The impact of the adoption of IAS 19 employee benefits on annual financial statements: an examination of Australian and United Kingdom companies

International Financial Reporting Standards (IFRS) have been adopted by a number of countries as a means of harmonising financial statements around the world. Proponents of IFRS suggest many benefits upon their adoption. This paper examines the effect of the adoption of IFRS on aspects of the company's financial statements, in particular, the adoption of the IFRS relating to post employment benefits and its effects on debt/equity ratios.

This study compared the reporting practices of a number of Australian and UK companies and found that for most companies there was a substantial increase in liabilities, a decrease in shareholders' equity and a corresponding increase in debt/equity ratios after the IFRS were adopted.

Financial accounting and library collections : the bottom line

The valuation and depreciation of library collections is an increasing challenge in the context of financial accounting requirements. The depreciation implications of major collection management strategies have become of increasing concern to Deakin University library in regard to accrual accounting reporting procedures. Changes to library collections, such as the transition to online journals, are moving the financial value of library collections from capital to operating budgets. Major collection management projects such as weeding print assets can have unexpected implications for depreciation and library budgets. Gratis publication acquisitions can also significantly affect valuation and depreciation. Many other libraries are facing similar challenges and this paper will incorporate a range of experiences and practices.

There appears to be little consistency across libraries in how collections are valued and accounting procedures can differ greatly across institutions. The seemingly arbitrary and often questionable nature of financial policies in relation to library collections can create problems for libraries when used to inform decision making and budgets. Libraries increasingly need to work in partnership with financial managers to ensure the financial reporting requirements do not result in adverse implications for collections and budgets and that the capacity of the library to meet its strategic objectives is not impeded. This paper explores the issues and challenges facing many libraries and outlines some strategies to assist library managers in dealing with this financial conundrum

The market for financial report audits : regulation of and competition for auditor independence

The independence of auditors and the quality of financial report audits generally are rarely tested except in circumstances of corporate failure when alleged sub-optimality is present. Often auditors have good defences as to their expertise or competency, but rarely do they have equally convincing defences for the independence of their audit. A major issue for the regulation of auditor independence is that the threats to independence are often subtle and difficult to measure. This paper argues that firms undertaking financial report audits need to be transparent and competitive in respect of auditor independence. Two models that adopt this premise are proposed.

Evaluating the impact of financial literacy programs on the retirement savings of superannuation fund members

Currently, in Australia, the age pension, paid for out of Commonwealth government taxes, forms the basis of Australia’s retirement income system, however, given the reality of an ageing population has compelled the government to undertake a number of measures to shift the responsibility for saving to the individual, forcing them to accept an increasing level of responsibility for their financial decision-making. In the light of the changing retirement environment, it would be expected that Australians’ would ensure that they became financially literate, however, despite the amount of information and advice available in the market place, this is not the case, and they do not appear to be appropriately prepared for their retirement. Recognising the importance of financial literacy, an increasing number of government agencies, employers, superannuation funds and schools are implementing financial literacy programs in Australia. This article provides an overview of the impact that attending a financial education seminar has on the retirement decisions and settings of participants. Evidence is provided from this research that in the short term, providing financial education programs make a difference to an individual’s intended retirement settings. However, the impact of these education programs in changing investment behaviour is less conclusive.

An examination of the organisational commitment of financial planners

This paper sets out to determine whether the demographic variables of age, gender, length of service can be shown to be related to the organisational commitment (OC) of financial planners in Australia. The financial planners were surveyed using an instrument derived from established questionnaires. It was mailed nationally to 312 financial planners. A response rate of 36% was achieved, equating to 113 useable responses. The analyses revealed statistically significant results at the 95% confidence level (p=0.05), that female respondents demonstrated a statistically significant higher level of OC than did their male counterparts.Such findings contribute to our understanding of the organisational commitment of Financial Planners, and have implications for employers in terms of hiring and retention of employees. The analyses are also important from a public policy perspective in an era of increasing attention given to, and likely increased regulation of, the financial planning industry.

Professional commitment of financial planners in Australia: an examination

The purpose of this paper is to examine the demographic variables of age and gender in conjunction with three independent variables: Internal versus external locus of control personality dimension, individualist versus collectivist personality dimension, and perceived environmental uncertainty and to relate same to the professional commitment (PC) of financial planners in Australia. A questionnaire was used to survey a sample of 312 financial planners nationally, with a 36% response rate and statistically significant results. At the 95% confidence level (p=0.05) respondents over the age of 35 demonstrated no difference between their levels of professional commitment than did those under the age of 35, while at the same level of confidence, females demonstrated no statistically significant difference in their level of PC than did their male counterparts. Respondents with an external locus of control displayed lower levels of PC (p=0.05), than those with an internal locus of control but these were not statistically significant. These findings contribute to our understanding of the professional commitment of financial planners, and are important from a public policy perspective in an era of increasing attention to, and likely increased regulation of, the financial planning industry.

What makes a good investigative interviewer of children? A comparison of police officers' and experts; perceptions

Purpose – The purpose of this paper is to examine police officers’ perceptions about their role in interviewing children, and to compare these perceptions with those of child eyewitness memory experts.

