Accounting : building business skills [4th Ed.]

"The text is unique in the way it balances a "user" and "preparer" perspective and integrates real financial information to illustrate business decision choices and how decisions are made using accounting information. The pedagogical approach presented in the text has been tried and tested over many years, and provides a constructive framework for students to learn fundamental accounting concepts and processes. Through the use of real company information and financial statements students will quickly appreciate the use of accounting information. The textbook clearly outlines to students how to account for typical business transactions and prepare financial statements - such as a balance sheet, income statement, and statement of cash flows - that communicate the financing, operating, and investing activities of a business. Whether a student is required to study one accounting subject, as part of a wider business degree, or undertake a major study of accounting the text builds a strong conceptual understanding of accounting and will develop skills that can be applied to an accounting and business environment. The integral role of financial statements for decision making is also emphasised in this text and is reinforced throughout by the Decision Toolkit in each chapter. Students are provided with an extensive set of tools necessary to make business decisions based on financial information." -- publisher website

Micro-business community responsibility in Australia : approaches, motivations and barriers

Micro and small businesses contribute the majority of business activity in most developed economies. They are typically embedded in local communities and therefore well placed to influence community wellbeing. While there has been considerable theoretical and empirical analysis of corporate citizenship and corporate social responsibility (CSR), the nature of micro-business community responsibility (mBCR) remains relatively under-explored. This article presents findings from an exploratory study of mBCR that examined the approaches, motivations and barriers of this phenomenon. Analysis of data from 36 semi structured interviews with micro-business owner-operators in the Australian city of Brisbane revealed three mBCR approaches, suggesting an observable mBCR typology. Each mBCR type was at least partly driven by enlightened self interest (ESI). In addition to a pure ESI approach, findings revealed ESI combined with philanthropic approaches and ESI combined with social entrepreneurial approaches. The combination of doing business and doing good found amongst participants in this study suggests that many micro-business owner-operators are supporters of their local communities, and therefore driven by more than profit. This study provides a fine-grained understanding of micro-business involvement in community wellbeing through a lens of responsible business behaviour.

Taxing charities : reform without reason?

The proposal to tax the unrelated business income of charitable organisations was announced in the 2011 budget, but the course of events has overtaken the stated policy rationale. We identify and discuss the policy for the imposition of the new tax and demonstrate that the measure is unnecessary given a recent judgement by the High Court, establishment of a new charity regulator and a better understanding of the applicable tax theory.

Engagement, persistence, progress and success as theoretically distinct aspects of business creation processes

Starting from the vantage point that explaining success at creating a venture should be the unique contribution—or at least one unique contribution—of entrepreneurship research, we argue that this success construct has not yet been adequately defined an operationalized. We thus offer suggestions for more precise conceptualization and measurement of this central construct. Rather than regarding various success proxies used in prior research as poor operationalizations of success we argue that they represent other important aspects of the venture creation process: engagement, persistence and progress. We hold that in order to attain a better understanding of venture creation these constructs also need to be theoretically defined. Further, their respective drivers need to be theorized and tested separately. We suggest theoretical definitions of each. We then develop and test hypotheses concerning how human capital, venture idea novelty and business planning has different impact on the different assessments of the process represented by engagement, persistence, progress and success. The results largely confirm the stated hypotheses, suggesting that the conceptual and empirical approach we are suggesting is a path towards improved understanding of the central entrepreneurship phenomenon of new venture creation.

Business planning, idea change, flexibility and performance: the best of both worlds?

The relationships between business planning and performance have divided the entrepreneurship research community for decades (Brinckmann et al, 2010). One side of this debate is the assumption that business plans may lock the firm in a specific direction early on, impede the firm to adapt to the changing market conditions (Dencker et al., 2009) and eventually, cause escalation of commitments by introducing rigidity (Vesper, 1993). Conversely, feedback received from the production and presentation of business plans may also lead the firm to take corrective actions. However, the mechanisms underlying the relationships between changes in business ideas, business plans and the performance of nascent firms are still largely unknown. While too many business idea changes may confuse stakeholders, exhaust the firm’s resources and hinder the undergoing legitimization process, some flexibility during the early stages of the venture may be beneficial to cope with the uncertainties surrounding new venture creation (Knight, 1921; March, 1982; Stinchcombe, 1965; Weick, 1979). Previous research has emphasized adaptability and flexibility as key success factors through effectual logic and interaction with the market (Sarasvathy, 2001; 2007) or improvisation and trial-and-error (Miner et al, 2001). However, those studies did not specifically investigate the role of business planning. Our objective is to reconcile those seemingly opposing views (flexibility versus rigidity) by undertaking a more fine-grained analysis at the relationships between business planning and changes in business ideas on a large longitudinal sample of nascent firms.

