Monitoring the total phenolic/antioxidant levels in wine using flow injection anaylsis with acidic potassium permanganate chemiluminescence detection

Flow injection methodology is described for the estimation of the total phenolic content of wine using acidic potassium permanganate chemiluminescence detection. Selected simple phenolic compounds including quercetin, rutin, catechin, epicatechin, ferulic acid, caffeic acid, gallic acid, 4-hydroxycinnamic acid and vanillin elicited analytically useful chemiluminescence with detection limits ranging between 4×10⁻¹⁰ and 7×10⁻⁷ M. A comparison between the chemiluminescence methodology and other total phenol/antioxidant assays, used by the food and beverage industry, resulted in a good correlation. The chemiluminescence detection was found to be selective with minimal interferences being observed from the non-phenolic components in wine. Analysis of 12 different wines showed that the chemiluminescence method was a rapid way to estimate their antioxidant or total phenolic content.

Application of the fair-value concept : evidence from Australian legal decisions

The concept of "fair value" is increasingly being incorporated into Australian and international accounting standards and pronouncements. The fair-value concept has also been established and developed in Australian legal cases, and an examination of pertinent court decisions is of interest to accountants. By examining and analysing relevant cases, the paper highlights some of the principles and difficulties involved in operationalising the fair-value concept for accounting and legal purposes, particularly in situations where the asset being valued is subject to imperfect or incomplete markets.

Determination of proline in wine using flow injection analysis with tris(2,2`-bipyridyl)ruthenium(II) chemiluminescence detection

Flow injection methodology is described for the determination of proline in red and white wines using tris(2,2′-bipyridyl)ruthenium(II) chemiluminescence detection. Selective conditions were achieved for proline at pH 10, while other amino acids and wine components did not interfere. The precision of the method was less than 1.00% (R.S.D.) for five replicates of a standard (4 × 10⁻⁶ M) and the detection limit was 1 × 10⁻⁸ M. The level of proline in white and sparkling wines using the developed methodology was equivalent to those achieved using HPLC-FMOC amino acid analysis. SPE removal of phenolic material was required for red wines to minimize Ru(bipy)₃³⁺ consumption and its associated effect on accuracy.

A bioeconomic evaluation of a commercial scale recirculating finfish growout system - an Australian perspective

This study, based on 3 years of commercial data, presents the results of an economic analysis of a 20-tonne per annum (TPA) commercial recirculating aquaculture system (RAS) facility located in Warrnambool, Victoria, Australia. Based on the assumptions of the analysis, results highlight the non-viability of the facility, with a 10-year projected negative cumulative cash flow of − $648,038, and negative net present value (NPV) of − $707,546. Economies of scale were assessed by the development of economic models for hypothetical 50-TPA and 100-TPA facilities, based on the actual figures obtained from the 20-TPA case study. These analyses highlighted marginal viability for the 50-TPA facility (with a ten-year projected cumulative cash flow of $1,030,300; negative NPV of − $167,651 and internal rate of return (IRR) of 11.75%), and an economically viable 100-TPA facility (with a ten-year projected cumulative cash flow of $3,176,750; NPV of $522,200 and IRR of 21.03%). Sensitivity analysis highlighted that the greatest gains to be realised in improving profitability were those associated with increasing the productive capacity of the facility, increasing the sale price of the product, and decreasing the capital costs of RAS facilities. Contradictions between the results from the present study to similar studies clearly highlight a need for further economic analyses of commercial RAS facilities, using commercial data sets and standard economic analysis procedures.

Comparing Australian commonwealth, state and territory budget balance numbers

This article presents the findings from a case study of the 2004–05 annual budgets prepared by the Commonwealth, state and territory governments of Australia. The study examined the headline budget balance (general government sector surplus or deficit) announced in the budget papers and speeches of each of the nine governments. Findings indicate the adoption of varying measurement bases and a consequent lack of comparability in the headlined budget balance numbers. Accounting reforms have resulted in adoption of two different systems of accrual accounting by governments — the Government Finance Statistics (GFS) system and the professional Australian Accounting Standards (AAS) system — which provide significantly different measurements of the budget balance. However, there has been no prescription of the manner in which these alternative measures should be presented. This raises a number of questions from an accounting perspective.

The first 10 years of accounting history as an international refereed journal : 1996-2005

This article undertakes a content analysis of publications in the first 10 years of the new series of the journal Accounting History. In so doing, it adds to the prior literature examining publishing patterns in the accounting history discipline. The article commences by providing an historical background to the introduction of the new series and the journal's editorial team. This is followed by a content analysis of the journal's research publications. This analysis examines patterns of authorship, the journal's most published authors, institutional and geographical affiliations of authors, author gender and article classifications.

