Effects of IFRS adoption on the financial statements of Nigerian listed entities: the case of oil and gas companies

On 28 July 2010, the Nigerian Federal Executive Council approved January 1, 2012 as the effective date for the convergence of Nigerian Statement of Accounting Standards (SAS) or Nigerian GAAP (NG-GAAP) with International Financial Reporting Standards (IFRS). By this pronouncement, all publicly listed companies and significant public interest entities in Nigeria were statutorily required to issue IFRS based financial statements for the year ended December, 2012. This study investigates the impact of the adoption of IFRS on the financial statements of Nigerian listed Oil and Gas entities using six years of data which covers three years before and three years after IFRS adoption in Nigeria and other African countries. First, the study evaluates the impact of IFRS adoption on the Exploration and Evaluation (E&E) expenditures of listed Oil and Gas companies. Second, it examines the impact of IFRS adoption on the provision for decommissioning of Oil and Gas installations and environmental rehabilitation expenditures. Third, the study analyses the impact of the adoption of IFRS on the average daily Crude Oil production cost per Barrel. Fourth, it examines the extent to which the adoption and implementation of IFRS affects the Key Performance Indicators (KPIs) of listed Oil and Gas companies. The study further explores the impact of IFRS adoption on the contractual relationships between Nigerian Government and Oil and Gas companies in terms of Joint Ventures (JVs) and Production Sharing Contracts (PSCs) as it relates to taxes, royalties, bonuses and Profit Oil Split. A Paired Samples t-test, Wilcoxon Signed Rank test and Gray’s (Gray, 1980) Index of Conservatism analyses were conducted simultaneously where the accounting numbers, financial ratios and industry specific performance measures of GAAP and IFRS were computed and analysed and the significance of the differences of the mean, median and Conservatism Index values were compared before and after IFRS adoption. Questionnaires were then administered to the key stakeholders in the adoption and implementation of IFRS and the responses collated and analysed. The results of the analyses reveal that most of the accounting numbers, financial ratios and industry specific performance measures examined changed significantly as a result of the transition from GAAP to IFRS. The E&E expenditures and the mean cost of Crude Oil production per barrel of Oil and Gas companies increased significantly. The GAAP values of inventories, GPM, ROA, Equity and TA were also significantly different from the IFRS values. However, the differences in the provision for decommissioning expenditures were not statistically significant. Gray’s (Gray, 1980) Conservatism Index shows that Oil and Gas companies were more conservative under GAAP when compared to the IFRS regime. The Questionnaire analyses reveal that IFRS based financial statements are of higher quality, easier to prepare and present to management and easier to compare among competitors across the Oil and Gas sector but slightly more difficult to audit compared to GAAP based financial statements. To my knowledge, this is the first empirical research to investigate the impact of IFRS adoption on the financial statements of listed Oil and Gas companies. The study will therefore make an enormous contribution to academic literature and body of knowledge and void the existing knowledge gap regarding the impact and implications of IFRS adoption on the financial statements of Oil and Gas companies.

An extension of STARD statements for reporting diagnostic accuracy studies on liver fibrosis tests: the Liver-FibroSTARD standards

International audience

Iowa Public Television independent auditor's reports, basic financial statements and supplementary information, June 30 2009.

Audit report on Iowa Public Television for the year ended June 30, 2009

THE ASSUMPTION IN STATEMENTS QUESTIONING SPEECH OF CLASSROOM

This study aims to make a linguistic analysis, in a semantic-discursive perspective, of the assumptions that are encoded in the question-answer pair (P-R) in the classroom discourse in terms of Ducrot (1987), Levinson (1983), Moura (2006). For this, we made an analysis and a description of the interrogative utterrances, qualitatively, using data which are part of the corpus The Study of Discourse Interaction in classes of elementary school (Cf. Santos, 2002), consist of ten classes recorded, to identify the interrogative contexts in which the assumptions are encoded; and the relationship that these establish with the activities developed in the classroom. The results show that the assumptions encoded in the questions are related to the structuring of the discourse, with regard to return information given, to project  the topic that will be developed and establish contact with students through interactivity.

