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Article
Publication date: 1 April 2001

J.G.I. Oberholster and M.J. Nieuwoudt

For years, interim financial reports in South Africa were regulated by the South African Companies Act No. 61 of 1973 (as amended) (i.e. statutory requirements) and by the…

Abstract

For years, interim financial reports in South Africa were regulated by the South African Companies Act No. 61 of 1973 (as amended) (i.e. statutory requirements) and by the Johannesburg Stock Exchange (JSE) Listing Requirements (i.e. regulatory requirements) only. However, on the international front, major progress was being made in respect of improving the quality of interim financial reporting. South Africa soon followed suit and issued its own accounting statement, AC 127, which is based on the international standard (IAS 34). The School of Accountancy at the University of Pretoria commenced a research project on interim financial reporting in 1997 to investigate compliance with related reporting requirements. This paper is a product of the project. The purpose of the study reported in this paper was to: [a] Compare the requirements stated in IAS 34 and AC 127 with the local regulatory and statutory requirements, to determine whether these requirements are duplicated and to establish in which respect the accounting standards require additional disclosure requirements. [b] Provide an overview of the extent to which companies listed on the JSE adhered to IAS 34 and AC 127 and complied with regulatory and statutory requirements in their interim financial reports in the period 1997 to 1999. [c] Make recommendations regarding the improvement of local statutory and regulatory disclosure requirements.

Details

Meditari Accountancy Research, vol. 9 no. 1
Type: Research Article
ISSN: 1022-2529

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Article
Publication date: 17 March 2020

Irene Nalukenge

The purpose of this paper was twofold. First, to explore the currently performed board roles. Second, to investigate the relationship between board role performance and…

Abstract

Purpose

The purpose of this paper was twofold. First, to explore the currently performed board roles. Second, to investigate the relationship between board role performance and compliance with international financial reporting standard (IFRS) disclosure requirements among microfinance institutions (MFIs) in Uganda.

Design/methodology/approach

This study used a mixed methods research design. The relationship between board role performance and compliance with IFRSs requirements was tested using Partial Least Squares. Confirmatory Factory Analysis and interviews were conducted to establish the performed board roles.

Findings

The findings suggest that among the known board roles of strategic, service and control, the control role is mostly performed. Results further suggest that board role performance is a significant predictor of compliance with IFRS disclosure requirements. In terms of control variables, MFI size and membership to the Association of Microfinance Institutions of Uganda were significant. Other control variables (liquidity, leverage and profitability) are not significantly associated with compliance with IFRS disclosure requirements.

Research limitations/implications

Compliance with IFRS disclosure requirements was based on one financial year owing to a lack of data for many years.

Practical implications

The results are important for governing boards regarding improving compliance with IFRS disclosure requirements. The results specifically suggest that MFIs’ boards must focus on performing the control role if compliance with IFRS disclosures requirements is to improve.

Originality/value

This paper is original because it uses perceptions to measure board role performance, unlike previous studies that used proxies such as board size and proportion of non-executive directors to infer board role performance. The study also reveals that it is only the control role that is important in enhancing compliance with IFRS disclosure requirements. Such evidence does not currently exist.

Details

International Journal of Law and Management, vol. 62 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 January 1977

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term…

Abstract

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

Details

Managerial Law, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 6 May 2014

Ioannis Tsalavoutas and Dionysia Dionysiou

The purpose of this paper is to address recent calls for research regarding the valuation implications of mandatory disclosure requirements (cf. Hassan et al., 2009; Leuz…

Abstract

Purpose

The purpose of this paper is to address recent calls for research regarding the valuation implications of mandatory disclosure requirements (cf. Hassan et al., 2009; Leuz and Wysocki, 2008; Schipper, 2007).

Design/methodology/approach

The paper measures compliance with all International Financial Reporting Standards (IFRS) mandatory disclosure requirements for a sample of firms. The paper subsequently explores whether the compliance scores (i.e. the mandatory disclosure levels) are value relevant and whether the value relevance of accounting numbers differs across high- and low-compliance/disclosure companies.

Findings

The paper finds that the levels of mandatory disclosures are value relevant. Additionally, not only the relative value relevance (i.e. R2) but also the valuation coefficient of net income of high-compliance companies is significantly higher than that of low-compliance companies.

Research limitations/implications

This paper is an indicative single country case study that focuses on the IFRS adoption year (2005) in the EU. It forms a new avenue for research regarding the valuation implications of mandatory disclosure requirements. It remains to future research to examine whether the findings also hold in other countries and periods.

