Corporate governance and corporate reporting are closely linked to each other, and their respective evolutionary patterns are mutually influencing. Along with the recent expansion of company disclosure, a growing attention is being paid to corporate governance determinants and mechanisms underpinning the decision to voluntarily adopt non-financial disclosure formats, such as integrated reporting. At institutional level, several national corporate governance codes have been changed towards the recognition and inclusion of this innovative, non-financial language. In academic research, the influence of corporate governance variables vis-a-vis the choice to embrace such reporting practices has been subject to a long scrutiny. However, only a little inquiry has so far analysed the influence of corporate governance factors on integrated reporting adoption, quality, and credibility. Accordingly, the aim of the book is to investigate if, and to what extent, corporate board composition and characteristics can affect, at the same time, the decision to voluntarily adopt integrated reporting by companies as well as their financial performance. The study carries out an empirical analysis of the professional features of board members at the time of their decision to implement integrated reporting as a new form of company accountability. The work provides innovative insights into the articulated relationships between the quantitative and qualitative composition of corporate boards and the latter's choice to uptake this advanced form of reporting to represent the wider value creation processes of their organisations.

The vast majority of national authorities have made a public commitment supporting a single set of high-quality global accounting standards as of January 13, 2021 requiring or permitting the use of IFRS Standards for domestic, publicly accountable companies and institutions. This includes all member states of the European Union (EU) and the European Economic Area (EEA), in which IFRS Standards are mandatory for all companies whose securities trade in a regulated market. Despite this, there still remains a lack of research on International Financial Reporting Standards (IFRS) implementation and this inaugural volume of Contributions to International Accounting (CIA) aims to address this vital gap, focusing on providing relevant and timely information for local and international policymakers.

In the aftermath of the Global Financial Crisis, corporate collapses, accounting scandals and concerns around competition and auditor choice, the European Commission (EC) promoted the preparation of various reports on audit policy to support a harmonisation process of European auditing regulation. Consequently, the European Union Audit Regulation and Directive was implemented from 2016. This book provides a timely picture of the audit sector and how it responds to regulatory and technological challenges. It analyses the impact of EU reforms on audit practices by comparing the U.K. and Italy, which, representing two very different regulatory and cultural contexts, will offer insight into how the efforts at standardising audit regulation may lead to very different organisational firm responses within Europe. It addresses issues relating to public policy work and the concerns faced by the market for audit and assurance services, in promoting audit quality, better communication about the role of the auditor, capital market stability and confidence, and auditor independence. Moreover, it highlights what the future of auditing might look like in the EU particularly after the U.K. has left, and how meeting public expectations will continue to be a struggle for the accounting profession given the many problems ahead. The book encourages a deeper awareness of the challenges faced by those that monitor and certify the financial statements of the world's largest public companies and contributes to the general understanding of this controversial industry. It will serve as a useful guide to the recent EU audit reforms, not only for academics, and research students but also to regulators, policymakers, standard setters, industry professionals, and business executives worldwide.

Provides an insightful and analytical look at CNR in terms of its relevance and perceived usefulness, limitations in current practices and areas for improvement and incentives and disincentives for disclosing non-financial information. Draws on disclosure theories and take account of the particular nature of CNR in terms of its predominantly forward-looking, qualitative and hard-to-audit nature. Brings together theory and practice and covers the key themes that will be of particular interest to and essential reading for students, academics, investors, annual report preparers, auditors and policy makers.

This book, first published in 1982, collects papers about market price valuations capable of different interpretations. Many give quite explicit support for the selling price case. Others are incapable of reasonable interpretation other than in support for selling price valuations. And still others are not inconsistent with the selling price case. Together they provide valuable historical analysis of selling price valuations in diverse contexts.

Provides an insightful and analytical look at CNR in terms of its relevance and perceived usefulness, limitations in current practices and areas for improvement and incentives and disincentives for disclosing non-financial information. Draws on disclosure theories and take account of the particular nature of CNR in terms of its predominantly forward-looking, qualitative and hard-to-audit nature. Brings together theory and practice and covers the key themes that will be of particular interest to and essential reading for students, academics, investors, annual report preparers, auditors and policy makers.

