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Full-Text Articles in Business
Abnormal And Extraordinary Items - Time For Another Change?, R. P. Shannon, B. Mccartney
Abnormal And Extraordinary Items - Time For Another Change?, R. P. Shannon, B. Mccartney
Faculty of Business - Accounting & Finance Working Papers
This paper highlights some major problems which have arisen with the recent introduction in Australia of new definitions of abnormal and extraordinary items in AASB 1018 "Profit and Loss Accounts", which have brought our definitions more in line with international definitions in U.K., U.S.A. and Canada. Evidence exists from an examination of the disclosures of these items by the top 150 listed Australian holding companies. over the period from 1987-1990.that the new definitions are still subjective and inappropriately allow the inclusion of ordinary operations items which are of a non-recurring nature in the operating profit before abnormal items figure and …
Goodwill: A Shareholder Perspective, M. M. Greenwell, G. E. Tibbits
Goodwill: A Shareholder Perspective, M. M. Greenwell, G. E. Tibbits
Faculty of Business - Accounting & Finance Working Papers
Accounting theory according to various authors including Ijiri (1975), Gaa (1988), Ruland (1989) supports the concept that accounting standards should serve the information needs of users. This paper examines the controversy in Australia surrounding accounting for goodwill and reports on a survey of shareholders in a large Australian public company. Alternative classifications of shareholders are examined to identify whether any classifications display an association with the choice of the preferred method of accounting for goodwill. The level of support for the accounting standard is also examined.
Accounting Standards Overload Problem - A Suggested Solution, R. P. Shannon
Accounting Standards Overload Problem - A Suggested Solution, R. P. Shannon
Faculty of Business - Accounting & Finance Working Papers
The paper supports the Australian approach to differential reporting as the best solution to the accounting standards overload problem. The approach requires a technique for differentiating "reporting" and "non-reporting" entities: The paper suggests a technique for such differentiation which is thought to be superior to the current suggested technique. Finally. the paper suggests that non-reporting entities should still ensure appropriate information is produced which not only assists management in their decision making but also provides government with details which can be used in the formulation of policies to assist them in the future.