Discretionary-based disclosure: evidence from the Brazilian market

The primary objective of this paper is to identify the factors that explain Brazilian companies level of voluntary disclosure. Underpinning this work is the Discretionary-based Disclosure theory. The sample is composed of the top 100 largest non-financial companies listed in the Bolsa de Valores de São Paulo (Brazilian Securities, Commodities, and Futures exchange - BOVESPA). Information was gathered from Financial Statements for the years ending in 2006, 2007, and 2008, with the use of content analysis. A disclosure framework based on 27 studies from these years was created, with a total of 92 voluntary items divided into two dimensions: economic (43) and socio-environmental (49). Based on the existing literature, a total of 12 hypotheses were elaborated and tested using a panel data approach. Results evidence that: (a) Sector and Origin of Control are statistically significant in all three models tested: economic, socio-environmental, and total; (b) Profitability is relevant in the economic model and in the total model; (c) Tobin s Q is relevant in the socio-environmental model and in the total disclosure model; (d) Leverage and Auditing Firm are only relevant in the economic disclosure model; (e) Size, Governance, Stock Issuing, Growth Opportunities and Concentration of Control are not statistically significant in any of the three models.

Tracking the Trends in Inventory Management in the Automobile Manufacturing Industry Throughout the Business Cycle

This paper investigates the trends in inventory management in the automobile manufacturing industry during recessionary vs. non-recessionary periods. It is an empirical approach to testing the validity of the hypothesis that firms which carry leaner inventories perform better throughout the business cycle and are less affected by variability in the economy than less lean firms. The research also hopes to shed some light on how firm's financial statements can be manipulated through discretionary adjustments made by management pertaining to the valuation of inventories.

The Acceleration of Stock Options in Anticipation of FAS 123 (R)

The Financial Accounting Standards Board (FASB) mandated the expensing of stock options with FAS 123 (R). As of March 2006, 749 companies had accelerated the vesting of their employee stock options and avoided a reduction in their reported profits that otherwise would have occurred under the new standard. There are many different motives for the acceleration strategy, and the focus of this study is to determine whether shareholders viewed these motives as either positive or negative. A favorable return subsequent to an acceleration announcement would signify that shareholder's viewed management's motives as positive. An unfavorable return subsequent to an acceleration announcement would signify that shareholder's viewed management's motives as negative. The evidence from this study suggests that shareholders reacted favorably, on average, to acceleration announcements. However, these results lack statistical significance and are based on a small sample, thus, they should be interpreted with caution.

Analysis of the LIFO inventory valuation method during the onset of IFRS

I propose that the Last in, First out (LIFO) inventory valuation method needs to be reevaluated. I will evaluate the impact of the LIFO method on earnings of publically traded companies with a LIFO reserve over the past 10 years. I will begin my proposal with the history of how the LIFO method became an acceptable valuation method and discuss the significance of LIFO within the accounting profession Next I will provide a description of LIFO, the First in, First out (FIFO), and the weighted average inventory valuation methods and explore the differences among each. More specifically, I will explore the arguments for and against the use of the LIFO method and the potential shift towards financial standards that do not allow LIFO (a standard adopted and influenced by the International Financial Accounting Standards Board). Data will be collected from Compustat for publicly traded companies (with a LIFO Reserve) for the past 10 years. I will document which firms use LIFO, analyze trends relating to LIFO usage and LIFO reserves (the difference in the cost of inventory between using LIFO and FIFO), and evaluate the effect on earnings. The purpose of this research is to evaluate the accuracy of LIFO in portraying earnings and to see how much tax has gone uncollected over the years because of the use of LIFO. Moreover, I will provide an opinion as to whether U.S. GAAP should adopt a standard similar to IFRS and ban the LIFO method.

College Book 1, 1639-1795

This long and narrow leather-bound volume, sometimes referred to as the Long College Book, contains early records of Harvard's two governing boards, the Corporation and the Board of Overseers, as well as a miscellany of entries, made in multiple hands, on assorted topics. Although its proper title is College Book 1, the spine title reads "College Book 1 & 2" due to a nineteenth century labeling error. Proceedings from Corporation and Overseers' meetings were entered unsystematically in this volume, alongside financial statements and other records. The varied purposes of the individual quires which make up this volume, along with the early scarcity of paper, contribute to its disorganized nature. One scholar described it as "jumbled together in a haphazard way now impossible of explanation," although several other scholars have attempted to explain its organization. Some entries are in Latin.

Does Mandatory IFRS Adoption in the EU Level the International Playing Field Between Foreign and Domestic Analysts? ACES Working Papers, October 2011

International Financial Reporting Standards (IFRS) have been promoted as a global set of financial reporting standards that will help integrate global capital markets. We examine whether the mandatory European-wide adoption of IFRS in 2005 improved the forecast accuracy for foreign analysts relative to that of domestic analysts. We find that, on average, foreign analysts experience no incremental improvement in forecast accuracy relative to domestic analysts. However, we find that those foreign analysts who are familiar with IFRS do experience an incremental improvement in forecast accuracy relative to domestic analysts. We also find that this incremental improvement in forecast accuracy relative to domestic analysts is concentrated among firms domiciled in countries with both strong enforcement regimes and domestic accounting standards that differ significantly from IFRS. Our results highlight that both familiarity with IFRS and the quality of countries' enforcement environments play key roles in determining the extent to which IFRS adoption can reduce information asymmetry between foreign and domestic analysts.

Accounting and auditing practices and procedures : hearings before the Subcommittee on Reports, Accounting, and Management of the Committee on Governmental Affairs, United States Senate, Ninety-fifth Congress, first session.

Hearings held Apr. 19-June 13, 1977.

Model police traffic services directives (policy, procedures, rules) for police executives. Final report.

National Highway Traffic Safety Administration, Washington, D.C.

The organization and program structure of the National Highway Safety Bureau.

Mode of access: Internet.

A manual of model police traffic services: policies, procedures, rules. Phase III - model police traffic services rules.

National Highway Traffic Safety Administration, Washington, D.C.

Emergency medical services communications design manual. Final report.

Mode of access: Internet.

Standard materials /

Supercedes Circular 552, 2d edition, April 15, 1957.

Standard materials.

Mode of access: Internet.

Department of Defense appropriations for 1963 : hearings before the subcommittee ... Eighty-seventh Congress, second session.

pt. 1. Military personnel.--pt. 2. Secretary of defense; Chairman, Joint chiefs of staff; Service secretaries and chiefs of staff; overall financial statements.--pt. 3. Operation and maintenance.--pt. 4. Procurement.--pt. 5. Research, development, test, and evaluation.--pt. 6. Appropriation language; Army reserve components; Chemical and biological warfare programs, Army; Testimony of members of Congress, organizations, and interested individuals.

Department of Defense appropriations for 1962 : hearings before the subcomittee ... Eighty-seventh Congress, first session.

pt. 1. Overall financial statements, military personnel.--pt. 2. Operation and maintenance.--pt. 3. Secretary of defense; Chairman, Joint chiefs of staff; Service secretaries and chiefs of staff.--pt. 4. Research, development, test, and evaluation.--pt. 5. Procurement.--pt. 6. Nuclear propulsion; appropriation language; amendments to the budget, 1962; statements of members of Congress, organizations, and interested individuals.