Design/methodology/approach – A diverse sample of 23 police officers (from three states of Australia) individually participated in in-depth interviews where they were asked to define what makes a good interviewer in the area of child abuse investigation.

Findings – Irrespective of the background of the officers, the important role of interviewers’ personal attributes was emphasised (e.g. having a relaxed, empathetic, warm nature). Such personal attributes were more prominent in the participants’ descriptions than knowledge of legislation and children’s
development, prior job experience, and interviewing techniques.

Research limitations/implications – The paper shows that while child eyewitness memory experts acknowledge the importance of establishing a bond of mutual trust between the interviewer and the child, the importance of utilising an open-ended questioning style for enhancing rapport, and
for eliciting a detailed and accurate account of abuse cannot be overstated. The possible reasons for the police officers’ emphasis on personal qualities are discussed.

Originality/value – This paper has revealed that limitations in the competency of police officers in interviewing children is not merely a problem of “doing” (i.e. learning to ask open-ended questions),
but may also reflect ingrained attitudinal and organisational barriers.

The effectiveness of seminars in educating adults in financial literacy

In Australia, financial literacy is not given prominence within the education system, and it is a general view that financial literacy is gained through ‘hands on’ experience in earning and spending money; further, financial education seems to occur only when people take a loan or experience financial difficulties (Hajaj, 2002). This is not sufficient if people need to make informed decisions about their investments and, because of a number of social factors, it has become necessary to educate the majority of the adult population in Australia in Financial Literacy over a relatively short period of time. Given the large numbers requiring such an education, the seminar approach is being widely used, however is it effective? Drawing on the adult education literature, this study examined the effectiveness of the seminar approach by surveying adult participants in a Financial Literacy seminar. The survey found that while a majority of participants (50%) expressed none or weak financial knowledge prior to attending the seminar and 45% expressed that they only had a moderate rate of financial knowledge, a majority of 63% strongly agreed or agreed to the seminar improving their knowledge of the need for retirement savings. Furthermore, 58% of participants were either confident or very confident of being able to apply what they learned in the seminar to achieving their retirement savings goal. These findings suggest that the seminar approach was effective in educating adults and improved their level of financial literacy. Future research could investigate whether the level of financial knowledge gained during the seminar is retained over a considerable period of time.

Financial planners in Australia : an examination of loyalty

The purpose of this paper is to determine whether the demographic variables of age, gender and length of service, and the levels of the three independent variables of internal versus external locus of control personality dimension, individualist versus collectivist personality dimension, and perceived environmental uncertainty can be shown to be related to the organisational commitment (OC) and professional commitment (PC) of financial planners in Australia. The financial planners employed by one major Australian bank, during the period November to December, 2004 were surveyed using an instrument derived from established questionnaires. It was mailed nationally to 312 financial planners. A response rate of 36% was achieved, equating to 113 useable responses. The analyses revealed no statistically significant results at the 95% confidence level (p=0.05), that the level of OC and PC for respondents over the age of 35 differed from those under the age of 35. At the same level of confidence, females demonstrated a statistically significant higher level of OC than did their male counterparts, however there was no difference between their levels of PC. Financial planners employed for a period of over 3 years showed no difference in their levels of OC or PC than those employed for a period of less than 3 years (p=0.05). Respondents with an external locus of control displayed  statistically significant lower levels of OC than those with an internal locus of control, however there was no difference between these groups in their levels of PC (p=0.05). Such findings contribute to our understanding of the organisational and professional commitment of financial planners, and have implications for employers in terms of hiring and retention of employees. The analyses are also important from a public policy perspective in an era of increasing attention to, and likely increased regulation of, the financial planning industry.

Financial, family, and social factors impacting on cardiac rehabilitation attendance

Background
Attendance in phase 2 cardiac rehabilitation program after acute myocardial infarction is poor.

Objective
To identify and explore the demographic factors that influence peoples’ decisions to attend cardiac rehabilitation programs.

Methods
A descriptive-interpretive design was used. Semi-structured interviews were conducted with 10 people post infarction in Victoria, Australia after their first scheduled appointment to attend outpatient cardiac rehabilitation. The interview transcripts were thematically analysed.

Results
The perceived relevance of cardiac rehabilitation related to the context of people’s lives, namely their financial, family and social situation, and how important program outcomes were seen to be relevant to this context.

Conclusion
The findings of this study suggest that there are a proportion of people unlikely to attend outpatient cardiac rehabilitation programs following an AMI despite encouragement to attend. It may be unrealistic to aim for 100% referral and uptake into cardiac rehabilitation programs and therefore an inappropriate endpoint by which to evaluate such programs.

The impact of the financial costs of multiple sclerosis on quality of life

This study examined the financial costs of multiple sclerosis (MS) and the impact of financial strain on the subjective quality of life of people with MS and their families. Due to the lack of research in this area, a qualitative research design was employed. Interviews were conducted with 16 health professionals, 26 people with MS, and 11 family members of people who had MS. Adjusting to actual or threatened loss of income caused financial stress. These financial struggles led to a lower quality of life among respondents. Problem solving, coping, and positive reappraisal helped people to adjust to financial changes. Professionals focused on increased funding for services, whereas people with MS focused on improved income support. These findings highlight the need for professionals to consider the financial strain associated with this disease and the impact of this strain on the quality of life of individuals with MS and their families.