriptions. Unless the challenges raised by preparers are addressed, misapplication of IFRS is likely to continue.

Originality/value

The research makes an important empirical and practical contribution by providing primary evidence on the operationalisation of IFRS 13 in a novel setting. It complements earlier research which has focused primarily on the conceptual/theoretical dimension and on American and European perspectives.

Details

Journal of Accounting in Emerging Economies, vol. 11 no. 2
Type: Research Article
ISSN: 2042-1168

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