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.

Analyse numérique du changement de phase solide-liquide autour d'un tube horizontal soumis à une sollicitation thermique périodique

Ce mémoire présente un modèle mathématique et numérique pour analyser le comportement d’une unité de stockage thermique à changement de phase solide-liquide représentée par un tube autour duquel se trouve le matériau à changement de phase. Le système est soumis à une charge oscillant entre le chauffage et le refroidissement. Une analyse d’ordre de grandeur permet de prédire le comportement du système en fonction des principaux nombres adimensionnels. Un paramètre adimensionnel est proposé pour délimiter les concepts dans lesquels la conduction domine par rapport à ceux où la convection naturelle domine. L’étude dévoile l’impact des paramètres de conception de l’unité de stockage thermique sur son fonctionnement et approfondit les connaissances dans le domaine du changement de phase avec convection naturelle. Différents indicateurs ont été développés pour analyser la performance du système, tels que les dimensions de la zone affectée thermiquement, le volume fondu ou solidifié et une analyse fréquentielle. Des corrélations sont proposées pour déterminer facilement le comportement du système.

Requirement Risk Level Forecast Using Bayesian Networks Classifiers

Requirement engineering is a key issue in the development of a software project. Like any other development activity it is not without risks. This work is about the empirical study of risks of requirements by applying machine learning techniques, specifically Bayesian networks classifiers. We have defined several models to predict the risk level for a given requirement using three dataset that collect metrics taken from the requirement specifications of different projects. The classification accuracy of the Bayesian models obtained is evaluated and compared using several classification performance measures. The results of the experiments show that the Bayesians networks allow obtaining valid predictors. Specifically, a tree augmented network structure shows a competitive experimental performance in all datasets. Besides, the relations established between the variables collected to determine the level of risk in a requirement, match with those set by requirement engineers. We show that Bayesian networks are valid tools for the automation of risks assessment in requirement engineering.

The dynamic decode-and-forward channel: SNR allocation.

In the half-duplex relay channel applying the decode-and-forward protocol the relay introduces energy over random time intervals into the channel as observed at the destination. Consequently, during simulation the average signal power seen at the destination becomes known at run-time only. Therefore, in order to obtain specific performance measures at the signal-to-noise ratio (SNR) of interest, strategies are required to adjust the noise variance during simulation run-time. It is necessary that these strategies result in the same performance as measured under real-world conditions. This paper introduces three noise power allocation strategies and demonstrates their applicability using numerical and simulation results.

Error correcting codes for visible light communication systems

Over the past few years, the number of wireless networks users has been increasing. Until now, Radio-Frequency (RF) used to be the dominant technology. However, the electromagnetic spectrum in these region is being saturated, demanding for alternative wireless technologies. Recently, with the growing market of LED lighting, the Visible Light Communications has been drawing attentions from the research community. First, it is an eficient device for illumination. Second, because of its easy modulation and high bandwidth. Finally, it can combine illumination and communication in the same device, in other words, it allows to implement highly eficient wireless communication systems. One of the most important aspects in a communication system is its reliability when working in noisy channels. In these scenarios, the received data can be afected by errors. In order to proper system working, it is usually employed a Channel Encoder in the system. Its function is to code the data to be transmitted in order to increase system performance. It commonly uses ECC, which appends redundant information to the original data. At the receiver side, the redundant information is used to recover the erroneous data. This dissertation presents the implementation steps of a Channel Encoder for VLC. It was consider several techniques such as Reed-Solomon and Convolutional codes, Block and Convolutional Interleaving, CRC and Puncturing. A detailed analysis of each technique characteristics was made in order to choose the most appropriate ones. Simulink models were created in order to simulate how diferent codes behave in diferent scenarios. Later, the models were implemented in a FPGA and simulations were performed. Hardware co-simulations were also implemented to faster simulation results. At the end, diferent techniques were combined to create a complete Channel Encoder capable of detect and correct random and burst errors, due to the usage of a RS(255,213) code with a Block Interleaver. Furthermore, after the decoding process, the proposed system can identify uncorrectable errors in the decoded data due to the CRC-32 algorithm.

