... application of internal controls within the Centre's corporate financial systems. ... It is a key resource for managing IDRC's financial information systems both for the ... Assess the vendor development strategies and determine the impacts on the long .... applications to provide complete and relevant accounting information.
Job Summary The Financial Systems Information Officer provides end-user training in ... administration concepts such as sales tax implications, bookkeeping entries, etc. ... Oracle functionality to optimize corporate use of the financial system.
Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.
Robert Lafrance; James Powell
International financial institutions, such as the International Monetary Fund, the World Bank and the Bank for International Settlements, are important players in the global financial system. This article provides an overview of the major international financial institutions to which Canada belongs. The paper highlights their activities and the nature of Canada's involvement, including that of the Bank of Canada. Recent initiatives coming out of the Halifax and Lyon Summits to improve the eff...
Dikan Larysa V.
Full Text Available The article considers modern directions of reformation of the system of state financial control connected with introduction of the state internal financial control. It considers economic essence of the state internal financial control in the context of its components. It justifies the place of the internal audit in the system of the state internal financial control in Ukraine. It considers existing definitions of internal audit in legislative acts. It generalises views of scientists on interpretation of the “internal audit” notion. It provides definitions united in approaches. It conducts a critical analysis of generalised approaches. It offers the authors’ view on the essence of internal audit in budget institutions, which has certain positive features compared to existing ones.
Full Text Available The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect financial stability. The results of this study imply that internal factors have a strong influence on the financial stability. Therefore, the central bank should give a fast and correct response to the changes of external and internal financial environment, especially for internal factors through monetary policy.
Cardos Vasile - Daniel
Research theme - in this article we investigate how Romanian financial and internal auditors acquire accounting information systems knowledge and competences and how they use this knowledge to improve their activity in order to fulfill their mission as required by the professional standards. Objectives - our main purpose is to establish through what type of courses Romanian financial and internal auditors acquiring accounting information systems knowledge and competences and how useful these ...
Lagat, Cornelius; Okelo, Caroline
This study intended to establish the effect of internal control systems on financial management in Baringo County government in Kenya. Internal control systems are integral components of the management processes of a public sector institution which should be established in order to provide reasonable assurance that the financial operations are carried out transparently and accountably. The study adopted the Committee of Sponsoring Organizations of the Tread way Commission (COSO) theoretical f...
Full Text Available A hegemon-by-committee, or a group of nations playing the role of a dominant financial power, is necessary for the international financial system to withstand crises arising from drastic shifts of funds among national currencies, accompanied by large movements of exchange rates. These wide fluctuations in exchange rates and subsequent financial transactions can trigger a collapse of prices in dollar-denominated financial assets in US financial markets, thus undermining the global economy. With no single nation apparently capable of playing the hegemon, international cooperation is imperative. An important theme of the paper is that allocative efficiency may not be compatible with adequate financial stability efficiency.JEL: F31, G28
Pidvysotska Lyudmyla J.
Full Text Available The article is aimed at studying the organization and technology of evaluation process of the internal control system of bank in order to ensure financial security management of its activities. The work of the internal audit service on monitoring and evaluating the performance of the bank’s internal control system was analyzed. It has been found that improving the level of financial security of commercial banks is conditional upon improvements in the quality of audits and the provision of sound and objective conclusions. The interrelation of the tasks of internal audit service and the tasks of bank’s financial security management has been determined. Methodological recommendations on evaluation of the bank’s internal control system on the basis of results of audit have been proposed.
Cardos Vasile - Daniel
Full Text Available Research theme in this article we investigate how Romanian financial and internal auditors acquire accounting information systems knowledge and competences and how they use this knowledge to improve their activity in order to fulfill their mission as required by the professional standards. Objectives our main purpose is to establish through what type of courses Romanian financial and internal auditors acquiring accounting information systems knowledge and competences and how useful these courses are perceived by the auditors. Prior work audit professional organizations prescribed that auditors must acquire, maintain and develop their knowledge and competences. Information technology and information systems are considered to be a main knowledge component of professional development programs. The scientific literature indicates that auditors have to enhance their information systems knowledge in order to cope with the increasing complexity of the client's entities accounting information systems. We consider that our article embraces Curtis et al. (2009 call for research on how auditors obtain information systems knowledge. Methodology an electronic questionnaire was created and sent to Romanian financial and internal auditors, which were required to indicate the number of accounting information systems course they attended and how the knowledge gained improved their activity. Results We concluded that financial auditors acquire accounting information systems knowledge mainly by attending the courses organized by the Chamber of Financial Auditors of Romanian, while internal auditors by attending the course organized by the companies they are working with. Implications - The results of this study might be used by Romanian professional audit organizations in reconsidering their priorities regarding the accounting information systems knowledge and competence needs of their constituents. Originality/Contribution Our study is the first one to
Mihaela – Lavinia CIOBĂNICĂ
Full Text Available Beyond the multitude of definitions, internal control is found in the centre of managerial concerns worldwide. This amplification of interest towards internal control has its origin in a series of events, of which two can be mentioned: the growing business complexity and dispersal activity centres, which led to the growth and development of the delegation of competence, the only way which enables the responsible to exercise powers from a distance and entirely, bringing together the components needed by its delegates. Regulatory domain, which has not ceased to expand: laws, regulations, rules, professional constraints, budgetary and social – all these have increasingly limited the decision makers, through a network of rules that must be respected. Consequently, what can be done to be safe from any punishment and to ensure constant watch over the essentials? To answer these questions, and many others, experts in the field have taken initiatives that have enabled them to define with precision the specific internal control and to set goals, creating the famous models: COSO and CoCo.
The Challenges of Adopting International Financial Reporting System in Nigeria. ... Nigeria is going to adopt International Financial Reporting Standard (IFRS) ... its challenges and to proffer solutions that would ensure seamless transition in ...
The paper discusses different views on the reform of the International Monetary System. It illustrates the most recent antecedents of the current debate, focusing on criteria, determinants and effects of the choice among different exchange regimes and discussing in particular the relationship between fixed exchange rates and financial crises, and the relationship between exchange rates and worldwide freedom of capital movements.
Pontoppidan, Caroline Aggestam
The advance of International Financial Reporting Standards (IFRS) across the globe has accelerated over the last few years. This is placing increasing demands on educators to respond to these changes by an increased focus on IFRS in the curricula of accounting students. This paper reviews a range...
Maria de Fatima Silva do Carmo Previdelli
Full Text Available The international financial system could be organized into three groups. According to this classification, the first group includes the organizations that exercise the functions of regulation and supervision. In the second, we have those that are regulated and supervised by the former, and in the third, we find the organizations that do not follow such rules or supervision, forming the so-called shadow banking system. This article seeks to examine the first group, and, more specifically, how the International Monetary Fund articulates with the primary elements of such a group.
ЯНІКІН, С.В.; ДВНЗ «КНЕУ імені Вадима Гетьмана», кафедра міжнародних фінансів
This article describes a number of ways, which may facilitate the improvement of activities of international financial institutions at the present level of the global financial system development. Particular attention is paid to the problem of international public goods and their delivery by international financial institutions. Further, an approach of financial dedollarisation of IFIs is discussed as one of highly effective mechanisms. In addition, the article raised and examined in detail ...
Full Text Available The purpose of the paper is to analyze theoretical and practical aspects of the features of the IFI influence on transformation of national currency systems of such organizations’ member states. Defining features of interaction policy among national economies and IFI in the monetary sphere, considering countries’ socio-economic parameters of development, will allow monetary authorities to achieve the optimum level of development of its economy. Methodology. Theoretical base of the study are the provisions of general scientific theory of knowledge studied phenomena and processes, in particular: methods of induction and deduction (in determining classification criteria of IFIs impact on national currency system, analysis and synthesis (in determining the features and priorities of national currency system, comparisons, associations and analogies (the justification of characteristics of advantages and disadvantages of IFI. The information base for scientific research is scientific papers and publications of domestic and foreign scientists-economists, materials of scientific-practical conferences, legislative and normative documents, the IMF, World Bank and Asian Infrastructure Investment Bank materials. Results. Theoretical approaches to the definition of the national currency system and international financial organizations, including its classification, are proposed. It is proved that the IMF makes active impact on national currency policy formation through regulation and supervision, while the World Bank and AIIB are related in a passive way. The IFI regulation trends are to implement floating exchange regime, liberal currency transactions, cancel currency restrictions in member countries. Although it refers to all countries, some of them with large population, trading, underdeveloped institutions of democracy could avoid some IFI pressure. Practical implications. The study accents attention on the specifics of the IFI activity in terms of
Full Text Available A well-functioning international monetary system (IMS should provide a satisfactory international liquidity and facilitate money and capital flows in the world economy. In a crisis, the IMS is expected to facilitate capital flows in order to eliminate imbalances leading to the crisis. The main leverage of the IMS in the postwar period was the dollar convertibility into gold, which enabled the US currency to become a global reserve currency. US monetary policy in this monetary system has a basic mission to generate international liquidity. When President Nixon suspended convertibility of the dollar to gold in 1971, this situation led to the collapse of the Bretton Woods system, the dollar began to float freely, but remained the key global reserve currency until today. The 2008 global financial crisis reminded us about the weakness of the current IMS, because the unstable value of the dollar created the risk of US dollar-denominated reserve assets. The current crisis has renewed the objections by the countries with the largest foreign exchange reserves in the world about 'exorbitant privilege' of the U.S. dollar in the IMS, as Charles De Gaulle once called it. The monetary policy impulses in the countries whose currencies belong to the club of leading world currencies (primarily the US, Eurozone and Japan are transferred outside the borders of these countries and affect other countries in the globalized world economy. This paper deals with the consequences of the present IMS structure, which is characterized by the dominant role of the dollar and the euro in international trade and financial flows. The paper studies the channels of US and Eurozone monetary spillovers into the international environment, and their consequences for other countries.
Full Text Available The global economic and financial crisis showed the limits faced by the international financial system. International financial regulations in general, and especially the banking sector regulations, should be refined and adapted to build a stronger and stable international financial system. We analyze the main trends in international regulations: the proposed amendments on capital requirements, the introduction of a global standard for liquidity and indebtedness, the winding-up directive, as well as their impact on the Romanian financial system.
Full Text Available Risk is an integral part of banking activities. That is why there are many researches on definition, measurement and monitoring of banking risks. Nowadays it is important to improve the risk management process of legalization (laundering of proceeds from crime or terrorist financing, especially in the present conditions of socio-economic development. This will improve the quality of financial monitoring in the country as a whole and will reduce the risk of attracting banks to laundering money from crime. The article reviews and examines modern management techniques and risk assessment of laundering proceeds from crime. The authors make suggestions to strengthen the tracking and detection of illegal schemes and appropriate approaches to «launder» criminal money. They also offer an appropriate model to manage the risks which accompany the process of laundering the proceeds from crime. According to the study carried out the authors provide their conclusions and recommendations to improve risk management in the system of internal financial monitoring of banks.
Full Text Available The article analyses and assesses proposals for changes concerning the objective of financial reportingbased on International Financial Reporting Standards (IFRS, presented in comments on the exposuredraft of the Conceptual Framework for Financial Reporting (2015. The majority of respondents thinkthat the objective of financial reporting should give more prominence to the importance of providinginformation about management’s stewardship. Moreover, some respondents suggest introducing thedefinition of stewardship into the Conceptual Framework and presenting implications of shifts in theobjective of financial reporting for the future standard setting and for preparing financial statements.Based on the analysis of comment letters and the review of accounting literature, the conclusion is thatthe objective of financial reporting should be changed. It is, however, disputable, if stewardship should bea separate object. There is too little research on the relation between the stewardship and decisionusefulnessobjectives. The findings of this research could show accounting standard-setters the potentialtrade-offs and conflicts between these objectives.
Internal Controls and Quality Assurance of Financial Information ... the end of the month, quarter and year accounting periods but that often requires ... To that effect, liaises with the Chief, External Fund Management to determine the ... Leads Corporate Accounting's testing program in liaison with the Financial Systems Unit ...
Full Text Available the article explores the definition of financial monitoring, financial analysis and internal control in aspect to their correlation to fight money laundering and terrorism financing. Internal control is analyzed from the point of view of law, economics and management. The author pays much attention in the article to the work of systems of financial monitoring in organizations.
Full Text Available This article considers the role of the European Union in international financial governance after the institutional reforms it undertook in connection with the global financial crisis. It suggests that the new administrative actors that support the governance of the European Union's single financial market, notably the European Supervisory Authorities, have the potential to reshape how the European Union engages with international financial governance. It finds that the European Union’s effectiveness in influencing international financial governance—and the effectiveness of international financial governance more generally—is likely to strengthen as a result.
Aleksei Vladimirovich Kuznetsov
Full Text Available The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author argues that the widely-discussed reform of the IMF quota and governance has not led to a significant strengthening of the role of the most dynamically developing emerging economies in the Fund’s decision-making. Regional economic players (such as the BRICS have been actively involved in the international division of labor. However, the existence of institutional financial monopolies hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce global resources in favor of the world-systemic core. The study is based on comparative methods and system analysis and aims to provide a comprehensive view on the way of involvement of global financial institutions in the control of the processes of financial globalization. US dominance in international financial institutions contribute to the further advancement of the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments. It’s shown that the implementation of financial globalization is strongly correlated with the concept of the «center-periphery» model, on which the functioning of the global capital market is dependent. The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects of global governance, in particular the role of the Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS countries, in the processes of globalization, it is necessary to
Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81
Full Text Available The current financial crisis has not come about by chance. It is the result of a system that has emerged over the last 30 years and which Keynes may well have called the ‘casino economy’. The dominance of finance over real economy characterises the financial crisis, while finance itself is dominated by the all-encompassing target of maximum profit at all times. Other aims of economic activity such as job creation, social welfare and development have fallen by the wayside. In response, new actors are surfacing, e.g. the institutional investor (hedge funds, private equity funds, etc., while new instruments are leading to highly leveraged and destabilising derivatives. The casino system has been promoted by governments and intergovernmental institutions to liberalise and deregulate financial markets. Although developing countries have not participated in the casino system, they have been suffering most from the spill-over into the real economy. The main lesson learnt is that the casino has to be closed.
This study examines the International Financial Accounting Reporting Standards adoption practices around the world and the way these practices are reflected in the financial statements of companies in different countries. It also examines the incentives/ motivations for the variations in the type of International Financial ...
Jarvis, Robin; Collis, Jill
This paper examines the international development of financial reporting standards for smaller entities from a UK perspective. It examines the three elements of differential reporting: abbreviated accounts, the Financial Reporting Standard for Smaller Entities and exemption from the statutory audit.
International Monetary Fund
The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and the development of competition within the sector, development of financial markets, and removal of constraints on financial system activity. It also provides reports on the Observance of Standards and Co...
Full Text Available An environment for the activities of the International Monetary Fund (the IMF has fundamentally changed over the two recent decades. The strong development of financial innovations as well as of financial globalisation was among major forces driving the change and shaping the economic growth worldwide. As some economies were able - with the support from financial markets – to accelerate their growth, other countries suffered from turbulences, which were reinforced and transferred internationally through the volatile financial markets. The process of international financial contagion makes the case for global financial governance, which so far has been left behind the development of markets. The IMF is mandated to play a central role in the global governance designed to ensure financial stability. The article reconsiders the Fund’s role and includes an overview and assessment of its activities, particularly in the context of the global financial crisis in 2007-2010. In the aftermath of this crisis, the international financial stability may, however, again be at risk as several external imbalances in the global economy may be hardly sustainable. It is argued in the paper that, in addition to a gradually improving surveillance and lending as well as to adjusting resources by the Fund, an enhanced credibility of the institution is needed so that its role in the process of the stabilising global financial system is strong and effective.
Dzhamilya F. Ismailova
Full Text Available The article considers the theoretical aspects of internal financial control, summarizes the definition formulated by scientists and experts, analyzed for differences between incompany and intrafarm control. The article discusses the collapse of Enron, notes the general provisions of various types of financial control.
(IFRS) on the quality of financial reporting in Nigeria. The study utilises a ... cial reporting by public interest entities world- wide. In Nigeria ... Keywords: Reporting Standards, Value, Relevance, Earnings, Management ... of the. IFRS, the adoption is wrought with challenges. ... and transitional economies still have ineffective.
Stokes, Kenneth M.
The lasting theoretical significance of the South East Asian financial crisis of 1997/98 is that it poignantly offers a critical empirical assessment of equilibrium-centered (first generation) models of international financial crisis. Situating discussion initially in a vignette and commentary on recent events in Argentina, and while reflecting upon the S.E. Asian crisis, we comment upon policy and protocol shifts evident in the International Monetary Fund. These are indicative of a demand fo...
Full Text Available Financial contagion is a complex and multivariate process, with no widely accepted definition and an accurate measurement methodology. Contagion became more and more the central idea of research studies because it is perceived as a problem, and often associated with financial crises. The reason for that international diversification of investment portfolios is applied to protect against country risk, is no longer valid, correlations between markets largely vanishing its benefits. In this article we intend to present the ways in which the subject of international financial contagion was approached.
across borders led many economies to adopt the. International ... Keywords: Reporting Standards, Value, Relevance, Earnings, Management ..... nal of Applied Economics and Business Re- search ... accounting in emerging markets: Evidence.
The paper focuses on the foreign debt management of the Hungarian and Slovenian policy makers in the global financial markets. The proposed argument combines a theoretical refinement of international financial markets as locally embedded social relations with a domestically oriented institutional analysis of foreign debt management. I argue that in order to understand the differences between the two states’ debt management strategies, it is important to look at the institutional differences w...
... 25 Indians 1 2010-04-01 2010-04-01 false Financial management, internal and external controls and....46 Financial management, internal and external controls and other assurances. Grantee financial... required by the grantee's financial management system. The Secretary or his/her designee may review the...
Mora, Patricia Palhau; Januska, Michael
Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20's post-crisis agenda for financial regulatory reform. It summarizes the agenda's key measures and implementation schedules, both internationally and in Canada, reviews the effectiveness of the reform measures in preventing and addressing financial imbalances, an...
Seabrooke, Leonard; Nilsson, Emelie Rebecca
In 2006, the International Monetary Fund's (IMF) Financial Sector Assessment Program (FSAP) lauded Iceland's capacity to “withstand extreme, but plausible, shocks,” which was clearly an error in judgment. After the international financial crisis hit, IMF officials bemoaned the lack of professional...... use an Optimal Matching analysis of work roles in career histories to identify differences in policy teams and external experts' attributes. The article also draws on interviews with FSAP team members from 2008 to 2013. We demonstrate that changes in professional skills and team composition...
Full Text Available • IFRS for SMEs give the response to an international requirement of the developed and emerging economies in the process of globalization to have a rigorous and common set of international accounting provisions (standard, rule, regulation specifically for SMEs, to be much more simplified than the complete IFRSs. The area where are applicable the IFRS for SMEs includes all the profit-oriented entities that prepare the general financial statements and do not have the public accountability and there are excluded the entities whose securities are publicly traded and the financial institutions like banks and the insurance companies.
Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov
In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.
R.A.J. Campbell-Pownall (Rachel)
textabstractThis thesis aims to address many of the issues raised concerning the appropriate definition and measurement of risk. An alternative approach to the estimation of risk, and the risk-return trade-off in international financial markets is investigated. Rather than focusing on the deviation
Full Text Available Broad and narrow approaches of the financial system are obtained. The difference between the financial system and the financial sector (the fi-nancial corporations sector is shown. Organizational and institutional matrix of the financial system of the economy is proposed. Key positions of institutional sectors classification of Ukraine’s economy are analyzed, as well as the System of National Accounts with respect to the financial sec-tor of corporations. The structure of the sector of financial corporations in Ukraine is defined.
Flavio Vilela Vieira
Full Text Available The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation and real effects (recession and lower employment, and a period of turbulences and end of illusions is in place.
For many years there has existed a debate among economists as to whether the problems of unemployment, inflation, and international economic adjustment are largely financial in nature or whether they are ''real''; i.e., arising from dislocations in commodity and labor markets. The correct position is that they are a bit of both. This is the viewpoint that provides the background for this paper, which examines the consequences of the recent petroleum price increases imposed by the major oil-exporting countries. On the one hand, the ''real'' implications are fairly obvious. First, petroleum products are used either directly or as fuels in virtually every commodity-production process. Higher input costs are therefore bound to lead to increased prices for most other commodities. Second, higher petroleum prices will lead (and are leading) to the use and/or search for viable substitutes. However, there have been several important financial implications as well. First, there has been a dramatic change in the pattern of domestic and international financial flows resulting from the rapid accumulation of new wealth by the oil-exporting countries. Second, there has been an important change in the nature of these flows with significant implications for the stability of domestic commodity and foreign exchange markets. This paper emphasizes the interaction of ''real'' and financial variables that has taken place as a result of the actions of the oil exporters.
International Monetary Fund
The buffers built in the aftermath of Uruguay’s 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favorable. However, inflation persists but capital inflows have improved, and policy measures have been taken in response. Uruguay exhibits no obvious signs of near-term domestic macrofinancial vulnerability. The external risks to the economy and the financial system come from a fragile g...
In this article are given main notion about international standard of financial reporting, order of the auditing on the base of IFRS, scheduling the report of the auditor, auditor conclusions and are given analysis of reporting based on the auditor procedures. At the audit of financial reporting are taken into account international standard to financial reporting 29 "Financial reporting in hyperinflationary economies".
