Market risk reporting by the world's top banks:evidence on the diversity of reporting practice and the implications for international accounting harmonisation

The increasing adoption of international accounting standards and global convergence of accounting regulations is frequently heralded as serving to reduce diversity in financial reporting practice. In a process said to be driven in large part by the interests of international business and global financial markets, one might expect the greatest degree of convergence to be found amongst the world’s largest multinational financial corporations. This paper challenges such claims and presumptions. Its content analysis of longitudinal data for the period 2000-2006 reveals substantial, on going diversity in the market risk disclosure practices, both numerical and narrative, of the world’s top-25 banks. The significance of such findings is reinforced by the sheer scale of the banking sector’s risk exposures that have been subsequently revealed in the current global financial crisis. The variations in disclosure practices documented in the paper apply both across and within national boundaries, leading to a firm conclusion that, at least in terms of market risk reporting, progress towards international harmonisation remains rather more apparent than real.

The value of risk reporting:a critical analysis of value-at-risk disclosures in the banking sector

This paper critically reviews the evolution of financial reporting in the banking sector with specific reference to the reporting of market risk and the growing use of the measure known as Value at Risk (VaR). The paper investigates the process by which VaR became 'institutionalised'. The analysis highlights a number of inherent limitations of VaR as a risk measure and questions the usefulness of published VaR disclosures, concluding that risk 'disclosure' might be more apparent than real. It also looks at some of the implications for risk reporting practice and the accounting profession more generally.

The influence of electronic prescribing on pharmacist clinical intervention reporting

Poster

The rise and fall of stand-alone social reporting in a multinational subsidiary in Bangladesh:a case study

Purpose -The main aim of this paper is to examine the underlying drivers for the development and subsequent discontinuation of stand-alone corporate social responsibility (CSR) reporting in a multinational subsidiary in Bangladesh. Design/Methodology/Approach - The research approach employed for this purpose is a case study using evidence from a series of in depth interviews conducted during the period 2002-2010. Interview data is supplemented by examining other sources of information including annual reports, stand-alone social reports and relevant newspaper articles during the study period. Findings - It appears that the stand-alone CSR reporting process was initiated to give the subsidiary a formal space in which to legitimise its activities in Bangladesh where both tobacco control regulation and a strong anti-tobacco movement were gaining momentum. At the start of the process in 2002 corporate interviewees were very receptive of this initiative and strongly believed that it would not be a one off exercise. However, in the face of subsequent significant national policy shifts concerning tobacco control, irreconcilable stakeholder demands and increasing criticism of the CSR activities of the organisation at home and abroad the process was brought to an abrupt end in 2009. Research Limitations/Implications - The paper has a number of implications for policy makers concerning the future prospects for stand-alone social/sustainability reporting as a means of enhancing organisational transparency and accountability. In addition the paper discusses a number of theoretical implications for the development of legitimacy theory. Originality/value - Using the lens of legitimacy the paper theorises the circumstances leading to the initiation and subsequent cessation of CSR reporting in the organisation concerned. As far as we know this is the first study which theorises and provides significant fieldwork based empirical evidence regarding the discontinuation of stand-alone social reporting by a multinational company operating in a developing country. Thus, it extends previous desk-based attempts at using legitimacy theory to explain a decrease (or discontinuity) in CSR disclosures by de Villiers and van Staden (2006) and Tilling and Tilt (2010).

Architecture and Implementation of Reporting Means in Adaptive Dynamically Extended Information Systems

This article describes architecture and implementation of subsystem intended for working with queries and reports in adaptive dynamically extended information systems able to dynamically extending. The main features of developed approach are application universality, user orientation and opportunity to integrate with external information systems. Software implementation is based on multilevel metadata approach.

A patient's perspective:the impact of adverse drug reactions on patients and their views on reporting

What is known and objective: Adverse drug reactions to prescribed medication are relatively common events. However, the impact such reactions have on patients and their attitude to reporting such events have only been poorly explored. Previous studies relying on self-reporting patients indicate that altruism is an important factor. In the United Kingdom, patient reporting started in 2005; though, numbers of serious reports remain low. Method: A purposive sample of fifteen patients who had been admitted to an inner city hospital with an adverse drug reaction were interviewed using a semi-structured questionnaire. Patients were asked to relate in their own words their experience of an adverse drug reaction. Patient's reactions to the information leaflet, adherence to treatment and use of other sources of information on medication were assessed. Interviews were recorded, and a thematic analysis of patients'responses was performed. Results and discussion: Analysis of the patient interviews demonstrated the reality of being admitted to hospital is often a frightening process with a significant emotional cost. Anger, isolation, resentment and blame were common factors, particularly when medicines had been prescribed for acute conditions. For patients with chronic conditions, a more phlegmatic approach was seen especially with conditions with a strong support networks. Patients felt that communication and information should have been more readily available from the health care professional who prescribed the medication, although few had read the patient information leaflet. Only a minority of patients linked the medication they had taken to the adverse event, although some had received false reassurance that the drug was not related to their illness creating additional barriers. In contrast to previous studies, many patients felt that adverse drug reporting was not their concern, particularly as they obtained little direct benefit from it. The majority of patients were unaware of the Yellow Card Scheme in the UK for patient reporting. Even when explained, the scheme was felt too cold and impersonal and not a patient's 'job'. What is new and conclusion: Patients having a severe adverse drug reaction following an acute illness felt negative emotions towards their health care provider. Those with a chronic condition rationalized the event and coped better with its impact. Neither group felt that reporting the adverse reaction was their responsibility. Encouraging patients to report remains important but expecting patients to report solely for altruistic purposes may be unrealistic. © 2011 Blackwell Publishing Ltd.

