Accounting for local government boundary changes in South Australia : valuing assets and liabilities or valuing revenue streams

This paper examines the methodologies adopted in the transfer of assets, liabilities, revenues and expenses resulting from boundary changes associated with municipal amalgamations in South Australia during the late 1990s. It investigates the methods employed for apportioning these financial elements, valuations used and financial settlements required. Significant transfers occurred in only three cases. In two cases, councils used simple, pragmatic methods to apportion assets and liabilities, similar to those used previously in Victoria. In the third case a transfer price was calculated based on the net present value of revenues. This method is quite different from previous methods examined and is appropriate where one council will make significant future gains at another council's loss because of net revenue transfers.

A proposal for change to teacher education in and for rural and regional Australia

In recent years, much attention has been given to the preparation of teachers for rural and regional schools (for example, Marks et al, 2000, Marks et al, 2001, Jones, 2002). Rural and regional teacher education brings with it exciting opportunities for individuals and communities. However, it is also coupled with specific demands on governments, teaching staff and tertiary institutions. However, as yet little attention has been given to how to reform teacher education to address the identified issues (Green & Reid, 2004). At present, the teacher education course offered on the Warrnambool campus of Deakin University is identical to that offered on the metropolitan (Burwood) and regional (Geelong) campuses. The course is a traditional four-year course.

At the Warrnambool campus we are embarking on a project which aims to reconceptualise teacher education for rural and regional contexts. It seeks to: better understand the issues and challenges rural and regional stake holders face within the profession, including both pre-service and service dimensions; identify the context specific knowledge, skills and strategies rural and regional schools are looking for in graduate teachers; and develop and implement a revised Bachelor of Education program that reflects the needs of rural and regional education.

In this paper, we outline how we intend determining the demand for a community-based teacher education program in western Victoria and determining/negotiating community support for such an initiative.

Cultural understanding: rethinking music teacher education in a multicultural Australia

This paper provides a multicultural perspective to music education in Australia and makes recommendations for the creation of more suitable intercultural training programs in Australian universities. It explores issues of multiculturalism in higher education institutions and argues that music education is a useful platform to address and rethink cultural diversity, where difference can be celebrated. Within Australian multicultural society, the rights and traditions of all people are recognized, respected and included. In this process, higher education institutions are challenged to prepare student teachers to meet the needs of society. This involves cultural understanding and the creation of multicultural curricula. From reflecting on current music education programs offered at Deakin University, Melbourne, it is argued that there is need to rethink current approaches to music education pedagogy. Although there are attempts to have an all inclusive approach in teacher training, the music curriculum is still trapped in the potpourri effect of trying to create culturally responsive teachers for every permutation of the multicultural classroom. When Australian society, ideally approaches true styles of multicultural music, teachers and students will celebrate the rich diversity of this nation.

Loyalty to the profession? A study of Australian financial planners

The purpose of this paper is to examine the demographic variables of age and gender in conjunction with three independent variables: Internal versus external locus of control personality dimension, individualist versus collectivist personality dimension, and perceived environmental uncertainty and to relate same to the professional commitment (PC) of financial planners in Australia. A questionnaire was used to survey a sample of 312 financial planners nationally, with a 36% response rate and statistically significant results. At the 90% confidence level (p=0.10) respondents over the age of 35 demonstrated no difference between their levels of professional commitment than did those under the age of 35, while at the same level of confidence, females demonstrated a statistically significant higher level of PC than did their male counterparts. Respondents with an external locus of control displayed lower levels of PC (p=0.10) that those with an internal locus of control. These findings contribute to our understanding of the professional commitment of financial planners, and are important from a public policy perspective in an era of increasing attention to, and likely increased regulation of, the financial planning industry.

Accountability and board functionality: National Australia Bank's experience

The National Australia Bank’s (NAB) experience of corporate governance has been contrary to current standards of good corporate governance, accountability and risk management. Over the last few years NAB’s misadventures have brought it under intensive media scrutiny with the HomeSide losses and the investigation by the Securities and Exchange Commission in the USA for breaches of auditor independence. More recently the unauthorised trading by its foreign exchange dealers violated NABs risk management practices and the subsequent board crisis resulted in significant downgrading of the share price on the Australian Stock Exchange (ASX). This paper briefly reviews the international history of corporate accountability and its growth in Australia. The increasing shareholder and legislative pressure to improve sustainability, accountability and board functionality have driven these issues to the forefront of Governing Boards’ agendas worldwide. The board remains ultimately responsible for all actions of the company and this is highlighted by APRA’s recent release of the new governance standard APG510 for implementation by October 2006. The impact of NAB’s board dysfunction on its overall performance is compared with the other major banks in Australia. Cost efficiency ratios, share price and total shareholder return are used as measures of performance and profitability. It is clear, from NAB’s recent experience, as the worst performer of all the majors, with a 19.7% fall in net profit and a cost to income ratio of 57.4% in 2004, that the NAB board needs to improve its performance and accountability to meet a sustainable increase in profitability and higher return for investors.

