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Article
Publication date: 2 September 2019

Kingsley Opoku Appiah and Owusu Acheampong

This paper aims to examine whether traditional accounting information has lost its relevance in the context of sub-Sahara Africa. Specifically, the study examines whether…

Abstract

Purpose

This paper aims to examine whether traditional accounting information has lost its relevance in the context of sub-Sahara Africa. Specifically, the study examines whether historical cost and inflation-adjusted data are related to the market value of equity and stock returns on the Ghana Stock Exchange (GSE).

Design/methodology/approach

The authors collect firm-specific data from annual reports of 20 listed firms from the GSE over the period 2007-2012. The authors use ordinary least squares and two stage least square (2SLS) to examine the value relevance of historical and inflation-adjusted income and equity.

Findings

The results suggest that the market equity is related to both historical-cost and inflation-adjusted earnings. Market return is also associated with both historical-cost and inflation-adjusted earnings and book value. Overall, the authors conclude that inflation-adjusted information content is more value relevant than the traditional cost accounting information.

Research limitations/implications

The findings are a wake-up call to policymakers and practitioners in formulating financial reporting policies. This study, however, focuses on only non-financial listed firms on the GSE. Thus, the results may not be valid for all companies in Ghana.

Practical implications

The finding has an implication on the choice of valuation used in the preparation and reporting of financial statements. Accordingly, the authors offer policy directions to financial reporting regulatory authorities to enhance the value relevance of accounting information.

Social implications

Regulators, especially the GSE may improve life of investors if the recommendations are transformed into directives that will help enhance the quality of financial reporting.

Originality/value

The findings suggest that inflation-adjusted data are more relevant in countries with extreme inflationary trend and lax International Financial Reporting Standards compliance enforcement. The results also lend support for the current cost accounting theory.

Details

Journal of Financial Reporting and Accounting, vol. 17 no. 3
Type: Research Article
ISSN: 1985-2517

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Abstract

Details

Understanding Mattessich and Ijiri: A Study of Accounting Thought
Type: Book
ISBN: 978-1-78714-841-3

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Article
Publication date: 9 November 2015

Umi Kalsum Zolkafli, Zahiriah Yahya, Norhanim Zakaria, Farid Wajdi Akashah and Azlan Shah Ali

– The purpose of this paper is to identify the most influential buildings elements in term of the cost for timber restoration works.

Abstract

Purpose

The purpose of this paper is to identify the most influential buildings elements in term of the cost for timber restoration works.

Design/methodology/approach

The research employed the case studies methods with questionnaires surveys. Two case studies were chosen and questionnaire surveys were distributed to contractors and consultation companies. The cost was identified based on the elemental cost analysis of historic timber buildings.

Findings

The restoration of historic timber buildings in Malaysia has grown rapidly, especially in the UNESCO world heritage sites, Melaka and Penang. Data obtained on the restorations of timber buildings show that the most influential elements were upper floors, roofs and walls. Termites’ invasions and the lack of building analysis were found to be the major issue in timber restoration works. In addition, the availability of timber material contributed significantly to the increase of cost for restoration works.

Originality/value

The cost for every element was identified and was used as a reference for new restorations projects of historical, timber buildings. This paper also highlighted the causes for the problems and the factors affecting the cost of timber restoration works. These data are useful information, especially for surveyors and contractors who are involved in the restoration of historic timber buildings. Maintaining or replacing these elements with other material can help to minimise the restoration cost of timber buildings in Malaysia.

Details

Structural Survey, vol. 33 no. 4/5
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 26 April 2011

Konstantinos J. Liapis and Elena P. Christodoulopoulou

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic…

Abstract

Purpose

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets: fair value and historical cost. The study focuses on land and buildings as a main part of the total fixed assets of a company. It uses the framework of the Greek real estate market as an experimental setting where the principles of historic cost and fair value accounting can be compared.

Design/methodology/approach

The topic is approached using an integration of fixed assets into four main portfolio categories: own used; investments; held for sale assets; and inventories. According to this framework the study examines the accounting treatments under International Financial Reporting Standards (IFRS), US GAAP and Greek GAAP for each portfolio transaction and analyses the impact of accounting entries to equity and profit and loss account.

Findings

The study results to a comparative analysis of the different studied GAAP and tries to establish a purchase price allocation method for property acquisition.

Originality/value

The contribution of this article is that it surveys principles, literature and practice about the above issues from a critical perspective, and presents a way to managing and monitoring real estate investments, using logical decision trees, from an accounting point of view.

Details

Journal of Property Investment & Finance, vol. 29 no. 3
Type: Research Article
ISSN: 1463-578X

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Abstract

The paper published below was prepared by Taylor Ostrander for Frank Knight’s course, Economic Theory, Economics 301, during the Fall 1933 quarter.