Behind the headlines : an analysis of Australian Commonwealth, State and Territory budget balance numbers

The introduction of accrual accounting principles for government reporting in recent years has been complicated by the presence of two alternative financial reporting frameworks, the Government Finance Statistics (GFS) framework and the Australian professional accounting standard rules. This paper presents the findings from a study of the 2004-05 and 2005-06 annual budgets prepared by the Australian Commonwealth government and the governments of the six Australian States and the two Australian Territories. The study examined the basis for the budget balance numbers (government surplus or deficit) headlined in the budgets of each of the nine governments over the two year period. Findings indicate the adoption of varying measurement bases and a resultant lack of inter-governmental and inter temporal comparability. A number of departures from the measurements
prescribed in the reporting frameworks were also observed.

Accountants and valuations in Australian family court proceedings

This paper investigates issues related to the role of accountants in presenting expert evidence in the form of share valuations in Family Court of Australia proceedings. By providing a background to the valuation rules applied by the Family Court and examining relevant cases, the paper emphasises that considerable ambiguity exists. The paper highlights some of the inconsistencies that are evident from reported decisions and stresses the difficulties that judges have experienced with valuations presented by accountants in Family Court cases. It is evident that the courts, despite the legal precedents, continue to have considerable difficulty with valuation issues and methodologies. By exploring issues related to accounting based valuations in the context of Australian family law cases, the present paper examines accounting in a particular social and institutional setting. The paper is interdisciplinary in nature, in that issues extending over accounting, finance and legal boundaries are considered.

The first nine years of 'accounting history' : 1996 to 2004

This paper adds to the prior literature examining publishing patterns in the accounting history discipline by undertaking a content analysis of publications in the first nine years of the new series of the journal Accounting History. The paper commences by providing an historical background to the introduction of the new series of the journal and the journal's editorial team. This is followed by an authorship analysis of the journal's research publications. This analysis examines patterns of authorship (single and multi-authored papers), the journal's most published authors, institutional and geographical affiliations of authors (including international collaboration and changes over the nine year period) and author gender.

Fiscal responsibility and Australian Commonwealth, State and Territory government budgets

The government sector in Australia has seen the introduction of accrual accounting principles in recent years. However, this process has been complicated by the presence of two alternative financial reporting frameworks in the form of a) the Government Finance Statistics (OFS) uniform framework and b) the accrual accounting rules specified in Australian professional accounting standards, principally AAS 31. While a variety of cash and accrual based measurements are available pursuant to these frameworks, there has been no prescription of the manner in which the alternative measures should be presented. This paper presents the findings from a case study of the 2005-06 annual budgets prepared by the Australian Commonwealth government and the governments of the six Australian States and the two Australian Territories. The study examined the headlined financial outcome (general government sector budget surplus or deficit) announced in the budget papers of the nine governments. Findings indicate the adoption of varying measurement bases and a consequent lack of inter-government comparability. A number of variations to the measurements prescribed in the accounting frameworks were also observed. The paper analyses these government budget surplus and deficit numbers in the context of fiscal responsibility, the Commonwealth government's Charter of Budget Honesty and the AASB's current GAAPIGFS Convergence project.

Implications of the IFRS goodwill accounting treatment

Purpose – This paper aims to critically examine the change in accounting treatment for goodwill pursuant to international financial reporting standards (IFRSs) by reference to the Australian reporting regime.

Design/methodology/approach – The paper discusses and compares the former Australian and the new IFRS treatments for goodwill. This comparison focuses on the advantages and potential complexities of the new method, with the aim of identifying the issues and challenges that preparers, independent auditors and those involved in corporate governance face in complying with the new requirements.

Findings – The paper highlights that the identification and valuation of cash-generating units and goodwill require numerous assumptions to be made in estimating fair value, value in use and recoverable amount. Considerable ambiguity and subjectivity are inherent in the IFRS requirements.

Research limitations/implications – Findings suggest that future research should examine how financial report preparers and corporate governance mechanisms are dealing with the complex change required by the new goodwill accounting treatment and how the many critical issues involved in auditing the resulting figures are being addressed.

Practical implications – The research has practical implications for financial report preparers in identifying the issues that must be addressed in complying with the international goodwill accounting treatment. In turn, the paper highlights conceptual issues of relevance to auditors in their role of providing assurance on the resulting accounting numbers. It also has implications for others involved in corporate governance, such as audit committee members, in emphasising the areas in which they should be providing oversight of the accounting judgments. These issues are of relevance in any reporting regime based on IFRSs.

Originality/value – While much has been written about the mechanics of the new goodwill accounting requirements, there has been a lack of critical research highlighting the many problems and ambiguities that will arise in the application of those rules.