Introduction of International Financial Reporting Standards in Ukraine requires scientific and methodological study of their specific use in national practice. The essence and types of financial instruments have been researched. The regulatory support for their accounting in Ukraine has been established. The authors have analyzed the provisions of the International Financial Reporting Standards governing the financial instruments accounting, worked out characteristics of existing methodology ...
Full Text Available The Angolan financial system is observing several regulatory changes that are being adopted by local banks at a considerable speed in the last years. Considering the pressured context in which such changes are being internalized, this study is intended to ascertain the level of implementation and the way that control systems are being adopted by the Angolan financial institutions, in order to prevent and combat money laundering and financing of terrorism. A survey was submitted to the banking institutions that operate in the Angolan financial sector with the purpose of understanding to what extent prevention controls and mechanisms for money laundering and financing of terrorism have been implemented, and identify the main difficulties that banking institutions are facing on the adoption of such controls and mechanisms. Using a descriptive analysis, the results show that the banking institutions consider to have implemented control systems that are capable of mitigating the risk of money laundering and financing of terrorism. The results also show that, although there are formal and concrete policies in place, the Angolan banking institutions possess deficient control tools in terms of information systems and data management and lack adequate staff training which potentially threatens the effectiveness of the controls that have been implemented.
Full Text Available This paper assessed factors that influence the internal controls in ensuring good corporate governance in financial institutions in developing economies with special reference to Zimbabwe. The research paper assessed how lack of internal controls affected good corporate governance and aimed to bring out elements of good corporate governance. It emerged that failure to effectively implement internal controls contributed significantly to poor corporate governance. The study discovered that internal control system overrides and the issue of “fact cat” directors also contributed to poor corporate governance. The study recommended that there is need for the board of directors to guarantee an organizational structure that clearly defines management responsibilities, authority and reporting relationships. There is also need to ensure that delegated responsibilities are effectively carried out to ensure compliance with internal controls of the financial institution concerned.
V. V. IEVDOKYMOV
Full Text Available The necessity of the research on the basis of the positivist model of scientific knowledge is proved. The value of the conceptual framework in the process of bookkeeping selection is analyzed. The differences of the accounting selection adjustment procedure in US GAAP and IFRS are considered. The role and importance of the qualitative characteristics of financial reporting in the implementation of accounting selection are substantiated. The structure of the qualitative characteristics of financial reporting and their limitations under the Conceptual Framework for the preparation and presentation of financial statements are examined. The correlation between the accounting rules and alternatives adopted in US GAAP and IAS / IFRS is analyzed. The necessity to discuss the issue of the feasibility of «rule-oriented» or «principle-oriented» accounting model in the context of multivariate concept is studied. The authors prove the necessity of the application of institutional theory to solve the problems of accounting opportunism that arises when using the concept of multivariate accounting in International Financial Reporting Standards.
Khorosheva Olena I.
Full Text Available The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.
The internal controlrelated objectives for our audits of the Office of the Secretary of Transportation's (OST) Financial Statements for Fiscal Years (FY) 1994 and 1995 were to determine whether OST and the Federal Transit Administration (FTA) (i) had...
Full Text Available The global financial crisis from 2008 was considered a trigger to reshape the financial systems and to enhance the risk management practices. Considering the developments and new guidelines that are now used it can be observed a “positive” effect of the crisis, in particular to strengthen the risk management culture and governance in all aspects. Comparing to 2008 year, the improvements that have been made to the risk management systems can be easily observed in the financial institutions. For the scope of the article, the subject of this review will be focused on the internal audit function. The main aspect is to capture the new practices that are now used in order to contribute to a performing internal governance system. A case study will be presented in order to better understand how the internal audit function is designed and acting as a “line” of defence in the internal governance system. Also, it is in the scope of the article to issue some recommendations for future developments of the audit function in order to better manage its mission and the objectives. A risk based model used in the planning activities is presented. The financial institutions improved significantly their internal governance system. The internal audit function is now better integrated in the internal structures and clear lines of communication were settled. As the conclusion of the article is illustrating, the internal governance was frequently not sufficiently developed causing a failure in the risk management systems from the systemically financial institutions. The content of the article has practical applicability, as the results and the recommendations could be used in the design of an audit function within a financial institution.
Bank for International Settlements
Introduction A revised version of this paper has been released in July 2009. The origins of BIS activities in the field of international financial statistics go back to the mid-1960s and the emergence of the so-called eurocurrency markets that had sprung up to circumvent domestic regulations. At that time the key policy concern that gave rise to the joint data collection exercise by the central banks of the G10 countries under the aegis of the BIS was the need to monitor the rapid growth of t...
Full Text Available the article explores the definition of banking system and financial monitoring. Attention is emphasizes on role of internal control in aspect their relation to contraction to money laundering and financing of terrorism/ Internal control is analises from the point of view law, economic and management. Basic attention in the article author emphasizes on work of systems of financial monitoring in organizations.
This thesis aims at investigating the financial stability of China's banking system. Since the banking system is one of the most important financial intermediaries in the financial systems, the financial soundness of banks could secure the stability of the whole financial system. Two of the factors that may significantly increase imbalance of the banking system, and hence affect financial stability of an economy is the accumulated non-performing loans of banks and the macro-economic turbulenc...
US Agency for International Development — USAID's FDTS identifies personal service contractors and local employees who should file disclosure reports. It tracks late filers and identifies those who must take...
Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang; Uryasev, Stan
This study considers the effects of the financial institutions' local topology structure in the financial network on their systemic risk contribution using data from the Chinese stock market. We first measure the systemic risk contribution with the Conditional Value-at-Risk (CoVaR) which is estimated by applying dynamic conditional correlation multivariate GARCH model (DCC-MVGARCH). Financial networks are constructed from dynamic conditional correlations (DCC) with graph filtering method of minimum spanning trees (MSTs). Then we investigate dynamics of systemic risk contributions of financial institution. Also we study dynamics of financial institution's local topology structure in the financial network. Finally, we analyze the quantitative relationships between the local topology structure and systemic risk contribution with panel data regression analysis. We find that financial institutions with greater node strength, larger node betweenness centrality, larger node closeness centrality and larger node clustering coefficient tend to be associated with larger systemic risk contributions.
To produce various management and accounting reports in order to maintain control of SWRL (Southwest Regional Laboratory) operational and financial activities, a computer-based SWRL financial system was developed. The system design is outlined, and various types of system inputs described. The kinds of management and accounting reports generated…
Evgenia E. Frolova
. Conclusions and Relevance: the materials presented in the article show the special role of arbitration in resolving domestic and international financial disputes. The practical application of its results will improve the Russian legislation in the field of resolving financial disputes.
Dima (Cristea), Stefana Maria; David, Delia; Păiuşan, Luminiţa
The objective of the present paper is to provide a synopsis of the recent international financial reporting developments as well as to identify some of the related worldwide implications. The unprecedented joint activity of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) has caused, in the last decade, a series of debates on whether or not International Financial Reporting Standards (IFRSs) represent what is best of the international acco...
Full Text Available The recent global financial crisis has reopened the debate about macroeconomic policies’ objectives, but also the need and extent of state involvement in the functioning of the economy, either directly or indirectly. This has exposed some weaknesses in the system of regulation and supervision of the financial system and the its architecture, especially in the treatment of systemic risks and vulnerabilities, but also the financial implications of the globalization process. The global nature of financial crisis highlighted the fact that, although integrated financial markets offer a number of significant benefits, risks involved are not negligible. Therefore, to ensure the financial stability of an increasingly integrated landscape there was felt the need for reform of the financial system architecture, both nationally and internationally.
Full Text Available Problem of the global financial stability and position of Ukraine in international ratings are considered in the paper. Impact of ratings assessment on the financial stability of the country in general is analysed.
International financial centres are geared to provide optimal conditions for the financial services industry. They encourage activities that can improve a country’s economy, but they may also facilitate money laundering, tax evasion, tax avoidance, and other harmful practices. The Nairobi International Financial Centre and similar centres in Africa can foster development, but also pose significant challenges. Legal and regulatory arrangements determine what types of capital a financial centr...
The financial system in the United States is slowly migrating from the bricks and mortar of banks on the city square to branch banks, ATM`s, and now direct linkage through computers to the home. Much work has been devoted to the security problems inherent in protecting property and people. The impact of attacks on the information aspects of the financial system has, however, received less attention. Awareness is raised through publicized events such as the junk bond fraud perpetrated by Milken or gross mismanagement in the failure of the Barings Bank through unsupervised trading activities by Leeson in Singapore. These events, although seemingly large (financial losses may be on the order of several billion dollars), are but small contributors to the estimated $114 billion loss to all types of financial fraud in 1993. Most of the losses can be traced to the contribution of many small attacks perpetrated against a variety of vulnerable components and systems. This paper explores the magnitude of these financial system losses and identifies new areas for security to be applied to high consequence events.
Hautsch, N.; Schaumburg, J.; Schienle, M.
We propose the realized systemic risk beta as a measure of financial companies' contribution to systemic risk, given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market and balance sheet information, we define
We study the effects of financial structure and financial development on banking fragility. We develop our study by using fixed-effects panel-data regressions and by controlling the effects of certain banking indicators. We use individual and principal-components indicators of the activity, size and efficiency of intermediaries and markets. The indicators include data for 211 countries between 1990 and 2003. Our main findings suggest that banking stability is enhanced in market-based financia...
Basak, Suleyman; Croitoru, Benjamin
While financial markets have recently become more complete and international capital flows well liberalized, markets for goods remain segmented. To investigate how more complete security markets may relieve the effects of this segmentation, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. We show that, under heterogeneity within countries, the financial structure matters: even with internationally co...
Khorosheva Olena I.
The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an ...
International Monetary Fund
Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial ...
Quarterly Financial Report for the period ending 31 December 2011 · Quarterly Financial Report for the period ending 30 September 2011 · Quarterly Financial Report for the period ending 30 June 2011 · Summary of Expense Reductions to Accommodate Budget 2012 Appropriation Reduction (PDF) · What we do · Funding ...
At the beginning of the transition, advice to Central European countries with respect to how to set up their financial systems was based on models used in western economies. This paper analyzes the experiences to set up a financial system in Central Europe. The experience in the first transition
The International Financial Reporting Standards (IFRS) are designed for application in the financial reports with general purpose and the other financial reporting in all profit-oriented entities. The International Auditing Standards (IAS) are setting out the framework for carrying out the review process of financial reporting from entities referred to audit in order to verify the authenticity of the information and raising up the credibility of financial statements. Quality implementation...
Potters, M.; Cont, R.; Bouchaud, J.-P.
We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: "fat tails" and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems.
Full Text Available We start by providing an overview of financial systems in the African continent. We then consider the regions of Arab North Africa, West Africa, East and Central Africa, and Southern Africa in more detail. The paper covers, among other things, central banks, deposit-taking banks, non-bank institutions, such as the stock markets, fixed income markets, insurance markets, and microfinance institutions.
You will assist the Chief and the Senior Financial Analyst in the discharge of their responsibilities, and backs up the Senior Financial Analyst, Treasury ... in the FAD Annual Work Plan), at the request of the Director, and ensures deliverables are met within assigned time lines as set by the FAD Manager leading the initiative;
Full Text Available Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provides information about assets, liabilities, equity, liquidity, solvency, risk, financial flexibility. The profit and loss account is a synthesis accounting document, part of the financial statement reporting enterprise financial performances during of a specified accounting period and summarizes all revenues earned and expenses of an accounting period and reports the results.
This paper investigates the tension between regulation and financial education in explaining one of the major puzzles in international finance, that is the lack of international diversification. We show that both dimensions are relevant: higher investor’s financial education fosters international investment and stronger minority investor protection legislation attracts inward investment. More interestingly, these factors appear to be substitute in enhancing investor’s portfolio diversificatio...
Primary Duties or Responsibilities Financial Responsibilities Support the effective ... On a monthly basis, prepares a summary for Accounting with the proper ... Analyses, reviews, and assesses incoming administrative issues to the office of the ...
Full Text Available A continuous flow of reliable, relevant and financially important information is necessary for making economically justified and strategic investment decisions. Economic globalization has contributed to the need of creating a unified language for communication, a single set of international financial reporting standards with the sole purpose of enhancing transparency for investors and reducing the cost of capital. Harmonization of financial reporting provides more efficient use of global resources, easier consolidation of multinational companies foreign subsidiaries, alleviation of accounting staff mobility and reducing of audit costs. The research is based on the benefits that the national economy can gain if the international financial reporting standards are successfully implemented. Special attention in the paper is devoted to the factors that determine the harmonization of financial reporting. The analysis of the results show the managers' perception of financial reporting, and emphasize the effects of the implementation of IFRS in Republic of Macedonia.
This guide presents a financial model that affects all governmental entities that issue financial statements in conformity with Generally Accepted Accounting Principles (GAAP). The model was prepared to provide school business officials specific examples of school system financial-statement presentations. The guide is divided into six chapters.…
Kozuharov, Sasho; Ristovska, Natasha; Blazeska, Daliborka
A continuous flow of reliable, relevant and financially important information is necessary for making economically justified and strategic investment decisions. Economic globalization has contributed to the need of creating a unified language for communication, a single set of international financial reporting standards with the sole purpose of enhancing transparency for investors and reducing the cost of capital. Harmonization of financial reporting provides more efficient use of...
Steven B. Kamin
The paper surveys a broad array of data to compare the scope and impact of three emerging-market financial crises: the debt crisis of the 1980s, the Mexican financial crisis of 1994-95, and the current international financial crisis. While certain conventional views regarding the three episodes are supported by the data examined in this paper, we find that in several respects, the current crisis is more similar to prior emerging-market crisis episodes than is commonly believed.
Full Text Available On January 13th 2016, the Board for International Accounting Standards published the new International Standard 16 of Financial Reporting, named as “Lease”, which will substitute the International Accounting Standard 17 of financial reporting “Lease”. ISFR 16 ensures reflection of practically all lease agreements in the financial reporting, which, in is part, meets the requirements of investors regarding reliability and transparency of the information related to a financial state of an enterprise. The Article considers the changes caused by ISFR 16, which relate to recognition of the lease agreements as the asset, their accounting and, impact on the financial reporting. Relevant conclusions are provided regarding the above mentioned issues.
Elena Hlaciuc; Camelia Mihalciuc; Anisoara Apetri
The major financial statements are designed to provide a picture of theoverall financial position and performance of the business. In order to provide thisoverall picture, the accounting system will normally produce five major financialreports on a regular recurring basis. These financial statements, taken together,provide on overall picture of the financial health of the business. It says that who hasthe information has the power, and the way that it gets from the receiver iscommunication. F...
Full Text Available The architecture of systems dedicated to risk management is probably one of the more complex tasks to tackle in the world of finance. Financial risk has been at the center of attention since the explosive growth of financial markets and even more so after the 2008 financial crisis. At multiple levels, financial companies, financial regulatory bodies, governments and cross-national regulatory bodies, all have put the subject of financial risk in particular and the way it is calculated, managed, reported and monitored under intense scrutiny. As a result the technology underpinnings which support the implementation of financial risk systems has evolved considerably and has become one of the most complex areas involving systems and technology in the context of the financial industry. We present the main paradigms, require-ments and design considerations when undertaking the implementation of risk system and give examples of user requirements, sample product coverage and performance parameters.
A. V. Milenkov
Full Text Available The scientific themes of the article is relevant, as in the domestic and foreign economic literature, the term "financial system" does not comply with the fundamental theory of systems in which the system views revealed as a set of interrelated and interacting elements in accordance with the set to achieve the goal. Each of the elements of multi-level financial system has its own organizational structure, consisting of institutions and organizations within the jurisdiction of the entity government. In the article the author's interpretation of the concepts of "institutional framework," "organizational structure" of the regional financial system, defined the task of the financial system was to create rules and regulations of its operation, set out the basic functions of the institutions and organizations of the regional financial system, analyzes the external communication of the financial system, the implementation of which is one of the basic conditions for the effective functioning of the financial system in the region due to its inclusion in the federal and international financial sector. The contribution of the author in the development of the theme of the article is to specify and clarify the concepts of "the financial system", "institutional and organizational structure of the regional financial system," the development of methodological approaches to the formulation and use of methods of solving the institutional and organizational problems of the financial system in the region, the rationalization of the rules and regulations it current operation and future development, the definition of the composition of the basic functions that are adequate specialization and features of the institutes and organizations of the regional financial system.
Luiza Loredana Nastase
Full Text Available If during the global economic and monetary-financial felt in the last seven-eight years was observed that the most affected countries were those with a developed economy currently it seems that the wheel turns and target countries with an emerging economy. Thus, the financial markets of advanced countries seem to be characterized by stability in opposition to those of emerging markets, which seem to become increasingly vulnerable. This paper tries to capture the current economic situation of the two categories of states, from the major aspects that determined the evolution of socio-political and macroeconomic indicators, presenting the statistical data and trying to predict future period. A special importance should be given to international markets. Given that the extension of global economic integration and cooperation on the international market participants are relative conditioning is required for a consensual approach and multilateral thereof, for reducing and avoiding imbalances in the international trading system. We will take into account the need to involve politics in parallel with the adoption of measures specific to each category of state. All these issues will be addressed further
Riordan, Diane A.; Riordan, Michael P.
This article provides an exercise for students to contemplate the effects of inflation during financial statement analysis. Even small amounts of inflation accumulating over time can grow to distort a company's reported financial position and results of operations. The growing economies in emerging markets, the international market for oil, and…
International Monetary Fund
This paper presents an update to the Financial System Stability Assessment on Morocco. Major reforms have been achieved since the 2002 Financial Sector Assessment Program (FSAP) within a policy of actively promoting economic and financial sector opening. The 2002 FSAP recommendations have been largely implemented. Although the financial system is stable and considerably more robust than in the past, the liberalization of capital flows and increased exchange rate flexibility present challenges...
Issues and challenges in the adoption of International Financial Reporting Standards in Nigeria. ... to have some weaknesses, as such, implementation of policy results in a lot of challenges. ... Accounting infrastructure should be strengthened.
Raquel A. Ramos
Full Text Available Abstract The paper focuses on the manifestations of financialization in the international sphere, which it defines as the increasing magnitude of finance and its decoupling from earlier functions and logic as the speculative motive is strengthened. With financialization the motive of finance is no longer to finance trade and production but to accumulate wealth, which in emerging market economies (EMEs takes place through innovative products and practices that have in common the focus on exchange rate returns, resulting in a strengthened speculative motive. The article reviews the financialization literature highlighting how the different closed-economy aspects impact the international sphere. It conducts empirical analyses based on the financial integration of a country and on the characteristics of its currencies’ FX markets to assess the presence of financialization and its characteristics among EMEs, indicating certain countries where this process is more intense.
Full Text Available The honor of becoming the Editor-in-Chief of the International Journal of Financial Studies becomes immediately muted by the intensity of the task ahead. I am pleased and flattered to follow in the footsteps of previous editors and to continue to define international financial research. My ambition as well as the IJFS’s ambition is the journal to become a more recognized top tier journal, acclaimed for defining new direction in financial research. Achieving this goal will require persistence of purpose, time and patience. History will judge whether within the next few years IJFS will emerge as an important financial journal publishing research, which will redirect and redefine research in financial issues.
Gerstetter, Christiane; Goerlach, Benjamin; Stoessel, Susanah; Ivanova, Maria; Cavalieri, Sandra; Tedsen, Elizabeth; Bar-On, Haran [Ecologic Institute, Berlin (Germany)
In the run-up to the Rio+20 summit, which takes place in June 2012, this study investigates the current system for financing international environmental governance (IEG). The current architecture for IEG finance consists of a growing number of bilateral and multilateral actors, funds and financial mechanisms which leads to incoherence, inefficiencies and extra burdens on recipient countries. The resulting intransparency is exerbated by the lack of a comprehensive system for tracking. Against this background, this study investigates the current state of the IEG funding system from a qualitative and - to a lesser degree - quantitative angle. Some of its flaws are discussed as are options for its improvement - all with a view to formulating recommendations for the Rio+20 summit.
Full Text Available The emergence of the consolidated financial statements is the result of integration processes in the businesses that lead to pooling of different companies. As consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they let you gauge the overall health of an entire group of companies as opposed to one company’s standalone position. Consolidation of financial statements requires from the participants of joining elaborating their individual statements. The article describes the general scheme of consolidation process and defines the key trends of consolidation adjustments, in particular, financial investments, internal operations, goodwill and exchange rate differences. It is found out that to get information about internal operations and financial investments such data have to be synthesized from internal statements. This approach allows using the same accounting methods to parent and subsidiary entities. The objects, the users and the subject domain of internal statements are determined in order to make consolidation of financial statements of joining.