Practical implications

These findings are expected to be particularly relevant to standard setters and regulatory bodies that are concerned about the implications of mandatory disclosure requirements (Schipper, 2007).

Originality/value

To the best of authors’ knowledge, this is the first paper that examines the value relevance implications of IFRS mandatory disclosure requirements, focusing on European country after 2005. The authors indicate that IFRS mandatory disclosures do lead to more transparent financial statements (cf. Pownall and Schipper, 1999), mitigating concerns about companies’ fundamentals (cf. Anctil et al., 2004).

Details

Journal of Applied Accounting Research, vol. 15 no. 1
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 23 November 2010

Ioannis Tsalavoutas, Lisa Evans and Mike Smith

The purpose of this research is to highlight the differences, and implications of any differences, between two approaches to measuring compliance with International…

Abstract

Purpose

The purpose of this research is to highlight the differences, and implications of any differences, between two approaches to measuring compliance with International Financial Reporting Standards (IFRS) mandatory disclosure requirements: the commonly used “dichotomous” approach; and the alternative, but rarely used, partial compliance unweighted approach. The former gives equal weight to the individual items required to be disclosed by all standards. The latter assumes that each standard is of equal importance and consequently gives equal weight to each standard.

Design/methodology/approach

The paper employs both methods on a sample of companies. We then compare the results deriving from the application of the two methods and statistically test their differences.

Findings

It is found that the two methods produce significantly different overall and relative (i.e. ranking order) compliance scores.

Practical implications

This paper should alert researchers to the implications of using either method. Additionally, it highlights the need for academics and/or practitioners to be cautious when interpreting the findings of prior studies on compliance with IFRS mandatory disclosure requirements. Since the two methods produce significantly different compliance scores, findings regarding the variables associated with compliance may differ, depending on the disclosure index method followed. The paper suggests that simultaneous application of both methods would result in more robust findings in future research.

Originality/value

This is the first study to compare the results produced by applying both methods and statistically test their differences. The research methods explored are in particular relevant for policy‐oriented, international accounting research.

Details

Journal of Applied Accounting Research, vol. 11 no. 3
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 5 October 2015

A.H. Fatima, Norhayati Abdullah and Maliah Sulaiman

The purpose of this study is to investigate the environmental disclosure (ED) quality of public-listed companies (PLCs) in environmentally sensitive industries (ESI) in…

Abstract

Purpose

The purpose of this study is to investigate the environmental disclosure (ED) quality of public-listed companies (PLCs) in environmentally sensitive industries (ESI) in Malaysia in 2005 and 2009 (two years before and two years after the mandatory corporate social responsibility (CSR) requirement of Bursa Malaysia (BM)). BM (The Stock Exchange of Malaysia) has made CSR, including ED in annual reports mandatory since 2007. This study compares environmental reporting (ER) before and after the 2007 mandatory reporting requirement to determine if this command and control mechanism has had any effect on the quality of ED.

Design/methodology/approach

The quality of ED was measured using a disclosure quality index adapted from various prior studies. The index consists of a total of 46 disclosure items grouped into 9 categories. Content analysis was utilized to extract data from the annual reports of 164 PLCs in ESI.

Findings

Overall, the quality of ED improved in 2009 from that of 2005. More importantly, companies disclosed more quantitative environmental information in 2009 than in 2005. However, the average quality of ED was still low in 2009 compared to the overall potential score. Results provide some support for legitimacy as well as institutional theories.

Research limitations/implications

The sample of the study consisted of listed companies in ESI only; the results cannot be generalized to other companies in non-environmentally sensitive sectors.

Practical implications

Prior studies that used data before the mandatory CSR requirement by BM found ED in annual reports mainly declarative in nature, generally low on quality and with little quantifiable data. The results of the present study provide evidence of the positive impact of mandatory environmental reporting on ED quality.

Originality/value

The use of a multi-theoretical perspective may offer a more meaningful explanation of ER behavior in Malaysia. The results of the study would provide the impetus for regulatory agencies in developing countries to perhaps consider legislating ER. The findings provide some evidence to support the influence of legitimacy and institutional factors behind improved ED of Malaysian PLCs. This outcome exhibits a positive influence on the government efforts in promoting sustainability. Finally, the study contributes to present a more up-to-date account of environmental commitment undertaken by Malaysian corporations through their environmental reporting, after the CSR mandatory listing requirement took effect in 2007.

