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Articles 1 - 30 of 63
Full-Text Articles in Business
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting, Themin Suwardy, Chu Yeong Lim
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting, Themin Suwardy, Chu Yeong Lim
Research Collection School Of Accountancy
This study investigates the characteristics, nature and extent of proposed audit adjustments to the financial statements of listed companies in Singapore. Data was gathered from the 2018 to 2020 financial statements of 412 companies, along with views of close to 280 audit committee chairs and heads of finance (or similar designations) on the effectiveness of their companies’ finance function.
Determinants And Consequences Of Early Filing Of Financial Statements, Claudia Hernandez
Determinants And Consequences Of Early Filing Of Financial Statements, Claudia Hernandez
FIU Electronic Theses and Dissertations
The objective of this study is to identify the determinants of early filers (firms that file before their filing deadline) and to ascertain whether their accounting quality differs from that of timely filers. In 2005, the SEC (Securities and Exchange Commission) accelerated the filing deadlines affecting fiscal year 2006 and onward. An analysis of audit opinions of Form 10-K from years 2007 to 2019 shows that the Audit Reporting Lag, or ARL (the number of days between the fiscal year end and auditor signature date), is 12 days or more ahead of the deadlines in approximately 40% of the firm-years. …
More Than The Bottom Line, Edmund Keung, Themin Suwardy, Yew Kee Ho
More Than The Bottom Line, Edmund Keung, Themin Suwardy, Yew Kee Ho
Research Collection School Of Accountancy
In the second instalment of a three-part series on financial literacy, SMU Dean of Postgraduate Professional Programmes and Associate Professor of Accounting (Practice) Themin Suwardy, NUS Associate Professor of Accounting Edmund Keung and SIT Associate Provost and Professor of Accounting Ho Yew Kee discussed three important accounting concepts that investors need to understand in order to know how a company is performing financially.
Deciphering Financial Statements In Annual Reports, Themin Suwardy, Yew Kee Ho, Edmund Keung
Deciphering Financial Statements In Annual Reports, Themin Suwardy, Yew Kee Ho, Edmund Keung
Research Collection School Of Accountancy
In the first of a three-part weekly series on financial literacy, SMU Dean of Postgraduate Professional Programmes and Associate Professor of Accounting (Practice) Themin Suwardy, SIT’s Professor Ho Yew Kee and Associate Professor Edmund Keong from NUS discussed the importance of learning to read and analyse financial statements. They opined that being able to decipher financial statements is critical if an investor wants to have a real understanding of a company's profitability, liquidity and cash position. This will equip them with useful information to make informed decisions.
Determinants Of State Audit Delay: An Empirical Analysis, Mary Fischer, Treba Marsh
Determinants Of State Audit Delay: An Empirical Analysis, Mary Fischer, Treba Marsh
Faculty Publications
Prior audit delay studies concentrated on municipal government, counties and school districts. This study adds to the literature by examining the determinants of state governments’ timeliness of audit reports. Audit delay determinants found by previous municipal research are used to identify characteristics that may influence state audit delay. This study’s results suggest both agreement and contradiction of prior research audit delay determinants. Financial variables alone do not predict state government audit delay. However, a combination of financial and nonfinancial variables used in municipal audit delay studies do.
Principles Of Accounting I, Acc 1101, Course Outline, Rachel Raskin
Principles Of Accounting I, Acc 1101, Course Outline, Rachel Raskin
Open Educational Resources
Principles of Accounting I will introduce the fundamental concepts underlying financial accounting. It will explore the accounting cycle and demonstrate how the financial reporting process is impacted by accounting standards. You will learn to read and understand the financial statements and how proper internal controls are vital for the preparation of accurate and reliable financial information.