Corrosion protection of PVD and paint coatings for selective solar absorber surfaces

The selective solar absorber surface is a fundamental part of a solar thermal collector, as it is responsible for the solar radiation absorption and for reduction of radiation heat losses. The surface’s optical properties, the solar absorption (á) and the emittance (å), have great impact on the solar thermal collector efficiency. In this work, two coatings types were studied: coatings obtained by physical vapor deposition (PVDs) and coatings obtained by projection with different paints (PCs) on aluminum substrates. The most common industrial high performing solar selective absorbers are nowadays produced by vacuum deposition methods, showing some disadvantages, such as lower durability, lower resistance to corrosion, adhesion and scratch, higher cost and complex production techniques. Currently, spectrally selective paints are a potential alternative for absorbing surfaces in low temperature applications, with attractive features such as ease of processing, durability and commercial availability with low cost. Solar absorber surfaces were submitted to accelerated ageing tests, specified in ISO 22975-3. This standard is applicable to the evaluation of the long term behavior and service life of selective solar absorbers for solar collectors working under typical domestic hot water system conditions. The studied coatings have, in the case of PVDs solar absorptions between 0.93 and 0.96 and emittance between 0.07 and 0.10, and in the case of PCs, solar absorptions between 0.91 and 0.93 and emittance between 0.40 and 0.60. In addition to evaluating long term behavior based on artificial ageing tests, it is also important to know the degradation mechanism of different coatings that are currently in the market. Electrochemical impedance spectroscopy (EIS) allows for the assessment of mechanistic information concerning the degradation processes, providing quantitative data as output, which can easily relate to the kinetic parameters of the system. EIS measures were carried out on Gamry FAS2 Femostat coupled with a PCL4 Controller. Two electrolytes were used, 0.5 M NaCl and 0.5 M Na2SO4, and the surfaces were tested at different immersion times up to 4 weeks. The following types of specimens have been tested: Aluminium with/without surface treatment, 3 selective paint coatings (one with a poly(urethane) binder and two with silicone binders) and 2 PVD coatings. Based on the behaviour of the specimens throughout the 4 weeks of immersion, it is possible to conclude that the coating showing the best protective properties corresponds to the selective paint coating with a polyurethane resin followed by the other paint coatings, whereas both the PVD coatings do not confer any protection to the substrate, having a deleterious effect as compared to the untreated aluminium reference.

Knowledge discovery in hyper-heuristic using case-based reasoning on course timetabling

This paper presents a new hyper-heuristic method using Case-Based Reasoning (CBR) for solving course timetabling problems. The term Hyper-heuristics has recently been employed to refer to 'heuristics that choose heuristics' rather than heuristics that operate directly on given problems. One of the overriding motivations of hyper-heuristic methods is the attempt to develop techniques that can operate with greater generality than is currently possible. The basic idea behind this is that we maintain a case base of information about the most successful heuristics for a range of previous timetabling problems to predict the best heuristic for the new problem in hand using the previous knowledge. Knowledge discovery techniques are used to carry out the training on the CBR system to improve the system performance on the prediction. Initial results presented in this paper are good and we conclude by discussing the con-siderable promise for future work in this area.

Técnicas de manejo agropecuário sustentável

The competitiveness in the rural sector and the need to make viable and sustainable property, direct the farmer to seek new production strategies. In this sense, the book Techniques of sustainable agricultural management has as objective contributed information on concepts, management practices, technological innovations, which are applicable in the agricultural production. The same is composed of 13 chapters, topics covered in aquaculture production, management and dairy production, as general aspects of hematology fish; dynamics of decision-making and adaptive flow dairy production systems; importance of performance measures and body biometrics in small ruminants; milk production in beef cows; parasitism in beef cattle; performance of dairy cows in production; efficiency of cross beef cattle in finishing phase; development of Marchangus: five years; and, bovine growth efficiency. In vegetable production area are addressed matters relating on management and olive cultivation, species of great economic importance and diversification as alternative on the property; functional foods in fruit and vegetables; influence of environmental factors, harvesting and drying in the production and composition of essential oils of Mentha spp; and, implication of the contamination of corn grain by mycotoxins in livestock production. At the end of the book, the expectation of the authors is to have contributed with relevant themes of Brazilian agriculture, which could reflect positively on knowledge, values and quality of available material.

