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Jill L Mckinnon
24
Accounting - standard
The International Accounting Standards Board (IASB) has attained the status and privilege of the world’s International accounting standard-setting authority. With privilege comes responsibility.-responsibility to the many and varied countries that have or may put their faith in the IASB. This paper discusses three issues relevant to such responsibility: (i) structural and cultural differences across countries affecting the implementation of international standards; (ii) the potential for complexity in standards to create a knowledge gap between, standard-setters and users, and a knowledge monopoly vested in the large accounting firms; and (iii)potencial limitation, investor of international accounting standards in different countries arising from the restricted financial, investor oriented, focus of the IASB. The paper also identifies areas and topic for future research that may facilitate future discussion and deliberation on these issues.
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24
Accounting - standard
The International Accounting Standards Board (IASB) has attained the status and privilege of the world’s International accounting standard-setting authority. With privilege comes responsibility.-responsibility to the many and varied countries that have or may put their faith in the IASB. This paper discusses three issues relevant to such responsibility: (i) structural and cultural differences across countries affecting the implementation of international standards; (ii) the potential for complexity in standards to create a knowledge gap between, standard-setters and users, and a knowledge monopoly vested in the large accounting firms; and (iii)potencial limitation, investor of international accounting standards in different countries arising from the restricted financial, investor oriented, focus of the IASB. The paper also identifies areas and topic for future research that may facilitate future discussion and deliberation on these issues.
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Victoria Wise
22
Finanacial report; finanacial statement, accounting
The objective in this research was to examine the, financial reports and footnotes of all whole of government reporting entitles in Australia that have used consolidated financial reporting to explore the extent of compliance with the relevant accounting standard directing the use of that account¬ing method, arc to provide information about the factors as¬sociated with non-compliance a specific outcome was the development of an index of the rate of compliance with pres¬cribed accounting requirements. A major finding was that the lack of consistency noted in a pre-regulation context is still evident in the post-regulation environment. Troubling levels of non-compliance were revealed and the key factor associ¬ated with non-compliance appears to be the limited relevance of the prescriptive content of the accounting standard.
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22
Finanacial report; finanacial statement, accounting
The objective in this research was to examine the, financial reports and footnotes of all whole of government reporting entitles in Australia that have used consolidated financial reporting to explore the extent of compliance with the relevant accounting standard directing the use of that account¬ing method, arc to provide information about the factors as¬sociated with non-compliance a specific outcome was the development of an index of the rate of compliance with pres¬cribed accounting requirements. A major finding was that the lack of consistency noted in a pre-regulation context is still evident in the post-regulation environment. Troubling levels of non-compliance were revealed and the key factor associ¬ated with non-compliance appears to be the limited relevance of the prescriptive content of the accounting standard.
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Muhammad Zilal Hamzah
18
fiscal policy ; muslim countries
The studies on the effects of fiscal policy on the macroeconomic variables are well documented. But, the focus is only concentrated on interest rates, consumption, investment and economic growth. Based on a panel data model, this paper investigates whether the fiscal policy has an effect on national saving in Muslim countries. We will show that the response of national savings to fiscal policy are not limited to large fiscal contractions, but also, high or rapidly growing public debt may appear to be a good predictor of those affects. We also find that, in Muslim countries, the size and significance of the interaction terms are again stronger during expansions than during contractions.
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18
fiscal policy ; muslim countries
The studies on the effects of fiscal policy on the macroeconomic variables are well documented. But, the focus is only concentrated on interest rates, consumption, investment and economic growth. Based on a panel data model, this paper investigates whether the fiscal policy has an effect on national saving in Muslim countries. We will show that the response of national savings to fiscal policy are not limited to large fiscal contractions, but also, high or rapidly growing public debt may appear to be a good predictor of those affects. We also find that, in Muslim countries, the size and significance of the interaction terms are again stronger during expansions than during contractions.
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Nick Sciulli
19
government corporate services
The objective of this study is to identify specific issues considered to be major implementation obstacles by managers faced with the policy decision to shift services to the private sector. The shifting (contracting-out) of corporate services in a large government organization is used as a case study to identify issues impacting on management decision-making in the contracting-out process. Matters such as the organizational approach to determination of service costs and changes to the stock of organizational knowledge are considered. Important findings include that an unusual and possibly unique integrated model for contracting-out was used; and, that managers adopted an avoidable-cost approach in contracting-out decisions.
