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.

The moral rights of authors and performers: an international and comparative analysis

This book is a comprehensive guide to the development and utilization of authorial moral rights across the key jurisdictions of the English-speaking world and in France and Germany. In recent years, the copyright statutes of the common law countries have been expanded by the introduction of provisions dealing with purely authorial rights - moral rights.
The Moral Rights of Authors and Performers discusses the historical development of the rights in Europe, with particular reference to France and Germany, and shows the growth of moral rights theory and legislative coverage up to the late 1930s. During the 1920s the moral rights of authors became the subject of international protection, particularly through the operation of the Berne Convention for the Protection of Literary and Artistic Works. The book explores the adoption of moral rights into this and other international instruments, explaining the functions that moral rights were intended to perform.
The author gives detailed accounts of the operation of moral rights in France and Germany today, addressing both statutory interpretation and doctrinal issues. The provision of case studies gives an impression of the rich jurisprudence associated with the rights in these countries.
The book also contains a detailed discussion of the versions of moral rights that have become entrenched in Canada, the UK, the US and Australia, with each country considered independently. It deals separately with the introduction of the rights into each country and their operation and interpretation by courts and commentators. Material on common law analogues to the rights is provided, which indicates alternative actions that practitioners might take. Problems of cross-jurisdictional legal proceedings (especially arising from technological transfer of information) are also addressed, with moral rights protection elsewhere in the world summarized in tabular form.

Innovation theories in retrospect : the case of electronic commerce adoption in small business in New Zealand

A review of the technological innovation adoption literature on small to medium-sized enterprises (SMEs) provides useful insights into factors influencing innovation adoption but points to the need to introduce more determinants of innovation adoption to SMEs research. This research is interested in identifying these factors and hence, introducing more potential determinants to electronic commerce (EC) adoption research in SMEs. Therefore, this research attempts to extend the technological innovation theories to EC adoption research in SMEs by identifying potential constructs and factors from these theories and then checking their face validity using three case studies in New Zealand. This research endeavours to shortlist and discuss the most important determinants of EC adoption and to eliminate the least relevant ones.

Indigenous peoples, self-determination and international law

The article examines the re-emergence of indigenous rights in contemporary international law in the context of worldwide agitation by indigenous peoples for the adoption by the United Nations of a Declaration on the Rights of Indigenous Peoples. Two approaches to the protection of indigenous rights are considered: a minimal one that relies on existing human rights conventions, and an inspirational one that seeks a Declaration negotiated in partnership with states willing to recognise indigenous autonomy. Attention is given to judicial recognition of the right to self-determination as a right of free choice, and to the distinction between minority rights and indigenous autonomy. The importance of defining indigenous self-determination in a positive way is emphasised, and prospects for a new UN permanent indigenous forum overcoming the stalemate about indigenous rights are reviewed in terms of the need for greater dialogue.

Global profit split: An evolutionary approach to international income allocation

International taxation is concerned mainly with the equitable allocation of cross-border income between countries in which income-earning activities take place. Such allocation has traditionally been governed by the arm’s-length principle, which has been interpreted as requiring a comparable transactional pricing approach. This approach assumes that each member of a multinational enterprise (MNE) group is a separate entity and that the transactions between related parties can be separated and compared with arm’s-length transactions. It has, however, proved difficult to apply comparable transactional pricing to internationally integrated businesses, especially those involving intangibles and services, and formulary apportionment has been suggested as an alternative. Essentially, formulary apportionment treats the MNE group as a single economic entity. The group’s profit is allocated to members according to a formula that reflects the particular member’s contribution to the production of that profit. A rich academic literature exists which either defends or attacks this alternative approach. The OECD and national governments have rejected formulary apportionment mainly on the ground that it violates the arm’s-length principle. This article proposes a global profit split (GPS) method for allocating international income. The GPS would allocate the global profit of an integrated business to each country in accordance with the economic contributions made by components of the business located in that country. The allocation would be based on a formula that would reflect the economic factors that contribute to profit making. While the GPS draws on elements of the traditional formulary apportionment and profit split methods, it also differs from them. The author discusses in detail the key issues involved in designing the GPS. She also presents and evaluates the main policy and pragmatic justifications for the adoption of this innovative approach. The author argues that the GPS is not only theoretically and practically superior to traditional income allocation methods, but also consistent with the arm’s-length principle. On the basis of historical developments, interpretation of article 9 of the OECD model tax convention, and international tax policy considerations, the author establishes that the GPS is not a radical departure from the arm’s-length principle, but rather a natural development in its evolution. She concludes that the law of evolution ison the side of reform because the GPS would provide for a fair and effective allocation of income derived from globally integrated business activities.

