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Financial Reporting and Global Capital Markets
This book presents a detailed and scholarly historical study of the International Accounting Standards Committee (IASC), which prepared the way for the International Accounting Standards Board (IASB). The IASB holds the dominant influence over the financial reporting of thousands of listed companies in the European Union as well as in many other countries.
eBook
Financial reporting for financial instruments
Financial Reporting for Financial Instruments provides an integrated examination of the four most active areas of empirical accounting research on financial reporting for financial instruments : (1) banks' loan loss accruals, (2) fair value versus amortized cost accounting measurement bases, (3) balance sheet presentation of risk-concentrated financial instruments such as derivatives and retained residual securities in securitizations, and (4) risk disclosures. The author explains conceptual and practical issues regarding financial reporting for financial instruments, summarizes extant empirical research in these areas, and indicates future empirical research possibilities. He emphasizes that empirical researchers should strive to incorporate four ideas into their research topics and designs : (1) financial instruments exhibit identifiable heterogeneity in their contractual features and risks; (2) at a first approximation, financial institutions are portfolios of interrelated financial instruments; (3) the markets in which financial instruments trade and the institutional settings in which financial institutions operate affect their value and risks; and (4) accounting and disclosures required by generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) imperfectly capture the first three ideas.
Book
Integration of Internal Control and Financial Statement Audits
The quality of financial statement (FS) audits integrated with audits of internal controls over financial reporting (ICFR) depends upon the quality of ICFR information used in, and its integration into, FS audits. Recent research and PCAOB inspections find auditors underreport existing ICFR weaknesses and perform insufficient testing to address identified risks, suggesting integrated audits—in which substantial ICFR testing is required—may result in lower FS audit quality than FS-only audits. We compare a 2007–2013 sample of small U.S. public company firm-years receiving integrated audits (accelerated filers) to firm-years receiving FS-only audits (non-accelerated filers) and find integrated audits are associated with higher likelihood of material misstatements and discretionary accruals, consistent with lower FS audit quality. We also find evidence of (1) auditor judgment-based integration issues, and (2) low-quality ICFR audits harming FS audit quality. Overall, results suggest an important potential consequence of integrated audits is lower FS audit quality.
Journal Article
Information Value of Individual and Consolidated Financial Statements for Indicative Liquidity Assessment of Polish Energy Groups in 2018–2021
Electricity is currently one of the most popular sources of energy. Considering such widespread use of electric energy, we may ask, what is the economic cost of producing and supplying it? The climate crisis and the social pressure associated with it have triggered the necessity to make further investments in renewable and low-emission energy sources, while the COVID-19 pandemic has abruptly limited electricity consumption in industry. All these factors can have an impact on disruptions or loss in the liquidity of companies responsible for supplying electricity to end users. Guaranteeing cash flow for energy sector entities is a prerequisite for energy supply continuity. In this context, the selection and application of reliable sources of information are vital for the management of the financial liquidity of energy sector entities. The aim of this article is to prove the value of the financial information of individual (IFR) and consolidated financial statements (CFR) essential for the indicative liquidity assessment of Polish energy groups in 2018–2021. The hypothesis of this study is that individual and consolidated statements do not offer coincident analytical data due to the diversified role of their parent undertakings. We have applied indicative liquidity assessment analysis from a static and dynamic perspective to 2018–2021, on the basis of individual and consolidated financial statements. The results clearly show high dysfunction in the application of indicative liquidity assessment in the case of the individual financial statement of the parent company. This is mainly due to the role parent companies play in Polish energy sector groups, as they are mainly responsible for support processes.
Journal Article
The end of accounting and the path forward for investors and managers
An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. * Discover a new, comprehensive system of economic indicators * Focus on strategic, value-creating resources in company valuation * Learn how traditional financial documents are quickly losing their utility * Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
eBook
The Value of Financial Statement Verification in Debt Financing: Evidence from Private U.S. Firms
I examine how verification of financial statements influences debt pricing. I use a large proprietary database of privately held U.S. firms, an important business sector in which the information environment is opaque and financial statement audits are not mandated. I find that audited firms have a significantly lower cost of debt and that lenders place more weight on audited financial information in setting the interest rate. Further, I provide evidence of a mechanism for this increased financial statement usefulness: accruals from audited financial statements are better predictors of future cash flows. Collectively, I provide novel evidence that audited financial statements are more informative and that this significantly influences lenders' decisions.
Journal Article