Corporate governance and compliance with International Financial Reporting Standards (IFRSs):evidence from two MENA stock exchanges

This study examines the influence of corporate governance structures on the levels of compliance with IFRSs disclosure requirements by companies listed on the stock exchanges of two leading MENA (Middle East and North Africa) countries, Egypt and Jordan. This study employs a cross-sectional analysis of a sample of non-financial companies listed on the two stock exchanges for the fiscal year 2007. Using an unweighted disclosure index, the study measures the levels of compliance by companies listed on the two stock exchanges investigated.Univariate and multivariate regression analyses are used to estimate the relationships proposed in the hypotheses. In addition, the study uses semi-structured interviews in order to supplement the interpretation of the findings of the quantitative analyses. An innovative theoretical foundation is deployed, in which compliance is interpretable through three lenses - institutional isomorphism theory, secrecy versus transparency (one of Gray’s accounting sub-cultural values), and financial economics theories. The study extends the financial reporting literature, cross-national comparative financial disclosure literature, and the emerging markets disclosure literature by carrying out one of the first comparative studies of the above mentioned stock exchanges. Results provide evidence of a lack of de facto compliance (i.e., actual compliance) with IFRSs disclosure requirements in the scrutinised MENA countries. The impact of corporate governance mechanisms for best practice on enhancing the extent of compliance with mandatory IFRSs is absent in the stock exchanges in question. The limited impact of corporate governance best practice is mainly attributed to the novelty of corporate governance in the region, a finding which lends support to the applicability of the proposed theoretical foundation to the MENA context. Finally, the study provides recommendations for improving de facto compliance with IFRSs disclosure requirements and corporate governance best practice in the MENA region and suggests areas for future research.

Communication in investigative and legal settings:integrated approaches from forensic psychology, linguistics and law enforcement

Communication in Forensic Contexts provides in-depth coverage of the complex area of communication in forensic situations. Drawing on expertise from forensic psychology, linguistics and law enforcement worldwide, the text bridges the gap between these fields in a definitive guide to best practice. •Offers best practice for understanding and improving communication in forensic contexts, including interviewing of victims, witnesses and suspects, discourse in courtrooms, and discourse via interpreters •Bridges the knowledge gaps between forensic psychology, forensic linguistics and law enforcement, with chapters written by teams bringing together expertise from each field •Published in collaboration with the International Investigative Interviewing Research Group, dedicated to furthering evidence-based practice and practice-based research amongst researchers and practitioners •International, cross-disciplinary team includes contributors from North America, Europe and Asia Pacific, and from psychology, linguistics and forensic practice

Communication in investigative and legal settings:introduction and contexts

Communication in investigative and legal settings is a vitally important area of practice and research. This chapter outlines the significant paradigm shift in interviewing practices, highlighting various studies that have been conducted that have demarked this change. We examine the role of linguistics in this paradigm shift and the importance of training across England and Wales and the Nordic countries in maintaining the professionalization of communication in forensic contexts. The authors outline the significance of maintaining international links across disciplines and summarize the details of each chapter within the book.

Managing the transition to IFRS-based financial reporting

This book provides a practical guide for accountants working in practice or in business faced with the complexity of moving to adopt IFRS-based financial reporting. The book offers not only an overview of the regulatory framework and the requirements to produce IFRS-compliant financial statements but also guidance on developing an implementation strategy including project management, identifying and responding to challenges, dealing with change management and communication with external stakeholders.