Full Text Available Among the influences of the Asian financial crisis on the international market and its monetary policy and situation, the sharp backwash of the international private capital which has been continually related to the emerging market since the early 1990s is considered as the most important one. Though this trend is partly the result of the internal causes of the emerging countries, such as the inflexible policy of the exchange rate, the accumulation of the frequent income and expenses deficit and the stagnation of the economy in the countries hit by the Asian economic crisis, the unstable internal structure of the application system of the international monetary market probably also brought a tremendous influence. This thesis takes a look at the situation and is directed towards the direction and scale of the future international capital based on the studies of the unsteady factors of the structure of the economic market, which appeared in the period of the Asian economic crisis. After the moratorium of Russia, the liquidity of the international private capital in the international monetary market became various with the implement of the policy which lowered the exchange rate under the cooperation of the developed countries. Meanwhile, the Asian countries strived to establish the structure of enterprises and financial department in a full speed and with a high intensity after the economic crisis. So it is believed that they were fully qualified to enter the emerging market, and would be again in case of need. As the international investors experienced the Asian economic crisis, they faced and estimated the risk of investing into the emerging markets again. As the case stands, the strengthened joint of finance and trade among countries lead to a higher risk of the possibility that the crisis of one country expands to a worldwide crisis. So it is predicted that the inflow of the capital to the emerging market will be in a gradual way. The selection
Automated Internal Revenue Processing System: A Panacea For Financial ... for the collection and management of internal revenue which is the financial ... them, computational errors, high level of redundancy and inconsistencies in record, ...
regulations are in accordance with UNCITRAL Model Law and are based on principles of “ accountability , transparency, fairness, efficiency and value for... account certain factors about the firm(s) for pre-qualification. These factors include past performance and experience; financial health; managerial...internal control components, along with associated principles , were discussed in detail to develop a suitable internal control system for the financial
International risk-sharing is one of the most important benefits from the process of international financial integration, which gained in speed, scope, and geographical coverage during the past decades. As long as different national economies are not perfectly correlated, there are possibilities for
MacPhail, Scott; McGray, Robert
Conditionalities are most broadly defined as the provisos that are to be met by a country when borrowing money from the International Financial Institutions (IFIs). Increasingly, they have proven to have far reaching consequences for countries entering into agreements with The World Bank, the International Monetary Fund, and the World Trade…
Cox, Nora; Pilbauer, Jan
Payments Canada provides Canada's national payments systems and is responsible for the clearing and settlement infrastructure, processes and rules that underpin the exchange of billions of dollars each day through the Canadian economy. Strategic sourcing is a reality for this small organisation with a broad scope of national regulations and global standards to comply with. This paper outlines Payments Canada's approach to outsourcing its critical financial system operations, which centres on four key principles: strong relationship management; continuous learning, recording and reporting; evaluating the business landscape; and a commitment to evolving the organisation to greater resilience. This last point is covered in detail with an exploration of the organisation's resilience and security strategy as well as its risk appetite. As Payments Canada progresses to its future state, which includes modernising its core payment systems, underlying rules and standards, risk management for the industry as a whole will remain at the forefront of its collective mind. The expectation is that outsourcing will remain a fundamental element of its operating model in future, a strategy that will ensure the organisation can focus on its core business competencies and eliminate the need to develop and support in-house expertise in commodity areas.
STOICA Ovidiu; CAPRARU Bogdan
The international financial turmoil rise challenges in evaluating and choosing the optimal financial supervision institutional arrangements in many countries. Our study focuses on the financial supervision institutional architecture and its effectiveness in the European Union during the international financial crisis.We evaluated the effectiveness of the financial supervisory framework by groups of countries, categorised according to the supervisory model. Our analysis demonstrates that the p...
Hautsch, N.; Schaumburg, J.; Schienle, M.
We propose a methodology for forecasting the systemic impact of financial institutions in interconnected systems. Utilizing a five-year sample including the 2008/9 financial crisis, we demonstrate how the approach can be used for the timely systemic risk monitoring of large European banks and
Stubbs, Thomas; Kentikelenis, Alexander
Serving as lender of last resort to countries experiencing unsustainable levels of public debt, international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in Eurozone countries following several rounds of austerity measures. In exchange for access to financial assistance, borrowing countries must settle on a list of often painful policy reforms that are aimed at balancing the budget. This practice has afforded international financial institutions substantial policy influence on governments throughout the world and in a wide array of policy areas of direct bearing on human rights. This article reviews the consequences of policy reforms mandated by international financial institutions on the enjoyment of human rights, focusing on the International Monetary Fund and World Bank. It finds that these reforms undermine the enjoyment of health rights, labour rights, and civil and political rights, all of which have deleterious implications for public health. The evidence suggests that for human rights commitments to be met, a fundamental reorientation of international financial institutions' activities will be necessary.
Horváth, Roman; Poldauf, P.
Roč. 12, č. 1 (2012), s. 1-21 ISSN 1524-5861 R&D Projects: GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Institutional support: RVO:67985556 Keywords : stock market comovements * financial crisis * GARCH Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2012/E/horvath-international stock market comovements what happened during the financial crisis .pdf
Full Text Available This article deals with the convergence of the Kazakh financial system with international standards in light of the new, enhanced agreement with the European Union on partnership and cooperation (January 19, 2015. Based on this research, the approaches used by the Kazakh financial system to converge with the European Union (EU and the mechanism of implementing international standards in the national regulatory framework are determined. In practice, the study provides justification for the necessity of arranging the systematization of existing rules and regulations covering financial activity in the Republic, eliminating discrepancies between the national regulatory framework and international standards, and determining clear security guarantees for foreign investors’ financial activity in the Republic. The research results are primarily focused on the development of public finance management theory. Theories and conclusions present in the study can be used in the educational processes of economic and legal institutions and in the policymaking activity of public finance management bodies.
Viktor Chernadchuk; Viktor Sukhonos; Inna Shkolnyk
The financial system of the advanced countries develops according to two basic models – a bank-based system and a market-based system, depending on the level of protection of the rights of owners, investors and lenders. A paradigm shift in functioning of global financial system and financial systems of all countries is based on financial law, which formalizes all financial relations. Reviewing the financial system of Ukraine, the researchers pay a special attention to public finance due to it...
T. P. Voronchenko
Full Text Available The article presents the innovative aspects of development of state internal fi nancial control and internal fi nancial audit in terms of the budgeting focused on result. A mechanism for implementing the functions of the Supervisory bodies in order to ensure the effi cient use of budgetary funds and eff ectiveness of budget expenditures. The main purpose of the article is justifi cation of implementing systems of internal fi nancial control and internal fi nancial audit in the structures of the major administrators and recipients of budgetary funds, with the allocation of the basic tools that ensure the functioning of the control mechanism, the combination of control procedures and sequence of their implementation. Methodological base of research is the generalization of domestic and foreign experience of internal fi nancial control and internal fi nancial audit, refl ecting an objective law and the necessity of development of state fi nancial control system in the conditions of innovative economy. The result of the implementation of the proposed mechanism and instruments for its implementation in key spending units and recipients of budget funds should be to ensure the eff ectiveness of the implementation of government programmes and projects. Signifi cance of the research contained in the article problems and their solutions is to ensure the effectiveness of the regulatory authorities at all stages of movement of budgetary funds and effective implementation of their Manager and recipient assigned to them socio-economic functions.
Full Text Available The crime in the financial and banking system, through the disasters it produces, damages and large amount of victims, generates the largest economy damages, both national and international level. This phenomenon occurs and is manifested in a specific environment, the economy and finances one, takes different forms and operates with appropriate techniques. Most of the times, the banking system from Romania, has been used for personal grounds, which leads to serious damage of the Romanian economy. Insufficiently matured economic or imperfect judicial environments are only some of the factors that led to the commission of crimes in this area. Also, this type of crime has been determined, among other things, by the economic status, the social structure or the stage of development of the society.
Hermes, C.L.M.; Lensink, B.W.
This paper provides an overview of the major issues with respect to financial system development in transition economies, which were discussed at a conference in Groningen, the Netherlands, December 1997. After a brief remark on the role of financial system design during economic transition, the
The marketing strategy developed for use in international markets by the S. M. Group International of Longueuil, Quebec, a company with interest and well-developed expertise in the environmental and energy sector, was described. The strategy is designed to aid in the selection of countries or regions of interest, in determining the sector of activity to be emphasized, in selecting a local partner or local business representatives, and in making contact locally with the people responsible for the development banks in the target countries in an effort to create awareness of the company. The company also tries, wherever possible, to promote its services to local governmental agencies through the industrial cooperation program of CIDA. Since development banks have a very conservative behaviour, past performances and constant provision of high quality services are of prime importance.
Claudia Gabriela BAICU
Full Text Available In its first part, the article highlights the factors standing at the basis of the modification of the general framework of development of the banking activity in the last decades and the main trends that manifested on the international banking market until the global financial crisis. Thenceforth, the main lessons learned from the global financial crisis for the regulation and supervision authorities are presented. The final part of the article concerns the Basel Committee answer to the global financial crisis, concretised in a reform programme regarding the regulatory framework of the banking activity. The improvements and news brought by the Basel III reform programme take into account the flaws revealed by the global financial crisis and have the purpose to strengthen the stability of the international financial system.
Full Text Available In Romania, the bond market was set up later, comparatively to the equity market. This market is in a development process, but the international financial crisis has affected even the interest of investors in bonds. The secondary municipal bond market is not a very liquid market because these securities are bought from the primary market and held in portfolios by investors because these bonds have a low risk. The issue of these bonds is correlated with the financial independence and the level of decentralization of the local public authorities. The issuance of these bonds is correlated with financial independence and decentralization level specific to local public authorities. Under crisis conditions, the volatility of this market is more significant, the increasing deficits of local budgets decreasing the interest of the middle-class in investing in such financial instruments.
...) of 1996, issued September 9, 1997. JFMIP intends for the requirements to promote understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management...
Previous literature suggests that the adoption of International Financial Reporting Standards (IFRS) can facilitate cross-border capital flows, as it results in an increase in market liquidity and comparability benefits. Using foreign ownership levels in South African listed companies during the period 2003 to 2007, we test ...
Singer, Robert A.
It is expected the SEC will require U.S. domestic companies to prepare and file their annual 10Ks in accordance with international financial reporting standards (IFRS) by 2016. Given the probability that the FASB-IASB convergence project (i.e., Norwalk Agreement) will continue subsequent to mandatory adoption, US accounting programs will be…
World Bank; Inter-American Development Bank
This Public Financial Management Performance Report (PFMPR) analyzes the performance of Colombia's public financial management (PFM) institutions, systems and processes. It documents areas where performance is close to or follows international good practice, as well as opportunities to further enhance PFM contribution to the goals of strengthening fiscal discipline, enabling more efficient...
Britchenko Igor G.
Full Text Available The article is dedicated to the problems of introduction of the institute of financial ombudsman in Ukraine on the basis of studying international experience. The modern development of the banking system of Ukraine is characterized by the presence of significant losses, the outflow of deposit funds of individuals, the growth of inflationary pressures, the reduction in the number of banking institutions, and the decrease in the level of confidence in them among the population. These factors among others have led to a considerable number of litigations between banks and their clients. This situation forces the banks to find effective ways to solve the problem. In the world practice the institute of financial ombudsman serves this purpose. The conclusion is made that the activity of the institute of the financial ombudsman occurs within the framework of a clearly defined legislative field, which in a generalized form is represented by the British and German models. The main difference between these models of the financial ombudsman lies in the status of this institute in different countries. But their common characteristics are the respect for clients, the possibility of voluntary appeal to the ombudsman, a short period of considering the matter, the lack of payment for ombudsman services. The necessity of establishment of the institute of alternative resolution of disputes in the sphere of financial services in the form of financial ombudsman in Ukraine is justified. Its creation will improve the quality of financial market regulation, increase the level of public confidence in financial institutions, strengthen financial discipline, reduce the load on law courts, increase the transparency and openness of the financial market. The financial ombudsman should complement the work of other financial market regulators but at the same time remain an independent and free-standing body. In modern realities of development of Ukraine, a necessary task is
The 2008 financial crisis made clear the shortcomings in the European structure of financial supervision. In the current system of financial supervision the financial supervisor of the home Member State is in principle the only authority entitled to supervise financial institutions even in case
International Monetary Fund
This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restru...
Doina Maria Tilea; Dragos Zaharia
In the organization of internal control flexibility is required because if a rule is too rigid or no longer current it can leads to inefficiency. Current organizational complexity involving the private sector to organize a system of internal control to fold on this, which can cover a territory so expanded and a wide variety of activities. Thus, the Company's internal controls is exercised at the level of each structure and because of the importance and implications of the financial ones are h...
Dragos Laurentiu Zaharia; Luminita Dragne; Doina Maria Tilea
Regarding the financial-accounting system, the internal audit aims at understanding the accounting and control systems finding and correcting the errors. The auditor must inform the general management about the obvious errors within the entity. The board must know evrything concerning these errors.
Stites, Steven; Steffen, Patrick; Turner, Scott; Pingleton, Susan
A new metric was developed and implemented at the University of Kansas School of Medicine Department of Internal Medicine, the financial value unit (FVU). This metric analyzes faculty clinical compensation compared with clinical work productivity as a transparent means to decrease the physician compensation variability and compensate faculty equitably for clinical work.The FVU is the ratio of individual faculty clinical compensation compared with their total work relative value units (wRVUs) generated divided by Medical Group Management Association (MGMA) salary to wRVUs of a similar MGMA physician.The closer the FVU ratio is to 1.0, the closer clinical compensation is to that of an MGMA physician with similar clinical productivity. Using FVU metrics to calculate a faculty salary gap compared with MGMA median salary and wRVU productivity, a divisional production payment was established annually.From FY 2006 to FY 2011, both total faculty numbers and overall clinical activity increased. With the implementation of the FVU, both clinical productivity and compensation increased while, at the same time, physician retention rates remained high. Variability in physician compensation decreased. Dramatic clinical growth was associated with the alignment of clinical work and clinical compensation in a transparent and equable process.
Full Text Available The article analyzed the process of reforming the system of accounting and reporting in Ukraine in accordance with International Financial Reporting Standards. The main results of the tasks of the Strategy of application IFRS in Ukraine approved by the Cabinet of Ministers of Ukraine in 2007 are identified. The results of analysis showed that only 1% of the total number of enterprises form the financial statements in accordance with IFRS, the others apply national standards of accounting. The proportion of small enterprises is 95% that do not have the financial capacity, qualified staff and the necessary motivation for the formation of financial statements in accordance with IFRS. As a result, one of the main objectives of the reform of the accounting and reporting is to improve the legislation on accounting for small enterprises and develop national accounting standards of the simplified procedure for accounting of assets, liabilities, equity and financial results of the calculation for small enterprises.
The present financial management systems reflects only partially the economic reality and they are no longer able to act as an instrument for the management. It is absurd that an economy populated by business models based on 21st century technology to use financial management systems based mainly on the same principles formalised by Luca Paciolli in 1494. Therefore, one of the causes of the current economic crisis could be the lack of coordination between the evolution of the business models ...
Full Text Available The international financial market is extremely volatile because of the influence of anumerous objective and subjective factors. Because of these, în their fight for maximizing the profit, the creditinstitutes confronts permanently with all sort of risks.It is important to know that the risk is generated by a numerous operations and procedures. From thesecause, at least în the financial field, the risk must be considered as a complex of risks, în the sense that they canhave common causes, and producing a risk can generate a chain reaction, and producing other risks. As aconsequence, these operations and procedures can permanently generate an exposure to the risk.The risk management is the key function of the financial institution, which act on the internationalfinancial market. For doing this, it must be used some important instruments that can conduce to avoiding risksor dimensioning them.
Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.
Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.
Full Text Available Essential legal and financial Structures, sometimes complex, had until recently been small and medium entrepreneurs away from the use of offshore jurisdictions, but the constraints of increasingly heavy taxation of excessive in certain States, you push even those with limited resources to use in these jurisdictions to protect revenue. The purpose of this research is to analyze the offshore jurisdictions in order to determine the possibilities of useof their disadvantages in order to improve measures to combat tax evasion, as well as for the use of their advantages in order to reduce illegal migration and regular employment of capital through the analysis of specific cases of the use of offshore jurisdictions – Case Frabklin Jurado, The Bank of Commerce and Credit InternationalAmerican Express Bank International. Scientific novelty and originality of the investigation consists of:-the identification on the basis of international practice, some offshore jurisdictions specific items in order to reflect their fiscal policies (trade and investment, etc.-analysis of cases of the use of offshore jurisdictions in international financial fittings (such as the Bank of Credit and Commerce International; Franklin Jurado; American Express Bank International,-identification of the impact paradisurilor tax and offshore financial centres of the world economy– revealing secret financial transactions carried out within the framework of ofssore, research instruments jurisdictions and management techniques of cadrulacestor tax jurisdictions.It is interesting to be seen through the prism of analysis of economic-fiscal financiare if a competition is beneficial or not for the welfare of States and to what extent this competition will have a say in future developments and tax paradisurilor finanaciare offshore centres. In conclusion, I appreciate that in order to survive successfully in the global economy of the future, offshoreJurisdictions should promote a
Lucey, B.M.; Vigne, S.A.; Ballester, L.; Barbopoulos, L.; Brzeszczynski, J.; Carchano, O.; Dimic, N.; Fernandez, V.; Gogolin, F.; González-Urteaga, A.; Goodell, J.W.; Helbing, P.; Ichev, R.; Kearney, F.; Laing, E.
This paper is the result of a crowdsourced effort to surface perspectives on the present and future direction of international finance. The authors are researchers in financial economics who attended the INFINITI 2017 conference in the University of Valencia in June 2017 and who participated in the crowdsourcing via the Overleaf platform. This paper highlights the actual state of scientific knowledge in a multitude of fields in finance and proposes different directions for future research.
Erick R Outa
Full Text Available The purpose of this paper is to examine the requirements and successes of the New International Financial Architecture (NIFA on transparency and corporate governance from a global perspective with a special focus on Africa. In recent years, transparency, accountability and governance have become key topics with many countries around the world having adopted International Financial Reporting Standards (IFRS and corporate governance codes. The outcomes of these initiatives have been unconvincing. Desktop research was used to gather literature and data on compliance with corporate governance codes and International Financial Reporting Standards (IFRS and other NIFA requirements. This study established that in spite of many regional and global initiatives by the World Bank and relevant regulators, compliance with IFRS and governance in parts of Africa has yet to reach its best level and guidelines are not fully followed leading to opportunities for improvement and policy adjustments. This research has implications and uses for both global and local institutions and regulators concerned with economic stability and growth including the World Bank, central banks, capital markets and boards of companies and the government in general. The findings contribute to governance debates by providing additional perspectives from Africa on compliance with accounting standards and codes in a region where research and corporate governance and reporting issues are still confusing.
The development of management control financial reporting systems for airport operation is discussed. The operation of the system to provide the reports required for determining the specific revenue producing facilities of airports is described. The organization of the cost reporting centers to show the types of information provided by the system is analyzed.
Full Text Available In the last three decades, many emerging countries have moved away from a system of restrictive monetary and financial controls to a more liberalized financial sector. The restrictive imposed policies were expected to contribute to industrialization of the economy and to the stability of the banking sector. However, financial liberalization had big costs on the banking system's competitiveness and efficiency. Financial liberalization has a different impact on banking markets. Thus, there is no size that fits all policies concerning banking liberalization process. For highly efficient banks, competition is improving their efficiency standard, while less efficient banks can`t compete with foreign banks and further are decreasing in efficiency or are driven out of the market. Overall, the average efficiency of domestic banking markets should be an important variable in deciding to open up their banking market. Banks that are operating close to the frontier, in general are improving their efficiency following financial liberalization process. Banks that are operating in a further distance can`t manage to compete with foreign market entrants, so, they are losing from liberalization process. In this article we propose to measure the impact of financial liberalization process on Romanian banking system. We used the panel regression to study the informational efficiency of three Romanian banks during 2004 - 2012. The dependent variable of the model was the price of stock bank, and the independent variables were the financial indicators (return on equity, return on assets, net profit margin. In the second regression we introduce a dummy variable for crisis period. Our results show that the financial indicators choose do not affect the efficiency of Romanian bank, but the crisis had a negative impact on them. International context, credit risk, the implementation of Basel III and reducing exposures in the absence of investment alternatives remains key
This paper examines the financial system reforms in the context of financial sector deepening, and strategy for financial sector development and inclusion in Uganda. Results suggest that the indicators of financial sector development are largely as they were in 1996 and that the actual gains from financial inclusion strategies are small. Evidence suggests a weak link between financial deepening and financial usage by firms and households. It finds the acclaimed success (by policy makers and s...
Alexandre Laurin; Finn Poschmann; Robin Banerjee
The relative soundness of the Canadian domestic financial system throughout the crisis suggests that Canada’s regulatory framework does not require a major overhaul. But Canada could benefit if other countries introduced reforms to improve their macroeconomic stability. Other reforms are needed.
... over financial reporting. 229.308T Section 229.308T Commodity and Securities Exchanges SECURITIES AND... § 229.308T (Item 308T) Internal control over financial reporting. Note to Item 308T: This is a special... internal control over financial reporting. Provide a report of management on the registrant's internal...
... over financial reporting. 229.308 Section 229.308 Commodity and Securities Exchanges SECURITIES AND... § 229.308 (Item 308) Internal control over financial reporting. (a) Management's annual report on internal control over financial reporting. Provide a report of management on the registrant's internal...
Dueker, S.; Gustafson, L.
A computerized library acquisition system developed for control of informational materials acquired at NASA Ames Research Center is described. The system monitors the acquisition of both library and individual researchers' orders and supplies detailed financial, statistical, and bibliographical information. Applicability for other libraries and the future availability of the program is discussed.
Full Text Available The process of transition from socialist economy to market economy was not considered an end in itself, but a necessity, and standing proof to achieve high levels of sustainable development. All former socialist countries are characterized by an early transition recession transformation result of the restructuring, loss of markets, tough competition from foreign products, best quality, or in other cases cheaper. To express the financial system structure in transition we take into discussion data that reflects representatives mutations and restructuring in Central and Eastern European countries, such Bulgaria, Czech Republic, Hungary, Poland and Romania. For all countries we show some important changes of financial system during transition and construct an image matrix that illustrates important indicators of financial system structure and their adjustment.
