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PurposeThis paper aims to analyse the concept of form over substance and introduces the term substance gap to the literature. The substance gap is defined as the difference between the way a concept is expressed and its intended result. Besides, the study investigates the issue from both classical and contemporary viewpoints.Design/methodology/approachThe methodology adopted in this paper is descriptive research.FindingsThis paper has depicted the substance gap in contemporary contracts and found that form is equally important as substance in Islamic finance contracts. This paper offers a fresh outlook on form and substance to highlight the importance of the issue and its significance. The findings of the study will help researchers address the issue at its roots and help them to bridge the gap between the form and substance of Islamic finance contracts.Originality/valueThis paper investigates the substance gap in contemporary contracts that exists between the fiqh rules and conditions of an Islamic contract, and their development and construction. Further, the gap could also be attributed to the pressure to cope with a complicated modern finance environment.

Purpose This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors examined the quality of the disclosures made in integrated reports by measuring the level to which the six capitals (6Cs) have been integrated into disclosures on value creation. Design/methodology/approach The IR framework’s value creation model focuses on six content elements and three guiding principles. Hence, the present analysis combines content analysis with quantitative measures in the form of a bespoke Integrated Disclosure Index. The index measures the level of integration found in the disclosures instead of the mere presence or absence of mentioned capitals, content elements and guiding principles in isolation. The present sample comprised the 2016 integrated/sustainability reports for 184 listed companies sourced from the Integrated Reporting Examples Database. Findings The 6Cs are well disclosed in form but only partially disclosed in substance. Further, overall levels of integration between the capitals, the content elements and the guiding principles are higher than average. Disclosures on materiality, business models and stakeholder relationships are somewhat lacking, as are the related medium- and long-term disclosures on outlook. Practical implications The paper contributes to the academic debate on IR by building a case for holistically assessing the substance of integrated reports. Considering that the IR value creation model can underpin and align with the 17 UN sustainable development goals, the authors show how the fundamental concept of the 6Cs sustaining value creation is understood and implemented differently across the various elements and principles of the IR framework. Social implications This research also provides guidance for overcoming some of the practical hurdles associated with assessing the quality of reports because the authors provide tools for spotlighting the substance of disclosures over their form. Originality/value This paper delves into the substance of integrated reports by assessing how well the 6Cs have been integrated into disclosures on the content elements and guiding principles of the IR framework. In contrast to previous IR research that has mainly analysed capital, elements and principles in isolation, the authors develop an index assessing the integration of these three fundamental concepts of IR.

In the first of a new series of construction law updates, a practicing adjudicator, mediator, solicitor and surveyor with over thirty years' experience in the construction industry looks at three recent cases This article will review three significant construction law cases from 2025, each of which has direct implications for building surveyors. When Lapp enforced payment via adjudication and summary judgment, 1st Formations argued in subsequent Civil Procedure Rules Part 8 - the alternative procedure for claims used to seek declarations on legal issues only - that the application was invalid due to being based on provisional figures and seeking a partial on account sum. There are several implications for building surveyors. * Cost recovery opportunities: surveyors advising landlords, leaseholders or managing agents should explore RCOs as a route for recovering historic and future remediation costs. * Documentation discipline: records of historic works, costs and defects are now critical for supporting applications. * Funding applications: the judgment reinforces that public funding is secondary; applications to the Building Safety Fund should be accompanied by parallel recovery efforts against developers and associates. * Risk advice for developers: for clients in development or asset management, the judgment underscores the need for proactive risk assessment and budgeting for potential RCO exposure. * Wider leaseholder protection: building managers and surveyors must understand that service charge recovery for safety defects is heavily restricted where the landlord is the developer or its associate. For building surveyors, these cases provide a roadmap for better risk management and more informed advice to clients, whether on valuation processes, domestic project disputes or navigating the complex obligations of the BSA.

PurposeThe objective of this study is to examine how the heterogeneity of the institutional environments within a single country influences International Financial Reporting Standards (IFRS) convergence and earnings quality based on a meso- and multi-level approach.Design/methodology/approachUsing hierarchical linear modeling (HLM) to capture the between-group heteroskedasticity and within-cluster interdependence, this study investigates the simultaneous effect by incorporating institutional factors residing at different hierarchical levels and the interaction effects of factors within the same level on IFRS convergence and earnings quality in the largest IFRS adopter, China.FindingsThe results show that after IFRS convergence (i.e. 2007–2015), earnings quality decreases in terms of conservatism. However, the further analysis indicates that the strong institutional environment could mitigate the negative impact of IFRS on conservatism.Originality/valueConsistent with the emphasis of heterogeneity within a country by Terracciano et al. (Science, 2005, 310 (5745)), this study indicates that the heterogeneity in the institutional environments and the simultaneous effect of the multilevel institutional environments within a single country cannot be ignored. This study also indicates that, equally important, research methodology plays a substantial role in investigating the outcomes of IFRS convergence. Finally, this study, based on an integrated theory, adopts a meso-paradigm linking macro- and micro-level institutions to provide comprehensive insights into IFRS convergence and conservatism.