The rapid globalization of capital markets has increased attention toward examining the quality of the disclosure practices implemented by companies, as internationalization and globalization are the most important motives of the harmonization of financial statements preparation and presentation. Given the expansion of trade and the openness to foreign capital markets, investment decisions became not limited only for local users, but also international users may need to access the financial information. The issuance of International Financial Reporting Standards (IFRS) to be used throughout the world aims to improve the comparability and understandability of financial statements, and hence, to enhance investment decisions through helping investors across the borders to invest in multinational companies. Although fluid and under-developed institutional arrangements remain central features of emerging markets, ensuring effective corporate governance mechanisms would indeed support companies in complying with IFRS - the latter imposes a challenge for companies operating in emerging markets. This book evaluates the differences in the level of compliance with IFRS across the GCC states, exploring the impact of corporate governance on the level of compliance with IFRS and presenting an empirical analysis of companies across the GCC. It makes an important contribution by providing a detailed empirical analysis of the interplay between corporate governance and IFRS in emerging market setting and highlights the way for future research. It will provide international business, management, and accounting and finance students and senior practitioners with a completely new and updated guide to the work in the field of corporate governance and IFRS compliance in emerging markets.

"'Aspiring managers who have trouble with crunching numbers may have found a saviour in Richard Stutely.'"""

"The Guardian"

"'... a powerful tool for anyone involved with practical financial management issues. It is a superb balance between practical tips and hints and sufficient level of detail to enable you to challenge and make progress in improving the financial and operational performance of your organisation. It consciously avoids the sterile academic debates and focuses clearly on value added ideas and initiatives. The 10 questions sections are incredibly powerful.'"

"Simon Rogers, ""Senior Consultant in Big 4 Global Professional Services Firm"

Don't let a fear of finance hold you back. Play the numbers game ... and win.

If you're a manager or entrepreneur and you're not proficient in the basics of business finance, you simply can't do your job well. If you need to get to grips with essentials like P&L accounts, budgets and forecasting, this is the only book you'll ever need. "The Definitive Guide to Business Finance" is focused on getting you up to speed - fast. Richard Stutely achieves what you might think is impossible, making business finance easy with an amusing, wry and common sense style that will make you wonder what you ever worried about.

This book is a survival toolkit on the financial essentials. It assumes no specialised prior knowledge of finance and takes a guided step-by-step approach to all the techniques and concepts you need to understand, explaining the hows, whats and whys along the way. To make things even easier, it shows you how to use basic Excel spreadsheets to do all the calculations for you. Throughout the book, Richard Stutelyshoes you how to crack the jargon and unveils shortcuts, tips and tricks that will make you look like a financial wizard.

"If you're not yet a whiz with the numbers, you can definitely use this book to your advantage. If you're already a whiz, you will still find something new to improve your skills. Make the numbers add up for you."""

Vertical Specialization and Inclusive Growth in China discusses the two interrelated developments that have transformed the Chinese economy in recent years. First, the global community has increased calls to foster inclusive economic growth, with China embracing this trend. Second, the explosive growth in China's trade resulting from international vertical specialization production and trade networks which has complicated the notion of inclusive growth in the Chinese context. This book assesses these two trends quantitatively, giving evidence of the link between vertical specialization and inclusive growth, and then decomposing the inclusive growth effects of vertically specialized trade into six components: GDP growth, export growth, FDI, environment, employment, and innovation. It further explores the differing impact of conventional trade and processing trade on inclusive growth, providing direction for future policy. This second book by the author to consider vertical specialization stresses the importance of integration in driving inclusive growth.

Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach.

Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found? These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book

ENDORSEMENTS FOR LOFFLER: DISCOUNTED 0-470-87044-3

""Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Loffler bringtogether the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic,""

--Ian Cooper, London Business School

""This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories. Using an entertaining style, Kruschwitz and Loffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives,""

--Darrell Duffie, Stanford University

""Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications"!"

--Wolfgang Wagner, PricewaterhouseCoopers

""It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level,""

--Martin Lally, University of Wellington

This book discusses the role of business models in corporate reporting. It illustrates the evolution of non-financial reporting, the importance of business model reporting, and the main conceptualisations of business models. It also offers a methodological contribution to the assessment of business model reporting. Finally, it discusses the main implication of business model reporting for different categories of subjects and some challenges related to this kind of disclosure. Readers will understand the role of business models in the non-financial reporting landscape. They will also gain an understanding of how business models can help users of the annual report contextualise other non-financial items disclosed. However, effective business model reporting implies paying attention to certain features that define its quality. This theme is discussed in the empirical part of the book and in the section devoted to implications for preparers, users, and regulators. As large companies in the EU and the UK have to disclose the business model in the annual report, this book will be of interest to preparers and users of financial statements, regulators involved in the ongoing non-financial regulatory process, and professional bodies. It will also be of interest to academics interested in the investigation of non-financial reporting.