Successful development and testing of a Method for Aggregating The Reporting of Interventions in Complex Studies (MATRICS)

Objectives: To develop a tool for the accurate reporting and aggregation of findings from each of the multiple methods used in a complex evaluation in an unbiased way. Study Design and Setting: We developed a Method for Aggregating The Reporting of Interventions in Complex Studies (MATRICS) within a gastroenterology study [Evaluating New Innovations in (the delivery and organisation of) Gastrointestinal (GI) endoscopy services by the NHS Modernisation Agency (ENIGMA)]. We subsequently tested it on a different gastroenterology trial [Multi-Institutional Nurse Endoscopy Trial (MINuET)]. We created three layers to define the effects, methods, and findings from ENIGMA. We assigned numbers to each effect in layer 1 and letters to each method in layer 2. We used an alphanumeric code based on layers 1 and 2 to every finding in layer 3 to link the aims, methods, and findings. We illustrated analogous findings by assigning more than one alphanumeric code to a finding. We also showed that more than one effect or method could report the same finding. We presented contradictory findings by listing them in adjacent rows of the MATRICS. Results: MATRICS was useful for the effective synthesis and presentation of findings of the multiple methods from ENIGMA. We subsequently successfully tested it by applying it to the MINuET trial. Conclusion: MATRICS is effective for synthesizing the findings of complex, multiple-method studies.

The Digital Observatory for Protected Areas (DOPA) as a support tool for protected area planning, financing and reporting

The Joint Research Centre (JRC) of the European Commission has developed, in consultation with many partners, the DOPA as a global reference information system to support decision making on protected areas (PAs) and biodiversity conservation. The DOPA brings together the World Database on Protected Areas with other reference datasets on species, habitats, ecoregions, threats and pressures, to deliver critical indicators at country level and PA level that can inform gap analyses, PA planning and reporting. These indicators are especially relevant to Aichi Targets 11 and 12, and have recently contributed to CBD country dossiers and capacity building on these targets. DOPA also includes eConservation, a new module that provides a means to share and search information on conservation projects, and thus allows users to see “who is doing what where”. So far over 5000 projects from the World Bank, GEF, CEPF, EU LIFE Programme, CBD LifeWeb Initiative and others have been included, and these projects can be searched in an interactive mapping interface based on criteria such as location, objectives, timeframe, budget, the organizations involved, target species etc. This seminar will provide an introduction to DOPA and eConservation, highlight how these services are used by the CBD and others, and include ample time for discussion.

The challenges faced by reporting entities on their transition to international financial reporting standards:a qualitative study

This study explores the challenges of implementing International Financial Reporting Standards (IFRS) at the organisational level. Based on interviews with experts with aggregated experience relating to the transition projects of over 170 reporting entities, this paper highlights the main challenges in delivering a successful implementation of IFRS. The findings show that the problems faced in implementation include lack of education and training, securing executive-level support, identifying and responding to the wider business-related implications of the transition, and issues with capturing the necessary information for reporting under IFRS.This paper complements the existing literature and offers a qualitative alternative to considering the transition to IFRS, offering insight into the organisational context of IFRS implementation. These insights are useful not only from a historic perspective, but also for organisations and regulators in the many jurisdictions where IFRS is permitted but not required, where more reporting entities will voluntarily move to IFRS-based reporting in the future. More broadly, they are also applicable to the challenges faced in implementing new and significantly revised IFRSs.

“I thought I’d be safe there”:pre-empting blame in the talk of women reporting rape

One routine “common sense” means of explaining sexual violence is the ideologically facilitated tendency to blame the victim, and previous research has identified patterns of victim-blaming in the talk of perpetrators of rape, and also in that of the professionals who deal with rape in their day-to-day work. This article focuses on the discursive resources drawn on in police interviews by rape victims themselves as they attempt to account for their own behaviour in relation to the attack. It identifies and describes points within interviewees’ talk where they produce “accounts” (Potter and Wetherell, 1987), and considers what these tell us about the participants’ shared understanding of what is relevant to the on-going talk. Occasions when there is evidence of a mis-match in the understanding of the participants will also be discussed. The analyses illustrate that for the accounts of interviewees to be heard as relevant, a number of prevalent and problematic themes of victim-blaming must be assumed. Interviewees anticipate and pre-empt implications that various aspects of their own behaviour contributed to their attack, and interviewers vary in the level of skill they display at negotiating these shared understandings.

Forensic linguistics : the application of language description in legal contexts

In this article I first divide Forensic Linguistics into three sub-disciplines: the language of written legal texts, the spoken language of legal proceedings, and the linguist as expert witness and then go on to give a small number of examples of the research undertaken in these three areas. For the language of written legal texts, I present work on the (in) comprehensibility of police cautions and of judges instructions to juries. For the spoken language of legal proceedings, I report work on the problems of interpreted interaction, of vulnerable witnesses and the need for more detailed research comparing the interactive rules in adversarial and investigative systems. Finally, to illustrate the role of the linguist as expert witness I report a trademark case, five different authorship attribution cases, three very different plagiarism cases and I end reporting briefly the contribution of linguists to language assessment techniques used in the linguistic classification of asylum seekers. © Langage et société no 132 - juin 2010.