The quality of financial information in the extractive industries: a value relevance analysis

The extractive industry is characterized by high levels of risk and uncertainty. These attributes create challenges when applying traditional accounting concepts (such as the revenue recognition and matching concepts) to the preparation of financial statements in the industry. The International Accounting Standards Board (2010) states that the objective of general purpose financial statements is to provide useful financial information to assist the capital allocation decisions of existing and potential providers of capital. The usefulness of information is defined as being relevant and faithfully represented so as to best aid in the investment decisions of capital providers. Value relevance research utilizes adaptations of the Ohlson (1995) to assess the attribute of value relevance which is one part of the attributes resulting in useful information. This study firstly examines the value relevance of the financial information disclosed in the financial reports of extractive firms. The findings reveal that the value relevance of information disclosed in the financial reports depends on the circumstances of the firm including sector, size and profitability. Traditional accounting concepts such as the matching concept can be ineffective when applied to small firms who are primarily engaged in nonproduction activities that involve significant levels of uncertainty such as exploration activities or the development of sites. Standard setting bodies such as the International Accounting Standards Board and the Financial Accounting Standards Board have addressed the financial reporting challenges in the extractive industry by allowing a significant amount of accounting flexibility in industryspecific accounting standards, particularly in relation to the accounting treatment of exploration and evaluation expenditure. Therefore, secondly this study examines whether the choice of exploration accounting policy has an effect on the value relevance of information disclosed in the financial reports. The findings show that, in general, the Successful Efforts method produces value relevant information in the financial reports of profitable extractive firms. However, specifically in the oil & gas sector, the Full Cost method produces value relevant asset disclosures if the firm is lossmaking. This indicates that investors in production and non-production orientated firms have different information needs and these needs cannot be simultaneously fulfilled by a single accounting policy. In the mining sector, a preference by large profitable mining companies towards a more conservative policy than either the Full Cost or Successful Efforts methods does not result in more value relevant information being disclosed in the financial reports. This finding supports the fact that the qualitative characteristic of prudence is a form of bias which has a downward effect on asset values. The third aspect of this study is an examination of the effect of corporate governance on the value relevance of disclosures made in the financial reports of extractive firms. The findings show that the key factor influencing the value relevance of financial information is the ability of the directors to select accounting policies which reflect the economic substance of the particular circumstances facing the firms in an effective way. Corporate governance is found to have an effect on value relevance, particularly in the oil & gas sector. However, there is no significant difference between the exploration accounting policy choices made by directors of firms with good systems of corporate governance and those with weak systems of corporate governance.

The Response to an ESL Population Boom in the Beaufort County, South Carolina School System: A Case Study

The purpose of this case study was to examine the why the English language learners (ELLs) in the Beaufort County, South Carolina school system have been so successful. This school system has recently experienced a boom in its ESL student population, and this population has performed very well on standardized tests. This study used critical theory as its theoretical framework and examined why the students have been successful rather than marginalized in Beaufort County schools. This phenomenon was investigated using semi-structured interviews with the ESOL Coordinator for Beaufort County, 4 ESL-lead teachers, and 6 mainstream teachers. Data were collected using semi-structured interviews with Sarah Owen, the Beaufort County ESOL, Gifted and Talented, and World Languages coordinator. Based on the results of her interview, 4 themes emerged that were used for the semi-structured interviews with ESOL and mainstream teachers. The interviews centered on the themes of ESL policy, ESL leadership, and teacher training. The ESL and mainstream teacher interviews also revealed several subthemes that included teacher attitude, why Beaufort County has been successful with the ELLs, and the teachers’ recommendations for other schools systems trying to successfully accommodate a large ESL student population in mainstream classrooms. The findings from the teachers’ interviews revealed that additional training for the teachers without ESL experience helped them become comfortable instructing ELLs. This training should be conducted by the ESOL teachers for those without ESOL certification or endorsement. As the teachers had more training, they had better attitudes about teaching ESOL students in their classes. Finally, those who utilized the additional ESOL training and ESOL accommodations saw better student achievement in their classes. Based on the finding of this study, the researcher proposed a model for other school systems to follow in order to replicate the success of Beaufort County’s ELLs. The implications of this study focus on other schools systems and why ELLs are not obtaining the same level of success as those in Beaufort County’s schools. Finally, recommendations for further research are provided.

South Carolina aeronautical chart

This document is a fold-out aeronautical chart with diagrams of South Carolina airports.

South Carolina botanists: biography and bibliography

The monograph is a systematic arrangement of the biographies and bibliographies of botanists in South Carolina who have contributed to the state’s reputation in botany.

2015-2016 ACCOUNTABILITY MANUAL : The Annual School and District Report Card System for South Carolina Public Schools and School Districts

State law requires that for school years 2014-15 and 2015-16 the EOC will not rate schools or districts but will instead report on student academic performance. The Education Oversight Committee must use the results of these assessments in school years 2014-2015 and 2015-2016 to report on student academic performance in each school and district pursuant to Section 59-18-900. The state report card for school year 2015-16 will include assessment information and measurements that address the Profile of the South Carolina Graduate.

New South Carolina state documents - May 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

More : the newsletter for South Carolina libraries 

This June 2016 newsletter from the South Carolina State Library, volume 48, issue 6, features news and updates for South Carolina libraries.

New South Carolina state documents - June 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

Veto of R249, S.1297

This veto message from Governor Nikki Haley vetoes a bill that unconstitutionally sets forth how the members of the Chesterfield County School District Board receive per diem.

Let your voice be heard : a guide to services available to empower victims of domestic violence : Mid-Carolina

This brochure gives directions on how to leave an abusive relationship. It also has a list of community resources and hotlines (by county) available to victims of domestic violence in the midlands region of South Carolina.

More : the newsletter for South Carolina libraries 

This July 2016 newsletter from the South Carolina State Library, volume 48, issue 7, features news and updates for South Carolina libraries.

New South Carolina state documents - July 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

South Carolina Transportation Infrastructure Bank Accountability Report FY1999-2000

The South Carolina Transportation Infrastructure Bank reports to the Office of State Budget its annual accountability report that includes an executive summary, organizational profile including leadership system, program descriptions and budgets, and program results.

South Carolina Transportation Infrastructure Bank Annual Accountability Report Fiscal Year 2001-2002

The South Carolina Transportation Infrastructure Bank reports to the Office of State Budget its annual accountability report that includes an executive summary, organizational profile including leadership system, program descriptions and budgets, and program results.

South Carolina Transportation Infrastructure Bank Annual Accountability Report Fiscal Year 2002-2003

The South Carolina Transportation Infrastructure Bank reports to the Office of State Budget its annual accountability report that includes an executive summary, organizational profile including leadership system, program descriptions and budgets, and program results.