Government lawyers frequently argue, and courts have frequently held, that noncitizens in removal proceedings do not have the same rights as defendants in criminal proceedings. A common argument made to support this position is that removal proceedings are civil matters. Accordingly, a noncitizen facing deportation has fewer due process protections than a criminal defendant, and deportation proceedings similarly provide fewer protections than criminal proceedings. In many ways, however, the rules governing immigration proceedings differ markedly from those governing civil actions in court. Immigration proceedings suffer from arcane and hypertechnical procedures that impede immigrants from having their claims reviewed on the merits. Notably, similar problems plagued the civil justice system back in the early twentieth century. The response was to create the Federal Rules of Civil Procedure, which emphasized a preference for deciding cases on their merits rather than on procedural technicalities. The modern Federal Rules have substantially simplified pleading requirements and emphasized flexibility in order to foster the goals of fairness, efficiency, and decisions on the merits. This Article argues that the process that spawned the Federal Rules can offer valuable lessons for reforming immigration proceedings. The Article identifies several examples where immigration rules differ from the Federal Rules in ways that inhibit decisions on the merits. It then proposes a fundamental reexamination of immigration rules with an eye toward promoting decisions based on substance rather than procedure, as well as a structure for ongoing reform. Given the high stakes in removal proceedings, if society continues to treat immigration proceedings as civil matters, the least it can do is incorporate those aspects of the Federal Rules that best promote access to justice for noncitizens.

Resource-based companies are key players in reducing carbon emissions and play a central role in achieving China’s dual-carbon goal. Establishing and improving an objective carbon information disclosure mechanism for companies and evaluating the quality of carbon information disclosure in a scientific and reasonable manner have significant reference value for rationally shaping the way to realize carbon peak and carbon neutrality. In view of this, this paper develops an evaluation index system based on four dimensions based on the corporate social responsibility reports of listed companies from 2018 to 2022. After excluding firms with a high degree of greenwashing, the combined weighting-TOPSIS method was used to evaluate the carbon disclosure quality of companies. The research results show that, although the quality of carbon disclosure of resource-based companies has indeed improved since the 2020 dual-carbon goal was proposed, there are differences in the quality of carbon disclosure of companies between different subsectors and regions, and relevant policy recommendations are proposed.

PurposeThis paper aims to examine the Islamic accounting research. In particular, the paper extensively investigates the literature on Islamic accounting to understand the issues, contexts, methods and theoretical paradigms thereof.Design/methodology/approachThe study has adopted a literature review approach. It has examined the key journal publications for 30 years in accounting discipline and systematically identified the Islamic accounting papers during 1990–2020. In total, 95 papers were identified until June 2020, and they were thoroughly reviewed to identify the relevant issues, contexts, methods and theoretical paradigms.FindingsThe study has found that Islamic accounting papers covered issues of both Islamic organizations (e.g. Islamic financial institutions) and of Muslim countries. The key issues include the regulation and regulatory compliance, annual report disclosures, corporate and Islamic governance, accounting profession, gender, accountability matters, management accounting and control, waqf accounting and zakat management. The study has also observed various normative guidelines from the academics on how the teaching of Islam is enacted in accounting, accountability and governance matters to attain the maqasid al-shari'a, i.e. human welfare, social justice and equity.Research limitations/implicationsThe study is not empirical. Hence, the limitations of literature review papers are applicable in this case. Moreover, it is possible that this study could not identify some of the important literature on Islamic accounting (such as the papers published in Arabic by the academicians and professionals of Arab world).Practical implicationsThe study enables both Islamic accounting academics and practitioners to identify the main Islamic accounting issues and realize the importance of Islamic accounting.Social implicationsWhen the author considers Islamic accounting as a social construction and tries to understand the phenomenon through social theories, the author acknowledges the relevance of Islamic accounting in the society in which it operates. It can be noticed from the discussion that Islamic accounting emphasizes on social welfare, balance, equity and providing relevant information to follow the commandments of God.Originality/valueTo the best of the author’s knowledge, this study is the first to provide a synoptic view on the issues, context, methods and theoretical paradigms of Islamic accounting, while covering major accounting journals in 30 years.

The paper comprises an attempt on the part of the author to understand what hylomorphism is, both in its original Aristotelian guise, and in recent work by philosophers who defend what they call hylomorphism. Two species or strands of hylomorphism are identified and discussed. Universals, essences, and substantial and accidental forms make cameo appearances, and the implications of an Aristotelian ontology of stuffs are explored.

Bien qu'elles favorisent un marché financier actif et en croissance, peu de sociétés au Canada ont opté pour des cryptoactifs dans le cadre des fonctions de financement des entreprises. Si l'application étendue des lois sur les valeurs mobilières aux cryptoactifs a vraisemblablement contribué à cet effet de dissuasion, il est encore possible pour les cryptoactifs, à savoir les jetons, de procurer les avantages d'un arbitrage réglementaire au Canada aux termes de lois sur les societés ambiguës. Les jetons peuvent aussi créer de la valeur par la réduction des coûts de délégation ou d'agence et par l'amélioration des pratiques de gestion des liquidités et des risques internes ainsi que fournir aux investisseurs une nouvelle gamme de produits de placement personnalisés. Toutefois, la recherche de tels avantages doit se faire prudemment puisque cette occasion dinnovation financiére peut également créer de nouveaux risques systémiques et accroître les coûts de conformité et qu'elle risque d'entraver les liens contractuels et équitables en place. Enfin, l'auteur soutient que les avantages l'emportent sur les coûts mais que les autorités de réglementation et les marchés doivent être conscients des avantages et des inconvénients des jetons comme outils de financement des sociétés.