As statements of a company's financial condition, balance sheets contain information vital to owners, investors, and financial managers who are charged with assessing company performance. Often complex and difficult to interpret, balance sheets are nonetheless essential because they help pinpoint business problem areas. Understanding Balance Sheets explains in a clear and concise manner all the major aspects of this important business tool, making it yours to implement easily and successfully.

Written by two financial and accounting authorities, this hands-on working reference enables you to understand a company's balance sheet within the context of its annual report. You'll find detailed information on:

• Exactly what a balance sheet is, how it works, and how it's used to increase profitability
• The individual components: receivables, cash, inventory, long-lived assets, current payables, long-term debt, and equity
• How these different elements relate to each other, how they come into being, and how they should be controlled in your business
• How accounting data is created, accumulated, and used in the development of financial statements

Whether you're new to balance sheets, need a quick refresher, or require a knowledge that goes beyond the basics, this guide has it all. Understanding Balance Sheets is a thorough, accessible reference that you can't afford to be without if you need to get a handle on this essential financial tool.

Get a handle on balance sheets with this comprehensive reference that gives you the basics and beyond

From the authors who brought you indispensable guides to such financial fundamentals as cash flow, income statements, and return on investment comes a book that clarifies and explains the intricacies of another important tool: the balance sheet. Covering all its major aspects, Friedlob and Plewa give you a broad understanding of its individual elements, the related disclosures contained in an annual report, and the methods used to analyze a company's balance sheet. Here's where to turn for valuable information on:

• Receivables, inventories, intangibles, short-term investments, and other components of a balance sheet
• How current liabilities create spontaneous financing when a business grows
• General purpose financial statements and widely accepted accounting principles
• The time value of money
• Analyzing the balance sheet through comparative and ratio analysis

Straightforward, comprehensive, and easy to follow, this is the guide you'll want for a complete overview of this vital business tool.

Although the need to expand the boundaries of financial reporting has been discussed since the mid-1990s, little consideration has been given to the evolution and discourses of integrated reporting of non-financial aspects. Yet by investigating how and why an organisation defines and its reporting boundaries, it is possible to understand what is truly "valued" (or not) in its business model. This innovative book reviews the guidelines and frameworks from the major relevant international organisations including: the International Accounting Standards Board, Global Reporting Initiative, Sustainability Accounting Standards Board, International Integrated Reporting Council, Carbon Disclosure Standards Board, and the World Intellectual Capital Initiative, and analyses their development and impact on the boundaries of financial and non-financial reporting. Illustrated with case studies and interviews with representatives of these organisations, this concise volume makes a significant contribution to the future of reporting theory and practice. It will be of great interest to advanced students, researchers, practitioners and policy makers.

This book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001. The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees. This book makes a very useful reference to understanding financial planning licencing model in Australia.

The objective of this book is to prompt a re-examination of financial literacy, its social foundations, and its relationship to citizenship education. The collection includes topics that concern indigenous people's perspectives, critical race theory, and transdisciplinary perspectives, which invite a dialogue about the ideologies that drive traditional and critical perspectives. This volume offers readers opportunities to learn about different views of financial literacy from a variety of sociological, historical and cultural perspectives. The reader may perceive financial literacy as representing a multifaceted concept best interpreted through a non-segregated lens. The volume includes chapters that describe groundings for revising standards, provide innovative teaching concepts, and offer unique sociological and historical perspectives. This book contains 13 chapters, with each one speaking to a distinctive topic that, taken as a whole, offers a well-rounded vision of financial literacy to benefit social education, its research, and teaching. Each chapter provides a response from an alternative view, and the reader can also access an eResource featuring the authors' rejoinders. It therefore offers contrasting visions about the nature and purpose of financial education. These dissimilar perspectives offer an opportunity for examining different social ideologies that may guide approaches to financial literacy and citizenship, along with the philosophies and principles that shape them. The principles that teach and inform about financial literacy defines the premises for base personal and community responsibility. The work invites researchers and practitioners to reconsider financial literacy/financial education and its social foundations. The book will appeal to a range of students, academics and researchers across a number of disciplines, including economics, personal finance/personal economics, business ethics, citizenship, moral education, consumer education, and spiritual education.