Full Text Available The paper develops a comprehensive framework for market risk stress testing in internationally active financial institutions. We begin by defining the scope and type of the stress test and explaining how to select risk factors and the stress time horizon. We then address challenges related to data gathering, followed by in-depth discussion of techniques for developing realistic shock scenarios. Next the process of shock application to a particular portfolio is described, followed by determination of portfolio profit and loss. We conclude by briefly discussing the issue of assigning probability to stress scenarios. We illustrate the framework by considering the development of a ‘worst case’ scenario using global financial market data from Thomson Reuters Datastream.
Jørgensen, Poul Erik Flyvholm; Isaksson, Maria
. There is also clear evidence that corporate advertising is in fact strongly focussed on communicating credibility with less than 10% of discourse and visuals devoted to credibility-free themes and issues. Research implications/limitations - The study takes a production perspective, using discourse......Purpose - The research draws a detailed picture of how international corporate banks and financial institutions approach image advertising to enhance impressions of their credibility. The purpose of the work is twofold, namely to demonstrate (1) how corporate credibility can be conceptualised...... appeal forms. A corpus of 74 print adverts was then analysed in order to establish how financial marketers use the appeal forms to strengthen their corporate reputations. The patterns of credibility appeals obtained were then linked to the supporting visuals to provide a fuller picture of the industry...
The preliminary system design of the computer-based Southwest Regional Laboratory's (SWRL) Financial System is outlined. The system is designed to produce various management and accounting reports needed to maintain control of SWRL operational and financial activities. Included in the document are descriptions of the various types of system…
Full Text Available The PIFC /Public Internal Financial Control/ was developed by the European Commission. PIFC is set of principles internal financial controls system established for the purpose of controlling, auditing, supervise on the use of national budget and European Union budget and funds. Also, in order to support candidate countries in their internal control system reforms in the public sector. Therefore, it is expected for the candidate countries to establish and develop the system of internal financial controls according to the concept which was in that field developed by the European Union based on International Standards and the best practice of European countries. Since the year 2003 the Republic of Croatia undertakes intensive activities on the establishment and development of the internal financial control system according with the regulation of European Union. In keeping with the set concept, the Republic of Croatia undertook numerous activities during the past six years to create all the necessary assumptions for the establishment and development of the system, including: the adoption of the initial strategic documents; drafting of laws; the creation of organisational capacities and human resources; and the implementation of the system with budget users at central government and local levels. In this paper we will present phases of implementation PIFC in Croatian Public Sector. Through this phases we will show impact that PIFC has on development of New Public Management in Croatia and changes in organizational structure and human resource that are caused during this process. Also, we will give critical opinion of that process and problems which occur during implementation. In this paper we will present approach in implementation of PIFC in Slovenia and Bosnia and Herzegovina and compare this with implementation in Croatia.
... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 80.20... Financial Administration § 80.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 74.21... Requirements Financial and Program Management § 74.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 249.11 Section 249.11... § 249.11 Financial management system. (a) Disclosure of expenditures. The State agency must maintain a financial management system that provides accurate, current and complete disclosure of the financial status...
... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... Financial Administration § 437.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Financial management systems. 632.32 Section... Financial management systems. (a) Each Native American grantee, subgrantee and contractor shall maintain a financial management system which will provide accurate, current and complete disclosure of the financial...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 248.11 Section 248.11... § 248.11 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete disclosure of the financial status...
... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.121... financial management systems. (a) Recipients shall relate financial data to performance data and develop....121(f) and 600.181, recipients' financial management systems shall provide for the following: (1...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 145... Financial and Program Management § 145.21 Standards for financial management systems. (a) The Department... whenever practical. (b) Recipients' financial management systems shall provide for the following. (1...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1183... Financial Administration § 1183.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems... Requirements § 1260.121 Standards for financial management systems. (a) Recipients shall relate financial data...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...
... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial... the financial management system of any applicant for financial assistance as part of a preaward review...
... 21 Food and Drugs 9 2010-04-01 2010-04-01 false Standards for financial management systems. 1403... Financial Administration § 1403.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 29 Labor 4 2010-07-01 2010-07-01 false Standards for financial management systems. 1470.20 Section... Post-Award Requirements Financial Administration § 1470.20 Standards for financial management systems... the restrictions and prohibitions of applicable statutes. (b) The financial management systems of...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 135... Financial Administration § 135.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 95.21 Section 95... Requirements Financial and Program Management § 95.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3019.21... Requirements Financial and Program Management § 3019.21 Standards for financial management systems. (a) Federal... cost information whenever practical. (b) Recipients' financial management systems shall provide for the...
... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 74.21... Management § 74.21 Standards for financial management systems. (a) Recipients shall relate financial data to... cost information is usually not appropriate. (b) Recipients' financial management systems shall provide...
... 2 Grants and Agreements 1 2010-01-01 2010-01-01 false Standards for financial management systems... Financial and Program Management § 215.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1174... Financial Administration § 1174.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...
I Putu Fery Karyada
Full Text Available Abstract: Accounting Information Quality in Convergence International Financial Reporting Standard (IFRS. This study aims to examine the differences of accounting information quality in the IFRS convergence. The method used in this research is multiple regression analysis in non banking and finance companies in 2012-2014. The research shows that overall application of IFRS tended to reduce the quality of accounting information. This research finds that overall application of IFRS tends to reduce the quality of accounting information. This occurs because the differences of IFRS with existing standards, weak law enforcement, and a lack of manager incentives. This result can be an input for various parties in making policy.
We show that the diversification of risks at financial institutions has unwelcome effects by increasing the likelihood of systems crises.As a result, complete diversification is not warranted adn the optimal degree of diversification is arbitrarily low.We also identify externalities that cause
Arinaminpathy, Nimalan; Kapadia, Sujit; May, Robert M.
The global financial crisis has precipitated an increasing appreciation of the need for a systemic perspective toward financial stability. For example: What role do large banks play in systemic risk? How should capital adequacy standards recognize this role? How is stability shaped by concentration and diversification in the financial system? We explore these questions using a deliberately simplified, dynamic model of a banking system that combines three different channels for direct transmission of contagion from one bank to another: liquidity hoarding, asset price contagion, and the propagation of defaults via counterparty credit risk. Importantly, we also introduce a mechanism for capturing how swings in “confidence” in the system may contribute to instability. Our results highlight that the importance of relatively large, well-connected banks in system stability scales more than proportionately with their size: the impact of their collapse arises not only from their connectivity, but also from their effect on confidence in the system. Imposing tougher capital requirements on larger banks than smaller ones can thus enhance the resilience of the system. Moreover, these effects are more pronounced in more concentrated systems, and continue to apply, even when allowing for potential diversification benefits that may be realized by larger banks. We discuss some tentative implications for policy, as well as conceptual analogies in ecosystem stability and in the control of infectious diseases. PMID:23091020
...] RIN 0691-AA73 International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau of Economic Analysis... BE-180, Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers...
...-AA73 International Services Surveys: BE-180, Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons AGENCY: Bureau of Economic Analysis... Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign Persons...
... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 435.21 Standards for financial management systems. (a) Introduction. SSA requires recipients to relate financial...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 34... ORGANIZATIONS Post-award Requirements Financial and Program Management § 34.11 Standards for financial management systems. (a) Recipients shall be allowed and encouraged to use existing financial management...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...
... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 226... AWARDS TO U.S. NON-GOVERNMENTAL ORGANIZATIONS Post-award Requirements Financial and Program Management § 226.21 Standards for financial management systems. (a) Recipients shall relate financial data to...
... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Standards for financial management systems. 518... ORGANIZATIONS Post-Award Requirements Financial and Program Management § 518.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate financial data to...
Full Text Available The article deals with experience of application of international financial reporting standards in different countries with economies in transition. The main advantages and disadvantages of the implementation of international financial reporting standards for financial reporting for Ukrainian companies are based on this experience.
... control over financial reporting. 630.5 Section 630.5 Banks and Banking FARM CREDIT ADMINISTRATION FARM... assessment of internal control over financial reporting. (1) Annual reports must include a report by the... disclose any material change(s) in the internal control over financial reporting occurring during the...
Granetto, Paul J; Peek, Marvin L; Armstrong, Jack L; Wenzel, Paul C; Furey, Kathleen A; Zimmerman, Craig W
... are: the Corps of Engineers Financial Management System, the Corps of Engineers Enterprise Management Information System, and the Defense Departmental Reporting System - Audited Financial Statements...
Full Text Available
ENGLISH ABSTRACT: Artificial intelligence techniques are rapidly emerging as important contributors to more effective management. One of the greatest growth areas probably lies in the use of Expert System methodology for supporting managerial decision processes.
Existing Decision Support Systems often attempt to apply analytical techniques in combination with traditional data access and retrieval functions. One of the problems usually encountered while developing such decision support systems is the need to transform an unstructured problem environment into a structured analytical model. Using an expert system approach to strategic decision making in such unstructured problem environments may provide significant advantages.
The financial Risk diagnostic EXpert System (REXS concentrates on Financial Risk Analysis. Based on a Forecasting Model the system will, with the support of several expert system knowledge bases, attempt to evaluate the financial risk of a business and provide guidelines for improvement.
AFRIKAANSE OPSOMMING: Tegnieke gebaseer op Kunsmatige Intelligensie toon tans die belofte om belangrike bydraes te maak tot meerBestaande Besluitsteunstelsels poog dikwels om analitiese tegnieke en lradisionele datatoegang- en onttrekkingsfunksies te kombineer. Een van die probleme wat gewoonlik ondervind word gedurende die ontwikkeling van '0 besluitsteunstelsel bestaan uit die behoefte om 'n ongestruktueerde probleemomgewing te transformeer na 'n gestruktueerde analitiese model. 'n Ekspertstelselbenadering lot strategiese besluitneming in 'n ongeSlruktureerde probleemomgewing mag betekenisvolle voordele inhou.
Die "financial Risk diagnostic EXpert System (REXS" konsentreer op fmansiele risiko-analise. Uitgaande vanaf 'n Vooruitskattingsmode~ en deur gebruik te maak van verskeie ekspertstelselkennisbasisse, poog die stelsel om die fmansiele risiko van 'n onderneming te evalueer en riglyne vir moontlike verbetering
Здреник, Василь Степанович; Рафальська, Наталія Олександрівна
The main aspects of accounting for financial investments according to national and international standards have been considered, as well as differences between them have been revealed and solutions to these issues have been offered
The question of how to stabilize financial systems has attracted considerable attention since the global financial crisis of 2007-2009. Recently, Beale et al. [Proc. Natl. Acad. Sci. USA 108, 12647 (2011)] demonstrated that higher portfolio diversity among banks would reduce systemic risk by decreasing the risk of simultaneous defaults at the expense of a higher likelihood of individual defaults. In practice, however, a bank default has an externality in that it undermines other banks’ balance sheets. This paper explores how each of these different sources of risk, simultaneity risk and externality, contributes to systemic risk. The results show that the allocation of external assets that minimizes systemic risk varies with the topology of the financial network as long as asset returns have negative correlations. In the model, a well-known centrality measure, PageRank, reflects an appropriately defined “infectiveness” of a bank. An important result is that the most infective bank needs not always to be the safest bank. Under certain circumstances, the most infective node should act as a firewall to prevent large-scale collective defaults. The introduction of a counteractive portfolio structure will significantly reduce systemic risk.
Full Text Available Economy can be considered a large, open system which is influenced by fluctuations, both internal and external. Based on non-linear dynamics theory, the dynamic models of a financial system try to provide a new perspective by explaining the complicated behaviour of the system not as a result of external influences or random behaviour, but as a result of the behaviour and trends of the system’s internal structures. The present article analyses a chaotic financial system from the point of view of determining the time delay of the model variables – the interest rate, investment demand, and price index. The theory is briefly explained in the first chapters of the paper and serves as a basis for formulating the relations. This article aims to determine the appropriate length of time delay variables in a dynamic model of the financial system in order to express the real economic situation and respect the effect of the history of factors under consideration. The determination of the delay length is carried out for the time series representing Euro area. The methodology for the determination of the time delay is illustrated by a concrete example.
Hill, Charles W L
It is proposed that, within the population of M-form firms, the control systems necessary to realize economic benefits from interrelationships between subunits o f a firm are incompatible with the systems necessary to realize benef its from an M-form type internal capital market. This hypothesis is t ested on 156 large U.K. firms. Questionnaire data are used to classif y the firms according to their internal control characteristics. The findings provide tentative support for the hypothesis. C...
... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management..., HOSPITALS AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 70.21 Standards for financial management systems. (a) Recipients must relate financial data to...
... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.311... Requirements § 600.311 Standards for financial management systems. (a) Recipients are encouraged to use existing financial management systems to the extent that the systems comply with Generally Accepted...
Conglomeration and consolidation in the financial system broaden the activities financial institutions are undertaking and cause them to become more homogenous.Although resulting diversification gains make each institution appear less risky, we argue that financial stability may not improve as total
DURER, Salih; AKBAŞ, Halil Emre; ZEYTİNOĞLU, Emin
This study aims to examine the perceptions of accountingacademicians about incorporating International Financial ReportingStandards (IFRS) into the accounting education. Results of thestudy indicate that uncertainty in the implementation of IFRS isseen as the most challenging aspect of incorporating IFRS into theaccounting education and the most appropriate path that shouldbe followed in accounting education is to give equal weight to AccountingSystem Implementation General Communiqués, tax l...
We examined the influence of financial system activities on tax revenue ... our analysis showed that financial system activities influence tax revenue ... causality test and variance decomposition results corroborate our regression results.
This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with
What economists and policy-makers for a long time had considered as virtually impossible has happened: except for North America and Europe, since 1997 the world financial system has moved with dazzling speed from crisis to crisis. Major countries in Asia, Europe and Latin America collapsed or fell prey to the contagiousness of the crisis. It all started in Thailand in the summer of 1997, quickly spread to other South-East Asian countries, dragged down Japan, infested Russia and spread to Lati...
Pieterse-Bloem, Mary; Eijffinger, Sylvester
textabstractIn this paper we analyse a chronicle of economic theory on international financial integration post-WWII to the present date. Our focus is on theories that have somehow quantify the state and speed of international financial integration. We are able to contrast and compare three distinct strands that have brought forward conditions for its measurement. It is shown that European unification provides much of the empirical testing ground for these measures of international financial ...
Full Text Available If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.
... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3016.20... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 19.21... ORGANIZATIONS Post-Award Requirements § 19.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 32... Program Management § 32.21 Standards for financial management systems. (a) DoD Components shall require... unit cost information. (b) Recipients' financial management systems shall provide for the following. (1...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Standards for financial management systems. 277.6... ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.6 Standards for financial management systems. (a) General. This section prescribes standards for financial management systems in administering program funds by the State...
... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... Organizations Post-Award Requirements § 12.921 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...
... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 18.20... Administration § 18.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial management... for Management and Operating Contracts 970.5232-7 Financial management system. As prescribed in 970.3270(b)(1), insert the following clause: Financial Management System (DEC 2000) The Contractor shall...
... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 246.13 Section 246.13... State Agency Provisions § 246.13 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... § 35.6270 Standards for financial management systems. (a) Accounting system standards—(1) General. The... of the adequacy of the financial management system as described in 40 CFR 31.20(c). (2) Allowable...
... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 97.20 Section 97... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Financial management system. 152.303... (CONTINUED) AIRPORTS AIRPORT AID PROGRAM Accounting and Reporting Requirements § 152.303 Financial management system. Each sponsor or planning agency shall establish and maintain a financial management system that...
... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1157... Administration § 1157.20 Standards for financial management systems. (a) A State must expand and account for... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 33... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial...
Daniel VILSANOIU; Mihaela SERBAN
This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control â€“ Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, ou...
... control over financial reporting. 620.3 Section 620.3 Banks and Banking FARM CREDIT ADMINISTRATION FARM... control over financial reporting. (a) Prohibition against incomplete, inaccurate, or misleading... assessment of internal control over financial reporting. Annual reports of those institutions with over $1...
... financial reporting. 1773.32 Section 1773.32 Agriculture Regulations of the Department of Agriculture... RUS Reporting Requirements § 1773.32 Report on compliance and on internal control over financial... control over financial reporting including whether or not the tests performed provided sufficient evidence...
Maryam Abulghasemi Komeleh
Full Text Available The primary objective of most financial statements is to provide a concentrated as well as categorized reports on financial performance and flexibility to help decision makers reach suitable financial decisions. This paper presents an empirical investigation to study the relationship between internal auditing and quality of financial statements on selected firms listed on Tehran Stock Exchange. The proposed study selects 140 firms over the period 2008-2012. Using some regression technique, the study has determined that there was a positive and meaningful relationship between firms with internal auditing in their activities and quality of financial statements.
Full Text Available Financial markets in Lebanon are constrained by government influence, Islamic financial principles, and some barriers to foreign participation. Productivity in the Lebanese financial sector ranks below its occidental counterpart in spite the fact that regulatory, supervisory, and accounting standards are generally consistent with international norms. This paper aims to give the reasons and recommendations of the failure of applying the optimal management information system in the Lebanese Financial Sector. Our results show that the reasons include among others the systems by it selves, their functionalities, but also, companies’ strategy and human capital issues.
... with the financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 92.20...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 602.20...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.220...
... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... Administration § 85.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...
... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... Program Management § 30.21 Standards for financial management systems. (a) EPA shall require recipients to...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...
... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... and Program Management § 84.21 Standards for financial management systems. (a) HUD shall require.... (b) Recipients' financial management systems shall provide for the following: (1) Accurate, current...
... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2543... OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 2543.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate...
... Program Management § 49.21 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...
... Program Management § 1210.21 Standards for financial management systems. (a) The NHPRC shall require.... (b) Recipients' financial management systems shall provide for the following. (1) Accurate, current... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Standards for financial...
... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Standards for financial... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...
... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2541... STATE AND LOCAL GOVERNMENTS Post-Award Requirements § 2541.200 Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems...
Developing countries need mechanisms by which the information they generate themselves and development information from the rest of the world can be retrieved. The international cooperative information system is such a mechanism. Delegates to the Seminar on International Cooperative Information Systems were informed about various existing systems (INIS, AGRIS, INFOTERRA, TCDC/INRES, POPIN, DEVSIS, and INPADROC), some specialized information systems and services (CDS/ISIS and the Cassava Information Centre), and computer programs for information processing (INIS/AGRIS, CDS/ISIS, and MINISIS). The participants suggested some changes that should be made on both the national and the international levels to ensure that these systems meet the needs of developing countries more effectively. (LL)
Girish K. Nair; Lewlyn Lester Raj Rodrigues
There are several ratios which define the financial health of an organization but the importance of Net cash flow, Gross income, Net income, Pending bills, Receivable bills, Debt, and Book value can never be undermined as they give the exact picture of the financial condition. While there are several approaches to study the dynamics of these variables, system dynamics based modelling and simulation is one of the modern techniques. The paper explores this method to simulate the before mentione...
Ahamed Kameel Mydin Meera
Full Text Available Economic and financial crises seem to occur with increased frequency. Indeed now most countries, including several advanced economies like the US, Europe and Japan, are in serious economic recession. Employment and business opportunities have been much dampened. Inflation seems to be soaring globally and nations are witnessing widening gaps in income and wealth distribution. Many of these advanced economies are also facing shrinking population sizes that translate into aging problems and labor shortages. On top of those, there are environmental issues, including global warming. All these, in turn, have caused regional and global political conflicts and turmoil. The Arab Spring and the sovereign debt problems faced by some European countries like Greece are examples of this. Sustainability of economics and environment is thus of paramount concern of today. This paper considers those problems and suggests Interest-free Gold-based Electronic Netting System (IGENS as an effective way of injecting liquidity into the economy, practically free, that can spur business and employment while bringing about structural stability, inflation checked with both economic and environmental sustainability. Netting or muqassah is a transaction allowed in shari’ah and is practiced worldwide in different forms. Examples include the highly successful WIR Bank of Switzerland, various Local Exchange Trading Schemes (LETS and Bilateral and Multilateral Payment Arrangements between central banks. Keywords: Global crisis, Payment system, Gold, Netting, Muqassah, Liquidity, Sustainability, Financial system stability JEL Classification: E40, E42, E51
Gurnain Pasricha; Tom Roberts; Ian Christensen; Brad Howell
This article focuses on a quantitative method to identify financial system vulnerabilities, specifically, an imbalance indicator model (IIM) and its application to Canada. An IIM identifies potential vulnerabilities in a financial system by comparing current economic and financial data with data from periods leading up to past episodes of financial stress. It complements other sources of information - including market intelligence and regular monitoring of the economy - that policy-makers use...
Full Text Available The return on assets and the return on equity are essential indicators for the assessment of the company performance. They have a rich financial content, but there are many cases where the figure sometimes shows a “prettier” reality. In such cases it is necessary to treat and interpret financial rates with caution, taking into account, at the same time, other methods used in the financial analysis. The objective of this paper is to present a popular financial diagnosis optimization method - the Du Pont financial control system, that has an important role in the financial analysis of the company because it is related to the return on assets and the return on equity of the company as a result of the interaction of several factors synthesized through reports built based on information taken from the annual financial statements.
Full Text Available This paper presents the importance of the financial audit, the necessity of improving the organizational framework and of achieving the financial audit missions, respectively extent to which the financial statements of the Romanian economic entities meet the international and European requirements in the field. This paper presents the influence that financial audit seems to have in a long period of time upon the financial reporting in certain economic environments. A questionnaire based on four questions has been used, its outcomes being analyzed and its conclusions laid at the foundation of our entire scientific research. The research was based on the information gathered from financial auditors - natural and legal persons - and from economic entities that are obliged or not to audit their financial statements concerning the way a financial audit mission is developing, with respect to the European and international requirements and the International Financial Audit Standards implementation in Romania. The paper ends up with authors’ conclusions concerning the challenges the business environment is confronted to, these being directly reflected in the efforts the financial auditors must do in order to assess the impact on the financial statements and on the financial performance of an economic entity submitted to audit.
