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In 1985 Canada became the first country to replace its funds flow statement by a cash flow statement. By mid 1991, South Africa, the USA and New Zealand had done the same. Britain, Australia and the IASC all issued statements announcing their intention to follow suit. Thus we have the first example in accounting history of the replacement of one of the three final accounts by an entirely new report. The new report, the cash flow statement, when compiled under the direct method, is a receipts and payment account rearranged under the three headings of operations, financing and investment. A receipts and payments account is the earliest and simplest form of final account, long predating the profit & loss account and balance sheet, and long predating Pacioli's “De Summa Arithmetica” in 1492. The statement which the Cash Flow Statement replaces is less than 120 years old (Rosen & De Coster 1969) and was only mandatory in published British accounts since SSAP 10 came into force in 1975. The purpose of this article is to hold an inquest into the death of the funds statement to determine the cause of death.

Compares China‘s financial reporting systems before and after the reforms of 1993, which is seen as a dramatic turning point. Analyses the economic factors driving accounting reforms and examines in more detail the influence of the developing capital market and increasing foreign investment. Tabulates the differences between the format, contents and types of financial statements and disclosures and financial ratios, before and after reform. Gives examples of some remaining problems, summarizes the key features of the new system and urges Chinese accountants and policy makers to adjust Western principles and systems to the unique environment of China.

Explains why, following China‘s implementation of a market economy, public accounting firms were required to affiliate (hook‐up) with existing government or educational institutions until 1993 when partnerships and limited liability firms were also allowed. Describes the rules relating to independent accounting firms and changes which should foster their development but reports that, in fact, most firms are still affiliated. Discusses the reasons for this and the resulting problems, e.g. lack of competition and independence, low quality of service and increases in fraud, misrepresentation and under‐disclosure. Reveals that despite the 1995 exposure draft on eliminating the hooking‐up structure few de‐affiliations have taken place and identifies four problems which need solving if full de‐affiliation is to be achieved.

The purpose of this study is to investigate reporting incentives for accounting conservatism in the context of asset and equity tunnelling and to provide empirical evidence that accounting conservatism can be reported for opportunistic reasons rather than efficiency reasons.

A cross‐sectional analysis of data from the period 2002 to 2004 is conducted.

This study provides empirical evidence that firms undertaking asset or equity tunnelling transactions report higher conservatism than firms undertaking other kinds of connected transactions. Further tests document a positive association between accounting conservatism and the private benefits gained by controlling shareholders from asset and equity tunnelling.

Contrary to the prevalent view that accounting conservatism signifies better quality accounting and benefits financial statement users, this study shows that accounting conservatism is influenced by institutional factors and the incentives of financial statement preparers. Researchers should exercise caution in interpreting higher accounting conservatism as an indication of better accounting information quality, especially in cross‐country research involving different institutions.

Reviews previous research on predicting financial distress and the effects of US Chapter 11 bankruptcy (C11B); and explains how survival analysis and Cox’s (1972) proportional hazards model can be used to estimate the financial outcome for the shareholders of C11B. Reduces a previous data set (Russel et al 1999) of 154 companies entering C11B between 1984 and 1993 to 59 (54 of which gave no value to shareholders) and estimates two models to predict this: one based on firm‐specific covariates only and the other adding market‐wide covariates. Explains the methodology, presents the results and uses receiver operating characteristic curves to compare the predictive accuracy of the two. Finds little difference between the and suggests using the simpler model. Briefly summarizes the variables which are most useful in predicting the value outcomes of C11B for shareholders and recognizes the limitations of the study.

This paper provides, first, a historical perspective of accounting research relating to Asian/Pacific countries as seen from the vantage of the leading international journal in the United States and, second, a bibliographical data base and index of twenty‐six years of articles on this region of the world. It accomplishes the first objective by presenting a tabular profile of research in international accounting as it pertains to countries in the Asian/Pacific Rim region as shown in articles published in the International Journal of Accounting (formerly, the International Journal of Accounting, Education and Research) and related publications which appeared from 1965 to 1990. The articles are classified according to country, research methodology, subject, and five‐year time periods. The paper accomplishes the second objective by providing an annotated bibliography of 125 articles on Asian/Pacific Rim countries and indices by country and methodology, and subject.