Auditor reporting on going-concern-related uncertainties remains one of the most challenging issues faced by external auditors. Business owners, market participants and audit regulators want an early warning of impending business failure. However, companies typically do not welcome audit opinions indicating uncertainty regarding their future viability. Thus, the auditor's decision to issue a "going concern opinion" (GCO) is a complex and multi-layered one, facing a great deal of tension. Given such a rich context, academic researchers have examined many facets related to an auditor's decision to issue a GCO. This monograph reviews and synthesizes 182 recent GCO studies that have appeared since the last significant review published in 2013 through the end of 2019. The authors categorize studies into the three broad areas of GCO: (1) determinants, (2) accuracy and (3) consequences. As an integral part of their synthesis, they summarize the details of each study in several user-friendly tables. After discussing and synthesizing the research, they present a discussion of opportunities for future research, including issues created or exacerbated as a result of the global COVID-19 pandemic. This monograph will be of assistance to researchers interested in exploring this area of auditor responsibility. It will also be of interest to auditing firms and individual practitioners wanting to learn what academic research has examined and found regarding this challenging aspect of audit practice. Auditing standard-setters and regulators will find it of interest as the authors review numerous studies examining issues related to audit policy and regulation, and their effects on GCO decisions. The examination of GCO research is extremely timely given the financial and business disruption caused by the worldwide COVID-19 pandemic. This unprecedented global event has caused companies, auditors and professional bodies to revisit and reassess their approach to going concern, and to think even more deeply about this fundamental business imperative.

Since the global financial crisis of 2007-8, new laws and regulations have been introduced with the aim of improving the transparency in financial reporting. Despite the dramatically increased flow of information to shareholders and the public, this information flow has not always been meaningful or useful. Often it seems that it is not possible to see the wood for the trees. Financial scalds continue, as Wirecard, NMC Health, Patisserie Valerie, going back to Carillion (and many more) demonstrate. Financial and corporate reporting have never been so fraught with difficulties as companies fail to give guidance about the future in an increasingly uncertain world aided and abetted by the COVID-19 pandemic. This concise book argues that the changes have simply masked an increase in the use of corporate PR, impression management, bullet points, glossy images, and other simulacra which allow poor performance to be masked by misleading information presented in glib boilerplate texts, images, and tables. The tone of the narrative sections in annual reports is often misleading. Drawing on extensive research and interviews with insiders and experts, this book charts what has gone wrong with financial reporting and offers a range of solutions to improve information to both investors and the public. This provides a framework for a new era of forward-looking corporate reporting and guidance based on often conflicting multiple corporate goals. The book also examines and contrasts the latest thinking by the regularity authorities. Providing a compelling exploration of the industry's failings and present difficulties, and the impact of future disruption, this timely, thought-provoking book will be of great interest to students, researchers, and professionals as well as policy makers in accounting, financial reporting, corporate reporting, financial statement analysis, and governance.

This book is a timely addition to the fast-growing international debate on Integrated Reporting, which offers a holistic view of the evolution and practice of Integrated Reporting. The book covers the determinants and consequences of Integrated Reporting, as well as examining some of the most relevant issues (particularly in the context of the United States) in the debate about Integrated Reporting.

A comprehensive look at financial statement fraud from the experts who actually investigated them

This collection of revealing case studies sheds clear insights into the dark corners of financial statement fraud. Includes cases submitted by fraud examiners across industries and throughout the worldFascinating cases hand-picked and edited by Joseph T. Wells, the founder and Chairman of the world's leading anti-fraud organization ? the Association of Certified Fraud Examiners (ACFE) ? and author of Corporate Fraud HandbookOutlines how each fraud was engineered, how it was investigated and how the perpetrators were brought to justice

Providing an insider's look at fraud, Financial Statement Fraud Casebook illuminates the combination of timing, teamwork and vision necessary to understand financial statement fraud and prevent it from happening in the first place.

This book, first published in 1982, collects papers about market price valuations capable of different interpretations. Many give quite explicit support for the selling price case. Others are incapable of reasonable interpretation other than in support for selling price valuations. And still others are not inconsistent with the selling price case. Together they provide valuable historical analysis of selling price valuations in diverse contexts.

What's the big deal about fixed assets?

If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?

As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:

IFRS versus GAAP: what you must know

Internal control, Sarbanes-Oxley, and the PCAOB

Capitalization and expense of PP&E

Depreciation for books and taxes

Contingent assets and liabilities

Internal auditing of PP&E

With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in "Internal Control of Fixed Assets."

