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It has been said that standards issued by the International Accounting Standards Board (IASB) are more congruent with a principles-based approach to standards setting than those of the Financial Accounting Standards Board (FASB). Revelations concerning accounting manipulations at Enron Corp., and the ensuing scandal resulting from these revelations, have prompted the FASB to reassess its approach to accounting standards setting with the possible intent of moving FASB standards-setting processes closer to a principles-based approach. One area that IASB standards tend to emphasize more than FASB standards is the concept of substance over form. The bankruptcy of Enron Corp. provides a vivid illustration of how companies may use the legal form of transactions to obscure their economic substance. The purpose of this chapter is to examine the concept of substance over form by investigating Enron’s use of misleading accounting practices in the following areas: (1) off-balance sheet financing; (2) revenue recognition; and (3) financial statements disclosures. In these three areas of accounting concern, the chapter sets forth the relevant US Generally Accepted Accounting Principles (US GAAP) requirements, along with the ways in which Enron manipulated GAAP while concealing the economic substance underlying the transactions. It is the argument of this chapter that had the concept of substance over form been properly applied at Enron, investors and creditors would have been provided with a more realistic view of the company’s financial position and its results of operations, perhaps avoiding what became the one of the largest corporate bankruptcies in US history. The conclusion is that the FASB should focus on the concept of substance over form as it contemplates moving toward a principles-based approach to accounting standards setting.

The typical accounting curriculum focuses on technical knowledge, which makes it challenging to devote time toward developing other important skills, such as examining how accounting rules may impact a company’s financial statements. Recently, the accounting rules for lease transactions changed significantly, and this chapter provides an overview of an assignment used in an intermediate accounting course to engage students in a real-world application. Students had the opportunity to apply accounting rules to a publicly traded company, measure the significance of changes to generally accepted accounting principles, read financial disclosures, reinforce concepts of present value and ratio analysis, and engage in critical thinking. This type of assignment does not have to be limited to leases, and instructors could discuss any accounting rule by following a similar model, whether the rule itself is current or proposed. This would offer students context beyond textbook learning.

Since 2000, the value of aircraft assets imported to – and exported from – the Irish economy has increased significantly. In each case, these figures represent a marked rise over a 17-year period. This gives rise to some simple questions: what are the dynamics that give rise to a small, open economy's demand for aircraft assets on this scale? Indeed, is it merely a reflection of our island location or is there something more at play? And can we comment on the role of the air cargo industry in this demand? Ireland's growing aircraft leasing industry is internationally orientated with Ireland emerging as an important hub for this industry. A recent industry estimate noted that nine of the world's 10 largest aircraft leasing companies are located in Ireland with the number of aircraft managed in Ireland at 3,500 (or 50%) of the entire global fleet of leased aircraft. This, in part, is an important contributor to this demand for aircraft assets. The objective of this research is to examine the flow of imports and exports of aircrafts to, and through, Ireland using Eurostat's International Trade in Goods Statistics (ITGS) dataset. The authors also use the International Trade in Services series in the Balance of Payments in order to consider the value, and relative scale, of the services provided by air freight operators in order to provide some context to the role of the air cargo sector.

Launched in the early 1990s in the United Kingdom, Public-Private Partnerships (PPPs) induced radical changes in both the public-private boundaries and the production of state-provided services. Such ‘budgetary revolution’ impacted the biggest state spender in capital expenditures, that is, the Ministry of Defence. Today many MoDs are expected to leverage on the British experience and develop their own approach of PPPs to overcome both the ineffectiveness of their defence spending and today’s stalemate in public budgets. This chapter leverages on British experiences over the past two decades to analyse the benefits and limits of PPPs in the realm of defence. Does such contractual arrangement fit defence-related investment? This chapter explores the on-going redefinition of public and private realms in military matters and it puts into relief the key dimensions of PPPs in terms of contractual arrangement.

Purpose – The UK energy market is in a period of significant transition, with a target of cutting carbon emissions by at least 80% by 2050. There is widespread agreement that the current policy landscape needs to change if this ambitious target is to be achieved. However, the current business structure also requires a radical overhaul. This chapter explores the new business models that are being introduced to serve commercial and domestic customers.

Methodology/approach – This chapter presents a case study of the UK energy sector that draws on the first author's active engagement in the UK's energy market and thus participant observation. The discussion is framed around relevant material from the entrepreneurship and innovation literatures, with a particular focus on entrepreneurial opportunities created by policy.

Findings – In a rapidly changing policy environment, new ideas, technologies and business models are emerging. A range of new business models evident in the market are explored. These include new forms of service delivery, market-making models and finance models.

Social implications – The chapter highlights the importance of entrepreneurship and innovation in the delivery of a low-carbon economy. It also explores the role of policymakers in promoting more environmentally sustainable approaches in this industry sector.

Originality/value of chapter – The chapter presents a novel, industry-specific case study. It contributes to extant knowledge on sustainable business through its focus on the complex interaction of policy and entrepreneurship as well as some of the business models required for the transition to a low-carbon future.