Response of the EAA FRSC to the EFRAG/ANC/FRC discussion paper: 'Towards a Disclosure Framework for the Notes'

We summarise the response of the EAA’s FRSC to Towards a Disclosure Framework for the Notes, a Discussion Paper (DP) issued jointly by EFRAG, ANC and FRC. While supportive of much of the DP, and in particular of the underlying aim to place disclosures on a sounder conceptual foundation, we identify two broad themes for further development. The first concerns the DP’s diagnosis of the problem, which is that the existing financial reporting is characterised by, on the one hand, disclosure overload and, on the other hand, an absence of a conceptual framework for organising and communicating disclosures. Our review of the literature suggests much greater support for the second of these two factors than for the first. The second broad theme is the purpose of the proposed DF, and the principles that are derived from this purpose. Here, we stress the need for the framework to better accommodate the context within which financial statement disclosures are used. In practice, this context is characterised by variation in information, incentives and enforcement, each of which has a considerable effect on the appropriate disclosure policy and practice in any given situation.

IAS 40 ur ett Nordenperspektiv : Jämförelse av regelverkets efterlevnad 2014 jämfört med 2009

Börsnoterade bolag ska i sin koncernredovisning redovisa enligt IFRS och förvaltningsfastigheter skall redovisas enligt IAS 40 Förvaltningsfastigheter. Detta examensarbete undersöker hur Nordiska börsnoterade bolag tillämpar vissa punkter inom IAS 40 i 2014 års redovisning jämfört med 2009 års redovisning. Syftet med undersökningen är att undersöka skillnader mellan de granskade företagens redovisning 2014 och 2009, med utgångspunkten i en tidigare publicerad undersökning (Hedlund & Ersson, 2011). Det som undersöks är om företagen använder samma värderingsmetod, om de informerar om hur värdering av förvaltningsfastigheter skett, om var i resultatrapporten de rapporterar justeringar av verkligt värde samt hur väl de lämnar upplysningar enligt IAS 40 punkt 75. Undersökningen har skett med en kvantitativ metod då det är årsredovisningar som granskats. Undersökt data är årsredovisningar från 2014 och 2009 för samma företag som granskats i den tidigare undersökningen. Några företag har utgått då de inte ingår i urvalsramen Nordiskt börsnoterat fastighetsbolag. Totalt granskades 14 stycken företag. Resultatet visar att efterlevnaden totalt sett är något bättre 2014 jämfört med den tidigare undersökningen. Till stor del beror det på urvalet där de företag som utgått var dåliga på att lämna upplysningar enligt IAS 40 i 2009 års redovisning. Sett till de företag som är med i båda undersökningarna är efterlevnaden likartad de jämförda åren. Det är få företag som lämnar upplysningar om begränsningar i rätten att sälja förvaltningsfastigheter, avtalsenliga förpliktelser att köpa eller hur de skiljer på rörelsefastigheter och förvaltningsfastigheter. Tolkningen kan då göras att det inte finns någon restriktion eller förpliktelse om det inte lämnas några sådana upplysningar. Om det är ett fastighetsbolag så kan det tolkas som att de inte har några rörelsefastigheter. Med dessa tolkningar blir efterlevnaden bland de undersökta företagen god.

Effects of the real plan of the Brazilian banking system

The aim of this paper is to assess the progress of the banking sector before and shortly after the Real Plan. We began by assessing the drop in the inflation revenues (negative real interest rates paid by the excess of demand deposits over total reserve requirements) as a result of the change in inflation from 40% a month for the pre-Real Plan period to a monthly average of 3.65% (IGP-DI), between July 1994 and May 1995. Then, using the financial statement data of a group of 90 banks, we attempt to estimate the net losses due to the inflation drop analyzing the profitability and other parameters of the banking industry. The calculations are made separately for private, state and federal banks. A later analysis on performance using information given to CVM (Securities Exchange Commission) by the six major private banks in the country is also discussed herein.

Banco do Vaticano: uma análise econômico-financeira

This thesis work aims to bring a better viewing on an atypical case of financial analysis. The lstituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has peculiarities according to its goals as a bank. Belonging to a Catholic religious congregation, IOR has been used to manage the resources of the church, and ensure that these resources are used for the operation of it and, also for religious works. However the financial transactions made by the bank remained secret throughout its existence until mid 2012. This feature of not providing relevant information at the local and international community brought harm. Several cases of corruption and money laundering came up, bringing scandals that cause bad looks for the religious entity. In order to interact with the international community and understanding the importance of it, the Roman Apostolic Catholic Church decides to joing the international accounting procedures (IFRS) and went on to provide yearly financial statement reports and other information from its bank from 2012 . Thus, this thesis work takes on the role of analyzing the financial statements of the IOR and present its economic and financial health from the Capital Structure ratios, liquidity and profitability in the period 2012-2014. Overall, there has been a significant reduction in indebtedness 548% in 2012 to 362% in 2014. However, such an index showing is still high. In addition, the debt profile remained bad (87.47% short-term in 2014). The Liquidity ratios, both indices fell during the analysed period. Noteworthy is that even with retractions, the indices are equal or greater than 1, which indicates financial footing able to pay off debts. Regarding profitability, in 2013 it represented atypical moment, considering the economic performance of the IOR in the investigated period. There was decrease in profits this year, which resulted in great loss of the indicators in 2013. For the previous and subsequent...