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19
government corporate services
The objective of this study is to identify specific issues considered to be major implementation obstacles by managers faced with the policy decision to shift services to the private sector. The shifting (contracting-out) of corporate services in a large government organization is used as a case study to identify issues impacting on management decision-making in the contracting-out process. Matters such as the organizational approach to determination of service costs and changes to the stock of organizational knowledge are considered. Important findings include that an unusual and possibly unique integrated model for contracting-out was used; and, that managers adopted an avoidable-cost approach in contracting-out decisions.
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Ros Haniffa
19
Finance - islamic; Bank and banking islam; Islam and Economics
This paper highlights some limitations in conventional social reporting particularly the lack of spiritual consideration and as such, proposes a conceptual framework of Islamic social reporting based on shari’a islammiyah not only to aid muslim decision makers but also help companies especially Islamic enterprises to fulfil their obligations to god and the community
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19
Finance - islamic; Bank and banking islam; Islam and Economics
This paper highlights some limitations in conventional social reporting particularly the lack of spiritual consideration and as such, proposes a conceptual framework of Islamic social reporting based on shari’a islammiyah not only to aid muslim decision makers but also help companies especially Islamic enterprises to fulfil their obligations to god and the community
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Muhammad Zilal Hamzah
19
Fiscal policy; Economic policy, Finance
This paper tries to examine the relation between elec¬tions and fiscal policy. We find evidence of political budget cycles in Muslim countries: government spending increases before elections and in election year public expenditure shift towards more visible Current consumption and away from public investment goods. Finally, we show that these electoral effects are particularly strong in countries with weak institu¬tional constraints on incumbents rent-seeking ability
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19
Fiscal policy; Economic policy, Finance
This paper tries to examine the relation between elec¬tions and fiscal policy. We find evidence of political budget cycles in Muslim countries: government spending increases before elections and in election year public expenditure shift towards more visible Current consumption and away from public investment goods. Finally, we show that these electoral effects are particularly strong in countries with weak institu¬tional constraints on incumbents rent-seeking ability
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Mohammed N. Alam
34
economic development ; Islamic financing system
The rural-based small and cottage industry (SCI) sector in developing nations contributes greatly towards economic development by generating employment opportunities and mobilizing rural savings towards productive sectors. It is revealed from many researches that this SCI sector is one of the most neglected sectors of economy in almost all least developed and developing nations of the world. In this article, the theoretical model designed in such a way that different small and cottage industries as well as financing organizations of similar nature are grouped and institutionalized into different SCI systems and Financing Systems. The theoretical model is also used to carry out a comparative study as to how financing organizations under different financing system differ from each other while lending funds towards SCI owners under different SCI systems. The article is designed to highlight the empirical finding relating to lender-borrower relationships between small and cottage industries under the grass-root level (GL) SCI system and financing organizations under the Islamic Financing System (IPS).
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34
economic development ; Islamic financing system
The rural-based small and cottage industry (SCI) sector in developing nations contributes greatly towards economic development by generating employment opportunities and mobilizing rural savings towards productive sectors. It is revealed from many researches that this SCI sector is one of the most neglected sectors of economy in almost all least developed and developing nations of the world. In this article, the theoretical model designed in such a way that different small and cottage industries as well as financing organizations of similar nature are grouped and institutionalized into different SCI systems and Financing Systems. The theoretical model is also used to carry out a comparative study as to how financing organizations under different financing system differ from each other while lending funds towards SCI owners under different SCI systems. The article is designed to highlight the empirical finding relating to lender-borrower relationships between small and cottage industries under the grass-root level (GL) SCI system and financing organizations under the Islamic Financing System (IPS).
