Elementary construction and interpretation of financial statements : questions and problems in applied economics /

Mode of access: Internet.

Os modelos das demonstrações financeiras

Orientador: Doutor, José Manuel Veiga Pereira

Os impostos diferidos no contexto Cabo-Verdiano: Impacto nas demonstrações financeiras

A contabilização dos impostos diferidos surge do facto da legislação fiscal e das normas contabilísticas poderem ser diferentes no que respeita ao reconhecimento e mensuração de activos, passivos, gastos e rendimentos. Para eliminar o efeito das diferenças de carácter temporal, das demonstrações financeiras, foram criadas normas contabilísticas que disciplinam a contabilização do imposto sobre o rendimento, através do reconhecimento de activos e passivos por impostos diferidos. Seguindo esta tendência, Cabo Verde introduziu, através do SNCRF - Sistema de Normalização contabilística e de relato financeiro, a NRF 22Imposto sobre o rendimento, que exige a contabilização de impostos diferidos nas diferenças temporárias entre a contabilidade e a fiscalidade. No entanto esta norma não está sendo observada, devido, na opinião de vários profissionais da área, a complexidade do assunto “imposto diferido”. Por esta razão, traçamos como objectivos deste trabalho, explicar a problemática dos impostos diferidos, evidenciando a importância do seu reconhecimento nas demonstrações financeiras. Concluímos que, a não contabilização de impostos diferidos pode pôr em causa a informação contida nas demonstrações financeiras e, consequentemente, as decisões que se toma com base nelas.The accounting of deferred taxes arises from the fact that tax legislation and accounting standards may differ regarding to the recognition and measurement of assets, liabilities, expenses and income. To eliminate the effect of the temporary differences in the financial statements, accounting standards have been established to regulate the accounting of income tax trough the recognition of assets and liabilities by deferred taxes. Following this trend, Cape Verde has introduced through the SNCRF - Standardization System of Accounting and Financial Reporting, the standard NRF 22 - Income Tax, which demands the recognition of deferred taxes in the temporary differences between accounting and taxation. However according to the opinion of some professors, this standard is not being observed due to the complexity of the subject "deferred tax". For this reason, we defined the following objectives for this work: explain the issue of deferred taxes, evidencing the importance of its recognition in the financial statements. We have concluded that, the not accounting of deferred taxes may jeopardize the information contained in the financial statements and consequently, the decisions made based on them.

Accounting concepts and standards underlying corporate financial statements [1948 revision] and supplements [1-8, 1950-54]

Mode of access: Internet.

Implementation guide to Statement of federal financial accounting standards no. 7, Accounting for revenue and other financing sources /

"June 1996."

The convergence of the Central American countries to International Accounting Standards

Abstract: In the last few decades, Central American countries are making a significant effort in order to modernize their governments' legislation both on financial management and systems of financial information. In this sense, these countries aim to enhance the quality of public financial information in order to improve decision-making processes, decrease the level of corruption, and keep citizens informed. In this context, the purpose of this paper is twofold. Firstly, to assess the degree of similarity of the financial information that is being developed by Central American governments with regard to the recommendations set up by Ipsas, and secondly, to analyse the efforts and the strategies that those countries are carrying out in the process of implementing those standards. To determine the differences in the information containing the annual financial statements issued by national public authorities and the recommendations set up by Ipsas we conducted a deductive content analysis. In view of the results we can say that the quality of annual financial statements presented by the countries in Central America, in comparison to the recommendations by the Ipsas concerning Ifac information, is not enough. Hence, in order to operate significant changes, it is still necessary to create new strategies for the implementation of the Ipsas.

Independent auditor’s report of the State of Iowa on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards for the year ended June 30, 2011

Independent auditor’s report of the State of Iowa on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards for the year ended June 30, 2011

Report on the Peace Officers’ Retirement, Accident and Disability System, Schedule of Employer Pension Amounts required to implement Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions for the year ended June 30, 2015

Report on the Peace Officers’ Retirement, Accident and Disability System, Schedule of Employer Pension Amounts required to implement Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions for the year ended June 30, 2015

International Accounting Standards –normistoon siirtymisen vaikutukset suomalaisten pörssiyritysten taloushallintoon ja tilinpäätökseen

