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While the debate about fair value accounting (FVA) and the global financial crisis (GFC) of 2008-2009 has been explored in the academic and professional literature, there has been little debate about the consequences of FVA being implicated in the crash of Enron around 2001, and the effect of this on later FVA developments and the GFC. The purpose of this paper is to examine how well regulators, political actors, and other commentators may have understood the use, misuse, effects and consequences of FVA at the time of Enron, and to examine how this collective understanding (or lack thereof) has influenced later accounting policy, especially that going into and arising from the GFC.

Using content analysis, the commentary about FVA is traced through documents, primarily the US Congressional Hearings’ examination of the collapse of Enron that took place between December 2001 and December 2002. An assessment of the knowledge of and attitudes toward FVA is made from these and is then traced through later developments including policy responses before, during and after the GFC.

Links are found between the collapse of Enron and adjustments to FVA in the mid-2000s, which in turn became implicated in the GFC. These linkages are explored in the context of a fair value world view held by global standards setters in the mid-2000s. During the timeline from the 1990s to the mid-2000s, those advocating and adopting FVA as part of this world view, may have had collectively an insufficient understanding of the consequences or effects of FVA technology.

The study provides evidence of a direct link between Enron, the response of global standard setters, and the GFC controversy.

The author, one of the leading business thinkers in the USA and a former Harvard Business School professor, puts forward his hopes and fears for the year 2004. He hopes that the worlds of financial reporting and corporate governance will become clearer and more effective but he worries that resistance from company directors and a preference for rules rather than principles will hinder this process. On balance he concludes that he is more hopeful than fearful for the year ahead.

This paper investigates the factors influencing the future of the IASB, using as the point of departure, a review of its historical progression towards becoming the global accounting standard‐setting authority. It concludes that the IASB is an organisation vulnerable to (1) political lobbying of influential institutions, (2) US accounting authorities decision makers, (3) potential accounting scandals, and (4) cultural differences resulting in the misapplication of its standards around the world. Such factors should be borne in mind when charting the next steps for the IASB and in evaluating the comparability and quality of accounts produced under IFRSs around the world.

The purpose of this paper is to analyze media storytelling and rhetoric surrounding the credibility of the longstanding accounting practice of mark‐to‐market valuation.

The cascading storytelling model of progressive framing by the media of mark‐to‐market valuation was applied to story subsets of the three types of classic Aristotelian rhetorical appeals.

The authors found that the media blamed the accounting profession's mark‐to‐market valuation practices as substantive cause of recent corporate problems and declines in market values. In addition, the rhetorical framing of mark‐to‐market accounting practices in the media prompted the Financial Accounting Standards Board to a rush to judgment.

The paper is limited to the analysis of the storytelling included. Different results from other sources may provide another result.

The failure in the media to address the duality between the logos of accounting and the ethos of the media narratives exacerbated the cascading activation. Understanding this duality may provide a different lens in looking at information dissemination. This is not only relative to stakeholders in making more informed decisions but should also serve as a warning to the profession, to have more voice, to use a rhetorical strategy that can have more saliency in the public arena.

The paper examined storytelling as interplay of retrospective narrative, the presentness of living story, and the antenarratives shaping the future of not only the unfolding economic crisis, but the future of accounting itself. In terms of rhetoric, we extended the application of pathos, ethos, and logos by examining a cascading activation theory model. This is one of the few studies of antenarratives and how through cascade rhetoric the future is shaped.

In recent times there have been major developments in the areas of digitising business information, which can impact the financial reporting supply chain. Such developments include the eXtensible Business Reporting Language (XBRL) technology. The South African regulator of financial services and a major South African retirement fund administrator were recently the first South African organisations to embark on an XBRL proof of concept initiative as part of an attempt to enhance their financial reporting supply chain, from initial data recording, to the submission of the reports, to the analysis of the data. This paper provides highlights of this initiative against the background of current XBRL developments, the financial reporting supply chain and the digitising efforts of such supply chains.

As the world stands perplexed at the recent spate of corporate governance and financial reporting problems that have rocked the US capital markets, it is hard to imagine anything good currently pervading the world financial community. But there is some good news coming from the world of international commerce; indeed, some may even describe it as revolutionary. This silver lining peeking through these dark clouds of corporate corruption is the tremendous progress that is now being made towards achieving one global financial reporting language. As early as a decade ago, some people noted that if we cannot get the world to agree about on what side of the street to drive, what chances do they have of harmonizing international accounting standards – an area where too many nations have vested interests in maintaining their own standards and practices? This paper examines the role of the major players in bringing the world closer to a universal accounting language and also argues that, perhaps, this historic accomplishment, is only about five years away.

This paper aims to examine how olfactory imagery, triggered by scent brand names prior to smelling, influences scented-product purchase intention.

Five studies were conducted. Logistic regression analysis was used to predict likelihood of olfactory imagery formation. ANOVA and t-test analyses were used for scent brand name group comparisons, and serial mediation analysis was used to test how scent brand names impact purchase intention through olfactory imagery vividness and the (dis)confirmation between imagined (i.e. expected) and experienced scents.

Scent name familiarity stimulates olfactory imagery formation. Scent brand name specificity (e.g. “Lavender Bouquet” vs. “Floral Bouquet”) influences purchase intention, with specific names leading to lower purchase intention, because they generate vivid olfactory imagery and induce a disconfirmation between imagined and experienced scents.

Branding scents on products should be a strategic product design decision. Surprisingly, although specific scent brand names trigger vivid olfactory imagery and precise scent expectations, they mitigate purchase intention and thus are riskier. General scent brand names are safer.

This research contributes by extending the literature on the effect of verbal cues on scent perception by considering the role of scent brand name specificity on purchase intent. It also adds to work on how olfactory imagery influences purchase intention by incorporating olfactory imagery vividness. Finally, it proposes and tests an underlying cognitive mechanism to explain the relationship between scent brand names and purchase intention.

Theory testing is part of sociological analysis and the procedural aspects of problem solving are bounded, to a certain extent, by an “explicit set of operations” (Dubin, 1969). Broadly stated, validation assessment is judged to be satisfactory if the researcher interprets the theoretical constructs of the paradigm correctly, if he has used adequate methods to test the paradigm, and if the results are interpreted correctly (Whitsett and Winslow, 1967: 413). Unfortunately, most attempts at theory testing merely serve to highlight the discrepancy between what the researcher is obliged to do and what occurs in practice. On this basis, the research situation invariably leads to the prolongation of controversies in the social sciences. Importantly, if the prolongment of a controversy is taken as the gauge of the prevalence of interpretative and testing errors, then controversies are deserving of close scrutiny for the lessons they provide concerning the ways in which “the breakdown of a paradigm” (Kuhn, 1962) is inhibited. In making the assumption that a lengthy (and sometimes heated) controversy would provide a more varied lesson content, it follows that the means is provided for approaching the issue of theory testing from the standpoint of the inadequacy of the repeated tests of certain theories.

The chemistry librarian has been better served by professional literature than any other subject specialist in the library, except perhaps the medical librarian. A new series of papers on chemical substance searching in Online Review continues this tradition. If the first installment of this series is an indication of what is to come, chemistry librarians and online searchers can look forward to a lot of valuable (and readable) literature on this most important topic. The useful column by Buntrock has, I am sure, already made valuable contributions to more efficient and effective online searching in chemistry.

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.