'It ain't over till it's over' : Yogi Berra bias on prediction markets

The recent expansion of prediction markets provides a great opportunity to test the market efficiency hypothesis and the calibration of trader judgements. Using a large database of observed prices, this article studies the calibration of prediction markets prices on sporting events using both nonparametric and parametric methods. While only minor bias can be observed during most of the lifetime of the contracts, the calibration of prices deteriorates very significantly in the last moments of the contracts’ lives. Traders tend to overestimate the probability of the losing team to reverse the situation in the last minutes of the game.

Using a design led approach to emotional business modelling

Prototyping is an established and accepted practice used by the design community. Prototypes play a valuable role during the design process and can greatly affect the designed outcome. The concept of a business model prototype, however, is not well understood by the design and business communities. Design industry trends indicate a move away from product and service innovation towards business model innovation. Therefore, it stands to reason that the role of prototypes and prototyping in this context should also be considered. This paper is conceptual and presents a process for creating and enabling business model prototypes. Specifically, the focus is on building emotional connections across the value chain to enable internal growth within firms. To do this, the authors‟ have relied on personal observations and critical reflection from multiple industry engagements. The outcomes of this critical reflective practice are presented and the opportunities and challenges for this approach are discussed. Future research opportunities are also detailed and presented within the context of the emotional business model.

What is the role of design-led innovation and design-led prototyping in developing novel business models?

Recently, ‘business model’ and ‘business model innovation’ have gained substantial attention in management literature and practice. However, many firms lack the capability to develop a novel business model to capture the value from new technologies. Existing literature on business model innovation highlights the central role of ‘customer value’. Further, it suggests that firms need to experiment with different business models and engage in ‘trail-and-error’ learning when participating in business model innovation. Trial-and error processes and prototyping with tangible artifacts are a fundamental characteristic of design. This conceptual paper explores the role of design-led innovation in facilitating firms to conceive and prototype novel and meaningful business models. It provides a brief review of the conceptual discussion on business model innovation and highlights the opportunities for linking it with the research stream of design-led innovation. We propose design-led business model innovation as a future research area and highlight the role of design-led prototyping and new types of artifacts and prototypes play within it. We present six propositions in order to outline future research avenues.

The language of optimism : how entrepreneurs sell the sizzle in business plan offer documents

Existing macro level research on the new venture creation process recognises the entrepreneur as a central agent in the process yet generally avoids, at each stage of the process, an examination of the micro level psychological behaviour of the individual entrepreneur. By integrating two theoretical approaches to entrepreneurship research, the psychology of the entrepreneur and the entrepreneurship process, this paper examines, using content analysis, the language used by new venture founders in documents directly linked to their capital raising activity. The study examined the language of 108 offer documents (information memorandum’s) which were divided between 54 new ventures that were successful in raising capital and 54 new ventures that either did not proceed further or were not successful in raising capital through the Australian Small Scale Offerings Board. Specifically, we were interested in examining the level of optimism evident in these narratives given that entrepreneurs have been previously described in the literature as being excessively optimistic.

Contraceptive changes after reproductive events among Australian women born in 1973 to 1978: A longitudinal study from 1996 to 2009

Background Women change contraception as they try to conceive, space births, and limit family size. This longitudinal analysis examines contraception changes after reproductive events such as birth, miscarriage or termination among Australian women born from 1973 to 1978 to identify potential opportunities to increase the effectiveness of contraceptive information and service provision. Methods Between 1996 and 2009, 5,631 Australian women randomly sampled from the Australian universal health insurance (Medicare) database completed five self-report postal surveys. Three longitudinal logistic regression models were used to assess the associations between reproductive events (birth only, birth and miscarriage, miscarriage only, termination only, other multiple events, and no new event) and subsequent changes in contraceptive use (start using, stop using, switch method) compared with women who continued to use the same method. Results After women experienced only a birth, or a birth and a miscarriage, they were more likely to start using contraception. Women who experienced miscarriages were more likely to stop using contraception. Women who experienced terminations were more likely to switch methods. There was a significant interaction between reproductive events and time indicating more changes in contraceptive use as women reach their mid-30s. Conclusion Contraceptive use increases after the birth of a child, but decreases after miscarriage indicating the intention for family formation and spacing between children. Switching contraceptive methods after termination suggests these pregnancies were unintended and possibly due to contraceptive failure. Women’s contact with health professionals around the time of reproductive events provides an opportunity to provide contraceptive services.

