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Recognition, measurement and disclosure of public sector assets constitute relevant matters for national and international public sector accounting standard-setting. This chapter develops a theoretical analysis drawing upon a dualistic approach contrasting current value and historical cost accounting models. Accordingly, the latter should be adapted and then preferred to cope with public sector specificities, with a view to providing information for and enforcing accountability to citizens and their political representatives. Drawing upon this theoretical setting, our analysis develops a consistent design for the overarching conceptual framework for assets in general, providing illustrative examples for specific categories such as financial, heritage, natural and military assets.

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).

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

Challenges associated with ensuring the accuracy and reliability of cost estimation of highway construction bid items are of significant interest to state highway transportation agencies. Even with the existing research undertaken on the subject, the problem of inaccurate estimation of highway bid items still exists. This paper aims to assess the accuracy of the cost estimation methods employed in the selected studies to provide insights into how well they perform empirically. Additionally, this research seeks to identify, synthesize and assess the impact of the factors affecting highway unit prices because they affect the total cost of highway construction costs.

This paper systematically searched, selected and reviewed 105 papers from Scopus, Google Scholar, American Society of Civil Engineers (ASCE), Transportation Research Board (TRB) and Science Direct (SD) on conceptual cost estimation of highway bid items. This study used content and nonparametric statistical analyses to determine research trends, identify, categorize the factors influencing highway unit prices and assess the combined performance of conceptual cost prediction models.

Findings from the trend analysis showed that between 1983 and 2019 North America, Asia, Europe and the Middle East contributed the most to improving highway cost estimation research. Aggregating the quantitative results and weighting the findings using each study's sample size revealed that the average error between the actual and the estimated project costs of Monte-Carlo simulation models (5.49%) performed better compared to the Bayesian model (5.95%), support vector machines (6.03%), case-based reasoning (11.69%), artificial neural networks (12.62%) and regression models (13.96%). This paper identified 41 factors and was grouped into three categories, namely: (1) factors relating to project characteristics; (2) organizational factors and (3) estimate factors based on the common classification used in the selected papers. The mean ranking analysis showed that most of the selected papers used project-specific factors more when estimating highway construction bid items than the other factors.

This paper contributes to the body of knowledge by analyzing and comparing the performance of highway cost estimation models, identifying and categorizing a comprehensive list of cost drivers to stimulate future studies in improving highway construction cost estimates.

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.

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.

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.

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.

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.

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.