Tutkimuksen päätavoitteena oli selvittää, mitä vaikutuksia IAS-tilinpäätösstandardien käyttöön siirtyminen aiheuttaa suomalaisten pörssiyritysten tilinpäätöksissä ja taloushallinnossa. Tähän tavoitteeseen edettiin alatavoitteiden avulla. Näitä olivat tilinpäätösten kansainvälisen harmonisoinnin, Euroopan Unionin IAS-asetuksen ja itse IAS-tilinpäätöksen selvittäminen. Tutkimusaineisto koostuu kirjallisuudesta ja suomalaisille pörssiyrityksille tehdystä kyselystä. Tutkimuksen teoriaosassa käytetään käsiteanalyyttista ja empiirisessä osassa nomoteettista tutkimusotetta. Tutkielman mukaan tiedon lisääntyminen lisää myönteisyyttä IAS-standardistoa kohtaan. Henkilöstön koulutus onkin avainasemassa siirtymäprojektissa. Toinen merkittävä vaikutus on uuden laskentaohjeistuksen luontitarve. Merkittävin standardi vaikutuksiltaan on IAS 14 Segmenttiraportointi.

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.

Differences and reasons in IASB accounting standards between small and large companies

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Differences and reasons in IASB accounting standards between small and large companies

This paper studies the main differences in accounting standards of the International Accounting Standards Board (IASB) between small and large companies, materialised in the dissimilarities between the International Financial Reporting Standard for Small and Medium-sized Entities and the full International Financial Reporting Standards, as of 2010. Another element of this project is the analysis of the reasons behind the differences between the two aforementioned frameworks, which intends to expose the rationale and the mindset that led to an adaptation of the full standards in a stand-alone document designed for small companies.

How useful is consolidation of public sector entities' financial statements ?

Whether or not to consolidate financial statements is dealt with in IPSAS#6. This standard is by and large based on IAS#27. It deals with the criterion according to which an entity's financial statements should be considered and which consolidation technique should be used. However, it remains silent when it comes to exposing the reason why a public sector entity should consolidate its financial statements. The literature is almost as silent as IPSAS on this issue. Which means that there is a lack of both theoretical and empirical knowledge on this subject. This paper explores the usefulness of the consolidation of financial statements (CFS) for different categories of users. It aims at investigating for which purposes consolidation is most useful and whether enlarging the scope of the consolidate group serves these purposes. Five purposes are considered: information, decision- making, accountability, risk-assessment, statistics improvement. The paper also aims at investigating if some categories of users consider CFS more useful than others. The issue is essentially empirical. Therefore it is examined in light of the results of an in-person interviews. We surveyed 25members of parliament, officials, creditors, and consultants of the Swiss central government. The results show that consolidating FS is considered especially important and useful for risk- assessment, information and accountability and to a somewhat lesser extent for decision-making and statistics improvement. Extending the scope of CFS may improve the situation when it comes to statistics but it would only marginally make CFS more relevant for decision making. Consultants and, to a lesser extent, members of the finance ministry are those respondents who deem the scope enlargement to be the most useful.

Disclosure of tax information -from tax reporting system to the financial statements, Case: Fortum Oyj

The main target of the study was to examine how Fortum’s tax reporting system could be developed in a way that it collects required information which is also easily transferable to the financial statements. This included examining disclosure requirements for income taxes under IFRS and US GAAP. By benchmarking some Finnish, European and US companies the purpose was to get perspective in what extend they present their tax information in their financial statements. Also material weakness, its existence, was under examination. The research method was qualitative, descriptive and normative. The research material included articles and literature of the tax reporting and standards relating to it. The interviews made had a notable significance. The study pointed out that Fortum’s tax reporting is in good shape and it does not require big changes. The biggest renewal of the tax reporting system is that there is only one model for all Fortum’s companies. It is also more automated, quicker, and more efficient and it reminds more the notes in its shape. In addition it has more internal controls to improve quality and efficiency of the reporting process.

Debate over Fair Value Accounting: Should we allow Politics to take an active role in setting accounting standards or should we trust that the SEC knows best?

In light of the recent economic downfall, there has been significant media coverage on the topic of fair value accounting. There are many critics of the accounting rule, who place blame on it for the destruction of billions of dollars in capital between financial institutions. Other commentators, however, see the rule as necessary and applaud its ability to bring the turmoil in the economy into the spotlight promptly so that it could be addressed effectively. This paper will begin by conducting a study of fair-value accounting from its inception in previous standards and then follow it through to Statement No. 157. I will then discuss the SEC’s most recent study of FAS157 and their decision as a result of the study.