Hassanein, Khaled S.; Wesolkowski, Slawo; Higgins, Ray; Crabtree, Ralph; Peng, Antai
A system was developed that integrates intelligent document analysis with multiple character/numeral recognition engines in order to achieve high accuracy automated financial document processing. In this system, images are accepted in both their grayscale and binary formats. A document analysis module starts by extracting essential features from the document to help identify its type (e.g. personal check, business check, etc.). These features are also utilized to conduct a full analysis of the image to determine the location of interesting zones such as the courtesy amount and the legal amount. These fields are then made available to several recognition knowledge sources such as courtesy amount recognition engines and legal amount recognition engines through a blackboard architecture. This architecture allows all the available knowledge sources to contribute incrementally and opportunistically to the solution of the given recognition query. Performance results on a test set of machine printed business checks using the integrated system are also reported.
Howard, L M
By direct consulation and review of published sources, a study of 16 selected official sources of international financial cooperation was conducted over the August 1979 to August 1980 period in order to assess the policies, programs, and prospects for support of established international health goals. This study demonstrated that approximately 90% of the external health sector funds are provided via development oriented agencies. The major agencies providing such assistance concur that no sector, including health, should be excluded "a priori," providing that the requesting nation conveys its proposals through the appropriate national development planning authority. The agencies in the study also were found to be supporting health related programs in all the geographic regions of the World Health Organization (WHO). An associated review of 30 external funding agencies revealed that only 5 reported providing health assistance in more than half of the countries where they provided assistance for general development purposes. Interviewed sources attributed this to the limited manner in which health proposals have been identified, prepared, and forwarded (with national development authority approval) to international agencies. In 1979 concessional development financing totaled approximately US$29.9 billion, US$24.2 billion being provided by 17 major industrial nations, US$4.7 billion by Organization of Petroleum Exporting (OPEC) countries, and less than US$1 billion by the countries of Eastern Europe. Approximately 2/3 of such concessional financing is administered bilaterally, only 1/3 passing through multilateral institutions. UN agencies receive only 12% of these total concessional development financing resources. In 1979, concessional funding for health totaled approximately US$3 billion, approximately 1/10 of which was administered by WHO and its regional offices. It is anticipated that future international funding for health in developing countries will continue
Kandungan Prinsip Konservatisme DalamStandar Akuntansi Keuangan Berbasis IFRS(International Financial Reporting Standard)Ahmad JuandaStaf Pengajar Jurusan Akutansi, Fakultas Ekonomi dan BisnisUniversitas Muhammadiyah This study aims to reveal the content of the principle of conservatism contained in financial accounting standards (GAAP) results of the convergence of International Financial Reporting Standards (IFRS). The use of the principle of conservatism still...
Yusrina, Hasyyati; Mukhtaruddin, Mukhtaruddin; Fuadah, Luk Luk; Sulong, Zunaidah
The International Financial Reporting Standards (IFRS) initiated by International Accounting Standard Board (IASB) are principle-based standard that require extensive disclosure of financial statements and accounting information as compared to prior standard that is the Generally Accepted Accounting Principles (GAAP) to better reflect the overall quality of company’s performance. Therefore, the IFRS convergence is expected to improve the reliability of financial reporting by limiting opportun...
Alex Augusto Timm Rathke
Full Text Available This study analyzes the level of earnings management in Latin America after the adoption of the International Financial Reporting Standards (IFRS and analyzes the role of cross-listing in the United States. The literature on earnings management in less developed countries is still under construction, and few studies focus on this issue, especially with respect to Latin America, despite its relevant role in the global economy. This paper fills this gap in the literature as it analyzes the level of IFRS earnings management regarding the first and main Latin American countries applying IFRS (Brazil and Chile, when compared to the main Anglo-Saxon countries with IFRS tradition (United Kingdom and Australia, and with the main Continental European economies (France and Germany. The results show that Latin American firms present a higher level of earnings management than Continental European and Anglo-Saxon firms, and this opportunistic behavior remains significant when only global players with cross-listing in the United States are analyzed. Thus, even with a unique set of high quality accounting standards (IFRS and strong reporting incentives, countries’ specific characteristics still play an important role in the way IFRS is implemented in each country.
M. Pieterse-Bloem (Mary); S.C.W. Eijffinger (Sylvester)
textabstractIn this paper we analyse a chronicle of economic theory on international financial integration post-WWII to the present date. Our focus is on theories that have somehow quantify the state and speed of international financial integration. We are able to contrast and compare three distinct
This is a review of Henk Langendijk, Dirk Swagerman and Willem Verhoog (Eds) "Is Fair Value Fair? Financial Reporting from an International Perspective," Chichester: John Wiley, 2003, ISBN 0 470 85028 0.......This is a review of Henk Langendijk, Dirk Swagerman and Willem Verhoog (Eds) "Is Fair Value Fair? Financial Reporting from an International Perspective," Chichester: John Wiley, 2003, ISBN 0 470 85028 0....
.... The Chief Financial Officers Act requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards...
Bouët, Antoine; Vaubourg, Anne-Gaël
The goal of this paper is to examine how financial constraints affect firms’ decisions to export when the mode of intra-sectoral competition is endogenous. We propose an extension of Neary and Tharakan’s (2012) model, in which firms resort to external funders to finance fixed export costs and investments in production capacities. We assume that sectors differ in financial constraint and that the cost of capital increases with the level of financial constraint. We first show that less financia...
I model an international payments system with a financial center and periphery to reproduce various aspects of the International Gold Standard. This period was characterized by frequent crises associated with scarce stocks of reserves, high short-term interest rates with subsequent gold inflows and transmission of output contractions across countries. I find that a common international currency and no legal restrictions on exchange help the periphery share reserves with the financial center, ...
Croke, K. G.; Hurter, A. P.; Lerner, E.; Breen, W.; Baum, J.
This report is designed to analyze the commercialization potential of various concepts of community-scale energy systems that have been termed Integrated Community Energy Systems (ICES). A case analysis of alternative ICES concepts applied to a major metropolitan development complex is documented. The intent of this study is twofold: (1) to develop a framework for comparing ICES technologies to conventional energy supply systems and (2) to identify potential problems in the commercialization of new systems approaches to energy conservation. In brief, the ICES Program of the ERDA Office of Energy Conservation is intended to identify the opportunities for energy conservation in the community context through analysis, development, and/or demonstration of: location and design of buildings, building complexes, and infrastructure links; engineering and systems design of existing, emerging, and advanced energy production and delivery technologies and systems; regulatory designs for public planning, administration, and regulation of energy-conserving community development and energy services; and financial planning for energy-conserving community development and energy supply systems.
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Standards for financial management...
... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management...
... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...-PROFIT, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 14.21 Standards for financial management systems. (a) The Grants Officer shall require recipients to relate...
Full Text Available This paper indicates how the last global financial crisis has affected the european financial system. As the depression evolved it brought all the weaknesses in the system of financial supervision to the surface. Then it became clear that deeper integration of the banking system was strongly needed. To mitigate systemic stability risk and improve the coordination process with international organizations, the European Commission decided to establish the European System of Financial Supervision. However, it seemed that it was not sufficient to prevent from further fragmentation of the financial market in Europe. As a result, in 2012 the European Commission initiated the banking union, a new form of political and economic integration.
Bates, Alan; Lucey, Thomas; Inose, Taki; Yamane, Eiji; Green, Vicki
This paper interprets comments associated with an open-response item on an online survey of college students in the United States, Japan, and Canada. The item inquired about their interpretations of financial morality. The paper describes student understandings of appropriate behaviors in relationship to financial practice. The authors claim that…
Full Text Available This study endeavors to estimate relationship between international financial integration and economic growth in India during 1981-2011. Apart from direct impact of international financial integration on growth, indirect impact (via financial development has also been studied empirically. Models of co-integration and Vector Error Correction Model (VECM have been applied to examine the relationships. The study observes that international financial integration affects the growth of the economy positively; and change in economic growth due to it through financial development is approximately 8.63 percent. The study also suggests that the structural reforms that took place in India in early nineties did not affect the existing relationship of global financial integration and economic growth significantly.
Vadim Anatolyevich Malyshenko
Full Text Available The subject matter of the research is the system of strategically focused financial analysis regarding an assessment of the financial condition of the enterprise. The hypothesis of the study is to assume the possibility of developing the financial and strategic model of the comprehensive assessment of the financial condition taking into account the integrated impact of environmental factors (general for the most Crimean health resorts. The methodology of the work is based on the most general principles of system analysis. The basic method of the research is the matrix method as the most common one for the system analysis. The graphical and statistical methods are also used. The result of the work is the comprehensive method of financial analysis developed as a model based on the matrix relation between the original visual profile of the internal environment and the dynamic type of external environment. The difference of the visual model of financial state from the existing graphic methods consists in fixing of the new strategic types of financial state on the basis of financial stability in visually grouped areas of financial coefficients in theme groups (configurationsprofiles with certain combinations of the forms and sizes. The new analytical instrument of «frigate model» can be applied in all analytical activities of the health resorts departments related to the analytical assessment of financial state. The advantage of «frigate model» in comparison with a classical method of the forming of the types of financial condition is that the proposed model allows to allocate more differentiated types and in addition, to identify the stages of enterprise life cycle based on the relative indicators of the analysis of financial state (objects-coefficients, and not just on the financial management. Through this, the consistency of interaction between the financial analysis and management is achieved.
Full Text Available In the immediate aftermath of the current financial crisis in the United States the response has been to resolve small and medium size banks, while large banks experiencing financial trouble have been given both direct and indirect government support. This, however, has resulted in a number of larger banks absorbing smaller ones, creating an even smaller number of even larger banks that dominate the financial system. This article deals first with a comparison of the problems created by â€œtoo big to failâ€ financial institutions. The second section deals with the possible restoration of Glass-Steagall type legislation as a means of restoring single-function financial institutions. It concludes that alternatives to separation of functions will have to be found to deal with multifunction financial institutions since most lending activity requires securities markets activities.
Dissertation focuse on the internal control system in the enterprises, aims to map the control system by focusing on the purchasing department. I focused on the purchasing process, because with an increasing trends of outsourcing services and the increasing interconnectedness of enterprises increases the risk of fraud currently in the purchasing process. To the research was selected the sample of companies from the banking and non-banking environment, to which were sent a questionnaire focusi...
Irina-Doina Pãºcan; Ramona Neag
Along with the economic globalization, the international accounting regulation bodies faced the need to issue internationally accepted global accounting standards. The effect was the issuance and the widespread of the International Financial Reporting Standards (IFRS). At European level, the IFRS gained legitimacy in 2002, when the European Parliament and Council have decided that all European publicly traded entities must prepare their consolidated financial statements in accordance with IFR...
The relationship between the financial system (specifically stock market development) and economic growth has been an important issue of debate. A well-functioning financial system can affect economic growth through the improvement of capital productivity and the efficient allocation of resources. The role of taxation as a major determinant of an active financial system and strong economic growth also becomes of interest to the researcher. Taxation through policy and revenue collection seems ...
Using foreign ownership levels in South African listed companies during the period 2003 to ... transparency in financial information for investors. This could .... SA-GAAP. Taking all the literature into account and applying it to the South African.
Juan Omar, Agüero
Full Text Available In this paper I present a governability or power technology form what I call financial governability that differs from the German ordoliberalism and the North American anacor-liberalism, analyzed by Michel Foucault. In which context does this form emerge from financial rationality?, how does it emerge and develop itself?, what meanings has it got for biopolítics and governability? And what implications happen from this transformation process of the human work in financial capital?, these are some of the matters that are discussed in this paper. As from the concepts of biopolítics and governability, I treat the theories of the policy of society and human capital, as foundations of the German ordoliberalism and the North American anarco-liberalism, respectively, later discussing the governability form which I call financial governability, as power technology differentiated from those.
Since the Mexican crisis in 1994/95, a large number of developing countries and emerging markets have been hit by financial crises. Argentina is the last country that is suffering from dramatic economic problems. The main cause of these crises are the deregulation and liberalisation of financial markets that have been associated with the current model of globalisation. This model is not sustainable: Is has contributed to massive economic problems in the developing world without providing the ...
Persida Cechin Crista
Full Text Available Financial stability has a crucial role in the financial system and in the economy as a whole, as shown by the current worldwide economic crisis. Therefore, in order to protect the financial system and to ensure financial stability, the identification of the main risk and vulnerability sources is of utmost importance. All involved parties, as well as financial institutions and supervision authorities need to be informed about the risks.Banks, insurance companies and other financial institutions represent the first line of defence against financial crises. These institutions are responsible for maintaining their viability and solvency, as well as for checking the debtors’ credit worthiness and for managing the undertaken risks.
Jessica Hong Yang
Full Text Available The study aims to examine the perception of key actors regarding the costs and benefits that result from adopting International Financial Reporting Standards (IFRS in Ukraine. Design/Methodology/Approach – The authors conducted a questionnaire survey in order to identify perceptions of financial managers of Ukrainian listed firms regarding the benefits and the costs associated with transition to IFRS. Our results showed that IFRS implementation impacts on internal reporting quality, the relationship with customers, creditors and shareholders, the access to international markets and external financing. It also indicated that financial managers have serious concerns about implementation costs related to the introduction of IFRS. These costs relate to training, instruction on IFRS adoption and translation of current IFRS, changes in software systems, double purpose accounting and deadlines for IFRS adoption and consulting services. Whilst this research has established a general model that consists of six factors, affecting IFRS relevance to Ukraine, the extent of interrelations between these factors is not clear. Thus, it may be of a great interest for future research to explore this issue in more detail and, in particular, conduct empirical research to determine the extent of interdependency between six factors in the model. The results and conclusions of this research can be of a great interest to policy makers and business practitioners since all public companies in Ukraine are obliged to adopt IFRS from 2012. It might be of interest to conduct this research on results of mandatory implementation of IFRS in Ukraine while taking into account the circumstances that suggested almost no relevance of the international accounting standards to the country at the moment of their application. This is the first metrical study that discusses the relevance of IFRS to Ukraine’s national needs
Duc Tai Do
Full Text Available This research is conducted for evaluating the impact levels of determinants affecting the differences of financial statements of FDI firms under Vietnamese Accounting (VA and International Ac-counting (IAS/IFRS. Data were collected by conducting survey of FDI firms and audit firms for the period from 2015 to 2017. Based on the quantitative data, multiple regression was employed for showing the influence levels of determinants on the variable of differences of financial reports. The results show that seven determinants had positive relationships with the differences of financial statements prepared by FDI under Vietnamese accounting and IAS/IFRS. Based on the findings, some recommendations are given for reducing fee of conversion of financial statements from Vietnamese accounting to international accounting, increasing the comparability of financial statements and improving information quality of financial statements.
Full Text Available The International Financial Reporting Standard for Small and Medium-sized entities (IFRS for SMEs was published as a standard by the International Accounting Standards Board (IASB during July 2009. During 2007 South Africa became one of the first countries and the first country in Africa to early accept the proposed accounting standard (exposure draft of an IFRS for SMEs. The accounting standard will probably also be accepted by numerous other countries. The aim of this article is to investigate the applicability of this accounting standard. The results indicated that the IFRS for SMEs remains too comprehensive for the majority of small companies. The IFRS for SMEs does not satisfy the needs of South African users of small company financial statements, and as a result the accounting requirements should be simplified. KEYWORDS: Financial accounting; Financial reporting requirements; IFRS for SMEs; Small companies; Users of financial statements; Small company financial statements.
Girish K Nair
Full Text Available There are several ratios which define the financial health of an organization but the importance of Net cash flow, Gross income, Net income, Pending bills, Receivable bills, Debt, and Book value can never be undermined as they give the exact picture of the financial condition. While there are several approaches to study the dynamics of these variables, system dynamics based modelling and simulation is one of the modern techniques. The paper explores this method to simulate the before mentioned parameters during production capacity expansion in an electronic industry. Debt and Book value have shown a non-linear pattern of variation which is discussed. The model can be used by the financial experts as a decision support tool in arriving at conclusions in connection to the expansion plans of the organization.
Melnykova Kateryna V.
Full Text Available The article analyzes the current scientific approaches to defining the essence of financial strategy as one of the most important components of a strategy for the development of logistical systems. Both the external and the internal environment factors that influence the development of logistical systems have been summarized. In the course of the analysis of current financial management theory and practice, the author identifies the characteristics of formation of an integrated financial-logistical strategy together with the factors that are responsible for possible financial risks in designing a strategy for the development of logistical system. The stages of formation of an integrated financial-logistical strategy and ways to improve the practice of strategic planning of logistical activities have been proposed.
Dubyna Maksym V
Full Text Available The article analyzes the nature of the financial services market by using the system approach methodology. In particular, the attention is focused on the already existing conceptual approaches to defining the nature of this market, their basic aspects are analyzed. The use of the system approach allowed to identify the essence of the financial services market as a single, complex system, which is proposed to be considered as an aggregate number of consumers and providers of financial services operating within a single economic space, their relationships emerging to meet different in their nature demands for financial services, with their interrelation being associated with movement of financial resources within this space and partially accompanied by processes of transformation of temporary free funds of economic entities into credit and investment resources. In the article the system components and the relationships between them are determined, the elements of the environment are identified and their relationship with the market for financial services described.
Albulescu, Claudiu Tiberiu
The aim of this paper is to develop an aggregate stability index for the Romanian financial system. The index which is meant to enhance the set of analysis used by the central bank to assess the financial stability accurately reflects the financial stability dynamics and the periods with financial turbulences during 1997-2007 in Romania. By the application of a technique which enables the measurement of the components’ contribution to the aggregate index volatility, we show that some individu...
Full Text Available Developments in international financial markets concern both developed countries and developing countries closely. The transactions of institutions arising from of commercial activities display a more complex and more risky state in line with international economic developments. The globalization trend in the world economy, the extreme fluctuations in currencies, interests and product prices have rendered closely following up the developments in financial tools mandatory. Taking advantage of derivative financial tools which increase the revenue of assets by taking future risks into consideration, impact a decrease in debt costs and has the purpose of transferring risks are of vital importance with respect to the successful management of companies. At the present time in which international commerce, free market economy and globalization has gained in importance, one of the derivative products used in risk management and have a wide implementation area is swap transactions. Swap transactions can be expressed as a financial transaction including the exchange of interest, foreign currency or both between two or more parties. Swap transactions in particular are used for purposes such as protection against risks due to interest rates and exchange rates, ensuring low cost financing, changing the debt structure and entering different markets. In this study, the generally defined characteristics of swap transactions, which have an important standing within financial risk management and have been rapidly developing in the world in recent years and their recognition according to the International Accounting Standard 39 concerning the recognition of swap transactions, which has in particular termed the study have been focused on. In the framework of the standard, interest swap and foreign currency swap implementation study were included with respect to the matter.
CĂRUNTU GENU ALEXANDRU
Full Text Available Financial system can be approached from the perspective of sales in socio-economic system, namely a global financing mechanism, taking version account specific components, such as: normative base regulatory a financialmonetary methods, forms and techniques version running streams Monetary Financial methods, techniques usable forms and version carrying cash flows, financial levers. Integration contexts, the financial system becomes part of gear intended to ensure implementation and regulation of money flows version compared with the normal performance requirements of real processes in the economy.
Bates, Homer L.; Waldrup, Bobby E.; Shea, Vincent
Major changes are coming to U.S. financial accounting and accounting education as U. S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) converge within the next few years. In 2008, the U.S. Securities and Exchange Commission (SEC) published a proposed "road map" for the potential…
...). See, e.g., Motor Carrier Financial Information Reporting Requirements-Request for Public Comments, 68...] Registration and Financial Security Requirements for Freight Forwarders; International Association of Movers... FURTHER INFORMATION CONTACT: Mr. Thomas Yager, Chief of Driver and Carrier Operations, (202) 366-4001 or...
Coetzee, Stephen A.; Janse van Rensburg, Cecile; Schmulian, Astrid
This study explores differences in students' reading comprehension of International Financial Reporting Standards in a South African financial reporting class with a heterogeneous student cohort. Statistically significant differences were identified for prior academic performance, language of instruction, first language and enrolment in the…
... Financial Management § 3560.302 Accounting, bookkeeping, budgeting, and financial management systems. (a) General. Borrowers must establish the accounting, bookkeeping, budgeting and financial management... preparation, and financial management reporting systems through a revision of their management plan. (c...
Full Text Available The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market orientations on the performance of companies. In this paper a structural model was constructed, consisting of the internal market orientation, external market orientation, market performance and financial performance. With the help of the structural equation model the hypothesis that the internal market orientation is a significant predecessor of the external market orientation was confirmed. The external market orientation was found to significantly influence market as well as financial performance.
H.A. Skaife (Hollis); D. Veenman (David); D. Wangerin (Daniel)
markdownabstract__Abstract__ This paper examines the association between ineffective internal control over financial reporting and the profitability of insider trading. We predict and find that the profitability of insider trading is significantly greater in firms disclosing material weaknesses
users make on the basis of the financial information. .... IDRC's brand and reputation could impact partner- .... building and to provide internal services in support of the ...... maintains books of accounts, information systems, and financial and management controls that .... The significant accounting policies of the Centre are: a.