Additional Evidence On The Impact Of The International Financial Reporting Standards On Earnings Quality: Evidence From Latin America, Mauricio Melgarejo
Additional Evidence On The Impact Of The International Financial Reporting Standards On Earnings Quality: Evidence From Latin America, Mauricio Melgarejo
Scholarship and Professional Work - Business
The purpose of this paper is to explore whether the adoption of the International Financial Reporting Standards (IFRS) has an impact on the quality of earnings in Latin America. Studying a sample offirms from Argentina, Brazil, Chile, Mexico, and Peru, I find that management reports a lower level of discretionary accruals after the implementation of the IFRS. In addition, this study provides evidence that earnings are more persistent and stock prices are more associated with earning numbers after the application of IFRS. This paper provides evidence that earnings quality has increased after the adoption of IFRS in Latin America.
Using Financial Statement Variables To Predict Stock Prices: Lessons From The 2007-2009 Financial Crisis, Benjamin B. Boozer Jr., Lenn H. Rainwater, S. Keith Lowe
Using Financial Statement Variables To Predict Stock Prices: Lessons From The 2007-2009 Financial Crisis, Benjamin B. Boozer Jr., Lenn H. Rainwater, S. Keith Lowe
Research, Publications & Creative Work
This analysis considers balance sheet, income statement, and cash flow account ratios in measuring the impact of the 2007-2009 financial crisis on the stock prices of American companies. Fourteen companies that trade on S & P 500 were selected for the model and data gathered for the ten years of the analysis, 2004-2013. Results indicate a mixed relationship on the predictive power of financial statement analysis on stock prices before and after the financial crisis. Size of the company and sales were both strong predictors. Liquidity has a small impact through net working capital, but the post intervention counter variable …
Cultural Impact Of International Financial Reporting Standards On The Comparability Of Financial Statements, Cassandra L. Ward, S. Keith Lowe
Cultural Impact Of International Financial Reporting Standards On The Comparability Of Financial Statements, Cassandra L. Ward, S. Keith Lowe
Research, Publications & Creative Work
Due to globalization and expanding international business, it has become necessary for companies in various countries to communicate through a universal language of accounting. International Financial Reporting Standards (IFRS) were developed and issued to serve as a uniform set of accounting standards. A proposed advantage of global implementation is the improved comparability of financial statements. However, due to variations among cultures, it is unrealistic for a single set of standards to be accepted and implemented in a wholly uniform manner to produce innately comparable financial statements. Because of cultural differences, there are varying degrees of IFRS acceptance: some countries adopt …
In Fair Value We Trust, Or Not, Joyce Tang, Nick Leong, Pan, Gary, Keng Kevin Ow Yong, Chu Yeong Lim, Tee Yong Jeffrey Ng
In Fair Value We Trust, Or Not, Joyce Tang, Nick Leong, Pan, Gary, Keng Kevin Ow Yong, Chu Yeong Lim, Tee Yong Jeffrey Ng
Research Collection School Of Accountancy
The objective of financial reporting is to provide financial information that is useful to existing and potential investors, lenders and other creditors (IASB’s Conceptual Framework ED/2015/3). General purpose financial reports provide information about the financial position of a reporting entity, as well as information about the effects of transactions and other events that will change a reporting entity’s economic resources and claims (para 1.12 ED/2015/3). Investor confidence and trust in the financial statements is a crucial component for financial markets to function smoothly. This report presents the attitudes and concerns of over 700 respondents toward fair value accounting. The survey …
A Case Study In The Use And Potential Misuse Of Non-Gaap Financial Measures, Benoit Boyer, Ralph Lim, Bridget M. Lyons
A Case Study In The Use And Potential Misuse Of Non-Gaap Financial Measures, Benoit Boyer, Ralph Lim, Bridget M. Lyons
WCBT Faculty Publications
Firms reporting under US GAAP are allowed to supplement financial information with non-GAAP measures. We examined 6 Firms in the chemical industry and looked at what information was presented (Dow, Du Pont, Monsanto, FMC, PPG, Praxair). We use the 2014 Annual Report so that we would have comparable data for all companies. For 2 firms we looked at numbers presented in Cap IQ and in Bloomberg and compared them to the numbers presented by the company (Dow and Du Pont). The numbers reported by the firms and the analysts differed greatly.
