Australian Accounting Review 2018年第1期目录摘要

青年会计学者联合发起会计领域NO.1高端自媒体

传播会计前辈思想，引领青年一代成长

因缘分相聚，因互助成长，因智慧光华

CONTENT

1. Transitioning to IFRS in Japan:Corporate Perceptions of Costs and Benefits

ChikakoOzu   Miho Nakamura   Kyoko Nagata  Sidney J. Gray

2. Insights from Accounting Practitionerson China's Convergence with IFRS

HelenHong Yang   Colin Clark   Changyu Wu   Alan Farley

3. IFRS Adoption in Emerging Markets: TheCase of Jordan

KhaldoonAl‐Htaybat

4. Application of International Financial Reporting Standards in the Transition Economy of Serbia

VladimirObradović   Milan Čupić   Dragomir Dimitrijević

5. Does IFRS Mandatory Adoption Affect Information Asymmetry in the Stock Market?

David Abad    M. Fuensanta Cutillas‐Gomariz    José Yagüe

6. Do Financial Markets Care about Corporate Social Responsibility Disclosure? Further Evidence from China

ShanXu   Duchi Liu

7. An Economics Perspective on Financial Reporting Objectives

Anthony D. Miller   David Oldroyd

8. Communicating the Impact of the Global Financial Crisis in Annual Reports: A Study of Australian NGOs

Kshitij Khanna   Helen Irvine

9. The Adequacy of Pre‐purchase Due Diligence in Independent Small Business and Franchising

Jenny Buchan   Lorelle Frazer   Scott Weaven  Binh Tran‐Nam   Anthony Grace

10. Commentary on the Adjustments Required for Intercompany Transactions when Equity Accounting Under IAS 28

MichaelE. Bradbury

ABSTRACT

1

Transitioning to IFRS in Japan: Corporate Perceptions of Costs and Benefits

Chikako Ozu   Miho Nakamura   Kyoko Nagata   Sidney J. Gray

Abstract: This paper examines the ongoing transition to International Financial ReportingStandards (IFRS) in Japan with a particular focus on recent institutional developments and corporate concerns. While Japan has committed to the convergence of Japanese generally accepted accounting principles (J‐GAAP) with IFRS it has not as yet formally adopted IFRS. This paper reports on Japanese corporate perceptions of the likely costs and benefits of adopting and implementing IFRS using survey data collected from senior financial executives of 292 Japanese listed companies in 2013–14. Our findings reveal that Japanese companies identify a number of major areas of general concern with the adoption and implementationof IFRS. Most importantly, uncertainty regarding the interpretation of standards followed by staff training, IT systems, technical knowledge and differences between J‐GAAP and IFRS were reported as major concerns. Our survey also highlights that revenue recognition, depreciation, consolidated financial statements, financial statement presentation and the retrospective applicationof IFRS were viewed as key IFRS accounting issues. While the large majority of companies expected a moderate degree of benefits to arise from IFRS,substantial benefits were perceived more likely to apply to large and overseaslisted companies mainly arising from improvements in the international comparability of financial statements.

2

Insights from Accounting Practitioners on China's Convergence with IFRS

Helen Hong Yang   Colin Clark    Changyu Wu    Alan Farley

Abstract: This study provides insights from accounting practitioners on China's convergence with International Financial Reporting Standards (IFRS). Through a survey of 33 senior financial executives of Chinese listed companies in 2014, the study reports their perceptions on the following issues: first, the degree of convergence between IFRS and Chinese Accounting Standards (CAS); second, the choice between fair value and historical cost accounting, and the usefulness offair value accounting for Chinese companies’ financial reporting; third,challenges in the process of China's harmonisation with IFRS; and finally,essential capabilities of Chinese accounting professionals in the process of China's harmonisation with IFRS. Multivariate regression was used for further analysis. The survey findings reveal that in general CAS have converged with IFRS, with a few exceptions that reflect the unique Chinese context. Historicalcost accounting is the preferred measurement base to fair value accounting.Exercising professional judgement was identified as a challenge for China'sfull convergence with IFRS. Ownership structure and the expertise of accounting practitioners were found to affect respondents’ judgements on China's convergence with IFRS. This study has policy implications for international accounting standard setters and accounting educators to consider the contextual issues of implementing IFRS in an emerging economy.