Ozmeral, Alisha Bhadelia; Reiter, Kristin L.; Holmes, George M.; Pink, George H.
Purpose: Medicare Cost Reports (MCR), Internal Revenue Service Form 990s (IRS 990), and Audited Financial Statements (AFS) vary in their content, detail, purpose, timeliness, and certification. The purpose of this study was to compare selected financial data elements and characterize the extent of differences in financial data and ratios across…
... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... AUDIT REQUIREMENTS AND COST PRINCIPLES FOR ASSISTANCE PROGRAMS Uniform Administrative Requirements for... Standards for financial management systems. (a) A State must expand and account for grant funds in...
Leyva-Flores, René; Castillo, José Gabriel; Serván-Mori, Edson; Ballesteros, Maria Luisa Gontes; Rodríguez, Juan Francisco Molina
This study analyzed the financial contribution by the Global Fund to Fight HIV/AIDS, Tuberculosis, and Malaria and its relationship to eligibility criteria for funding in Latin America and the Caribbean in 2002-2010. Descriptive analysis (linear regression) was conducted for the Global Fund financial contributions according to eligibility criteria (income level, burden of disease, governmental co-investment). Financial contributions totaled US$ 705 million. Lower-income countries received higher shares; there was no relationship between Global Fund contributions and burden of disease. The Global Fund's international financing complements governmental expenditure, with equity policies for financial allocation.
Boris Snoj; Vladimir Gabrijan; Borut Milfelner
The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market o...
Vesna Vašiček; Verica Budimir; Mirjana Hladika
The subject of this paper is to investigate the level of use of the internal financial statements of budgetary users in their management process. The main objective of this paper is to determine the importance of internal financial statements prepared according to the specific requirements of managers in decision making and budgetary user management. Another goal of this paper is to assess the implications of using a wide range of accounting information on efficiency of budgetary users manag...
Adwoa Acheampomaa Boateng
Full Text Available The International Financial Reporting Standards (IFRS was adopted by Ghana in 2007. The study assessed eighteen (18 professional accountants from listed firms on the Ghana Stock Exchange (GSE, to measure the benefits and challenges of IFRS. The study revealed that IFRS improved the access of local companies to international markets. It was also observed that the local firms gained more credibility, transparency, acceptance and consolidation following its adoption. However, most respondents believed that decreasing information cost, competitive leading edge, and integration of accounting Information Technology system were not major benefits as proposed by literature. Nonetheless, some of these local companies after the migration faced challenges like coping with the sophistication of the new standard, lack of qualified personnel, and additional operational cost. Nevertheless, most of the respondents disagreed with the proposition that IFRS had a negative impact on their firms’ balance of retained earnings.
Full Text Available From the perspective of financial or managerial accountant, subject of interest in this paper is the relationship of financial and managerial accounting in the hotel business. Being necessary functions within the business system of hotel company, their mutual connection as well as their differences are explained. The management of hotel company makes decisions based on accounting information from both parts of accounting. As support to hotel management in decision-making, financial accountant provides financial information about past events, while managerial accountant provides non-financial information oriented toward future. The example above is just one out of many specific tasks, which are performed by accountants of specific part of hotel accounting system. Without their support, the management could not make correct and timely decisions with certainty. The importance of the roles of financial and managerial accountant is reflected through need for a wide knowledge in the field of accounting in specific business conditions of hotel industry.
Bondarenko Olena S.
Full Text Available The article is aimed at substantiating the features of function of a contemporary financial system of the State together with the need to develop its architectonic, taking into consideration the functions and objectives of socio-economic development. The features of function of the current financial system of Ukraine have been disclosed. The main factors of influence have been defined and the need to develop new approaches to the management of the components of financial system has been proven. The essence and feasibility of building the architectonic of financial system have been substantiated, the main directions of practical implementation have been characterized. Prospects for further research are developing a mechanism for building the architectonic of financial system and creating an efficient management instrumentarium for managing its components.
The U. S. General Accounting Office (GAO) was asked to review the National Transportation Safety Board's (NTSB) internal controls over selected types of fiscal year expenditures. They were asked to determine whether internal control weaknesses were a...
Larisa I. Egorova
Full Text Available The methodological aspects of the internal control system formation are stated in the article. The great attention is focused on the problems of financial statements misrepresentation. The basic principles and structure of the internal control system are discussed in this article.
V. K. Kulakova
Full Text Available In the globalizing world of fi nancial and economic interdependence, a polycentric, multi-level, and hierarchical system of global financial regulation is emerging. The article highlights two vectors of recent development in international fi nancial regulation: the rise of cooperation through the mechanisms of the Group of Twenty (G-20 on the one hand, and the efforts to maintain the US leading role in global fi nance, on the other hand. In the circumstances of the global fi nancial crisis of 2008, the G-20 countries initiated an international reform of fi nancial regulation. According to G-20 decisions, international standardsetting organizations developed transnational regulatory regimes in the fi elds of banking, derivatives and bankruptcy resolution, and the states now implement these regimes in their jurisdictions. The so-called “soft law system”, which is not legally binding, allows the states to sustain national sovereignty in their fi nancial policy. The United States play a leading role in the international fi nancial reform, as well as in the shaping of the global fi nancial regulation system. The American regulators push for extraterritorial application of the US norms and take other unilateral actions on the international arena. The article also touches upon legitimacy problems of the emerging system of global fi nancial regulation. The most important constrains are the excessive infl uence of the fi nancial industry (“regulatory capture”, the weakness of civil society participation, and also the fact that for the rest of the world the American norms lack legitimacy, as they are adopted by regulators assigned by offi cials elected by population of a foreign territory.
Marcelo Alvaro da Silva Macedo
Full Text Available Law 11.638/07 marked the start of a series of changes in the laws that regulate Brazilian accounting practices. The main reason for these changes is the convergence process of local with international accounting standards. As a result of Law 11.638/07, the legal precedent was established to achieve convergence. In that context, the aim of this study is to analyze the impact of the convergence process with international accounting standards on the relevance of financial information, based on data for 2007, without and with the alterations Law 11.638/07 introduced and according to the CPC Pronouncements, applicable as from 2008 onwards. Therefore, a value relevance study is used, applying regression analysis to annual stock price information (dependent variable and net profit per share (NPPS and net equity per share (NEPS as independent variables. The main results show that financial information on NPPS and NEPS for 2007, with and without the legal alterations, are relevant for the capital market. A comparison between both regressions used in the analysis, however, shows an information gain for financial information that includes the changes introduced in the first phase of the accounting convergence process with the international standards.
Full Text Available The article estimates the theoretical basis of the external state financial control in Ukraine in the context of defining its place in the formation of the functional areas of internal and external controls in order to eliminate duplication of a single national control system. The authors have investigated the scientific approaches to the interpretation of the concept of «external state financial control», «internal financial control», «public audit» in order to eliminate terminological confusion. It were found the differences between the external and internal financial control on the basis of comparative characteristics of such features as the entity controlling entities, controlled objects, object methods, and direction control. The concept of internal and external controls are considered to expedient to communicate with the system in which this control is identified. «Internal» in this case is identical intra-control, that is located within the executive branch, while an external control is not included in it and is external to the executive bodies of the controlled institution, and is not related to them and, as a consequence, independent. The authors suggest to form a unified system of state financial control, a clear distinction between internal and external powers of species. The authors consider that appropriate in this context will be the adoption of a single legislative act «About State Financial Control», the proposed structure is introduced in the article. Implementation of this law will contribute to the clear division of functional areas of the state control (internal and external, the elimination of departmental conflicts, and promote the formation of a single integrated control system in Ukraine, able to counteract abuses and prevent the possible loss of budgetary funds.
Kryukov, Valery; Moe, Arild.
Gazprom is responsible for over 95% of total Russian natural gas production and is one of the largest companies in the world. As well as being of major importance in the Russian domestic energy balance, it is also the largest gas trader in the world, supplying about half the gas imported into western and east-central Europe. The scale of these external activities means that the terms on which it supplies gas to its customers will have an impact on business beyond the gas industry. This study investigates the roots of the company and analyses its current organisation, management structure and financial flows. The main topics covered are: the Russian gas industry in the Soviet era; the organisational structure of Gazprom after privatisation; pricing policy; the company's financial position; Gazprom in relation to the domestic economy and the outside world. (9 figures; 7 tables). (author)
Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.
Gary Hufbauer; Daniel Danxia Xie
In this article, we propose a new monetary framework that defines a broader set of assets, De Facto Money (DFM), as the benchmark for improving financial stability. DFM is defined as traditional monetary aggregates plus other liquid assets such as stocks and bonds. Empirical evidence for the USA, other Organisation for Economic Co-operation and Development countries, and a few emerging countries lends strong support for the connection between exceptionally fast growth of DFM and subsequent fi...
Batten, Jonathan A.; Hogan, Warren P.; Szilagyi, Peter G.
The domestic bond markets of the Asia and Pacific region have grown considerably since the Asian financial crisis of 1997, although they remain undeveloped relative to the region's weight in the world economy. This paper proposes that in order to encourage further development of these markets, regulators should make them more accessible to foreign borrowers. To that end we offer insights into the nature and mechanics of foreign bond issuance by investigating the key characteristics of 3,132 f...
Full Text Available Between corporate governance and IFRS there is a causal relationship. Financial reporting is basedon managerial accountability. Corporate governance is the economic branch who studies how companies canbecome more efficient through the use of institutional structures such as: incorporation, organization andlegal framework. This branch is limited, in most cases, to studies on how shareholders can motivateexecutives to benefit the company through their efforts, resulting - finally - dividends. Starting from theglobal nature of the current crisis, we have considered as being necessary to point out its effects on thefinancial reporting and, implicitly, on the requirements for the corporate governance consolidation in order toensure the economic and financial stability desired. The macro-economic context favored the start of thecrisis, but the analysis made by experts showed other reasons for this, out of which some of the mostimportant are the corporate governance weaknesses and the insufficient means for protection against risks.We consider that these are reasons which ask for an objective analysis and a correct assessment of theregulatory process but also of the practice in the area corroborated with an invitation for a responsiblebehavior both of the entities management but also of the representatives of the accounting profession so muchinvolved in the correctness of the accounting reporting and therefore in the financial health of the entities.
Full Text Available This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, our research suggests that there is a direct causality effect between the employment of BRA (business risk audit methodologies and the growing importance of IS audit.
Ajit Singh; Bruce Weisse; Alaka Singh
This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The background to a) above is the emergence of corporate governance as a key issue in the current G7 proposals...
A new era of global banking and insurance is emerging, with leading banks eager to serve international markets. This book explores the issues that arise for banks in their strategic choices as they move into these new international markets. Building an International Financial Services Firm challenges conventional assumptions from the international management literature on topics such as the limits of globalization, the importance of cultural and institutional distance, the nature of economies...
Nagy Zoltán B.
Full Text Available The study presents the main stages of the development of the European financial supervisory regulation and the current European System of Financial Supervision. The financial economic crisis highlighted the weaknesses in the supervisory system and the fact that the supervisor has an important role in consumer protection and in the mitigation of risk-taking by financial institutions. The European Union has developed a new financial strategy known as Banking Union, which has a three-pillar framework. These three pillars are the Single Supervisory Mechanism, the Single Resolution Mechanism and the Common Deposit Guarantee Scheme. This system is intended to achieve a single economic and monetary union at supranational level and to avoid the emergence of a new crisis as far as possible.
Joseph E. Isebor
Full Text Available The financial crisis 2007-2009 will not be forgotten in a hurry because of its impact on the global financial system almost replicating the Great Depression. Major and causal factors contributed to the financial crisis, and this prompted the establishment of Basel III to contain the crisis. Basel III introduced improved capital and liquidity rules, but still could not contain the crisis. This leaves regulators with questions of how to prevent another financial crisis in the future. Evidences suggest that the financial market is evolving because of its complex and changing nature, and so are the international banking regulations (Basel I, Basel II and Basel III that support the system in terms of maintaining economic and financial stability. It is clear that Basel III will not stop the next financial crisis even though the Basel accords continue to evolve in response to maintaining economic and financial stability, with the core purpose of preventing another financial crisis. Uncertainties lies ahead, and regulators cannot be sure of what will likely cause the next crisis, but indications suggest that the financial markets and international banking regulations in the form of Basel accords will continue to evolve
Gavin, T A
Justification for a board committee's existence is its ability to devote time to issues judged to be important by the full board. This seems to have happened. Multiple committees pursue more functions than the other committee structures. Boards lacking an FA/IC committee pursue significantly fewer functions than their counterparts with committees. Substantial respondent agreement exists on those functions most and least frequently pursued, those perceived to be most and least important, and those perceived to be most and least effectively undertaken. Distinctions between committee structures and the full board, noted in the previous paragraph, hold true with respect to the importance of functions. All board structures identified reviewing the budget and comparing it to actual results as important. Committee structures are generally more inclined to address functions related to the work of the independent auditor and the effectiveness of the hospital's system and controls than are full board structures. Functions related to the internal auditor are pursued least frequently by all FA/IC board structures. The following suggestions are made to help boards pay adequate attention to and obtain objective information about the financial affairs of their hospitals. Those boards that do not have some form of an FA/IC committee should consider starting one. Evidence shows chief financial officers have been a moving force in establishing and strengthening such committees. Boards having a joint or single committee structure should consider upgrading their structure to either a single committee or multiple committees respectively. The complexity of the healthcare environment requires that more FA/IC functions be addressed by the board. The board or its FA/IC committee(s) should meet with their independent CPA's, fiscal intermediary auditors, and internal auditors. Where the hospital lacks an internal audit function a study should be undertaken to determine the feasibility of
Muhammad Abdul Majid Makki
Full Text Available To capture international opportunities of capital accumulation for corporate sector and to contribute in the development of economy, the government of Pakistan acted speedily to harmonize with international financial reporting system immediately after establishment.This study presents a comprehensive detail of Pakistan’s adopted efforts along with a critical-eye on developments and improvements in the reporting system with the passage of time. It scrutinizes major milestones in development of the financial reporting framework of Pakistan. We traced financial reporting practices in Indian subcontinent era and found them unsatisfactory. Hindustan was under the colonial power of Great Britain; therefore its impact on accounting and financial reporting in Pakistan was dominant afterindependence. Examples of this influence are enforcement of companies’ act 1913 and auditor’s certificate rules shows. We examined the institutional development from establishment of Pakistan till now and divided that era in 1947-1971, 1971-1999 andperiod of 21stcentury which played vital role in improvement of financial reporting practices in the country. These milestones are established with view of crucial events toward advances in accounting. In early years of Pakistan PIA (Pakistan Institute ofAccountants was first private body but after it ICAP (Institute of Chartered Accountants of Pakistan made by government was an important step. Next major step was taken in 1971; it was the formation of SECP (Securities and Exchange Commission of Pakistan.Its structure and provisions provided for external reporting of corporations are discussed. Companies’ Ordinance 1984 was another beneficial footstep toward this journey. After discussing all the institutional developments and improvements in financial reportingsystem of Pakistan, we addressed the current status of financial reporting in the 2000s.Study concludes that major improvements and advances made in the
Caldwell, T.; Gerlach, R.; Israel, M.; Bobin, S.
CF-6 Norris Cotton Cancer Center (NCCC), an NCI-designated Comprehensive Cancer Center at Dartmouth Medical School, administers 12 Life Sciences Shared Resources. These resources are diverse and offer multiple products and services. Previous methods for tracking resource use, billing, and financial management were time consuming, error prone and lacked appropriate financial management tools. To address these problems, we developed and implemented a web-based application with a built-in authorization system that uses Perl, ModPerl, Apache2, and Oracle as the software infrastructure. The application uses a role-based system to differentiate administrative users with those requesting services and includes many features requested by users and administrators. To begin development, we chose a resource that had an uncomplicated service, a large number of users, and required the use of all of the applications features. The Molecular Biology Core Facility at NCCC fit these requirements and was used as a model for developing and testing the application. After model development, institution wide deployment followed a three-stage process. The first stage was to interview the resource manager and staff to understand day-to-day operations. At the second stage, we generated and tested customized forms defining resource services. During the third stage, we added new resource users and administrators to the system before final deployment. Twelve months after deployment, resource administrators reported that the new system performed well for internal and external billing and tracking resource utilization. Users preferred the application's web-based system for distribution of DNA sequencing and other data. The sample tracking features have enhanced day-to-day resource operations, and an on-line scheduling module for shared instruments has proven a much-needed utility. Principal investigators now are able to restrict user spending to specific accounts and have final approval of the
... attestation reports on internal control over financial reporting. 210.2-02T Section 210.2-02T Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL... attestation reports on internal control over financial reporting. (a) The requirements of § 210.2-02(f) shall...
Dmitriy A. Pashencev
Full Text Available In the present article characteristics and patterns of the impact of the international financial and economic organizations on the development of Russian law in the present-day conditions are described. It is noted, that the international financial and economic organizations firmly rooted in the world. They are based on international agreements, which participants could be also non-State structures. The role of international financial and economic organizations in the development of the negative effects of globalization and the production of global financial crisis is considered. The necessity to change the economic course of our country was proved because of the crisis and sanctions, as well as the need to find new ways of structuring the international financial and economic space, including the basis of the new inter-state unions and a new reserve currency. It is shown that the Russian domestic law should be the barrier against the destabilizing influence of transnational corporations. Legal acts of the Russian Federation defining the terms and scope of cooperation with international economic and financial organizations were analyzed. It is noted, that in accordance with applicable Russian legislation, international financial institutions have the right to invest in Russian companies, including and strategic. It is proved that the situation in the modern world and its negative manifestations determine the need for a number of effective measures and require changes in legislation. It is necessary to make changes in the current Russian legislation, first of all, investment, banking, trade, etc., to develop effective legal mechanisms for the protection of domestic producers and the national market from the expansion of multinational corporations.
Full Text Available Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences.
Full Text Available The system of pension insurance is a combination of created by the state legal, economic and organizational institutions and norms, providing financial support to citizens in the form of pensions. In the article analyzing the demographic situation and the condition of pension payments in the country today. In the terms of economic and social reforms, the level of financial stability the pension system is low. Therefore important is the analysis and exploring new methods to ensure financial stability of the Ukraine national system of pension insurance. The main institution of the national pension insurance is the National Pension Fund of Ukraine.
Skaife, H.A.; Veenman, D.; Wangerin, D.
This paper examines the association between ineffective internal control over financial reporting and the profitability of insider trading. We predict and find that the profitability of insider trading is significantly greater in firms disclosing material weaknesses in internal control relative to
... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...
... No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we assessed the internal controls and compliance with laws and regulations related to the financial statements...
The greater part of this book aims to provide narrative, production and financial details of major oil and gas companies, both upstream and downstream, across the world. Smaller sections give details on major oil and gas brokers and traders, and on the principal oil and gas associations. These sections are arranged alphabetically by company name. A geographical index towards the end of the book enables the user to identify upstream companies exploring for or producing oil and gas in particular areas. The company index includes every company mentioned in the book and includes all subsidiary and related companies to the major companies. Four introductory tables give data on world petroleum production, oil refining, tanker tonnage and oil consumption. (Author)
This Public Financial Management Performance Report (PFMPR) analyzes the performance of Colombia's public financial management (PFM) institutions, systems and processes. It documents areas where performance is close to or follows international good practice, as well as opportunities to further enhance PFM contribution to the goals of strengthening fiscal discipline, enabling more efficient...
Juliane Madeira Leitão; José Alves Dantas
Materiality in private sector financial audit is a topic that has been relatively well developed in the literature. Specific research in this regard in public sector auditing, on the other hand, is scarce at the international level and absent in Brazil. In view of this, the purpose of this study was to identify the parameters used to determine materiality in public sector financial audit. To this end, we sent questionnaires to the 192 Supreme Audit Institutions that are members of INTOSAI and...
The m aintenance of the INTOSAI GOV standardssystem, which show by itself guidance from a conscientious state financial management in the field of internal control and standards of record-keeping, is generalized. The directions of the use of risk and control model COSO are determinated for the financial management of state sector in part of authentication of sources of risk, aims and duties of organization. The measures are worked out on introduction of standards of INTOSAI GOVand models of C...
Huda, Syamsul; Diana, Nana
The purpose of this study was to determine the effect of internal and external factors of students on the achievement of intermediate financial accounting courses 1 partially and simultaneously. This type of research is quantitative, while the data used in this study is primary data in the form of questionnaires and secondary data in the form of midterm semester exam on intermediate financial accounting 1 semester odd academic year 2016/2017. Hypothesis testing using multiple regression analy...
This thesis draws on agency theory to primarily investigate whether CEOs’ and CFOs’ voluntary certification of internal controls over financial reporting (hereafter, ICFR) is associated with audit fees and value relevance of Australian financial reports. The thesis also examines whether corporate governance and audit quality are associated with the likelihood that firms provide the CEOs’ and CFOs’ voluntary ICFR certification. While agency theory predicts that firms with high agency costs are...
Laktionova Oleksandra A.