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Shamsul Nahar Abdullah
26
Accounting ; Malaysia companies
This study attempts to investigate the reporting practices of identifiable intangible assets in Malaysia. The absence of a standard dealing on identifiable intangible assets other than R & D costs motivated this study as the absence of a definitive standard could lead to diversity in practice. Using 251 randomly selected Bursa Malaysia (formerly the KLSE) non-finance Main Board companies, the study found that only twenty-five percent of the companies disclosed identifiable intangible assets in their 2002 annual reports. Of all the sectors, the disclosure of identifiable intangible assets among companies in Technology sector was the highest with fifty percent incidence rate. The type of identifiable intangible assets disclosed was diverse but the most commonly types of identifiable intangible assets were pre-operating and deffered expenses (thirty percent) followed by R & D costs (twenty-six percent). Accounting for identifiable intangible assets was also considered diverse with about seventy percent adopted the policy of capitalization and amortization. Another twenty percent expensed immediately and the remaining ten percent did not specify the methods they used. The absence of a standard might have contributed to the diversity in the practice and the low incidence rate of disclosure of identifiable intangible assets resulting in under-reporting of economic resources among Malaysian companies. Perhaps, with a definitive standard on identifiable intangible assets, the diversity could be reduced and the incidence of reporting identifiable intangible assets could be increased.
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26
Accounting ; Malaysia companies
This study attempts to investigate the reporting practices of identifiable intangible assets in Malaysia. The absence of a standard dealing on identifiable intangible assets other than R & D costs motivated this study as the absence of a definitive standard could lead to diversity in practice. Using 251 randomly selected Bursa Malaysia (formerly the KLSE) non-finance Main Board companies, the study found that only twenty-five percent of the companies disclosed identifiable intangible assets in their 2002 annual reports. Of all the sectors, the disclosure of identifiable intangible assets among companies in Technology sector was the highest with fifty percent incidence rate. The type of identifiable intangible assets disclosed was diverse but the most commonly types of identifiable intangible assets were pre-operating and deffered expenses (thirty percent) followed by R & D costs (twenty-six percent). Accounting for identifiable intangible assets was also considered diverse with about seventy percent adopted the policy of capitalization and amortization. Another twenty percent expensed immediately and the remaining ten percent did not specify the methods they used. The absence of a standard might have contributed to the diversity in the practice and the low incidence rate of disclosure of identifiable intangible assets resulting in under-reporting of economic resources among Malaysian companies. Perhaps, with a definitive standard on identifiable intangible assets, the diversity could be reduced and the incidence of reporting identifiable intangible assets could be increased.
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Atsede Woldie
17
Bank and banking; finance; commerce; capital
Customer’s perceptions of the national bank of Greece and Eurobank showed significant differences in reasons for bank USA. Secondary analysis suggested the demographic profile of the sample groups might partially explain the reasons for the differences, however. Informal interviews also suggest that that the “public sector attitude†may also be influential.rnThis study also examines the impact of competitive influences exerted by European banks on the Greek national banks from the customer’s perspective. The findings have relevance to academics and to managers of Greek as well as European banks seeking entry or operating in the Greek market.
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17
Bank and banking; finance; commerce; capital
Customer’s perceptions of the national bank of Greece and Eurobank showed significant differences in reasons for bank USA. Secondary analysis suggested the demographic profile of the sample groups might partially explain the reasons for the differences, however. Informal interviews also suggest that that the “public sector attitude†may also be influential.rnThis study also examines the impact of competitive influences exerted by European banks on the Greek national banks from the customer’s perspective. The findings have relevance to academics and to managers of Greek as well as European banks seeking entry or operating in the Greek market.
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Pamela Mathews
20
Cost of living; Social condition
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20
Cost of living; Social condition
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Ade Wirman Syafei
22
Accounting
A major confusion concerning , the relationship between historical cost and current valuation concepts of income and assets valuation underlies of the recent literature in income theory and assets valuation. Currently, the preparations of financial statement are based on historical cost valuation. GAAP requires that events and transaction should be recorded in the accounting records in terms of their monetary amounts as the time occurred. Accordingly, in this paper, we attempt to explore and find some wisdom behind the practices of current valuation and the problem that might arise by using the current valuation method. In addition, we also assert to figure out weaknesses of historical cost compared to current valuation.
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22
Accounting
A major confusion concerning , the relationship between historical cost and current valuation concepts of income and assets valuation underlies of the recent literature in income theory and assets valuation. Currently, the preparations of financial statement are based on historical cost valuation. GAAP requires that events and transaction should be recorded in the accounting records in terms of their monetary amounts as the time occurred. Accordingly, in this paper, we attempt to explore and find some wisdom behind the practices of current valuation and the problem that might arise by using the current valuation method. In addition, we also assert to figure out weaknesses of historical cost compared to current valuation.