3

IFRSA doption in Emerging Markets: The Case of Jordan

Khaldoon Al‐Htaybat

Abstract: The aim of this study is to research the adoption of International Financial Reporting Standards (IFRS) in Jordan, which was one of the first Middle Eastern emerging economies to adopt IFRS. The paper investigates the related factors that pressure and prevent such adoption over time, and illustrates the developmental aspects of such adoption. An interpretive methodology is employed,and perceptions of the study's participants are analysed regarding the adoptionof IFRS in Jordan, which is an area that is under researched. Semi‐structured interviews were undertaken to collect Jordanian experts’perceptions. Based on the empirical data analysis and priortheoretical and empirical literature, an adoption model was developed, which can serve future studies as well. The model illustrates the paradox ofaccounting changes in emerging economies, in which the actual conditions that pressure IFRS adoption are also the conditions that prevent full adoption. The model also provides an explanation of the implementation process of IFRS inemerging economies at both country and corporation levels. It combines practical features and related theories in an integrative model seeking toexplain the phenomenon of IFRS as a new accounting regulation change.

4

Application of International Financial Reporting Standards in the Transition Economy of Serbia

VladimirObradović   Milan Čupić    Dragomir Dimitrijević

Abstract: This paper explores the attitudes of the preparers of financial statements in the emerging economy of Serbia towards International Financial Reporting Standards(IFRS). Our research shows that preparers are mainly satisfied with the quality of IFRS and the environment for IFRS application in Serbia and that they generally support the process of global convergence of financial reporting standards. Nevertheless, we find that there is a need to improve the environment for IFRS application in Serbia, and we identify areas that financial reporting regulators in emerging economies should address when attempting to improve the environment for IFRS application. Our research alsoshows that perceived IFRS quality is dependent on the preparer's experience inapplying IFRS and his or her perceptions of the environment in which IFRS areapplied. Perceived IFRS quality and attitudes towards the compatibility between IFRS and the environment for application of IFRS affect the level of supportfor the global convergence of financial reporting standards.

5

Does IFRS Mandatory Adoption Affect Information Asymmetry in the Stock Market?

David Abad    M. Fuensanta Cutillas‐Gomariz

Juan PedroSánchez‐Ballesta    José Yagüe

Abstract: The purpose of International Financial Reporting Standards (IFRS), adopted mandatorily by European listed firms in 2005, is to increase the transparencyand the comparability of accounting information, which should have led toimprovements in these firms’ information environments. This study uses market microstructure proxies for information asymmetry to examine the effects of IFRS adoption on the level of information asymmetry in the Spanish stock market.Therefore, we consider a setting with substantial differences between local standards – Spanish Accounting Standards (SAS) ‒ and IFRS and where the levelof enforcement is low. By controlling for conventional determinants of information asymmetry and firms’ characteristics that influence their information environments, we find a reduction of information asymmetry after IFRS adoption. Our findings suggest that the mandatory switch from local accounting standards to IFRS conveys benefits to the market, even when theenforcement level is not strong. 

6

Do Financial Markets Care about Corporate Social Responsibility Disclosure?Further Evidence from China

Shan Xu    Duchi Liu

Abstract: Corporations increasingly define their corporate social responsibility (CSR) activities as apart of their business. However, is this trend beneficial to investors? Based on an event study methodology and a sample of Chinese listed companies, we extend the literature on voluntary disclosure by exploring the role of CSR disclosurein reducing stock market information asymmetry, as proxied by share pricevolatility and liquidity. Our results show that the share price volatility after CSR disclosure is lower than before CSR disclosure; however, the trend isthat it decreases first and then increases for three months followingdisclosure. Stock liquidity also significantly improves after CSR disclosure;however, it increases first and then decreases. Additionally, by dividing CSRdisclosure into economic (hard) disclosure and generic (soft) disclosure, we find that the reduction in information asymmetry is higher for hard disclosurethan soft disclosure, suggesting that although CSR disclosure does indeed havean impact on investors’ behaviour in China, an economic‐based disclosure contributes more substantially. Finally, to better understand the characteristics of the Chinese financial market, we also explore the role of marketisation with results that show that the effect in reducing information asymmetry is greater for companies located in a region with ahigher degree of marketisation.