A business model for an inclusive entrepreneurial development

In 2004 Prahalad made managers aware of the great economic opportunity that the population at the BoP (Base of the Pyramid) represents for business in the form of new potential consumers. However, MNCs (Multi-National Corporations) generally continue to penetrate low income markets with the same strategies used at the top of the pyramid or choose not to invest at all in these regions because intimidated by having to re-envision their business models. The introduction of not re-arranged business models and products into developing countries has done nothing more over the years than induce new needs and develop new dependencies. By conducting a critical review of the literature this paper investigates and compares innovative approaches to operate in developing markets, which depart from the usual Corporate Social Responsibility marketing rhetoric, and rather consider the potential consumer at the BoP as a ring of continuity in the value chain − a resource that can itself produce value. Based on the concept of social embeddedness (London & Hart, 2004) and the principle that an open system contemplates different provisions (i.e. MNCs bring processes and technology, NGOs cultural mediating skills, governments laws and regulations, native people know-how and traditions), this paper concludes with a new business model reference that empowers all actors to contribute to value creation, while allowing MNCs to support local growth by turning what Prahalad called ‘inclusive capitalism’ into a more sustainable ‘inclusive entrepreneurial development’.

A snapshot of capstone courses in Australian business schools

Capstone courses are compulsory units usually offered in the last year, and often in the last semester, of a degree program. Ideally, they incorporate, consolidate and apply previously acquired knowledge, skills and experiential learning, rather than providing new information and skills. This presentation reports on findings of an Australian Teaching and Learning Council (ALTC) Projecti that explores the teaching of capstone courses in university Business Schools. In particular, it analyses comprehensive data collected via a national audit of all business capstone courses conducted in 2010-2011, based on information on university websites. Using this data, we reconsider the capstone ‘model’, classifying capstones in a way that goes beyond simple typologies in the literature, and reviewing approaches to teaching them. Although there is a common understanding amongst lecturers about the aims of capstone courses and the need to make students ‘workplace ready’, this presentation will provide more detailed analysis demonstrating the diversity of actual practices with respect to assessment, format and new content. These are important concerns related to student success in the workplace.

A framework for cost-aware process management : generation of accurate and timely management accounting cost reports

Organisations are constantly seeking efficiency improvements for their business processes in terms of time and cost. Management accounting enables reporting of detailed cost of operations for decision making purpose, although significant effort is required to gather accurate operational data. Business process management is concerned with systematically documenting, managing, automating, and optimising processes. Process mining gives valuable insight into processes through analysis of events recorded by an IT system in the form of an event log with the focus on efficient utilisation of time and resources, although its primary focus is not on cost implications. In this paper, we propose a framework to support management accounting decisions on cost control by automatically incorporating cost data with historical data from event logs for monitoring, predicting and reporting process-related costs. We also illustrate how accurate, relevant and timely management accounting style cost reports can be produced on demand by extending open-source process mining framework ProM.

Living through extreme weather events and natural disasters: How resilient are our high-rise high-density typologies?

The inner city Brisbane suburbs of the West End peninsula are poised for redevelopment. Located within walking distance to CBD workplaces, home to Queensland’s highest value cultural precinct, and high quality riverside parklands, there is currently a once-in-a-lifetime opportunity to redevelop parts of the suburb to create a truly urban neighbourhood. According to a local community association, local residents agree and embrace the concept of high-density living, but are opposed to the high-rise urban form (12 storeys) advocated by the City’s planning authority (BCC, 2011) and would prefer to see medium-rise (5-8 storeys) medium-density built form. Brisbane experienced a major flood event which inundated the peninsula suburbs of West End in summer January 2011. The vulnerability of taller buildings to the vagaries of climate and more extreme weather events and their reliance on main electricity was exposed when power outages immediately before, during and after the flood disaster seriously limited occupants’ access and egress when elevators were disabled. Not all buildings were flooded but dwellings quickly became unliveable due to disabled air-conditioning. Some tall buildings remained uninhabitable for several weeks after the event. This paper describes an innovative design research method applied to the complex problem of resilient, sustainable neighbourhood form in subtropical cities, in which a thorough comparative analysis of a range of multiple-dwelling types has revealed the impact that government policy regarding design of the physical environment has on a community’s resilience. The outcomes advocate the role of climate-responsive design in averting the rising human capital and financial costs of natural disasters and climate change.

Modelling web-server Flash Events

A Flash Event (FE) represents a period of time when a web-server experiences a dramatic increase in incoming traffic, either following a newsworthy event that has prompted users to locate and access it, or as a result of redirection from other popular web or social media sites. This usually leads to network congestion and Quality-of-Service (QoS) degradation. These events can be mistaken for Distributed Denial-of-Service (DDoS) attacks aimed at disrupting the server. Accurate detection of FEs and their distinction from DDoS attacks is important, since different actions need to be undertaken by network administrators in these two cases. However, lack of public domain FE datasets hinders research in this area. In this paper we present a detailed study of flash events and classify them into three broad categories. In addition, the paper describes FEs in terms of three key components: the volume of incoming traffic, the related source IP-addresses, and the resources being accessed. We present such a FE model with minimal parameters and use publicly available datasets to analyse and validate our proposed model. The model can be used to generate different types of FE traffic, closely approximating real-world scenarios, in order to facilitate research into distinguishing FEs from DDoS attacks.