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Carolyn Currie
25
Economic growth ; Indonesia
Analysis of the nature of debt relying on the theory of rational expectations conclude that the burden of public debt need not fall on future generations if the presents generation anticipates the higher taxes needed in the future for debt servicing. However, there have been many instances where increases in budget deficits have been followed by a decrease in the savings propensity of the private sector. Foreign exchange earnings also to be set aside. It appears that the main problem for countries in an early stage of economic development, is that often the borrowings have not been productively employed so that a national debt crises results. Foreign lenders become increasingly reluctant to lend further amounts to a country, which has been a net capital importer. This paper puts forward a methodology of testing a new theory of economic growth and financial instability resulting in a huge increase in foreign debt, a depreciating currency and a dramatic increase in the percentage of population below the poverty line. The theory emphasizes key factors determining the success or failure of policies that change underlying economic structures, and hence would lead to an intrinsic monitoring of “over-borrowingâ€.
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25
Economic growth ; Indonesia
Analysis of the nature of debt relying on the theory of rational expectations conclude that the burden of public debt need not fall on future generations if the presents generation anticipates the higher taxes needed in the future for debt servicing. However, there have been many instances where increases in budget deficits have been followed by a decrease in the savings propensity of the private sector. Foreign exchange earnings also to be set aside. It appears that the main problem for countries in an early stage of economic development, is that often the borrowings have not been productively employed so that a national debt crises results. Foreign lenders become increasingly reluctant to lend further amounts to a country, which has been a net capital importer. This paper puts forward a methodology of testing a new theory of economic growth and financial instability resulting in a huge increase in foreign debt, a depreciating currency and a dramatic increase in the percentage of population below the poverty line. The theory emphasizes key factors determining the success or failure of policies that change underlying economic structures, and hence would lead to an intrinsic monitoring of “over-borrowingâ€.
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Abd Ghofar Ismail
12
Marketing; Bank and banking; Accounting
The purpose of this paper is to evaluate the risk- based capital guidelines by comparing historical cost measures of bank’s risk with market value risk- based capital measures. To date, little if any attention has focused on how the market value accounting has impacted bank capital. Building on the previous research, this paper uses two regression models to analyze the relationship between risk weight categories and bank capital. The result suggests that risk-weight category appears to significantly increase bank capital.
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12
Marketing; Bank and banking; Accounting
The purpose of this paper is to evaluate the risk- based capital guidelines by comparing historical cost measures of bank’s risk with market value risk- based capital measures. To date, little if any attention has focused on how the market value accounting has impacted bank capital. Building on the previous research, this paper uses two regression models to analyze the relationship between risk weight categories and bank capital. The result suggests that risk-weight category appears to significantly increase bank capital.
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Muhammad Zilal Hamzah
19
Fiscal policy; Economic policy, Finance
This paper tries to examine the relation between elec¬tions and fiscal policy. We find evidence of political budget cycles in Muslim countries: government spending increases before elections and in election year public expenditure shift towards more visible Current consumption and away from public investment goods. Finally, we show that these electoral effects are particularly strong in countries with weak institu¬tional constraints on incumbents rent-seeking ability
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19
Fiscal policy; Economic policy, Finance
This paper tries to examine the relation between elec¬tions and fiscal policy. We find evidence of political budget cycles in Muslim countries: government spending increases before elections and in election year public expenditure shift towards more visible Current consumption and away from public investment goods. Finally, we show that these electoral effects are particularly strong in countries with weak institu¬tional constraints on incumbents rent-seeking ability
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Sofyan S. Harahap
27
Islamic banks ; Corporate social responsibility ; Indonesia ; Malaysia ; Australia
The paper has three main purposes in exploring the practices of corporate social and environmental responsibility in Islamic banks, in 3 different countries; Indonesia, Malaysia and Australia. The practice is evaluated by investigating corporate social and environmental disclosures (CSED) in the annual reports through content analysis method. Firstly, it discusses the CSED level in the annual reports. Secondly, it describes the information contain in disclosure sections. Thirdly, to provide insight into CSED practice, this study calculates how much information they disclose in the annual reports. The items of disclosure were constructed from the recent years. The analysis reveals that there are differences in CSED practices among Islamic banks from different countries. A bank which considered as community bank obtained high scores both for the quantity and quality in disclosing information of social and environment. It is also indicates that CSED prsctice in Indonesia and Malaysia is generally low compared to its practice in Australia.