Adoption and maintenance of environmental management systems: critical success factors

The implementation of various management systems and standards has become an important activity for organisations irrespective of their size, sector or nature of the business. Even with a history of implementing change across the organisation, managers continue to experience resistance and challenges when implementing and maintaining the systems/standards, whether they be in quality, occupational health and safety, environmental or any other area. Based on a major research project recently completed, this paper presents the critical success factors for successful implementation of an environmental management system. The project involved three phases of fieldwork: preliminary interviews, a questionnaire survey and in-depth interviews. A brief summary of the findings from each of these phases of research is presented. Based on the findings, the paper discusses the critical success factors for the successful implementation and maintenance of EMS.

A framework for environmental management system adoption and maintenance : an Australian perspective

Purpose – The purpose of this paper is to present a framework for environmental management system (EMS) adoption which can be used by managers to enable them to achieve a faster, smoother, effective and sustainable EMS implementation. This is termed by the authors as “successful” EMS implementation.
Design/methodology/approach – The framework presented is based on an extensive field study conducted in Australia that included a questionnaire survey and in-depth interviews conducted with practitioners, the results of which have been reported in this and other journals.
Findings – The framework presented covers three distinct phases, namely development, certification and maintenance and continuous improvement. Preliminary assessment of this framework by a group of Australian experts that included four senior managers, one academic and one consultant suggests that this framework is a useful tool for implementing an effective EMS.
Practical implications – Each of the three phases of the framework provides a step-by-step approach and a sequential map towards a successful EMS implementation.
Originality/value – The framework has been developed from extensive fieldwork and has been validated by a group of “experts” which comprised of four industry practitioners, one management academic, and one EMS consultant. The framework provides a detailed understanding of the steps involved in the implementation, certification, and maintenance of EMS.

Stakeholder involvement in the EMS adoption process

This paper summarises the findings of the qualitative part of a large study aimed at exploring the extent of involvement of organisational stakeholders (employees and suppliers) during the environmental management system (EMS) adoption process. Interviews with nine senior/middle managers from Australian manufacturing and service organisations revealed the growing awareness of the impact of their products and processes on the ecological and social environments. Moreover, implementation of an EMS or waste management system (WMS) is accepted as a learning curve by both the organisation and its stakeholders, including its employees. Organisations at the same time are also contemplating the need for certifying their existing EMS against international standards such as ISO 14001 based on the cost-benefits resulting from the certification.

An integrated information strategy for ecommerce for export : enhancing networking in an international business context

Companies using electronic commerce to facilitate their export activities (EC4X) need information and support at all stages of their export development and eCommerce adoption. This need is especially pressing for small and medium enterprises (SMEs). This paper reports the findings of a study of EC4X information and support needs among a sample of Australian companies. Evidence from SMEs, business associations and the Victorian state government suggests that governments need to develop a strategy for cost-effective on-line EC4X material that incorporates both generic and specific information. On-line provision of information is an effective way to meet the needs of SMEs and is increasingly the preferred channel for government bodies seeking to promote EC4X capability. However, personal contacts and networks are still an essential part of international business. Thus, an effective government strategy will support the business networking and personal contacts so important to help SMEs develop both eCommerce and export activities.

The impact of the adoption of IAS 19 employee benefits on annual financial statements: an examination of Australian and United Kingdom companies

International Financial Reporting Standards (IFRS) have been adopted by a number of countries as a means of harmonising financial statements around the world. Proponents of IFRS suggest many benefits upon their adoption. This paper examines the effect of the adoption of IFRS on aspects of the company's financial statements, in particular, the adoption of the IFRS relating to post employment benefits and its effects on debt/equity ratios.

This study compared the reporting practices of a number of Australian and UK companies and found that for most companies there was a substantial increase in liabilities, a decrease in shareholders' equity and a corresponding increase in debt/equity ratios after the IFRS were adopted.

An examination of the effect on debt/equity ratios with the adoption of IAS 19 : employee benefits

A number of countries have adopted the International Financial Reporting Standards (IFRS) as a means of harmonising financial statements. .This paper examines the effect of the adoption of IFRS, relating to post employment benefits and its effects on debt/equity ratios. The adoption of the IFRS resulted in most companies reporting a substantial increase in liabilities, a
decrease in shareholders’ equity and a corresponding increase
in debt/equity ratios.