Governance Of Financial Reporting, Poh Sun Seow, Gary Pan
Governance Of Financial Reporting, Poh Sun Seow, Gary Pan
Research Collection School Of Accountancy
No abstract provided.
The Influence Of Director Stock Ownership And Board Discussion Transparency On Financial Reporting Quality, Jacob M. Rose, Cheri Mazza, Carolyn S. Norman, Anna M. Rose
The Influence Of Director Stock Ownership And Board Discussion Transparency On Financial Reporting Quality, Jacob M. Rose, Cheri Mazza, Carolyn S. Norman, Anna M. Rose
WCBT Faculty Publications
Seventy-two active corporate directors participate in an experiment where management insists on aggressive recognition of revenue, but the chief audit executive proposes a more conservative approach. Results indicate interactive effects of director stock ownership and the transparency of director decisions. Stock-owning directors are more likely to oppose management’s attempts to manage earnings when transparency increases. For non-stock owning directors, however, increasing transparency does not affect the likelihood that directors oppose management’s attempts to manage earnings. The current study challenges suppositions that equate director stock ownership with improved financial reporting and higher corporate governance quality, and it provides evidence that increased …
Boise State On Business: These Tools Can Help Make The Most Of Profit And Loss Data, Michael Lee, Michael Wright
Boise State On Business: These Tools Can Help Make The Most Of Profit And Loss Data, Michael Lee, Michael Wright
Accountancy Faculty Publications and Presentations
Companies invest heavily in creating the traditional profit and loss statement because it is a periodic requirement that measures business performance. The problem is that management is framed into thinking about summarized information, routine reporting and often irrelevant historical performance. Rather than treat it like a mandatory reporting necessity, a periodic photograph of the past that reminds them of what once was, we suggest that companies exploit this versatile tool by adding our three applications that will provide insights into what can be.
Accounting For Agricultural Products: Us Versus Ifrs Gaap, Treba Marsh, Mary Fischer
Accounting For Agricultural Products: Us Versus Ifrs Gaap, Treba Marsh, Mary Fischer
Faculty Publications
Currently there is a mix of accounting guidance for agriculture producers in the US that is both GAAP including Accounting Statement Codification 905 and non-GAAP financial guidelines. Should the US adopt International Financial Reporting Standards (IFRS), this guidance would be replaced with International Accounting Standard (IAS) 41 – Agriculture.
This study identifies systematic differences between the US and International accounting and reporting for agricultural assets and products. The study also finds that international and US agricultural accounting recognition and reporting guidance result in dissimilar reporting due to guidance interpretation. Valuation variances and definition differences including the requirement to change the …
Strengthening Financial Reporting: An Essay On Expanding The Auditor’S Opinion Letter, James D. Cox
Strengthening Financial Reporting: An Essay On Expanding The Auditor’S Opinion Letter, James D. Cox
Faculty Scholarship
Users of financial statements, foremost of which are investors, have a voracious appetite for information that better enables them to assess the financial position and performance of the reporting firm. Even though financial statements purport to address their needs, because the statements, which are prepared by the firm’s managers, conceal a range of managerial estimates, assumptions, judgments, and choices, investors are deprived of the most fundamental kernel of information they seek, namely the overall quality of the financial reports themselves. In this Article, the author sets forth several modest steps that would enhance the overall quality of financial reporting by …
Auditor Reporting Under Section 404: The Association Between The Internal Control And Going Concern Audit Opinions, Beng Wee Goh
Auditor Reporting Under Section 404: The Association Between The Internal Control And Going Concern Audit Opinions, Beng Wee Goh
Research Collection School Of Accountancy
Section 404 of the Sarbanes-Oxley Act introduced integrated audits of internal control over financial reporting and the financial statements. Since the internal control and audit reports are joint products of the audit process, we examine whether the issuance of an internal control material weakness opinion (MWO) influences, other things equal, the issuance of a going concern audit opinion (GCO). Using a sample of financially stressed companies, we find that the issuance of a MWO increases the likelihood of a GCO, suggesting that auditors respond to the uncertainty surrounding a MWO by issuing a GCO. Further, the positive association between MWO …
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
All Faculty Scholarship for the College of Business
In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.