A DISCURSIVE STUDY ON STATEMENTS THAT ROCKED THE BRAZIL IN 2013 YEAR

This paper aims to take a discursive study upon two widely repeated statements in the streets of Brazilian cities in June, 2013, when the rise of urban transportation costs caused popular demonstrations to begin. However, this rise of rates seems to have served as a mere trigger to mobilize citizens to add up other agendas to the demonstrations, such as the right to health, education, good public safety, as well as the corruption installed in the country. Thus, we sought to verify the effects of erupted in the statements “Come to the streets” and “The Giant has woken up”, used to summon the citizens subject to the fight and to leave the state of moral inertia to them history. From our point of view, these statements are a discursive event, because slip of a discursive domain to another and produce effects of citizenship and that another country was possible. In addition, they attest to the ideology material character in the language and operation of discursive memory, which enables not only the memory and repetition, but also the refutation and oblivion. By this bias, we take the city not as territorial extension, but as a large text that is given to read, that is, as a symbolic space in which history and the language are linked producing senses determined by application of the subject in memory networks and that claim by interpreting gestures.

Fallen Awake

Photo from process: David Megarrity, albury 2007 - example of convergence of writing/design/perfomance/video RESEARCH COMPONENT Fallen Awake was a practice-led research process that opened the development process to the influence of collaborative authorship across artforms. The project focused on of how multiple artforms and artists converge their vision into a singular text, in the context of collaborative authorship. The work also uncovered new questions relating to the dream-life of children. The stimulus for the work was a selection of verbal statements by three-year-olds, raising complex ethical questions as the project progressed about the child’s voice, mediated by the adult artist, for the eventual presentation to a child audience. With the text emergent and open to influence, this project raised other questions related to the lived experience of children, dreaming, creative play and the development of consciousness. It pushed the creative process to experiment with associative, rather then causal narratives, and to negotiate the challenges this raises for traditional story structures and the development processes that usually shape them. It led to the consideration of each artforms and artist as equal contributors in the development of story: traditionally the province of the sole author. The outcomes appeared in various artforms, none of which was live-performance based. An ‘artist’s book’ by the designer, a ‘video treatment’ - a DVD capturing the approach to the performance and a script for an innovative large-scale performance. Fallen Awake was developed with the assistance of Strut & Fret Production House, Arts Queensland, and HotHouse Theatre, Albury Wodonga, through their ‘Month in the Country’ initiative.

Third-sector discourses and the future of (un)employment : skilled labor, new technologies, and the meaning of work

In this paper we analyse a 600,000 word corpus comprised of policy statements produced within supranational, national, state and local legislatures about the nature and causes of(un)employment. We identify significant rhetorical and discursive features deployed by third sector (un)employment policy authors that function to extend their legislative grasp to encompass the most intimate aspects of human association.

Accounting : building business skills, 3rd ed.

The new edition of this widely used and respected introductory accounting textbook continues to provide students and academics with a well written and accessible resource, with ample illustrations and applications to business for a first study of accounting. The text effectively maintains the balance between a 'user' and 'preparer' perspective by integrating real financial information and business decisions throughout. Through the use of real company information and financial statements students will quickly appreciate the use and users of accounting information. The textbook clearly outlines to students how a financial statement - such as a balance sheet, income statement, cash flow statement - communicates the financing, operating, and investing activities of a business. The text builds a strong conceptual understanding and develops skills in the application of accounting principles and techniques, providing students with a solid foundation for further studies in accounting. 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.

Procurement Case Study and Decision-making Strategies

Objectives The procurement research of Sydney Opera House FM Exemplar Project aims to develop innovative methods and guidelines for the procurement of FM services, applicable to iconic and / or performing arts centre facilities, or facilities with similar FM functions. The initial procurement report in June 2005 analysed the strategic objectives and operational requirements that provide ‘demand statements’ as evaluation criteria in the service procurement process. The subsequent interim procurement report in September 2005 discussed the elements contributing to the criteria for decision-making in the service procurement process. This procurement report concentrates on the research on procurement strategies and innovative methods using a case study approach. The objectives of this report are: • to investigate service procurement methods and process in iconic and/or performing arts centre facilities; • to showcase FM innovation in Sydney Opera House through a case study; • to establish a preliminary decision-making framework and guidelines for selection of appropriate FM procurement routes to provide a useful model for FM community. Findings Findings from this procurement research are presented as follows. • FM innovation and experience of Sydney Opera House • Innovative procurement methods and processes, drawn from a case study of Sydney Opera House as exemplar • An integrated performance framework to link maintenance service functions to high level organisational objective and strategies • Procurement methods and contract outcomes, focusing on building maintenance and cleaning services of Sydney Opera House • Multi-dimensional assessment of Service Providers • General decision-making strategies and guidelines for selection of appropriate FM procurement routes Further Research Whilst the Sydney Opera House case study emphasises the experience of Sydney Opera House, a study of procurement strategies and methods from published research and FM good practice will supply facilities managers with alternative procurement routes. Further research on the procurement theme will develop a final decision-making model for the procurement of FM services, drawn from the evaluation of the case study outcomes, as well as FM good practice and findings from current published research.