Introduction to Multi-Agent Simulation

When designing systems that are complex, dynamic and stochastic in nature, simulation is generally recognised as one of the best design support technologies, and a valuable aid in the strategic and tactical decision making process. A simulation model consists of a set of rules that define how a system changes over time, given its current state. Unlike analytical models, a simulation model is not solved but is run and the changes of system states can be observed at any point in time. This provides an insight into system dynamics rather than just predicting the output of a system based on specific inputs. Simulation is not a decision making tool but a decision support tool, allowing better informed decisions to be made. Due to the complexity of the real world, a simulation model can only be an approximation of the target system. The essence of the art of simulation modelling is abstraction and simplification. Only those characteristics that are important for the study and analysis of the target system should be included in the simulation model. The purpose of simulation is either to better understand the operation of a target system, or to make predictions about a target system’s performance. It can be viewed as an artificial white-room which allows one to gain insight but also to test new theories and practices without disrupting the daily routine of the focal organisation. What you can expect to gain from a simulation study is very well summarised by FIRMA (2000). His idea is that if the theory that has been framed about the target system holds, and if this theory has been adequately translated into a computer model this would allow you to answer some of the following questions: · Which kind of behaviour can be expected under arbitrarily given parameter combinations and initial conditions? · Which kind of behaviour will a given target system display in the future? · Which state will the target system reach in the future? The required accuracy of the simulation model very much depends on the type of question one is trying to answer. In order to be able to respond to the first question the simulation model needs to be an explanatory model. This requires less data accuracy. In comparison, the simulation model required to answer the latter two questions has to be predictive in nature and therefore needs highly accurate input data to achieve credible outputs. These predictions involve showing trends, rather than giving precise and absolute predictions of the target system performance. The numerical results of a simulation experiment on their own are most often not very useful and need to be rigorously analysed with statistical methods. These results then need to be considered in the context of the real system and interpreted in a qualitative way to make meaningful recommendations or compile best practice guidelines. One needs a good working knowledge about the behaviour of the real system to be able to fully exploit the understanding gained from simulation experiments. The goal of this chapter is to brace the newcomer to the topic of what we think is a valuable asset to the toolset of analysts and decision makers. We will give you a summary of information we have gathered from the literature and of the experiences that we have made first hand during the last five years, whilst obtaining a better understanding of this exciting technology. We hope that this will help you to avoid some pitfalls that we have unwittingly encountered. Section 2 is an introduction to the different types of simulation used in Operational Research and Management Science with a clear focus on agent-based simulation. In Section 3 we outline the theoretical background of multi-agent systems and their elements to prepare you for Section 4 where we discuss how to develop a multi-agent simulation model. Section 5 outlines a simple example of a multi-agent system. Section 6 provides a collection of resources for further studies and finally in Section 7 we will conclude the chapter with a short summary.

Correlação entre as propriedades mecânicas de materiais impermeabilizantes a base de elastômeros de poliuréia e poliuretano com o desempenho do sistema aplicado em lajes estruturais

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Tecnologia, Departamento de Engenharia Civil e Ambiental, Programa de Pós-graduação em Estruturas e Construção Civil, 2015.

Annual Accountability Report

The South Carolina Office of Executive Policy and Programs submits an annual accountability report to the Governor and General Assembly that contains the agency's or department's mission, objectives to accomplish the mission, and performance measures that show the degree to which objectives are being met.

Abordagem rítmica probabilística aplicada em análises de fluxo e estabilidade de taludes

Tese (doutorado)—Universidade de Brasília, Faculdade de Tecnologia, Programa de Pós-Graduação em Geotecnia, 2015.

Annual accountability report, 1997-98

The South Carolina Office of Executive Policy and Programs submits an annual accountability report to the Governor and General Assembly that contains the agency's or department's mission, objectives to accomplish the mission, and performance measures that show the degree to which objectives are being met.

2013-2014 annual report

Piedmont Technical College submits an annual report to the Governor and General Assembly. The report covers the mission, objectives to accomplish the mission, and performance measures that show the degree to which objectives are being met.

2014-2015 annual report

Piedmont Technical College submits an annual report to the Governor and General Assembly. The report covers the mission, objectives to accomplish the mission, and performance measures that show the degree to which objectives are being met.