Forty-eighth Annual Report of the Agricultural Experiment Station of Nebraska, February 1, 1935

This report differs from previous reports in two respects: it covers experimental work up to January 1, 1935, and it includes brief abstracts of publications since the last report. Previously most of the report dealt with work done before the end of the fiscal year; that is, work done between June 30 and January 1 was not reported until over a year later, for the most part. The present report corrects that defect, and in addition the abstracts of publications will make the report useful as a reference guide to published matter. The projects are discussed under subject headings and in addition to the abstracts, brief reports of progress in projects under way are included. Complete data for these projects are not included; rather an attempt has been made to show how far the work has gone and to indicate some of the directions or trends of the work. The drouth of the past summer reduced yields severely. As a result the collection of significant data on yields was almost impossible. A few of the Experiment Station workers have ben loaned to federal projects. Despite these handicaps many projects have been advanced and many have been completed.

Forty-Fifth Annual Report of the Agricultural Experiment Station of Nebraska, February 1, 1932

This report covers the investigations, expenditures, and publications of the Nebraska Agricultural Experiment Station for the fiscal year June 30, 1931. During the year 68 projects have been under investigation at the main station. These have covered a wide range of subjects. At the various substations the work is planned to meet the needs of the different regions. The funds for carrying on the work of the stations are derived from federal and state sources. The work is carried on in definite projects according to the supporting fund. Satisfactory progress was made on the research program. During the year eight projects were completed and seven new ones added. The selection of new projects is on the basis of most urgent need, together with the ability of the Experiment Station to carry the project. The financial depression in which agriculture still finds itself has increased rather than decreased the demand upon the Experiment Station and the College for new and definite information. This demand has been taken care of insofar as possible. During the year covered by this report eleven bulletins, nine research bulletins, and one circular have been published by the Experiment Station. In addition 22 technical papers have been prepared by members of the staff and printed in various technical and professional journals.

Tradurre per le imprese. Analisi e traduzione in inglese della Nota integrativa al Bilancio consolidato 2013 di MNLG S.r.l.-Holding Sorma Group

The aim of this dissertation is to provide a translation in English of the Notes on the Consolidated Financial Statements of MNLG S.r.l., holding company of the Italian Sorma Group. This translation work is one example of the technical material produced in accordance with the project called Language Toolkit, set up by the Chamber of Commerce of Forlì-Cesena, to support the internationalization of the companies established in the territory. This initiative has represented a unique opportunity for me to put into practice the knowledge and abilities learnt in the translation field during these years at university. It also allowed me to give a concrete purpose to my dissertation, that is to provide a technical document translated into a foreign language. By making its Consolidated Financial Statement readily available in English, the company MNLG S.r.l. can in fact increase the number of possible investors and guarantee a more transparent financial informative to its shareholders. This translation work is divided into six chapters: the first one describes the project, its main objectives and the ways in which it was developed. The second chapter deals with the notions of Consolidated Financial Statements and presents the accounting documents of which the Financial Statements are made up as well as the norms according to which they are prepared. The third chapter, instead, focuses on the translation procedure applied and especially on the documentation process, analysing the differences between the International Accounting Standards and the accounting standards used in Italy. The fourth chapter provides a description of the translation resources built for the translation of this specific document. The fifth chapter includes the English version of the Notes on the Consolidated Financial Statements and, to conclude, the sixth chapter analyses the difficulties encountered in translating and the strategies adopted to overcome them.

A Simple Accounting-based Valuation Model for the Debt Tax Shield

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period.

Scaling the Costs of 404 Testing to Fit the Needs of Small Public Companies

In July of 2002, the Sarbanes-Oxley Act was passed by Congress, including section 404 which requires the auditors to test and opine on the company's internal controls. Since that time there has been much debate about whether the intended benefits of increased investor confidence and financial statement transparency trump the unexpectedly high compliance costs, especially for public companies with market-caps less than $75 million. Before these companies begin complying in the upcoming year, interest groups are calling for the requirements to be 'scaled' to better fit the needs of these companies. While auditors already are expected to scale their audit approach to each individual client, more must be done to significantly decrease the costs in order to reverse the trend of small companies foregoing listing on U.S. capital markets. Increased guidance from the PCAOB, SEC, and other related parties could help the small-cap companies and their auditors be aware of best practices. Also, exempting industries that already follow similar guidelines or are significantly injured by the compliance requirements could help. Lastly, the controversial proposal of rotational audits could be put in place if the affected parties cooperate to remove the undue burden on these small-cap companies. Without some form of significant action, the investors could soon lose the ability to buy small-cap companies in U.S. markets.

Report of the administrative chairman of the Honorary Advisory Council for Scientific and Industrial Research of Canada.

Report year ends Mar. 31; report for 1918 covers activities since the establishment of the council June 1, 1916.

Annual report of the Forest Commission of the State of New York.

"Compendium of laws relative to the Adirondack wilderness from 1774-1894": 1893, v. 2.

Annual report of the State Compensation Commissioner.

Title varies slightly.

The Philharmonic society of New York,

Appendix: "Programmes of the concerts," "Members," "Financial statement," "Subscribers to the fiftieth season of the Philharmonic society's concerts."

The universal exposition of 1904,

[I] Inception and development. Pre-exposition. Exposition. The exhibits. Concessions and utilities.-[II] Conclusions. Financial statement, 1901-1913. Illustrations. Appendices.

Duroc-Jersey swine record / /

Vol. 85 contains financial statement, constitution and by-laws of the National Duroc Record Association.