Services Procurement

This Services Procurement Report incorporates the previous benchmarking research and aims to develop innovative methods and guidelines for the procurement of FM services, applicable to iconic and / or performing arts centre facilities, or facilities with similar FM functions. The FM Exemplar Project utilising the Sydney Opera House produced its initial procurement report in June 2005 which analysed the strategic objectives and operational requirements that provide ‘demand statements’ as evaluation criteria in the service procurement process. The subsequent interim procurement report in September 2005 discussed the elements contributing to the criteria for decision-making in the service procurement process. This procurement report concentrates on the research on procurement strategies and innovative methods using a case study approach. The objectives of this report are to: Investigate service procurement methods and process in iconic and/or performing arts centre facilities; Showcase FM innovation in Sydney Opera House through a case study; Establish a preliminary decision-making framework and guidelines for selection of appropriate FM procurement routes to provide a useful model for FM community

Teacher praise and feedback and students’ perceptions of the classroom environment

The relationships between teacher praise and feedback, and students’ perceptions of the classroom environment were investigated in six rural elementary schools (n 5 747). The Teacher Feedback Scale and My Classroom Scale were developed as part of this study and used to collect the data. Structural equation modelling was used to test a hypothesised model. The results indicated that negative teacher feedback and effort feedback were both related to students’ relationships with their teachers, while ability feedback was associated with perceptions of the classroom environment. Praise was not related to classroom environment or teacher–student relationships. Significant age and gender differences were found. Additionally, differences were found between students who were satisfied with their classroom and those who were dissatisfied. Satisfied students received more general praise, general ability feedback, effort feedback and less negative teacher feedback when compared to dissatisfied students. Research studies have emphasised the influence of signicicant adults (teachers and parents) on students’ personal development (Porlier et al., 1999) and the importance of significant others’ verbal statements when directed at children (Burnett, 1996a). The relationships between negative and positive statements made by teachers, parents, peers and siblings and children’s self-talk have been investigated (Burnett, 1996a) and positive statements (praise) have been found to be more beneficial than verbal criticism (Burnett, 1999). The quality of life in the classroom in recent times has been considered of great importance to students (Thorp et al., 1994) and this is recognised by Baker (1999) who reported a relationship between students’ satisfaction with the learning environment, and differential teacher feedback and praise. This study investigated the relationships between teacher praise and feedback, and how students perceived their classroom and their relationship with their teacher.

Financial accounting: building accounting knowledge

Financial Accounting: Building Accounting Knowledge is a new textbook written for the first financial accounting subject that a student majoring in accounting is required to study. Based on the successful introductory accounting textbook, 'Accounting: building business skills', this text will provide students and academics with a well written and accessible textbook on the principles of financial accounting, with ample illustrations and applications to business. The text maintains the balance between a 'user' and 'preparer' perspective effectively by integrating real financial information and business decision choices throughout the chapters. 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 accounting information communicates the financing, operating, and investing activities of a business. The text builds a strong conceptual understanding and develops skills in the application of accounting principles and techniques, providing students with a solid foundation for studying accounting.

Management of sharps in ambulance care : a state-wide survey of paramedic knowledge and reported practice

Paramedics are at high risk of exposure to infectious diseases because they frequently undertake procedures such as the use and disposal of sharps as components of everyday practice. While the literature demonstrates that the management of sharps is problematic across all health disciplines, there is a paucity of research examining sharps management practices in the Australian pre-hospital paramedic context. This study examines knowledge and practices of sharps control among paramedics in Queensland, Australia. A mail survey focusing on infection control knowledge and practices was sent to all clinical personnel of the Queensland Ambulance Service (QAS) (N = 2274). A total of 1258 surveys were returned, a response rate of 55.3%. Participants responded to 12 true/false statements on the management of sharps and three questions about recapping practices. Most respondents were knowledgeable about the correct management of sharps, with a mean of 11.28 (out of 12, SD = 1.32). When gauging reported practices, more than half (59.1%, n = 736) of participants reported recapping a needle, and 38.5% (n = 479) reported never having done so. These results reflect good knowledge of general management of sharps among respondents, but suggest deficits regarding reported practices. The results suggest that a comprehensive ambulance in-service education programme focusing particularly on sharps management is required. The study highlights the need for further research on sharps management practices in the field, identification of barriers to safe sharps practices in pre-hospital settings, and 'best practice' for translating good sharps management knowledge into practice.