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February 22, 1971 Master and Servant — Vicarious liability — Apprentices required to travel to detached place of work — No obligation to use own transport or carry passengers — Mileage allowance paid by employer if own transport used — Passenger allowance payable for carriage of fellow apprentice — Apprentice injured while being driven to work as passenger of fellow apprentice — Whether employer liable for acts of apprentice while driving — Whether acting as employer's servant or agent — Insurance cover for passenger carried “by reason of… contract of employment” — Whether insurers liable.

When an individual decides to go into business, it can be an intimidating experience for him or her because of the many important business decisions to be made prior to entering the free market. In unforeseen ways, these decisions can have a tremendous impact on the operation and ultimate success of a new business.

A new edition of the FIDIC Red Book is under discussion. It is an issue whether this edition should be based on the current edition or there should be a complete break with tradition in favour of a contract based on a new philosophy such as that of the NEC, which is reported to be used in many countries in circumstances in which the Red Book would otherwise have been used. This article compares the two contracts on the way they deal with site conditions issues. The comparison is on equity and clarity in risk allocation, adequacy of contractual procedures for dealing with unforeseeable conditions encountered, effectiveness of contractual machinery for dispute resolution, and compliance with reported new developments in successful contractual practices in underground construction. Studies highlighting the recurring frequency of claims for unforeseen ground conditions suggest a need for such particular attention to this aspect of construction. Although a desire for some equity in risk sharing is discernible in both contracts, there is room for improvement in the clarity of both contracts. Each contract has commendable features which are not present in the other. However, a better approach involves a combination of these features with full compliance of the reported modern developments in successful contracting practices.

This article investigates the most appropriate accounting treatment for expensing the fair value of employee share options (ESOs) in financial statements. The debate centres around whether the grant date or the exercise date is the most appropriate date for determining the value at which the ESOs are eventually accrued within the financial statements. After examining accounting models for each of the above measurement dates, the article concludes that exercise date accounting best reflects the economic substance of the ESO transaction. Therefore, the IASB should consider revising its definition of equity to encompass only existing shareholders, leaving all other financial obligations to be classified as liabilities.

This paper seeks to present the positions and conclusions of scholars to support a proposition that the asset approach to human resource accounting has failed.

Reviews the history of human asset accounting.

The paper offers an alternative “liability approach” to account for and report human resources.

The paper provides an argument and rationale to demonstrate that a liability paradigm would be compatible with normal accounting and reporting procedures.

In recent years, a sizeable amount of research in finance and accounting has been devoted to the issue of bond rating and bond rating changes. A major thrust of these research efforts was to develop and test some prediction‐based models using mainly financial ratios and their trends. This paper tests the ability of statistical decomposition analysis of financial statements to predict bond rating changes. The results show that the decomposition analysis almost does not beat the a priori probability model and is no better than multiple discriminant analysis using simple financial ratios. One important piece of information for participants in debt markets is the assessment of the relative risk associated with a particular bond issue, commonly known as bond ratings. These ratings, however, are not usually fixed for the life of the issues. From time to time, the rating agencies review their ratings of the outstanding bond issues and make changes to these ratings (either upward or downward) when needed. Over the years, researchers have attempted to develop and test some prediction based models in order to predict bond ratings or bond rating changes. These prediction models have employed some variables that are assumed to reflect the rating agency decision‐making activities. Although the rating process is complicated and based mainly on judgmental considerations, Hawkins, Brown and Campbell (1983, p. 95) reported that the academic research strongly suggests that a reliable estimate of a potential bond rating or rating change can be determined by a few key financial ratios. Information theory decomposition measures have received in recent years considerable attention as a potential tool for predicting corporate events, namely corporate bankruptcy (e.g., Lev 1970; Moyer 1977; Walker, Stowe and Moriarity 1979; Booth 1983). The underlying proposition in these studies is that corporate failure, as an event, is expected to be preceded by significant changes in the company's assets and liabilities structure. Although the event of bond rating changes is different from the bankruptcy event in terms of consequences, one can still propose that a bond rating change, as a corporate event, is also expected to be preceded by some significant changes in the company's assets and liabilities structure. Therefore, the decomposition analysis may have a predictive ability in the case of bond rating changes. The purpose of this paper is to empirically test and compare the classification and predictive accuracy of the decomposition analysis with the performance of a multiple discriminant model that uses financial ratios and their trends in the context of bond rating changes.

The purpose of this research is to explain the financing dilemma of China's strategic emerging industries and improve their financing efficiency, seize the commanding heights of economic science and technology to provide theoretical support.

This paper selects the companies listed under strategic emerging industry during the period of 2010–2017 as the research object and used the data envelopment analysis method (DEA) to evaluate the financing efficiency of China's strategic emerging industries and selects the tobit analysis method to find out the factors affecting its financing efficiency.

The results show that the average financing efficiency of listed companies in strategic emerging industries between 2010 and 2017 is 0.7792, and the level of financing efficiency of strategic emerging industries is still at a low level. Among them, the bio-pharmaceutical industry and the energy-saving and environmental protection industry have the highest comprehensive level, and the high-end equipment manufacturing industry and the new energy industry have the lowest level of financing efficiency. Among the factors affecting the financing efficiency of strategic emerging industries, the asset-liability ratio, financial expenses and cash ratio and financing efficiency are negatively correlated, and the net asset income is positively correlated with the growth rate of the main business income.

This paper measures the financing efficiency of China's strategic emerging industries, then explores the influencing factors of the financing efficiency of strategic emerging industries and tries to provide important reference values for the improvement of the financing efficiency of China's strategic emerging industries at a practical level.

Examines the areas of the law which might assist a plaintiff in establishing a claim against either a landlord, a tenant, or an occupier of premises where there has been an outbreak of Legionnaire′s disease: Defective Premises Act, Occupiers Liability Act, negligence, nuisance, strict and criminal liability, Public Health Act, and insurance. Concludes that while there are numerous laws to help the plaintiff, finding the necessary proof of liability is no easy matter.

This paper critically aims to examine the concept of beneficial ownership and its application in musharakah-based home financing.

The study applies the method of juristic interpretation in analyzing the meaning of beneficial ownership in legal documentation of musharakah-based home financing. This qualitative study uses content analysis approach that investigates the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in musharakah-based home financing from the Islamic perspective.

The result finds that beneficial ownership is considered a true ownership, as Shari’ah allows the transfer of ownership based on the offer and acceptance in a contract. Furthermore, the absence of legal registration does not mean the absence of true ownership, whereas all documentations and agreements have clearly stated rights and liabilities of each contracting parties.

This paper provides a fiqhi discussion of analyzing beneficial ownership in musharakah-based home financing. It shows that Shari’ah parameters are essential for the use of beneficial ownership to ensure its compliance with the Shari’ah requirements of milkiyyah (ownership).