Details

Social Responsibility Journal, vol. 11 no. 4
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 29 June 2012

Karen Nunez

The purpose of this study is to investigate the value‐relevance of regulatory financial reporting requirements for jurisdictional public utilities, natural gas companies…

Abstract

Purpose

The purpose of this study is to investigate the value‐relevance of regulatory financial reporting requirements for jurisdictional public utilities, natural gas companies and oil pipelines in the USA.

Design/methodology/approach

An event study methodology is used to examine the stock market's response to regulatory accounting and reporting requirements. Also, the explanatory power of regulatory disclosures pertaining to fair values of on‐balance sheet derivatives is tested.

Findings

The empirical findings suggest the market responded favorably to the regulatory requirements, and the accounting and reporting changes are perceived as useful to investors in equity valuation.

Originality/value

This study extends the prior research by addressing the value relevance of disaggregated disclosures for on‐balance sheet derivatives. The results are generalizable to other standard setting environments, particularly in foreign markets that have experienced rapid growth in derivatives markets in recent years.

Details

Journal of Financial Reporting and Accounting, vol. 10 no. 1
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 30 October 2009

Even Fallan and Lars Fallan

The purpose of this paper is to explore the development of environmental disclosure during periods of voluntarism and during periods with changed statutory requirements

Abstract

Purpose

The purpose of this paper is to explore the development of environmental disclosure during periods of voluntarism and during periods with changed statutory requirements. More specific, the question is how volume and content variety of environmental disclosure in financial statements are immediately affected by statutory regulations.

Design/methodology/approach

In order to compare the effects of such regulations with the development in environmental disclosure during periods without any changes in statutory requirements, a longitudinal study is conducted to test five specific hypotheses. A quasi‐experiment with pre‐ and post‐testing of disclosure volume and content variety is carried out to test the effects of the statutory changes.

Findings

The most important lesson from this paper is the significance of the voluntary approach to improve the variety of environmental disclosure. The present paper supports the claim of voluntarism that companies will meet the heterogeneous requirements of their stakeholders without any governmental regulations. No statutory regulations are needed to make the companies increase and adapt their environmental disclosure to the demand from their stakeholders and legitimate their existence towards society. The present paper has revealed that the regulation approach has a significant, immediate effect on mandatory environmental disclosure only, and that companies do not fully comply with such statutory regulations.

Research limitations/implications

There is no universal notion of voluntarism. Different countries and societies have different legal requirements and political cultures regarding voluntarism. That is, voluntary reporting in Norway is affected by the national statutory requirements and may be underpinned by a certain set of societal responsibilities that may or may not exist elsewhere. Further research is needed to see whether these findings are readily generalized or whether they should only be interpreted in light of local considerations.

Originality/value

This is the first comprehensive study of the development of environmental disclosure in Norwegian companies. A total of 822 financial statements and annual reports, during the period between 1987 and 2005, are analysed.

Details

Journal of Accounting & Organizational Change, vol. 5 no. 4
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 27 February 2014

Daphne G. Frydman and Raymond A. Ramirez

To explain regulatory developments and changes to compliance obligations for asset managers registered with the Commodity Futures Trading Commission (CFTC) as commodity…

Abstract

Purpose

To explain regulatory developments and changes to compliance obligations for asset managers registered with the Commodity Futures Trading Commission (CFTC) as commodity pool operators of registered investment companies.

Design/methodology/approach

Provides a general overview of new CFTC rules (Harmonization Rules) that afford relief to commodity pool operators of commodity pools that are registered as investment companies under the Investment Company Act of 1940; describes the specific CFTC disclosure, reporting and recordkeeping requirements that remain applicable to commodity pool operators that are also subject to Securities and Exchange Commission (SEC) regulation by virtue of operating commodity pools that are registered investment companies; discusses reliance on substituted compliance with applicable SEC requirements; outlines the method for claiming relief under the Harmonization Rules; provides guidance for CPOs of RICs that use controlled foreign corporations (CFCs).

Findings

CPOs of RICs benefit from “substituted compliance” under the CFTC Harmonization Rules.

Practical implications

Explains to investment advisers that have registered as CPOs of RICs the disclosure, reporting and recordkeeping obligations that apply to them, how to take advantage of compliance with SEC requirements in lieu of CFTC requirements, and how to claim relief with respect to certain CFTC compliance obligations.

Originality/value

Practical explanation by experienced derivatives and securities lawyers.

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Book part
Publication date: 23 January 2020

Peter Buberis

Abstract

Details

Australian Franchising Code of Conduct
Type: Book
ISBN: 978-1-83909-168-1

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