An investigation into the potential adoption of international financial reporting standards in the United States: implications and implementation

International Financial Reporting Standards (IFRS) have been adopted by most of the G20 countries. Given the broad worldwide acceptance of IFRS and significance of attaining comparability to facilitate free flow of capital, the US standard setter, the Financial Accounting Standards Board (FASB) made a commitment to jointly work with the International Accounting Standards Board (IASB) to explore the possibilities of convergence of US Generally Accepted Accounting Principles (GAAP) with IFRS. In 2007, the US Securities and Exchange Commission (SEC) eliminated the requirement that foreign companies listed on the US stock exchanges reconcile their IFRS-based financial statements with the US GAAP. In the same year the US SEC issued a concept release to the public requesting comments on a proposal to allow US issuers to prepare financial statements in accordance with IFRS. Following these initiatives by the FASB and SEC, the aim of the present study is to investigate the implications of a potential full adoption of IFRS by the US. The present study details the challenges and benefits of adoption and outlines the steps required for a successful outcome of this process.

Perspectives of another: conceiving of ourselves in critical times

This article takes as its focus newspaper articles chosen from a Melbourne newspaper published annually on a particular day, between 1988 and 2003. The resultant bricolage provides a backdrop through which contemporary conversations about race and ethnic relations in Australian contexts can be examined. Australian educational institutions, particularly those in major cities such as Melbourne and Sydney have long been implicated in the provision of immigrant education. Over the last decade Australia follows the United States and Britain as major suppliers of international education. Under explanation here are the changed ways that race and ethnic relations can be understood and the implications of these changes for the ways that these new directions in education can be spoken about.

Are employment effects of gender discrimination important? Some evidence from Great Britain

Interpreting the unexplained component of the gender wage gap as indicative of discrimination, the empirical literature to date has tended to ignore the potential impact wage discrimination may have on employment. Employment effects may arise if discrimination lowers the female offered wage and the labour supply curve is upward sloping. The empirical analysis employs the British Household Panel Study and finds evidence of both wage and associated employment effects.

A new era in United States cooperation in international insolvency adminstrations?

Cross-border insolvency laws are increasingly being influenced by the UNCITRAL Model Law on Cross-border Insolvency provisions. The United States has recently enacted domestic legislation based on these provisions by way of Ch 15 of the Bankruptcy Abuse Prevention and Consumer Protection Act 2005, which inserted Ch 15 into USC, Title 11. This article briefly explains the provisions of this United States legislation and draws attention to the important case law commenting and explaining same. It further attempts to alert local practitioners to the changes, benefits and detriments they may encounter when acting pursuant to this legislation.

Not so welcoming? United States cross-border insolvency assistance

Examines the recognition of and assistance for foreign insolvency proceedings offered by the US courts under the US Code Title 11 Ch.15 (Bankruptcy Code), with particular reference to the approach to determining a centre of main interests, leading to refusal of recognition of Cayman Islands proceedings, in Re Basis Yield Alpha Fund (Master) and Re Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd (In Provisional Liquidation). Suggests that the approach under Ch.15 is more restrictive than the previous approach in the US, noting examples from case law under the previous provisions.

Declining foreign enrollment at higher education institutions in the United States : a research note

When the Institute of International Education reported a drop of 2.4% in international student enrollment in the United States in 2003/2004, the first absolute decline in foreign enrollments since 1971/1972 (Open Doors, 2004), many were quick to point fingers at visa policies instituted after the September 11, 2001 attacks. The "Visas Mantis" review—a security clearance required for foreign students studying any of roughly 200 scientific fields—was blamed for tarnishing the view of the United States as a welcoming place for international students. Although the review has certainly been the cause of increased visa delays and rejections, this article takes the view that it is not the only cause for the dip in foreign enrollments in the United States. Through econometric analyses, it is shown that other than the visa quagmires, improved access to domestic education opportunities and tuition fee increases can indeed explain the drop in foreign enrollments.

The oil stock fluctuations in the United States

The goal of this paper is to examine whether the volatility of the growth in the US oil stocks has changed overtime, and if it has then whether or not this change is real. We find that the growth in volatility of oil stocks has declined overtime. We conduct a Monte Carlo simulation exercise to investigate whether this decline is real or an artefact of the growth definition. Our findings support the fact that the decline in growth volatility of oil stocks is an artefact of the growth definition. This is because a data generating process having a unit root with drift has a tendency to grow and thereby pulls the variance of growth down with time.

Public reporting of nursing home quality of care : Lessons from the United States experience for Canadian policy discussion

While the demand for continuing care services in Canada grows, the quality of such services has come under increasing scrutiny. Consideration has been given to the use of public reporting of quality data as a mechanism to stimulate quality improvement and promote public accountability for and transparency in service quality. The recent adoption of the Resident Assessment Instrument (RAI) throughout a number of Canadian jurisdictions means that standardized quality data are available for comparisons among facilities across regions, provinces and nationally. In this paper, we explore current knowledge on public reporting in nursing homes in the United States to identify what lessons may inform policy discussion regarding potential use of public reporting in Canada. Based on these findings, we make recommendations regarding how public reporting should be progressed and managed if Canadian jurisdictions were to implement this strategy.

Courting kazaa : judicial approaches towards P2P networks in the US and Australia

As with the litigation involving its predecessor Napster, cases involving the Australian based P2P service Kazaa and its US licensees Grokster and Morpheus required from the courts to balance the legitimate interests of the computer industry and the public in new and advanced technologies on the one hand and of so-called "content providers " of the media and entertainment industry on the other hand. The article examines, how US and Australian courts have approached this task and, in spite of differences in the legal frameworks of the two countries, have reached similar conclusions.