Details

Documents from F. Taylor Ostrander
Type: Book
ISBN: 978-0-76231-165-1

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Article
Publication date: 30 September 2014

Vera Palea

This paper aims to discuss fair value accounting and its usefulness to financial statement users. The European Commission has recently endorsed IFRS 13 on fair value…

Abstract

Purpose

This paper aims to discuss fair value accounting and its usefulness to financial statement users. The European Commission has recently endorsed IFRS 13 on fair value measurement and is considering the endorsement of IFRS 9, which extends the use of fair value for financial instruments. Furthermore, fair value accounting has been under deep scrutiny because of its alleged role in the financial crisis. Therefore, the usefulness of fair value accounting is a key issue for standard setting purposes.

Design/Methodology/Approach

This paper delineates the theoretical background for fair value accounting, it provides empirical evidence on its usefulness, it highlights some controversial issues and makes some proposals for standard setting discussion.

Findings

Empirical research raises some doubts on fair value reliability. Furthermore, fair value accounting alone cannot provide information useful to evaluate stewardship. Historical cost is also needed. A dual measurement and financial reporting system could therefore deliver more complete and useful information to financial statement users.

Practical implications

This paper provides the reader with a comprehensive picture of the main issues related to fair value accounting and contributes to the standard setting debate on the optimal measurement system.

Originality/value

This paper reframes the debate on historical versus fair value accounting by explaining the reason why a dual measurement and reporting model should be implemented.

Details

Journal of Financial Reporting and Accounting, vol. 12 no. 2
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 1 May 1980

David Ray, John Gattorna and Mike Allen

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of…

Abstract

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

Details

International Journal of Physical Distribution & Materials Management, vol. 10 no. 5/6
Type: Research Article
ISSN: 0269-8218

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Article
Publication date: 13 August 2018

Abubaker Shagluf, Simon Parkinson, Andrew Peter Longstaff and Simon Fletcher

The purpose of this paper is to produce a decision support aid for machine tool owners to utilise while deciding upon a maintenance strategy. Furthermore, the decision…

Abstract

Purpose

The purpose of this paper is to produce a decision support aid for machine tool owners to utilise while deciding upon a maintenance strategy. Furthermore, the decision support tool is adaptive and capable of suggesting different strategies by monitoring for any change in machine tool manufacturing accuracy.

Design/methodology/approach

A maintenance cost estimation model is utilised within the research and development of this decision support system (DSS). An empirical-based methodology is pursued and validated through case study analysis.

Findings

A case study is provided where a schedule of preventative maintenance actions is produced to reduce the need for the future occurrences of reactive maintenance actions based on historical machine tool accuracy information. In the case study, a 28 per cent reduction in predicted accuracy-related expenditure is presented, equating to a saving of £14k per machine over a five year period.

Research limitations/implications

The emphasis on improving machine tool accuracy and reducing production costs is increasing. The presented research is pioneering in the development of a software-based tool to help reduce the requirement on domain-specific expert knowledge.

Originality/value

The paper presents an adaptive DSS to assist with maintenance strategy selection. This is the first of its kind and is able to suggest a preventative strategy for those undertaking only reactive maintenance. This is of value for both manufacturers and researchers alike. Manufacturers will benefit from reducing maintenance costs, and researchers will benefit from the development and application of a novel decision support technique.

Details

Journal of Quality in Maintenance Engineering, vol. 24 no. 3
Type: Research Article
ISSN: 1355-2511

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Article
Publication date: 1 August 1978

J. Fisher

As we have seen from the previous chapter it is not possible to consider the latest proposals for accounting for inflation (the Hyde Guidelines) in isolation. We must keep…

Abstract

As we have seen from the previous chapter it is not possible to consider the latest proposals for accounting for inflation (the Hyde Guidelines) in isolation. We must keep in mind that these proposals have been developed from the earlier recommendations put before the accounting profession in recent years. In order to consider fully the practical aspects of accounting for fixed assets and stock it is my intention in this chapter to concentrate on the proposals contained in Exposure Draft 18 on Current Cost Accounting and then to compare them with the Hyde Guidelines.

Details

Management Decision, vol. 16 no. 8
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 June 2003

Noel D. Uri

The issue explored is whether incentive regulation of local exchange carriers in the USA has resulted in an increase in efficiency. After providing an overview of the…

Abstract

The issue explored is whether incentive regulation of local exchange carriers in the USA has resulted in an increase in efficiency. After providing an overview of the nature of incentive regulation, the methodology for measuring the effects of incentive regulation on efficiency is reviewed. This methodology is data envelopment analysis and allows for the measurement of both technical efficiency and allocative efficiency of individual local exchange carriers. The results of empirically implementing the data envelopment approach (DEA) approach indicate that there is little change in technical efficiency. In fact average technical efficiency in 1988 was the same as in 2001. Next, while outputs continued to grow at about their historical rate across LECs, the sizeable increase in the two types of capital increased inputs well above their historical average rates for some LECs leading to short run allocative inefficiency. On average, however, allocative efficiency shows no identifiable trend between 1988 and 2001. Finally, in the aggregate, total economic efficiency does not demonstrate any trend between 1988 and 2001.

Details

info, vol. 5 no. 3
Type: Research Article
ISSN: 1463-6697

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