The objective of this study is to compare the perceptions of Chinese and Hong Kong auditors towards auditor independence. There is growing concern about auditors' independence in the Peoples Republic of China (PRC) as a result of the rapidly changing business environment. These include the fast economic growth, changes in the accounting and auditing requirements including increases in demand for auditing services, competition and the status of accounting profession in the PRC. The purpose of this study is to investigate whether these changes affect the perceptions of auditor independence. The factors used in this study include the size of audit fee, provision of management advisory services, tenure of services provided and the relationship between the client and the auditor. The data were analyzed using analysis of variance (ANOVA). The overall hypothesis of a difference in the perceptions of Hong Kong and Chinese auditors was found to be significant. The results provide some indications of the stage of development of the accounting profession in China and the directions in harmonizing with international practices. Though there are some limitations of this study, it provides information for limited research in the accounting profession in China and highlights several areas for future study.

This paper aims to review the research on accounting professionalisation in China to develop insights into how the research is developing, offer a critique of the research to date and outline future research directions and opportunities.

This paper adopts a methodological approach of systematic literature review, as suggested by Tranfield et al. (2003) and Denyer and Tranfield (2009), to identify, select and analyse the extant literature on the Chinese public accounting profession. In total, 68 academic works were included in the review process.

This paper finds that the extant literature has produced fruitful insights into the processes and underlying motivation of accounting professionalisation in China, demonstrating that the Chinese experience has differed, to a large extent, from the hitherto mainly Anglo-American-dominated understandings of accounting professionalisation. However, due to the lack of common theoretical vernacular and an agreed upon focus, the extant literature illustrates a fragmented and contradictory picture, making attempts to accumulate prior knowledge in the field increasingly difficult.

This paper focusses only on research published in English. Consequently, the scope of review has been limited as some works published in languages other than English may be excluded.

This paper provides one of the pioneering exercises to systematically review the research on accounting professionalisation in China. It explores significant issues arising from the analysis and provides several suggestions for furthering the research effort in this field.

In this paper, a theoretical and applied understanding is brought to the study of acute myocardial infarction [AMI] care‐seeking behavior. The time between the onset of an AMI and the initiation of definitive medical care is presently the single most important factor impeding reduced mortality and improved morbidity from thrombolytic therapy. It is suggested that the acknowledged, yet relatively neglected, area of emotional response is a key element in understanding why individuals may delay seeking definitive health care services following the onset of AMI symptoms. Emotionally significant dimensions of the care‐seeking process and a model for intervention to reduce morbidity and mortality are presented.

The purpose of this paper is to evaluate the application of an acoustic micro‐imaging (AMI) inspection technique in monitoring solder joints through lifetime performance and demonstrate the robustness of the monitoring through analysis of AMI data.

Accelerated thermal cycling (ATC) test data on a flip chip test board were collected through AMI imaging. Subsequently, informative features and parameters of solder joints in acoustic images were measured and analysed. Through analysing histogram distance, mean intensity and grey area of the solder joints in acoustic images, cracks between the solder bump and chip interface were tracked and monitored. The results are in accord with associated Finite Element (FE) prediction.

At defective bumps, the formation of a crack causes a larger acoustic impedance mismatch which provides a stronger ultrasound reflection. The intensity of solder joints in the acoustic image increase according to the level of damage during the ATC tests. By analysing the variation of intensity and area, solder joint fatigue failure was monitored. A failure distribution plot shows a normal distribution pattern, where corner joints have the lowest reliability and are more likely to fail first. A strong agreement between AMI monitoring test data and FE prediction was observed, demonstrating the feasibility of through lifetime monitoring of solder joints using AMI.

The paper indicates the feasibility of the novel application of AMI inspection to monitor solder joint through lifetime performance non‐destructively. Solder joints' real life conditions can be tracked by an AMI technique, hence solder joint fatigue failure cycles during the ATC tests can be monitored and analysed non‐destructively.