Full Text Available The article considers financial flexibility of economic subjects in the context of specific features of manifestation of this property at the micro-level of the financial system. It generalises various theoretical approaches to understanding the essence of the financial flexibility in the context of motives of its formation, sources and instruments of realisation. It specifies criteria of financial flexibility: manoeuvrability, efficiency and economy. It studies interrelation between the financial flexibility and financial restrictions at the micro-level and, consequently, factors that determine them: capital market imperfection, development level and structure of the financial system, cyclicity of economy, and company characteristics (including financial architecture. The article describes their distinguishing features. It states that apart from maintaining the financial flexibility during formation of money reserves and debt load resource the companies can be guided by other motives. It offers classification of types of financial flexibility based on the sources and goals of formation, influence upon the financial potential, stages of reproduction of financial resources, the instruments used, engaged elements of the financial mechanism, stages of the business cycle and types of the used financial resources.
whole. Financial consolidation and the formation of large financial conglomerates necessitates the replacement of the traditional regulatory paradigm, based on the consideration of the financial system as a set of segregated segments (insurance, banking, stock, etc., taking into account the interconnectivity of various financial intermediaries. Value/originality. A comparative legal study of the basic principles of the functioning of the financial system in Ukraine and European countries provides a better understanding of the most promising directions of development of the domestic economic system in the context of strengthening the integration and globalization processes in the international financial and commodity markets.
RESEARCH ...............................................106 APPENDIX A. IFRS APPROVAL STATUS IN PAKISTAN .................................109 APPENDIX...Appendix A presents a list of all IFRS indicating whether each has been approved for use in Pakistan (ICAP, 2015). Appendix B shows examples of a...following sections. a. Control Environment According to COSO (2013), the control environment has a great impact in implementing internal controls
... institutions and markets and thereby threaten the stability of the U.S. financial system.\\4\\ \\3\\ See 12 U.S.C... markets, financial institutions, or the broader financial system; and E. Any other factors that the... Markets, Financial Institutions or the Broader Financial System Subcategory (D)(1): Role of an FMU in the...
Stuckler, David; Basu, Sanjay
In April 2009, the G20 countries committed US $750 billion to the International Monetary Fund (IMF), which has assumed a central role in global economic management. The IMF provides loans to financially ailing countries, but with strict conditions, typically involving a mix of privatization, liberalization, and fiscal austerity programs. These loan conditions have been extremely controversial. In principle, they are designed to help countries balance their books. In practice, they often translate into reductions in social spending, including spending on public health and health care delivery. As more countries are being exposed to IMF policies, there is a need to establish what we know and do not know about the IMF's effects on global health. This article introduces a series in which contributors review the evidence on the relationship between the IMF and public health and discuss potential ways to improve the Fund's effects on health. While more evidence is needed for some regions, there is sufficient evidence to indicate that IMF programs have been significantly associated with weakened health care systems, reduced effectiveness of health-focused development aid, and impeded efforts to control tobacco, infectious diseases, and child and maternal mortality. Reforms are urgently needed to prevent the current wave of IMF programs from further undermining public health in financially ailing countries and limiting progress toward the health Millennium Development Goals.
Bentes, Sónia R.
This paper examines the integration of financial markets using data from five international stock markets in the context of globalization. The theoretical basis of this study relies on the price theory and the Law of One Price, which was adjusted to the framework of financial markets. When price levels are nonstationary, cointegration and the error correction model constitute a powerful tool for the empirical examination of market integration. The error correction model provides a fully dynamic framework that allows to separating the long and the short run effects of the integration process. A dataset encompassing the daily stock price series of the PSI 20 (Portugal), IBEX 35 (Spain), FTSE 100 (UK), NIKKEI 225 (Japan) and SP 500 (US) indices from January 4th 1999 to September 19th 2014 is employed. The results highlight that these five stock markets are linked together by just one long-run relationship, although short-run movements are also present, which causes distinct deviations from the long-run equilibrium relationship. Endogeneity prevails in the system as a whole. While market integration in the sense of the Law of One Price holds, pairwise full price transmission has limited evidence. The results therefore show that stock market price movements are highly nonlinear and complex.
This document provides preliminary information on the quantitative impact of transition to the International Financial Reporting Standards (IFRS) on AREVA 2004 financial position, in accordance with AMF recommendations regarding financial communications during the transition period.The basis for preparing 2004 information on transition to the IFRS comes from: the International Accounting Standards (IAS)/IFRS, as approved by the European Union. The impact of IAS 32/39 and IFRS 4 will not be recognized in shareholders equity until January 1, 2005; AREVA anticipation of the resolution of technical issues and ongoing projects under discussion by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC). Uncertainty factors on practical methods for applying certain standards and ongoing interpretations by IFRIC and regulatory organizations could impact the exactness of restatements identified at this stage. For all of these reasons, it is conceivable that the opening balance sheet at January 1, 2004, as presented in this document, will not be the balance sheet actually used to establish the consolidated financial statements for 2005. (author)
Full Text Available Purpose: The purpose of the article is to discuss the transformation of the Lithuania finance system in the context of globalization. Exploring the interdependence between the financial system and the economy, in different periods. Analyze the country’s financial system transformation after the crisis period. Methods: Contribution use general scientific methods, especially analysis, synthesis, comparison, induction and deduction. Essential sources of information were professional publications , statistic data of state Statistics Department, Bank of Lithuania, Euro stat. Scientific aim: Main aim of this article is to analyze the transformation of the Lithuania financial system and fined out the country’s economic growth and the financial system correlation, the main factors having a both positive and negative impact on economic growth. Findings: Findings of this article are new information in this area, which can be useful for another research. The correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Conclusions: Economic growth in the financial sector and economic development is best visible analyzing in the correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Banks ‚ relative indicators better reflects the weight of the financial sector and the impact on the national economy. We can see that 2011 banks relative indicators dropped to 2006 level. This shows how much the financial sector’s contribution decreased to economic development. Banks’ loans demand fall down. Lithuania has taken strict fiscal discipline and austerity measures. This have produced results quite quickly, in 2010 GDP grew by 3.4 percent, and in 2011 even 11.5 percent. Lithuania’s economy is recovering, but the financial sector and in particular banks still not recovering. The economic crisis has intervened in the banking system and has been surviving
Ciobanu (Sireteanu Elena
Full Text Available This paper analyzes the evolution of the Romanian banking system during 2007 - 2010 compared to the same segment of financial market dynamics in the Member States. Also seeks to detect the effects of the global financial and economic crisis on lending activity, the management of liquidity risk and thereby the effect on the profitability of the Romanian banking sector and outline the prospects of further development. The macroeconomic and financial international background has undergone negative changes, especially in the autumn of 2008. Romania's financial system has evolved but strongly marked by the virulent manifestations of global financial and economic crisis. The banking system which is the dominant component in the financial system is well capitalized, has resisted, until now, these pressures, without recording any bankruptcy. As a lending crunch from the increase in provision expenses, against the backdrop of bad loans it seems to be a poor performance of the banking system for the future period, taking into account the negative financial result recorded at the end of 2010. Given the high degree of capitalization, liquidity level indicators, on this, consider that local banks are well placed to support the real economy on long-term lending conditions imposed by prudential regulations in the field. Currently, at the level of the Romanian banking system, we consider it is necessary to continue the measures imposed by the monetary authority to ensure the reduction of uncertainty and reassure market participants in future developments, as trust is the essential factor for the crisis. In this sense, we consider very important the debate, the direct involvement of representatives of the central bank and academic themes reflecting the current state of the Romanian financial system, lessons learned from the crisis and Romania's objectives for the future - providing a sustainable process of nominal and real convergence of the Romanian economy
Moreira Cunha André
Full Text Available The paper analyses the economic policy responses of the Brazilian government to the international financial crisis. In doing so, the paper aims to answer a specific question: Can the economic policies implemented in 2008-09 be identified as Keynesian economic policies? It concludes that, despite the fact the Brazilian economic policies response to the international financial crisis seems remember Keynesian economic policies, it is not possible to argue that the recovery of the Brazilian economy can be considered a Keynesian showcase.
Full Text Available This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.
The term Corporate Social Responsibility (CSR) is becoming more and more often spelled out in various contexts of the academic and corporate life. The concept of CSR is rather broad and the term CSR could be defined in various ways, as there has been no unified definition established so far. Yet the word ‘corporate’ in the term could indicate that CSR is exclusive matter of private companies. However, as demonstrated in this paper, the non-corporate institutions, in particular the Internation...
Olai Hansen, Bodil; Keiding, Hans
We consider a two-period model of a three-country world with free trade in finished products and some factor mobility, where production is subject to uncertainty. Enterpreneurs may establish production in other countries but can obtain financing only in the country of origin. In this model, integ......, integrating production across countries, in particular integrating economically strong and weak partners, may give rise to a welfare loss, showing that traditional views on efficiency of international trade must be reconsidered when risk and uncertainty are taken into account....
Full Text Available The article is a revised and updated version of that published on the March 2010 issues of Moneta e Credito. It was there claimed that, up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital into giant banks and firms. The G20 is now turning its attention to financial regulation, with the FSB as its main operational arm. The ideas that are being proposed stress the need for disincentives toward too much risk taking (more capital, higher liquidity, limits to remunerations and bonuses, etc., particularly by big and complex financial institutions that are likely to entail systemic risks. The paper maintains that, as the disincentive approach is insufficient to deter financial managers looking for power, some kind of segmentation needs to be introduced, as suggested by Paul Volcker.
International collaborations, especially ones that arise with little or no financial resources, still face challenges in opening up data collections via a wide variety of differing and often non-interoperable means. In turn, this hampers the collaborative process, slows or even prevents scientific exchange. Early efforts that proposed a centralized, and project specific data archive encountered many difficulties, ranging from little or no adoption, to the inability to provide required documentation and metadata to make the datasets findable or usable. In time, virtualized approaches appeared to gain traction, for e.g. virtual observatories. In this contribution, we report on several international collaboration case studies with distributed data systems; their needs, successes, challenges and failures and synthesize a set of suggested practices to inform future international collaboration efforts.
V. S. Balabanov
Full Text Available The process of forming in Moscow a regional (to be in future transformed into a global international Single Economic Space (SES financial center should become for the Commonwealth of Independent States (CIS and Euroasian Economic Community (EvrAsES countries an universal integration instrument to be used to create their common economic and commercial space. The international center along with SES national financial centers will form an internationally competitive polycentric financial network with single institutional (regulatory, law, customs, etc.agreements. A mechanism should be formed to attract countries outside Customs Union to participate in creation of the international financial center.
Full Text Available The article deals with the problem of the impact of transitional countries cooperation with international financial institutions on institutional changes which take place in emerging market economies, on the base of Ukraine. Research is carried out from the standpoint of institutional theory. The main reforms that took place in emerging market economy countries were based on the Washington Consensus strategy recommended by international financial institutions. The results of implementing this strategy are varied in different countries. In Ukraine strict adherence to requirements in the early stages of reforms without internal institutional conditions and characteristics led to a deep and protracted crisis of forming a "transformational stability." The general formal institutions of the market economy have been created according to the neoliberal concept which is provided by IFIs. However, experience of transitive economies including Ukraine, confirms the ineffectiveness of many established formal institutions borrowed from the developed countries. The author reviews the basic theory of institutional changes, argues that the terms of cooperation circulated by international financial institutions not only affect economic development strategy, but also determine the role of the national government in relations with markets. Under present conditions prevailing in Ukraine, it is impossible to manage without assistance of international financial institutions. But we need to pay more attention to technical and advisory cooperation in realization of institutional reforms, and credits – to take as a required time for receiving the results of reforms.
Hahn, Franz R.
Ideologues are quick to explain the current financial meltdown: it's the markets, stupid. Economists agree but add: it's politics too, stupid. Ideologues agree but counter: first and foremost it's capitalism, stupid. Economists agree but reply: §$%&?!, stupid. This is where this short paper takes us: it makes an attempt to give a brief overview of the economists' views on the ongoing financial system crisis explaining "§$%&?!, stupid".
Full Text Available The article discusses some paradigms of artificial intelligence in the context of their applications in computer financial systems. The proposed approach has a significant po-tential to increase the competitiveness of enterprises, including financial institutions. However, it requires the effective use of supercomputers, grids and cloud computing. A reference is made to the computing environment for Bitcoin. In addition, we characterized genetic programming and artificial neural networks to prepare investment strategies on the stock exchange market.
The article discusses some paradigms of artificial intelligence in the context of their applications in computer financial systems. The proposed approach has a significant po-tential to increase the competitiveness of enterprises, including financial institutions. However, it requires the effective use of supercomputers, grids and cloud computing. A reference is made to the computing environment for Bitcoin. In addition, we characterized genetic programming and artificial neural networks to p...
Full Text Available La crescita dell'intermediazione finanziaria internazionale attraverso l' euromercato e altri centri finanziari regionali è uno dei fenomeni più interessanti degli ultimi 15 anni . Il presente lavoro chiarisce la natura dell'attività finanziaria internazionale attraverso un modello di intermediazione finanziaria . Si va avanti per sottolineare i benefici potenziali rischi insiti nelle diverse attività , nonché il loro impatto macroeconomico sano e destabilizzante . Una più profonda comprensione del meccanismo finanziario internazionale dovrebbe favorire le banche e le autorità di regolamentazione.The growth of international financial intermediation through the Euromarket and other regional financial centres is one of the most remarkable phenomena of the last 15 years. The present work elucidates the nature of international financial activity through a model of financial intermediation. It goes on to underline the potential benefits from risks inherent in the various activities, as well as their healthy and destabilising macroeconomic impact. A deeper understanding of the international financial mechanism should benefit both bankers and regulators. JEL: F33, G21, F34
... among financial institutions or markets and thereby threaten the stability of the financial system of... of significant liquidity or credit problems spreading among financial institutions or markets and... would have on critical markets, financial institutions, or the broader financial system; and (E) Any...
Brouwer, M. Poppe, F. Blokpoel, A. & Kars, V.
This report is the result of a feasibility study, financially supported by the European Commission. The study investigated the possibilities for the development and maintenance of a European Road Safety Information System with relevant and internationally comparable information. Recommendations on
Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun
In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.
This report presents the results of the independent certified public accountants` audit of the Western Area Power Administration`s combined power system statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Westerns internal control structure disclosed three new reportable conditions concerning the lack of: (1) a reconciliation of stores inventory from subsidiary ledgers to summary financial information, (2) communication of interest during construction and related adjustments to interest on Federal investment, and (3) a system to prevent and detect power billing errors. None of the conditions were considered to be material weaknesses. Western provided concurrence and corrective action plans. The auditors` report on Western`s compliance with laws and regulations also disclosed two new instances of noncompliance. Western failed to calculate nonreimbursable expenses in accordance with the Grand Canyon Protection Act and had an unexplained difference in gross Federal investment balances used to calculate interest on Federal investment. Western provided concurrence and corrective action plans for the instances.
World Bank; International Monetary Fund
A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...
Mikhail Vladimirovich Yershov
Full Text Available The authors review problems of the global financial system in 2016. It is shown that the situation in the world financial sphere by the end of 2016 became a little less disturbing in comparison with the beginning of the year, which started with a collapse of the stock market in China that caused falling of the world stock market and generated some forecasts about the global financial crisis in the near future. The researchers note that so far it is impossible to speak with confidence about changes in the trend: first, many countries are predicted to have rather low GDP growth rates and, second, high volatility in the world commodities, equities, and foreign exchange markets remains. The structure of the paper is as follows: financial imbalances at the beginning of 2016; decrease in sharpness of a number of problems for the last months of 2016; and the situation in the European banking sector
Huo, Yang Hwae
The primary objective of this study was to investigate the relationship between internal environment, organizational form, and financial performance in hotel chains. Using a contingency framework, this study investigated the match between internal environmental factors--such as capital scarcity, monitoring cost, and asset specificity--and organizational form--such as company owned, franchised, or combination of both--in an attempt to distinguish between high and low performing ...
Gabor, D.; Brooks, S.
This paper examines the growing importance of digital-based financial inclusion as a form of organising development interventions through networks of state institutions, international development organisations, philanthropic investment and fintech companies. The fintech–philanthropy–development complex generates digital ecosystems that map, expand and monetise digital footprints. Its ‘know thy (irrational) customer’ vision combines behavioural economics with predictive algorithms to accelerat...
Full Text Available The objective conditions of Ukraine’s integration into the global business environment the need to strengthen the accounting and financial re-porting. At the stage of attracting investment in the country there is a need in the preparation of financial statements generally accepted basic prin-ciples of which are based on common international financial reporting standards (IFRS . Relevant is the assessment of convergence of national standards and International Financial Reporting Standards. However, before you conduct content analysis necessary to determine compliance with standards of methodological approaches to the selection of key indicators for the assessment of convergence. The article is to define the methodo-logical approaches to the selection and development of indicators IFRSs list of key elements for further evaluation convergence of national and international standards. To assess the convergence was allocated 187 basic key elements measuring the level of convergence to IFRS. Sampling was carried out based on the professional judgment of the author, the key indicators of the standard, based on the evaluation of the usefulness of accounting information. These figures make it possible to calculate the specific level of convergence of international and national standards and determine how statements prepared by domestic standards corresponding to IFRS. In other words, can with some certainty assert that Ukraine has made (“good practices in IFRS implementation” or not? This calculation will assess the regulatory efforts of government agencies (Ministry of Finance on the approximation of Ukrainian standards and IFRS.
PARTACHI Ion; ARVINTE Vitalie
International financial crisis caused significant reduction of investment flows, especially to emerging markets, vulnerable to external shocks and foreign exchange rate fluctuations. Under these conditions, decision factors are pushed to adopt changes in investment strategies in order to maintain competitiveness in attracting foreign investments needed to stabilize economy and continue development programs. Under the conditions of incertitude and high risks emerging economies adopted differen...
This article discusses the principles-based approach that emphasizes a "why" question by using the International Accounting Standards Board (IASB) "Conceptual Framework for Financial Reporting" to question and understand the basis for specific differences between IFRS and U.S. generally accepted accounting principles (U.S.…
Yallapragada, RamMohan R.; Toma, Alfred G.; Roe, C. William
According to the time line presently specified by the Securities and Exchange Commission (SEC), business firms in the United States (US) should switch from the existing US accounting reporting guidelines of the Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) by the year 2014. The US business…
Frost, Jonathon Jeffrey
Do international capital flows make countries more or less vulnerable to financial crises? Should countries shield their economies from stress with capital controls? Once a crisis hits, should the public sector launch large-scale support programs ("bazookas")? And if the central bank decides to
Gaay Fortman, B. de
Following the World Bank’s World Development Report2000/2001: The attack on poverty and the voices of the poor studies on which that document had been based, this chapter explores Human Rights obligations of the International Financial Institutions (IFIs). In this connection poverty is approached as
Gravelle, Toni; Li, Fuchun
In this paper, we define a financial institution's contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system. Based on relevant but different measurements of systemic risk, we propose a set of market-based measures on the systemic importance of financial institutions, each designed to capture certain aspects of system...
Hasan, M. R.; Ibrahimy, M. I.; Motakabber, S. M. A.; Ferdaus, M. M.; Khan, M. N. H.; Mostafa, M. G.
The paper describes a technique to develop a web based financial system, following latest technology and business needs. In the development of web based application, the user friendliness and technology both are very important. It is used ASP .NET MVC 4 platform and SQL 2008 server for development of web based financial system. It shows the technique for the entry system and report monitoring of the application is user friendly. This paper also highlights the critical situations of development, which will help to develop the quality product.
Full Text Available After a 17-year transformation process from a centralized economy to a functional market economy, Romania joined the European Union on January 1, 2007. Today, 11 years after the EU accession, Romania is still looking forward to achieve many of the real convergence conditions and also to join the euro zone. Independent of these, as an upper medium income country is now the time to evaluate its role, benefits and obligations as a shareholder in various international financial institutions – multilateral development banks and multilateral regional banks – as a first step in assuming an active and positive role in the development international community. At the EU level, international development is slowly but constant evolving to a coherent and common approach. However, individual member states still have a lot of space to maneuver to use specific individual approaches in pursuing their own interests. The objective of this paper is to signal that for Romania the right time has come to change its passive and reactive approach of its membership in various international financial institutions for a new dynamic and active approach. In terms of financial resources that can be mobilized and used for international development Romania cannot realistically aspire to stay along with the big traditional donors. However, its relatively small contribution can be leveraged by its membership in such multilateral and/or regional institutions so to maximize the benefits both for the international community and for the Romanian taxpayer.
Hege, U.; Mella-Barral, P.
In a market-based financial system, credit is held by dispersed creditors, and out-of-court renegotiation of debt is more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to succeed. Since out-of-court renegotiation is a substitute
This paper offers a classification of credit markets in transition economies. It describes a continuum of systems by identifying its polar cases: countries where the entire financial system still relies on outside money, mostly republics of the former Soviet Union; and those where a more
León, C.; Machado, C.; Murcia, A.
Three metrics are designed to assess Colombian financial institutions’ size, connectedness and non-substitutability as the main drivers of systemic importance: (i) centrality as net borrower in the money market network; (ii) centrality as payments originator in the large-value payment system
... 25 Indians 1 2010-04-01 2010-04-01 false Standards for grantee financial management systems. 276.7... grantee financial management systems. (a) Grantee financial management systems for grants and subgrantee financial management systems for subgrants shall provide for: (1) Accurate, current, and complete disclosure...
Full Text Available Quality of financial reporting is limited to issues of compliance to statutory provisions under which state enterprises in Zimbabwe operate, usefulness of the reports produced and their impact on the national fiscus. It is thus measured by way of compliance to these expectations and is indicated by way of a disclosure index signifying the presence of each of the expected aspects. This study therefore sought to establish the contribution of enterprise risk management and internal audit function towards the quality of financial reporting in universities in Zimbabwe. The study adopted a desktop analysis where relevant literature was reviewed. Quality of internal audit function was found to influence quality of financial reporting in that the strength, or quality, of the IAF will contribute to a distinctly different control environment depending on the strength of the good corporate governance in the university. Findings of this desktop research have undoubtedly revealed the gaps in the governance processes in state universities and it is envisaged that a careful analysis of these lacunas will provide a guide in the development of strategies and policy that strengthen state enterprise governance processes. It is hoped that this will help the parent ministry in charge of state enterprises, and, the relevant management of specific state enterprises to determine the magnitude of resources and efforts for implementation of efficient and effective enterprise risk management, internal audit function and corporate governance systems
Ragan, Joseph M.; Savino, Christopher J.; Parashac, Paul; Hosler, Jonathan C.