Financial accounting and library collections : the bottom line

The valuation and depreciation of library collections is an increasing challenge in the context of financial accounting requirements. The depreciation implications of major collection management strategies have become of increasing concern to Deakin University library in regard to accrual accounting reporting procedures. Changes to library collections, such as the transition to online journals, are moving the financial value of library collections from capital to operating budgets. Major collection management projects such as weeding print assets can have unexpected implications for depreciation and library budgets. Gratis publication acquisitions can also significantly affect valuation and depreciation. Many other libraries are facing similar challenges and this paper will incorporate a range of experiences and practices.

There appears to be little consistency across libraries in how collections are valued and accounting procedures can differ greatly across institutions. The seemingly arbitrary and often questionable nature of financial policies in relation to library collections can create problems for libraries when used to inform decision making and budgets. Libraries increasingly need to work in partnership with financial managers to ensure the financial reporting requirements do not result in adverse implications for collections and budgets and that the capacity of the library to meet its strategic objectives is not impeded. This paper explores the issues and challenges facing many libraries and outlines some strategies to assist library managers in dealing with this financial conundrum

Does organizational structure matter? The behaviour of Australian Building Societies pre-and post-demutualization

Financial performance measures, provided by accounting-based financial ratios, of the major mutual building societies in Australia are used to explore their behaviour pre-and post-demutualization in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions would have lower profitability and higher operating expenses than their publicly listed counterparts. Common accounting ratios are observed over time to investigate if ownership change in a mutual deposit-taking organization accounted for any discernable differences in profitability and cost efficiency of the firms after conversion.

German corporate governance in international and European context

The main aim with this book is to provide English speaking readers with a comprehensive overview of the German corporate governance model. The authors introduce the reader to the unique features of the German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. The unique interplay among these organs are also covered and the reader is introduced to the particular dynamics of the German two-tier board structure.Further the authors deal with the dominant role of the "German banks" and new players in the German financial markets, focusing particularly on voting rights of these institutions at companies' general meetings and appointing members to companies' supervisory boards. Accounting is shown as the documentary proof of good corporate governance. The final chapter gives an overview of corporate governance in the European Union, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia.

Evaluating the impact of financial literacy programs on the retirement savings of superannuation fund members

Currently, in Australia, the age pension, paid for out of Commonwealth government taxes, forms the basis of Australia’s retirement income system, however, given the reality of an ageing population has compelled the government to undertake a number of measures to shift the responsibility for saving to the individual, forcing them to accept an increasing level of responsibility for their financial decision-making. In the light of the changing retirement environment, it would be expected that Australians’ would ensure that they became financially literate, however, despite the amount of information and advice available in the market place, this is not the case, and they do not appear to be appropriately prepared for their retirement. Recognising the importance of financial literacy, an increasing number of government agencies, employers, superannuation funds and schools are implementing financial literacy programs in Australia. This article provides an overview of the impact that attending a financial education seminar has on the retirement decisions and settings of participants. Evidence is provided from this research that in the short term, providing financial education programs make a difference to an individual’s intended retirement settings. However, the impact of these education programs in changing investment behaviour is less conclusive.

An examination of the organisational commitment of financial planners

This paper sets out to determine whether the demographic variables of age, gender, length of service can be shown to be related to the organisational commitment (OC) of financial planners in Australia. The financial planners were surveyed using an instrument derived from established questionnaires. It was mailed nationally to 312 financial planners. A response rate of 36% was achieved, equating to 113 useable responses. The analyses revealed statistically significant results at the 95% confidence level (p=0.05), that female respondents demonstrated a statistically significant higher level of OC than did their male counterparts.Such findings contribute to our understanding of the organisational commitment of Financial Planners, and have implications for employers in terms of hiring and retention of employees. The analyses are also important from a public policy perspective in an era of increasing attention given to, and likely increased regulation of, the financial planning industry.

