National and international financial reporting standard convergence and the relevance for non-participants in capital markets : a preparer perspective

This study presents some implications of recent policy moves to enhance the harmonization of financial reporting and disclosure by adopting international financial reporting standards. In particular the impact on small organizations that do not participate in capital markets is considered. The results of a survey of practitioners indicate a perception that the non-capital market sector is likely to be significantly affected by additional reporting burden that convergence with international financial reporting standards imposes. On the whole the results show there was concern that the traditional users of the financial reports of organizations who do not participate in capital markets, would have limited if any, use for financial reports that conformed to international financial reporting standards, The results of this study have implications for nations such as Malaysia and New Zealand, which are currently engaging in the differential reporting debate.

The relevance of financial education for retirement savings behaviour

This paper was motivated by the growing literature that suggests that individuals fail to conform to rational economic behaviour when it comes to saving for retirement. A review of the relevant literature confirmed that many individuals fail to save for retirement in a rational way as prescribed by the Modigliani and Brumberg (1954) economic life-cycle model. Numerous studies show that many individuals exhibit irrational behaviour when it comes to planning and saving for retirement. The literature review identified that exposure to financial education programs can positively influence the planning and savings behaviour of retirement fund members.

Using benchmarking to improve the financial and social sustainability of commercial goat meat, cashmere and mohair farms in Australia

Production and financial benchmarking was undertaken with commercially motivated mohair, cashmere and goat meat farmers in Australia. There were large differences in animal and fleece production and financial returns between the best and worst performing farms. Farmers and industry groups reported that the process and results were helpful and resulted in them changing management practices. Benchmarking demonstrated that there is substantial scope to increase productivity and profitability through improved genetic selection and improved management of pastures, breeding flocks and in kid survival and growth.

Meeting the challenge of establishing commercial mohair enterprises by building an interactive enterprise management and financial model

To assist in attracting investors into mohair production in Australia, a production and financial model was built as a learning and support tool. The work aimed to reduce search time and thinking costs about the impact of management strategies on financial feasibility. Various management strategies and assumptions applied to a case study with 300 breeding Angora does and eight variations. The results showed an internal rate of return for mohair ranging from 9.3% to 21.2% over 12 years, a median gross margin per effective hectare ranging from $82 to $167, cash at bank in year 12 ranging from $8,700 to $56,800 and net enterprise assets ranging from $69,900 to $155,700. A key benefit of the model was its ability to allow new farmers to explore potential management strategies and their assumptions about a future enterprise before investing.

A model for assessing financial competence

This thesis aimed to design a valid and reliable assessment of financial competence to decide whether or not someone required help in looking after their finances. A multidimensional assessment was developed that was found useful in identifying the financial difficulties experiences by people with a cognitive impairment.

An examination of financial counselling discourses in Victoria

This thesis investigates the model of practice invoked by the Victorian financial counselling sector. It analyses why community development is inconsistent with the sector's casework approaches to practice, identifies the emergence of a different model of practice and explains financial counselling within the current theoretical context of risk society.

Financial and non-financial determinants of delisting and emergence from rehabilitation

The objective of this thesis was to derive two models: the first, to predict which companies on the Stock Exchange of Thailand would join the Companies Under Rehabilitation (REHABCO) sector; and the second to predict which companies in the REHABCO sector would go on to be delisted from there.

Income tax treatment of financial instruments : theory and practice

Examines the theoretical and practical aspects of the treatment of financial instruments under a realisation-based income tax. Argues that, within such a context, a system of expected-return taxation in preferable. The argument is developed through a review of the academic literature and selected legislative regimes.

Comparability of German and Australian disclosures in financial reports

Reports an international comparison between Australian and German company annual reports. The theoretical framework was drawn from Hofstede's analysis of national cultural value dimensions and Gray's accounting sub-cultural values. The results, using the method developed by Van der Tas, showed low levels of international harmony on accounting policies.

Connection between commonly used financial ratios and misrepresentation of financial statements of collapsed corporations

This paper unravels dynamic and intriguing shifts in the use of financial ratios in signaling corporate collapse. An empirical examination of the anecdotal evidences from notable recent corporate collapses coupled with the short-lived usefulness of financial ratios in various prediction models suggest that companies(1) that deliberately misrepresent their financial statements may have taken cues from the ratios that are commonly investigated. This proposition is supported by an extensive examination of over 50 studies conducted between 1968 and 2002. The erosion in the reliability of numbers in financial statements has led to significant distortions in the predictive power of financial ratios when used in signaling corporate collapse. Recent collapses such as Parmalat in Europe, Enron and WorldCom in the U.S. and HIH in Australia, present yet another reminder that financial statement items are being misrepresented. These are all large corporations with well-established household names, and are for sure closely monitored by financial communities around the globe. Nevertheless, a common thread seems to link the collapse of these companies: none of these collapses were foreseen by credit rating agencies or foretold by the widely accepted bankruptcy prediction models. Why? This paper attempts to use some anecdotal evidence in order to provide logical explanations to the existence of such a common thread. It argues that there appears to be anecdotal evidence to suggest that directors of publicly listed companies that have collapsed may have deliberately misrepresented financial statement items.

Financial crisis and central bank independence and governance (CBIG)

This study examines the impact of Asian financial crisis on central bank independence and governance in the Asia Pacific. It applies a unique CBIG index-model for 36 countries for the period 1991 to 2005. This paper examines changes in the CBIG in the Asia Pacific before and after the Asian financial crisis in 1997. It applies a panel data pooled regression model and finds that the Asian financial crisis dummy is significantly different in the post-crisis period compared to the pre-crisis period. As a result the improved CBIG in the post-crisis period has contributed to lower the inflation in the entire region.

Financial liberalisation in Vietnam : impact on loans from informal, formal and semi-formal providers

This paper commences with an overview of the Vietnamese financial sector and a survey of the main reforms to this sector implemented since the late 1980s. A descriptive analysis is then provided, which compares some key characteristics of pre- and post-financial reform borrowing and savings activities using the Vietnam Living Standard Surveys of 1992/93 and 1997/98.