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Article
Publication date: 2 May 2017

Monica Keneley, Graeme Wines and Ameeta Jain

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based…

Abstract

Purpose

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage companies. The purpose of this paper is to analyse the decline and demise of the unlisted debenture market between 2007-2013 with particular reference to the effectiveness of the regulatory regime in stabilising the industry and protecting investors’ interests.

Design/methodology/approach

A database was constructed which reflected the total population of unlisted mortgage companies in the financial sector. A snapshot approach was used to assess the extent to which these companies complied with regulatory provisions.

Findings

Findings suggest the regulatory process allowed these companies to continue operating despite not complying with the relevant Australian Securities and Investments Commission benchmarks. In the light of the current inquiry into the financial system, the research suggests that a re-evaluation of the regulatory approach is timely.

Research limitations/implications

This research is restricted to a study of one category of debenture issuers (issuers of mortgage finance). It is based on reports required by regulatory authorities. It does not provide an analysis of the motivations of investors in these companies.

Practical/implications

This research has implications for the implementation of regulatory change in respect to oversight of shadow banking activities. It suggested that a passive approach to regulation is not sufficient to ensure that the interests of investors are fully protected.

Originality/value

No prior research has systematically examined the unlisted mortgage and analysed the borrowing and lending activities of companies that have failed and those that have survived.

Details

Accounting Research Journal, vol. 30 no. 01
Type: Research Article
ISSN: 1030-9616

Keywords

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Article
Publication date: 1 March 2006

Graeme Wines

This experimental study investigates the connotative (measured) meaning of the concept “auditor independence” within three audit engagement case contexts, including two…

Abstract

This experimental study investigates the connotative (measured) meaning of the concept “auditor independence” within three audit engagement case contexts, including two acknowledged in the literature to represent significant potential threats to independence. The study’s research design utilises the measurement of meaning (semantic differential) framework originally proposed by Osgood et al. (1957). Findings indicate that research participants considered the concept of independence within a two factor cognitive structure comprising “emphasis” and “variability” dimensions. Participants’ connotations of independence varied along both these dimensions in response to the alternative experimental case scenarios. In addition, participants’ perceptions of the auditor’s independence in the three cases were systematically associated with the identified connotative meaning dimensions.

Details

Pacific Accounting Review, vol. 18 no. 1
Type: Research Article
ISSN: 0114-0582

Keywords

Content available
Article
Publication date: 7 July 2014

Jenny Betts and Ellie Chapple and Graeme Wines

Abstract

Details

Accounting Research Journal, vol. 27 no. 1
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 18 March 2016

Luckmika Perera, Sutharson Kanapathippillai and Graeme Wines

This study investigates the alternative study load measures (dichotomous full-time/part-time classification and the number of units enrolled) and their association to…

Abstract

Purpose

This study investigates the alternative study load measures (dichotomous full-time/part-time classification and the number of units enrolled) and their association to student performance by using student data from a final year accounting unit in a large Australian university.

Design/methodology/approach

Using regression analysis, we compare the two measures to ascertain the explanatory power of the two approaches in explaining student performance.

Findings

A positive association is found between study loads and student performance when using the ‘number of units enrolled’ measure. This relationship was not found when the dichotomous measure (full-time versus part-time) was used. The results suggest that a scaled measure of study loads is a better measure compared to a binary (dichotomous) measure.

Research limitations/implications

The study will assist future researchers to better control for study loads, and also to gain a better understanding of the association between study loads and student performance. This may possibly assist educational institutions and academics to use a more appropriate pedagogical design in the structure of courses when determining study load allocations across the different cohorts.

Practical implications

This study will help in methodology of future researchers controlling for study loads and student performance.

Originality/value

The study adds to existing literature by providing an alternate study load measure in methodology for controlling for student performance.

Details

Asian Review of Accounting, vol. 24 no. 2
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 7 September 2015

Graeme Wines and Helen Scarborough

The purpose of this paper is to analyse the nature and comparability of budget balance (surplus/deficit) numbers headlined by the Australian Commonwealth Government and…

Abstract

Purpose

The purpose of this paper is to analyse the nature and comparability of budget balance (surplus/deficit) numbers headlined by the Australian Commonwealth Government and the governments of the six Australian States and the two Australian Territories. It does this in the context of the transition to Australian accounting standard AASB 1049 Whole of Government and General Government Sector Financial Reporting.

Design/methodology/approach

A case study research method is adopted, based on a content/documentary analysis of the headline budget balance numbers in the general government sector budget statements of each of the nine governments for the eight financial years from 2004-2005 to 2011-2012.

Findings

Findings indicate some variation in the measurement bases adopted and a number of departures from the measurement bases prescribed in the reporting frameworks, including AASB 1049. Findings also reveal that none of the nine governments have headlined a full accrual based budget balance number since the implementation of AASB 1049 in 2008.