The Routledge Companion to Accounting History presents a single-volume synthesis of research in this expanding field, exploring and analysing accounting from ancient civilisations to the modern day. No longer perceived as the narrow study of how a mysterious technique was used in past, the scope of accounting history has widened substantially. This revised and updated volume moves beyond the history of accounting technologies, accounting theories and practices and the accountants who applied them. Expert contributors from around the world explore the interfaces between accounting and the economy, society, culture and the polity. Accounting history is shown to offer important insights into such disparate phenomena as the evolution of capitalism, control of labour, gender and family relationships, racial exploitation, the operation of religious organisations, and the functioning of the state. Illuminating the foundation and development of accounting systems, this updated, classic book opens the field to a new generation of accounting scholars and historians around the world.

The only textbook on forensic accounting specifically written to cover UK business practice, this accessible and comprehensive introduction uses stories of real-world frauds and practical case studies to help develop students' skills. Offering a detailed explanation of the process for defending against and investigating fraud within the UK, the text considers the legal and corporate governance framework in which fraudsters operate, as well as the psychology of their behaviour. The text also covers non-fraud aspects of forensic accounting, such as litigation support, dispute resolution, quantifying damages or compensation claims and acting as an expert witness.

"This is an impressive step in the development of company reporting. The proposed reporting system, based on business definition, business position, business reputation, and advanced cash flow, is actually a revelation. It shows a new way to expand today's business reporting systems, matching development trends in society. I see it as a welcome and even necessary step to bring company reporting in line with today's requirements."
--Pierre Berhin, international fund manager

"I just read Chapter Four . . . extremely interesting and very much in tune with the needs of companies today. Especially the parts about baseline reporting, business definition, and client relationships. It is amazing how many important international companies that I have done consulting for have such internal disasters going on and apply very little of the concepts that you speak of. I believe your book will be received very well and hopefully be placed on required reading lists for business students around the world."
--Christian G. Foucher, international business consultant performance management specialist

"A true enterprise risk management process. Not only should this book have an impact on how society and commerce look upon how we create, preserve, lose, or destroy value and how we account for our business activities, but also on the way we perceive and react to risks and opportunities. Through their teachings and business practices, the authors have significantly changed my own perception of the vast variety of factors and circumstances (risks) that may threaten the health and well-being of organizations."
--Per E. Aakenes, Chairman The Swedish Risk Management Association

"Accountingspecialists know that traditional accounting concepts are no longer adequate to describe today's companies, but for the most part they, and corporate managements themselves, have nothing to replace the current system. Now, along come Hans V. A. Johnsson and Per Erik Kihlstedt with Performance-Based Reporting, a clear and convincing description of why the old system can't work and what system can."
--Peter J. Wallison, Resident Fellow American Enterprise Institute

The successfully proven alternative system for relevant business reporting through performance management

Performance-Based Reporting shows businesses how traditional accounting fails to provide meaningful measures for performance and presents radically innovative and thoroughly tested methods for performance-oriented management, assessment, and reporting. Twenty-five years in the making, this helpful book also presents The Baseline Approach to management, assessment, and reporting--composed of eighty-percent accounting-free methods.

Performance-Based Reporting presents the culmination of intense experiments involving more than 1,500 businesses and over 4,000 executives. It definitively proves the need for new tools for realistic business planning and management in an unpredictable world. These tools already exist, and this helpful guide walks readers through the process of implementing them to help firms improve their ability to predict the direction they should take in the future.

A History of Corporate Financial Reporting provides an understanding of the procedures and practices which constitute corporate financial reporting in Britain, at different points of time, and how and why those practices changed and became what they are now. Its particular focus is the external financial reporting practices of joint stock companies. This is worth knowing about given the widely held view that Britain (i) pioneered modern financial reporting, and (ii) played a primary role in the development of both capital markets and professional accountancy. The book makes use of a principal and agent framework to study accounting's past, but one where the failure of managers always to supply the information that users' desire is given full recognition. It is shown that corporate financial reporting did not develop into its current state in a straightforward and orderly fashion. Each era produces different environmental conditions and imposes new demands on accounting. A proper understanding of accounting developments therefore requires a careful examination of the interrelationship between accountants and accounting techniques on the one hand and, on the other, the social and economic context within which changes took place. The book's corporate coverage starts with the legendary East India Company, created in 1600, and continues through the heyday of the statutory trading companies founded to build Britain's canals (commencing in the 1770s) and railways (commencing c.1829) to focus, principally, on the limited liability company fashioned by the Joint Stock Companies Act 1844 and the Limited Liability Act 1855. The story terminates in 2005 when listed companies were required to prepare their consolidated accounts in accordance with International Financial Reporting Standards, thus signalling the effective end of British accounting.