Effective Popular Financial Reports: The Citizen Perspective, Juita-Elena (Wie) Yusuf, Meagan M. Jordan
Effective Popular Financial Reports: The Citizen Perspective, Juita-Elena (Wie) Yusuf, Meagan M. Jordan
School of Public Service Faculty Publications
The article presents a study that investigates the views of citizens on the efficiency of financial reports in the U.S. Researchers did a survey to discern the perspectives of respondents about the effectiveness of the said reports in informing other individuals about government finances. Moreover, results reveal that 80% of respondents believed that the reports are effective. [Associates Programs Source, EbscoHost database]
Journal Of Public Budgeting, Accounting And Financial Management [Abstract], Mary Fischer, Treba Marsh
Journal Of Public Budgeting, Accounting And Financial Management [Abstract], Mary Fischer, Treba Marsh
Faculty Publications
No abstract provided.
Comprehensive Income Reporting: Fasb Decides Location Matters, Dennis Chambers
Comprehensive Income Reporting: Fasb Decides Location Matters, Dennis Chambers
Faculty and Research Publications
The article reports on Accounting Standards Update (ASU) 2011-05 issued by the Financial Accounting Services Board (FASB) in June 2011. It states that the standard requires all companies to report comprehensive income and components either in one continuous statement or in two separate, but consecutive, net income and other comprehensive income statements.In both cases, companies must reportedly now report in an income statement-type location for total comprehensive income.
Goodwill Non-Impairments, Dennis Chambers, Catherine Finger
Goodwill Non-Impairments, Dennis Chambers, Catherine Finger
Faculty and Research Publications
The article discusses the use of goodwill non-impairment by companies to manage their earnings. The effect of Statement of Financial Accounting Standards (SFAS) 142 on goodwill-related earnings management is described. A table shows the results of related the working papers "Earnings Management By Avoiding or Reducing Goodwill Impairments," by Dennis Chambers, "Evidence on the Use of Unverifiable Estimates in Required Goodwill Impairment," by Karthik Ramanna and Ross L. Watts, and "Has Goodwill Accounting Gone Bad?," by Kevin K. Li and Richard G. Sloan.
How Lehman Brothers Used Repo 105 To Manipulate Their Financial Statements, Agatha Jeffers
How Lehman Brothers Used Repo 105 To Manipulate Their Financial Statements, Agatha Jeffers
Department of Accounting and Finance Faculty Scholarship and Creative Works
The questionable accounting technique, known as Repo 105, allowed Lehman Brothers to temporarily appear healthier in the eyes of its investors, creditors and other interested parties. These material transactions had the ability to affect the decisions of prudent persons. Nevertheless, Lehman failed to disclose these transactions in the notes to their financial statements and in their filings to the SEC. In this paper, an examination is made of whether Repo 105 transactions were properly recorded and disclosed in Lehman's financial statements and whether Lehman's executives behaved ethically. To answer these questions, an examination is made of Generally Accepted Accounting Standards, …
Fasb/Gasb Recognition And Reporting Differences: A Nonprofit Sector Perspective, Treba Marsh, Mary Fischer
Fasb/Gasb Recognition And Reporting Differences: A Nonprofit Sector Perspective, Treba Marsh, Mary Fischer
Faculty Publications
The financial statement users’, investors’, donors’ and academic researchers’ understanding of current accounting recognition and reporting guidance affect their ability to compare financial information issued by nonprofit universities, hospitals, fund-raising organizations and government agencies. The financial results reported by public nonprofit organizations is different from that reported by private nonprofit organizations. This study discusses the events that brought about the divergence in nonprofit financial accounting recognition and reporting,and illustrates specific differences.