Research limitations/implications

While the study focuses on the Australian general government sector environment, it has significant implications in highlighting the ambiguity in the government budget balance numbers presented and the monitoring and information asymmetry problems that can arise. Research findings have wider relevance internationally in highlighting issues arising with the public sector adoption of accrual accounting.

Practical implications

The paper highlights the manner in which governments have been selective in the manner in which they present important budget aggregates. This has important practical and social implications, as the budget balance number is one of the most important measures used to evaluate a government’s fiscal management and responsibility.

Originality/value

The paper represents the first detailed examination of aspects of the effect of the transition to AASB 1049.

Details

Accounting Research Journal, vol. 28 no. 2
Type: Research Article
ISSN: 1030-9616

Keywords

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Article
Publication date: 1 January 2012

Graeme Wines

The purpose of the paper is to examine the extent to which there is shared meaning of the concept of auditor independence between the three major groups of parties on the…

Abstract

Purpose

The purpose of the paper is to examine the extent to which there is shared meaning of the concept of auditor independence between the three major groups of parties on the demand and supply sides of the audit services market – auditors, financial report preparers and financial report users.

Design/methodology/approach

The paper utilises the measurement of meaning framework (semantic differential analysis) originally proposed by Osgood et al. in 1957. The framework is used to investigate the extent to which there is shared meaning (agreement in interpretations) of the independence concept, in response to alternative audit engagement case contexts, between key parties to the financial reporting communication process. The study's research data was collected in the period March 2004‐May 2005.

Findings

Findings indicate a robust and stable single‐factor cognitive structure within which the research participants interpret the connotative meaning of the auditor independence concept. An analysis of the experimental cases finds similarities in connotations (interpretations) of an audit firm's independence for the participant groups for most cases, with the exception of cases involving the joint provision of audit and non‐audit (taxation) services.

Research limitations/implications

The usual external validity threat that applies to experimental research generally applies to the study. That is, the results may not be generalisable to settings beyond those examined in the study. An important implication of the study is that it emphasises the continuing problematic nature of the joint provision of audit and non‐audit services, even in situations where the non‐audit services comprise only traditional taxation services.

Originality/value

The study is the first to examine the concept of auditor independence by means of the Osgood et al. measurement of meaning research framework using, as research participants, the three major groups on the demand and supply sides of the audit services market.

Details

Managerial Auditing Journal, vol. 27 no. 1
Type: Research Article
ISSN: 0268-6902

Keywords

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Article
Publication date: 16 October 2007

Graeme Wines, Ron Dagwell and Carolyn Windsor

This paper aims to critically examine the change in accounting treatment for goodwill pursuant to international financial reporting standards (IFRSs) by reference to the…

Abstract

Purpose

This paper aims to critically examine the change in accounting treatment for goodwill pursuant to international financial reporting standards (IFRSs) by reference to the Australian reporting regime.

Design/methodology/approach

The paper discusses and compares the former Australian and the new IFRS treatments for goodwill. This comparison focuses on the advantages and potential complexities of the new method, with the aim of identifying the issues and challenges that preparers, independent auditors and those involved in corporate governance face in complying with the new requirements.

Findings

The paper highlights that the identification and valuation of cash‐generating units and goodwill require numerous assumptions to be made in estimating fair value, value in use and recoverable amount. Considerable ambiguity and subjectivity are inherent in the IFRS requirements.

Research limitations/implications

Findings suggest that future research should examine how financial report preparers and corporate governance mechanisms are dealing with the complex change required by the new goodwill accounting treatment and how the many critical issues involved in auditing the resulting figures are being addressed.

Practical implications

The research has practical implications for financial report preparers in identifying the issues that must be addressed in complying with the international goodwill accounting treatment. In turn, the paper highlights conceptual issues of relevance to auditors in their role of providing assurance on the resulting accounting numbers. It also has implications for others involved in corporate governance, such as audit committee members, in emphasising the areas in which they should be providing oversight of the accounting judgments. These issues are of relevance in any reporting regime based on IFRSs.

Originality/value

While much has been written about the mechanics of the new goodwill accounting requirements, there has been a lack of critical research highlighting the many problems and ambiguities that will arise in the application of those rules.

Details

Managerial Auditing Journal, vol. 22 no. 9
Type: Research Article
ISSN: 0268-6902

Keywords

Content available
Article
Publication date: 7 September 2015

Ellie (Larelle) Chapple

Abstract

Details

Accounting Research Journal, vol. 28 no. 2
Type: Research Article
ISSN: 1030-9616

Content available
Article
Publication date: 22 July 2010

Abstract

Details

Accounting Research Journal, vol. 23 no. 1
Type: Research Article
ISSN: 1030-9616

Content available
Article
Publication date: 19 September 2008

Abstract

Details

Pacific Accounting Review, vol. 20 no. 3
Type: Research Article
ISSN: 0114-0582

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