7

An Economics Perspective on Financial Reporting Objectives

Anthony D. Miller   David Oldroyd

Abstract: The paper examines the IASB and FASB's stated objectives of financial reporting,and in particular the decision to disregard the motivational aspects of stewardship information. The paper shows this view to be flawed from atheoretical perspective and considers the practical consequences.

8

Communicating the Impact of the Global Financial Crisis in Annual Reports: A Study of Australian NGOs

Kshitij Khanna    Helen Irvine

Abstract: This paper analyses the extent and nature of communication by Australian non‐governmental organisations (NGOs) about the impact of the global financial crisis (GFC). NGOs need to balance their communications about financial need against news that could potentiallyreflect negatively on stakeholders’ impressions of their worthiness to receive funding. Recognising this, we content analyse the annual report narratives of 10 Australian NGOs for information about the impact of the GFC and their use of impression management (IM)  techniques. All NGOs in the study experienced some financial impact from the GFC, with nine referring to it in their annual report narratives. However, the information was very limited, indicating a missed opportunity to communicate meaningfully with stakeholders. Further, of the nineNGOs providing disclosures about the GFC's impact, eight used at least one IMtechnique, indicating a lack of transparency that has potentially negative implications for trust‐building with their stakeholders. This study focuses on a limitednumber of NGOs, but further research could broaden this approach to examine organisations in the broader not‐for‐profit (NFP)sector, other modes of communication or communication patterns at other times of crisis, and currently, in an era of austerity.

9

The Adequacy of Pre‐purchase DueDiligence in Independent Small Business and Franchising

Jenny Buchan    Lorelle Frazer    Scott Weaven   Binh Tran‐Nam    Anthony Grace

Abstract: This research reports an in‐depth study of the due diligence activities that prospective independent small business operators and franchisees in Australia undertake prior to purchasing or starting up their businesses. Although academic literature and industry publications promote undertaking ‘proper due diligence’,there is a lack of empirical research into the nature of due diligence and its effect on business outcomes. Using a qualitative approach, 60 currently and formerly operating independents and franchisees were personally interviewed,exploring the diversity of approaches to undertaking due diligence prior to entering business. The research revealed that differences occur in both thetype and amount of due diligence undertaken by independents and franchisees and highlighted further differences between current and former operators. Ingeneral, the due diligence undertaken by participants was relatively unsophisticated with few exceptions of rigour and planning. Where prospective independents and franchisees were entering business for the first time, their appreciation of business was naïve. A steep learning curve followed during which they often recognised flaws in their initial research. As a result ofthis qualitative in-depth research, we present a set of propositions regarding due diligence and a model for future testing on a large sample.

10

Commentaryon the Adjustments Required for Intercompany Transactions when EquityAccounting Under IAS 28

Michael  E. Bradbury

Abstract: The IASB has several projects on the equity method of accounting that involve the transfer of assets between an investor and its associate or joint venture. This paper provides a commentary on this issue by providing examples of alternative methods of adjusting for inter‐company profits. The underlying concepts for alternative approach esare discussed. The conclusion outlines the steps the IASB needs to take toresolve this issue.

本期编审团队

素材采编｜中国海洋大学  在读会计硕士生  汪丽

执行编辑丨山西财经大学  在读会计硕士生  解云惠

审核编辑 | 辽宁科技大学  在读会计本科生  申振

终审 | 西北师范大学  在读会计硕士生  杨阳

主编｜北京交通大学会计系博士生  水皮（李高波）

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