Environmental Risks: Doing Business In China, Jack R. Ethridge, Treba Marsh, Esther Bunn
Environmental Risks: Doing Business In China, Jack R. Ethridge, Treba Marsh, Esther Bunn
Faculty Publications
Planning and conducting the audit of financial statements involves understanding the entity and the environment in which it operates. First and foremost this requires identifying the risks faced by the entity. Identifying these risks can be a complex and difficult task since the auditor needs to not only understand the entity’s risk process but also independently understand the risks facing the firm. Tackling this task will involve a comprehensive review of the external and internal factors affecting the business. It is possible many identified business risks are related to financial reporting risk and ultimately to audit risk. Therefore, the auditor …
Putting Ratios Into A Firm Value Context For Entrepreneurs And Entrepreneurship Students, Tom Arnold
Putting Ratios Into A Firm Value Context For Entrepreneurs And Entrepreneurship Students, Tom Arnold
Finance Faculty Publications
Ratio analysis is generally presented as something that has to be calculated after completing other financial statements and is generally viewed, particularly by students, as busy-work with little value. This paper changes the context of ratio analysis in order to demonstrate how a focus on the information provided by ratios adds to the value of the firm. By dissecting the valuation of a publicly traded firm using a price to earnings ratio multiplier, value generating factors in the form of ratios, can be inferred for smaller nonpublicly traded ventures.
Did Sarbanes-Oxley Lead To Better Financial Reporting?, Dennis Chambers, Dana R. Hermanson, Jeff L. Payne
Did Sarbanes-Oxley Lead To Better Financial Reporting?, Dennis Chambers, Dana R. Hermanson, Jeff L. Payne
Faculty and Research Publications
The article describes and summarizes five studies that examined whether the landmark Sarbanes-Oxley Act of 2002 (SOX) was beneficial or not to financial reporting. The U.S. Congress is stated to have passed the legislation on July 25, 2002 in reaction to a series of financial accounting scandals involving such companies as Enron and WorldCom, as well as the demise of the accounting firm Arthur Andersen LLP. The author asserts that all five of the studies provide evidence of a significant improvement in the financial reporting environment since SOX.
Addressing Problems With The Segregation Of Duties In Smaller Companies, Audrey A. Gramling, Dana R. Hermanson, Heather M. Hermanson, Zhongxia Shelly Ye
Addressing Problems With The Segregation Of Duties In Smaller Companies, Audrey A. Gramling, Dana R. Hermanson, Heather M. Hermanson, Zhongxia Shelly Ye
Faculty and Research Publications
The article discusses the problems encountered by smaller companies in the U.S. in the segregation of duties under Sarbanes-Oxley (SOX) section 404(a), which requires management to disclose its assessment of the effectiveness and weaknesses of internal control over financial reporting in the U.S. Analyses of the management report on internal control of sample companies cited by the authors showed that there are differences in the level of disclosure. The costs and benefits of using third parties in resolving segregation of duties problems are considered.
User Information Risk: How It Improves Audit Quality, Jack R. Ethridge, Treba Marsh
User Information Risk: How It Improves Audit Quality, Jack R. Ethridge, Treba Marsh
Faculty Publications
Audited financial statements are the basis for the communication of essential financial information. Accordingly, the reliability of the financial statements is of extreme importance to all parties involved in the process. This paper identifies the three primary parties as the organization, the auditor, and the user and recommends the user play an increased role in this process. The user should be allowed to analyze the quality of the auditor and audit process based upon five critical factors that should be required to be disclosed by the auditor. This paper discusses the five factors and how each one could benefit the …
Audit Committee Material Weaknesses In Smaller Reporting Companies, Audrey A. Gramling, Dana R. Hermanson, Heather M. Hermanson
Audit Committee Material Weaknesses In Smaller Reporting Companies, Audrey A. Gramling, Dana R. Hermanson, Heather M. Hermanson
Faculty and Research Publications
One of the critical elements of internal control over financial reporting is an effectively functioning audit committee. The Sarbanes-Oxley Act of 2002 (SOX) defines an audit committee as " committee (or equivalent body) established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer." Recent SOX section 404 filings by smaller reporting companies ("nonaccelerated filers," or registrants with less than $75 million of public float), however, indicate that some small companies still are struggling to develop effective …