New money for mental health : will it make things better for rural and remote Australia?

New Australian government funding for the Better Outcomes in Mental Health Care initiative is a significant step forward for mental health, with general practitioners now able to offer direct referrals to psychologists, social workers, occupational therapists and Aboriginal health workers. Incentives for better teamwork between GPs and other mental health professionals have been introduced, but may have unintended consequences, including an exacerbation of workforce shortages in rural and remote areas. Possible solutions to these shortages include rural scholarships for students in the mental health professions; recruitment and retention of students coordinated by university departments of rural health; better access to continuing professional development; and federally funded rural positions and additional financial incentives for rural mental health practitioners.

The effectiveness of seminars in educating adults in financial literacy

In Australia, financial literacy is not given prominence within the education system, and it is a general view that financial literacy is gained through ‘hands on’ experience in earning and spending money; further, financial education seems to occur only when people take a loan or experience financial difficulties (Hajaj, 2002). This is not sufficient if people need to make informed decisions about their investments and, because of a number of social factors, it has become necessary to educate the majority of the adult population in Australia in Financial Literacy over a relatively short period of time. Given the large numbers requiring such an education, the seminar approach is being widely used, however is it effective? Drawing on the adult education literature, this study examined the effectiveness of the seminar approach by surveying adult participants in a Financial Literacy seminar. The survey found that while a majority of participants (50%) expressed none or weak financial knowledge prior to attending the seminar and 45% expressed that they only had a moderate rate of financial knowledge, a majority of 63% strongly agreed or agreed to the seminar improving their knowledge of the need for retirement savings. Furthermore, 58% of participants were either confident or very confident of being able to apply what they learned in the seminar to achieving their retirement savings goal. These findings suggest that the seminar approach was effective in educating adults and improved their level of financial literacy. Future research could investigate whether the level of financial knowledge gained during the seminar is retained over a considerable period of time.

Financial, family, and social factors impacting on cardiac rehabilitation attendance

Background
Attendance in phase 2 cardiac rehabilitation program after acute myocardial infarction is poor.

Objective
To identify and explore the demographic factors that influence peoples’ decisions to attend cardiac rehabilitation programs.

Methods
A descriptive-interpretive design was used. Semi-structured interviews were conducted with 10 people post infarction in Victoria, Australia after their first scheduled appointment to attend outpatient cardiac rehabilitation. The interview transcripts were thematically analysed.

Results
The perceived relevance of cardiac rehabilitation related to the context of people’s lives, namely their financial, family and social situation, and how important program outcomes were seen to be relevant to this context.

Conclusion
The findings of this study suggest that there are a proportion of people unlikely to attend outpatient cardiac rehabilitation programs following an AMI despite encouragement to attend. It may be unrealistic to aim for 100% referral and uptake into cardiac rehabilitation programs and therefore an inappropriate endpoint by which to evaluate such programs.

Strategies for the marketing of higher education with comparative contextual references between Australia and Turkey

Education is now a global product with institutions worldwide competing for students and finding ever more creative ways to satisfy student needs and preferences. With the continuing rise in the preference for flexible distance learning, educational institutions are finding that when students and faculty have significantly different cultural backgrounds and learning styles that the expectations of the learning experience can be unfulfilled. In Australia, international students have made education Australia’s third largest service export, earning $5.8 billion. This means that student populations have moved from being homogenous and captive to domestic constraints and expectations, to being multi-cultural, dispersed and subject to a plethora of constraints and expectations. Today in Turkey, education is the responsibility of government however, in recent years, the private sector has entered the market providing educational services at all levels. In particular, after the 1990s, private higher education institutions (HEIs) with a commercial focus have mushroomed.

In 2007, there are 25 private universities in Turkey with more than 2.000.000 students enrolled in these universities. Of these students, more than 1.000.000 are registered in distance education faculties. With such large student numbers competition between private universities for students has intensified particularly over the last 15 years. As a consequence the need to develop strategies for attracting students has become more important. Marketing strategies in Turkey have tended to concentrate on three distinct categories: strategies between governmental HEIs, private HEIs and distance education HEIs. The contribution of technologies to education processes has been immense with students and faculty each learning to adapt to an environment of continuous change and opportunities. This paper seeks to explore the notion that a competitive advantage in marketing of higher education can be attained by customizing learning experiences for particular student cohorts in a pro-active and constructive way.