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27
Islamic banks ; Corporate social responsibility ; Indonesia ; Malaysia ; Australia
The paper has three main purposes in exploring the practices of corporate social and environmental responsibility in Islamic banks, in 3 different countries; Indonesia, Malaysia and Australia. The practice is evaluated by investigating corporate social and environmental disclosures (CSED) in the annual reports through content analysis method. Firstly, it discusses the CSED level in the annual reports. Secondly, it describes the information contain in disclosure sections. Thirdly, to provide insight into CSED practice, this study calculates how much information they disclose in the annual reports. The items of disclosure were constructed from the recent years. The analysis reveals that there are differences in CSED practices among Islamic banks from different countries. A bank which considered as community bank obtained high scores both for the quantity and quality in disclosing information of social and environment. It is also indicates that CSED prsctice in Indonesia and Malaysia is generally low compared to its practice in Australia.
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Sofyan Syafri Harahap
27
Indonesia - Economic conditions; Indonesian – Development; Economic Policy
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27
Indonesia - Economic conditions; Indonesian – Development; Economic Policy
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Masudul Alam Choudhury
24
Community business tawhidi
The objective of this paper is to answer the following question: how do we derive a general understanding of community-business interrelations in Islam in reference to the cardinal foundation of Islamic belief, Tawhid? Tawhid means Oneness of Allah (God) as the absolute, complete and perfect knowledge embalmed in the understanding of life and experience also means the understanding and interpretation of oneness of knowledge as a dynamic process in the organization of such experiences. In this regard we will equivalently explain the transmission medium of oneness of the divine law in terms of unity of divine knowledge as a systematic phenomenon.
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24
Community business tawhidi
The objective of this paper is to answer the following question: how do we derive a general understanding of community-business interrelations in Islam in reference to the cardinal foundation of Islamic belief, Tawhid? Tawhid means Oneness of Allah (God) as the absolute, complete and perfect knowledge embalmed in the understanding of life and experience also means the understanding and interpretation of oneness of knowledge as a dynamic process in the organization of such experiences. In this regard we will equivalently explain the transmission medium of oneness of the divine law in terms of unity of divine knowledge as a systematic phenomenon.
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David Ellerman
40
Capitalism
This paper divided into parts. The first part outlines the “fundamental myth†about the structure of property right in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known variously as “ownership of the firm,†“ownership of the means of productions,†or to economist, “ownership of the production set (or function).†Residual claimancy is contractually determined and there is no “ownership†that legally determines how future contracts are made. The fundamental myth leads to a basic fallacy in capital theory and in corporate finance theory. Understanding the myth also allows us to clarify the role of capital in the system misnamed “capitalism†is not the role of capital or the “private ownership of the means of production†but the employment contract for the renting of human beings. In the second part, slightly more format models are first used to analyze the fallacies in capital theory and corporate finance theory. Then attention is turned to a right-by-right comparison between the structure of rights in a conventional corporation and in a democratic firm (a labor-managed firm). Of key importance is the role of the internal capital accounts in a democratic firm.
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40
Capitalism
This paper divided into parts. The first part outlines the “fundamental myth†about the structure of property right in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known variously as “ownership of the firm,†“ownership of the means of productions,†or to economist, “ownership of the production set (or function).†Residual claimancy is contractually determined and there is no “ownership†that legally determines how future contracts are made. The fundamental myth leads to a basic fallacy in capital theory and in corporate finance theory. Understanding the myth also allows us to clarify the role of capital in the system misnamed “capitalism†is not the role of capital or the “private ownership of the means of production†but the employment contract for the renting of human beings. In the second part, slightly more format models are first used to analyze the fallacies in capital theory and corporate finance theory. Then attention is turned to a right-by-right comparison between the structure of rights in a conventional corporation and in a democratic firm (a labor-managed firm). Of key importance is the role of the internal capital accounts in a democratic firm.
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