International Financial Reporting Standards now constitute an important part of educating young professional accountants. This paper looks at a case based process to teach International Financial Reporting Standards using integrated Enterprise Resource Planning software. The case contained within the paper can be used within a variety of courses…
The revolutions in Egypt and Tunisia appeared to herald a re-casting of International Monetary Fund and World Bank policy across the region. Public pronouncements by the heads of both institutions in the months following February 2011 acknowledged flaws in their approach to macroeconomic advice, against a background of worsening socioeconomic indicators, widespread youth unemployment, and widening health inequalities. Evidence on the ground, however, suggests continuity rather than change in international financial institution policies in Egypt and Tunisia, notwithstanding the emergence of a powerful new player-the European Bank for Reconstruction and Development. In the long term, new electoral realities and hardening public opposition in both countries seem likely to force a fundamentally different relationship between regional governments and the major international financial institutions than existed before 2011.
Full Text Available The Turkish government has been pursuing a goal to turn Istanbul into aregionalcentre for finance and then, an international one.However, creating aninternationalfinancial centre where international demand and supply of fundsmeet is not an easy process. In this context,we aimed toexamine the currentstatus and the potential of Istanbul to become an international financial centre. Inorder to reach the aim of the study, firstly,the characteristics of an internationalfinancial centre have been explained and a brief overview ofthe Turkishgovernment’sofficial plans of development of theinternational financial centrehavebeen given. Then,the strengths, weaknesses, opportunities and threats ofIstanbul havebeen analyzed.Finally,we have made assessments and put forwardsome suggestions.
Jiang, Xiong-Fei; Zheng, Bo; Ren, Fei; Qiu, Tian
With the random matrix theory, we decompose the multi-dimensional time series of complex financial systems into a set of orthogonal eigenmode functions, which are classified into the market mode, sector mode, and random mode. In particular, the localized motion generated by the business sectors, plays an important role in financial systems. Both the business sectors and their impact on the stock market are identified from the localized motion. We clarify that the localized motion induces different characteristics of the time correlations for the stock-market index and individual stocks. With a variation of a two-factor model, we reproduce the return-volatility correlations of the eigenmodes.
The recent financial turmoil has prompted to review the current financial regulatory framework mechanism. The present financial system reform could be a cause of the integration and consolidation processes in banking, because banks play a very important role in the economy. This article examines the changes of European Union's financial system, regulatory rules, and extending the potential of the financial sector perspective. This paper attempts to evaluate the European Union financial struct...
Full Text Available Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences, often disastrous for countries and the globe, and as such allowed the crisis to be repeated. Effects of the 2007 financial crisis, which originally started in the USA’s mortgage market and which was quickly spread all over the world, even to this date it still continues to have effect on real economies of many states, e.g. Greece. The spread of the crisis was primarily due to globalization and commercial trades among countries. Because of the dependence of economies on one another it was created the domino effect and all the countries were affected from the crisis. As a result, the crisis seems to have revealed the disadvantages of globalization. Finances of the world were shocked and rapid fluctuations were reflected in the stock prices. Kosovo, as a new and small country in the Western Balkans is not much globalized and open which was beneficial in preventing it from being affected from the global financial crisis. Its economy has slightly felt the effect of the crisis because the banking system in Kosovo is not much open to the international financial markets as they operate mostly with their clients’ deposits. The purpose of this research is to assess the implications of the global financial crisis in the banking system of Kosovo, and also to identify the measures that the Central Bank and the Government should undertake in order to protect the economy from external implications.
Langhelle, Audun; Lossius, Hans Morten; Silfvast, Tom
exist, however, especially within the ground and air ambulance service, and the EMS systems face several challenges. Main problems and challenges emphasized by the authors are: (1) Denmark: the dispatch centres are presently not under medical control and are without a national criteria based system......Emergency medicine service (EMS) systems in the five Nordic countries have more similarities than differences. One similarity is the involvement of anaesthesiologists as pre-hospital physicians and their strong participation for all critically ill and injured patients in-hospital. Discrepancies do....... Access to on-line medical advice of a physician is not available; (2) Finland: the autonomy of the individual municipalities and their responsibility to cover for primary and specialised health care, as well as the EMS, and the lack of supporting or demanding legislation regarding the EMS; (3) Iceland...
Full Text Available The main purpose of evaluation is to determine the financial position and the outcome of the entity’s activity. With the intensification of the phenomena of globalization of economies and financial markets and the emergence of phenomena such as inflation, it began to be more often used the assessment based on the current value and, in particular, on the fair value. The users of the financial statements must always be taken into when selecting a basis of evaluation. Internationally, we can observe the tendency that, by the use of a certain bases of evaluation, to respond favourably to the needs of a various range of users; a balance must be assured between the relevance of the information (their usefulness in decision-making and their reliability (their objectivity.
Full Text Available The aim of the study is to analyze the market’s reaction on the adoption of International Financial Reporting Standard (IFRS in Indonesia. Investor reaction will be perceived by the existence of abnormal return as well as the difference of trading volume. The analysis tool used is One-sample test to assess the existence of abnormal return and Paired Sample T-test to observe the difference trading volume 3 days before and after the announcement of financial report. The sample was constituted by 31 Indonesian companies randomly selected listed on LQ45 and have been impacted by the adoption of IFRS since 2011. The result shows that there is no abnormal return 3 days before and after the announcement of financial report. However, there is abnormal return on the day of announcement. Trading volume shows there is no market reaction to the IFRS adoption 3 days before and after the announcement.
nternational financial markets are supervised primarily by national authorities. However, national authorities are inherently incapable to regulate and supervise seamless globalised financial markets. To the extent international regulators exist, they constitute a disorderly patchwork of
We propose a new methodology of assessing the effects of individual institution's risk on the others and on the system as a whole. We build upon the Conditional Value-at-Risk approach, however, we introduce the explicit Granger causal linkages and we account for possible nonlinearities in the
E. E. Frolova
Full Text Available Purpose: the article examines the main problems associated the regulatory acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, lists the types of financial disputes subject to alternative settlement, identified the parties to the financial dispute. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Japan that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, – refer to financial disputes – disputes resolved by "Designated Dispute Resolution Organizations", the so-called "financial DDRO". Financial disputes are disputes between suppliers and consumers of financial services. The Financial Instruments and Exchange Act details the persons, whose activities fall within the definition of financial provider services. A brief list of financial service providers is available on the website of Japan's main financial regulator, the Financial Services Agency. The list include: Japanese banking institutions, branches and representative offices of foreign banks, business operators of financial instruments, insurance companies, trust companies, financial markets, foreign audit firms. However, unlike other countries of the Asia-Pacific region, consumers of financial services can be both physical and legal entities.Conclusions and Relevance: the materials presented in the article show the special role of "Designated Dispute Resolution
A joint International Monetary Fund-World Bank team conducted an assessment update of Uganda's financial system in connection with the Financial Sector Assessment Program (FSAP) in November, 2004. The purpose of the mission was to help the Ugandan authorities identify financial system strengths and weaknesses with a view to implementing an action plan to increase the system's contribution ...
Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio
The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.
Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio
The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies’ financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001–2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities’ heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis. PMID:27736865
Full Text Available The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio capable of trading off the size of the sample (coverage and the representativeness of the financial statements (accuracy. We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.
Full Text Available The action of one person will affect the others and then the action of one country will affect other countries. Financial crisis is like a contagious disease, which spreads everywhere. The failure in capturing systemic risk is the interconnected market events (’network externalities’ can produce self-reinforcing cycles then create the harmful situation. What happened in the banking regulation particularly Basel II? In reality, Basel II did not work completely in 2008. Since the implementation of risk management based on Basel II has been a prerequisite for a bank, it is supposed to make a positive impact. Misplaced reliance on mathematical model and statistics in managing risk could one of the problems in the decision making process. Using system thinking, system dynamics paradigm and theory of feedback system, this paper tries to see the risk management from different perspective and to enrich the understanding of how financial systems work: what drives them and causes the behavior. Many lessons can be learnt from this financial contagion since Islamic banking and finance system has inevitably been a part of the international financial systems.
Claessens, S.; Ghosh, S.R.; Mihet, R.
Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of
This paper explores the foundation of the financial accounting model. We examine the properties of the accounting equation as the principal algorithm for the design and the development of a System Dynamics model. Key to the perspective is the foundational requirement that resolves the temporal
Hilliard Theresa DiPonio
Full Text Available The Canadian transition to IFRS provides a valuable IFRS learning opportunity. The Canadian transition and implementation of IFRS provides a unique opportunity to examine the conversion of financial reporting from a similar set of financial reporting rules as U.S. GAAP in a similar economic and business environment. The implementation and adoption of IFRS is not a monolithic event. Our ability to comprehensively understand and assess IFRS requires transparent disclosures such as those mandated by IFRS 1 and disaggregation of the equity components to observe and measure the impact of IFRS as it pertains to discretionary management implementation choices, material reclassifications, and GAAP-to-GAAP differences. Comprehensive knowledge of IFRS 1, First Time Adoption of International Financial Reporting Standards is crucial to our ability to assess the transitory and future impact of IFRS. IFRS 1 sets the precedent for financial reporting under IFRS, overrides transitional provisions included in other IFRS, and prescribes detailed disclosures. This detailed “rules-based” standard permits discretionary management policy choices which have material impact on transitory reporting as well as future financial results.
Márcio Telles Portal
Full Text Available The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms. The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010, who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.
Full Text Available To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity.Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.
We show new modeling aspects of stock return volatility processes, by first representing them through Hammerstein Systems, and by then approximating the observed and transformed dynamics with wavelet-based atomic dictionaries. We thus propose an hybrid statistical methodology for volatility approximation and non-parametric estimation, and aim to use the information embedded in a bank of volatility sources obtained by decomposing the observed signal with multiresolution techniques. Scale dependent information refers both to market activity inherent to different temporally aggregated trading horizons, and to a variable degree of sparsity in representing the signal. A decomposition of the expansion coefficients in least dependent coordinates is then implemented through Independent Component Analysis. Based on the described steps, the features of volatility can be more effectively detected through global and greedy algorithms.
Lahmiri, Salim; Uddin, Gazi Salah; Bekiros, Stelios
We propose a general framework for measuring short and long term dynamics in asset classes based on the wavelet presentation of clustering analysis. The empirical results show strong evidence of instability of the financial system aftermath of the global financial crisis. Indeed, both short and long-term dynamics have significantly changed after the global financial crisis. This study provides an interesting insights complex structure of global financial and economic system.
Al-Absy, Mujeeb Saif Mohsen; Ismail, Ku Nor Izah Ku; Al-Dubai, Shehabaddin Abdullah A.
Developments in the global capital market have made the adoption of International Financial Reporting Standard (IFRSs) more significant than ever before. The purpose of this study is to examine the accountants’ perception of IFRSs adoption in Yemen. We also seek the accountants’ view on whether Yemen should adopt the IFRSs or not, and on the expected time taken to adopt the accounting standards. We also examine the difference in opinion between academicians and practitioners regarding the ado...
Ahmar, Nurmala; Rokhmania, Nuraini; Samekto, Agus
The aim of this study was to investigate the impact of inplementasi International Financial Reporting Standards (IFRS) on accrual earnings management and real earnings management. Adoption of accounting standards have an impact on the way of assessment, measurement and presentation. Samples are manufacturing companies listed in Indonesia Stock Exchange. Accrual earnings measurement method using five measurement approach, and three approaches to the measurement of real earnings management. The...
Nogueira, Sónia P.; Jorge, Susana M.; Cervera Oliver, Mercedes
The purpose of this paper is to analyse the perception of internal users regarding the usefulness of municipal financial reporting in the context of decision-making in Portuguese Local Administration. This research is quantitative and positive, based on a cross-section analysis through online application of a questionnaire to decision-makers (politicians and technicians) of the 308 Portuguese municipalities. The approach is based on the information usefulness paradigm. Results indicate a...
Clacher, I; de Ricquebourg, AD; Hodgson, A
This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...
Rafique, Abdul B.; Malik, Muhammad W.; Salman, Muhammad
MBA Professional Report Approved for public release; distribution is unlimited In Pakistan, the process of public procurement procedure standardization started in 2002 with the establishment of the Pakistan Public Procurement Regulatory Authority (PPRA), based on the 1994 United Nations Commission on International Trade Law (UNCITRAL) Model Law. PPRA rules allow four types of procurement procedures but limit the ability to conduct financial negotiations. PPRA rules are aimed at implemen...
Coste Andreea Ioana
Full Text Available In the scientific literature, accounting harmonization is a top topic because it helps to increase the comparability of financial statements. Also in Romania in the last 10 years becames a topic that is very often debated. The harmonization is trying to reduce differences of financial reporting statements between countries or, in the other words, it is trying to bring to a common denominator of existing rules when appear conflicts of comparability between them. The purpose of this paper is to measure the harmonisation between national and international regulation for a significant element of financial position statement, such as noncurrent assets. This paper provides an empirical research of information that must be presented by entities which apply national accounting standards or international ones when financial statements are prepared, trying to measure the harmonization between the two referential. Thus, in trying to determine the harmonisation, we use the Jaccard coefficient in order to provide an overview of the degree of harmonization of accounting practice. When measuring the degree of comparability of Romanian accounting regulations with International Accounting Standards we analyzed noncurrent assets and impairment of assets using the Jaccard coefficient for accounting treatments and we calculated an average of similarities between the two regulations. Further, the results suggest that there is an average level of harmonization for the accounting treatment of noncurrent assets and for determining the impairment of the assets, the methods are the same. The study contributes to the development of accounting literature about the harmonisation between national regulation and international standards regarding the noncurrent assets and impairment of the assets, which together with the other elements define the activity of the business. In addition, the study provides an analysis of how the regulations treats noncurrent assets, during the
... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...
Kerste, M.; Gerritsen, M.; Weda, J.; Tieben, B.
The credit crisis points at serious systemic risks in Over The Counter derivative trading. This has resulted in new financial regulation, covering both the financial sector and non-financial sectors. The actual extent to which non-financial companies trading on OTC markets contribute to systemic
Full Text Available This research is devoted to studying the impact of international financial aid on economic growth in Europe after the Second World War. The aim of the investigation is the identification of regularities of post-war recovery of European economies in the second half of the twentieth century and the assessment of international financial aid’s role in the economic growth stimulation. The author summarizes domestic and foreign researchers’ achievements of studying the issue of the Marshall Plan and its importance for modern Ukraine, and differentiates the classic, capitalistic and modern stages of post-conflict reconstruction of the national economies. The relation between the amount of financial assistance from US government to 14 European countries and the growth of GDP in 1947–1952 is studied with the help of correlation and regression analysis and their significant linear dependence is determined. The issue of institutional support of international financing program of economic recovery of Europe has not been left without attention.
Lichtenberg, Peter A; Gross, Evan; Ficker, Lisa J
This work examines the clinical utility of the scoring system for the Lichtenberg Financial Decision-making Rating Scale (LFDRS) and its usefulness for decision making capacity and financial exploitation. Objective 1 was to examine the clinical utility of a person centered, empirically supported, financial decision making scale. Objective 2 was to determine whether the risk-scoring system created for this rating scale is sufficiently accurate for the use of cutoff scores in cases of decisional capacity and cases of suspected financial exploitation. Objective 3 was to examine whether cognitive decline and decisional impairment predicted suspected financial exploitation. Two hundred independently living, non-demented community-dwelling older adults comprised the sample. Participants completed the rating scale and other cognitive measures. Receiver operating characteristic curves were in the good to excellent range for decisional capacity scoring, and in the fair to good range for financial exploitation. Analyses supported the conceptual link between decision making deficits and risk for exploitation, and supported the use of the risk-scoring system in a community-based population. This study adds to the empirical evidence supporting the use of the rating scale as a clinical tool assessing risk for financial decisional impairment and/or financial exploitation.
Financial Statements and accompanying notes provided on .... to good governance principles. there is the risk that ...... responsibilities of the centre's internal auditor includes reviewing internal controls, including accounting and financial.
Depicts the nature and operations of the first truly international, decentralized and computerized information processing and dissemination system, INIS. The products of the system, consisting of various literature indexes issued in both printed form and on magnetic tapes are described and their utility to scientists is demonstrated
Schokkaert, Erik; Van de Voorde, Carine
Since 1995 Belgian sickness funds are partially financed through a risk adjustment system and are held partially financially responsible for the difference between their actual and their risk-adjusted expenditures. However, they did not get the necessary instruments for exerting a real influence on expenditures and the health insurance market has not been opened for new entrants. At the same time the sickness funds have powerful tools for risk selection, because they also dominate the market for supplementary health insurance. The present risk-adjustment system is based on the results of a regression analysis with aggregate data. The main proclaimed purpose of this system is to guarantee a fair treatment to all the sickness funds. Until now the danger of risk selection has not been taken seriously. Consumer mobility has remained rather low. However, since the degree of financial responsibility is programmed to increase in the near future, the potential profits from cream skimming will increase.
This study examines the two most attractive characteristics, memory and chaos, in simulations of financial systems. A fractional-order financial system is proposed in this study. It is a generalization of a dynamic financial model recently reported in the literature. The fractional-order financial system displays many interesting dynamic behaviors, such as fixed points, periodic motions, and chaotic motions. It has been found that chaos exists in fractional-order financial systems with orders less than 3. In this study, the lowest order at which this system yielded chaos was 2.35. Period doubling and intermittency routes to chaos in the fractional-order financial system were found
Financial statements should be presented on a going-concern basis unless management intends to liquidate the tourism unit or cease trading. If not presented on a going concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the tourism unit's ability to continue as a going concern should be disclosed. The Statement of Financial Position provides information about the financial position of the tou...
Larson, Gregg S; Carey, Cate; Grarup, Jesper; Hudson, Fleur; Sachi, Karen; Vjecha, Michael J; Gordin, Fred
Randomized clinical trials are widely recognized as essential to address worldwide clinical and public health research questions. However, their size and duration can overwhelm available public and private resources. To remain competitive in international research settings, advocates and practitioners of clinical trials must implement practices that reduce their cost. We identify approaches and practices for large, publicly funded, international trials that reduce cost without compromising data integrity and recommend an approach to cost reporting that permits comparison of clinical trials. We describe the organizational and financial characteristics of The International Network for Strategic Initiatives in Global HIV Trials, an infectious disease research network that conducts multiple, large, long-term, international trials, and examine challenges associated with simple and streamlined governance and an infrastructure and financial management model that is based on performance, transparency, and accountability. It is possible to reduce costs of participants' follow-up and not compromise clinical trial quality or integrity. The International Network for Strategic Initiatives in Global HIV Trials network has successfully completed three large HIV trials using cost-efficient practices that have not adversely affected investigator enthusiasm, accrual rates, loss-to-follow-up, adherence to the protocol, and completion of data collection. This experience is relevant to the conduct of large, publicly funded trials in other disease areas, particularly trials dependent on international collaborations. New approaches, or creative adaption of traditional clinical trial infrastructure and financial management tools, can render large, international clinical trials more cost-efficient by emphasizing structural simplicity, minimal up-front costs, payments for performance, and uniform algorithms and fees-for-service, irrespective of location. However, challenges remain. They
This study focuse on combat money laundering legal principles and solutions to in the International System. As its clear Money laundering is the attempt to disguise the proceeds of illegal activity so that they appear to come from legitimate sources. Money is laundered through banking systems and credit institutions, non financial institutions and non financial economic activities. Combating money laundering phenomenon dates back to the 1980s. In 1989, Financial Action Task Force was set up t...
Budacia Lucian Constantin Gabriel
Full Text Available Prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports. Thus the first focus of the Sarbannes-Oxley Act’s recommendations is the public company. These recommendations, taken together, will improve a company's overall financial reporting process and increase the likelihood of preventing fraudulent financial reporting and detecting it earlier when it occurs. For some companies, implementing these recommendations will require little or even no change from current practices; for other companies, it will mean adding or improving a recommended practice. Whether it means adding or improving a practice, the benefits justify the costs. The Sarbanes-Oxley Act is a direct response to the recent scandals in the US corporate world. Governance, compliance, risks and internal controls are mounting concerns for almost all organizations. As the numbers of rules, regulations and contractual obligations steadily rise, management is growing more and more concerned about their exposure on day-to-day operational decisions!
Ruckert, Arne; Labonté, Ronald
In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.
Full Text Available Accountability of local governments in the implementation of policies should be carried out with the financial statements present the quality. Qualitative characteristics of financial statements described in PP 24/ 2005 that the qualitative characteristics of financial statements is a normative measurement that needs to be realized in the accounting information that can be fulfil its purpose. To be able to raise the normative requirements, this characteristics is absolutely necessary in order to meet the government 's financial statements desired qualities are: relevant, reliable, comparable, and understandable.The population of this research is PPK-SKPD in Karesidenan Pati. Consisting of: Regency Jepara, Kudus, Pati , Rembang, Blora, and Grobogan, totally 113 SKPD with 73 respondents with a random sampling technique . Data analysis technique used is multiple regression analysis. The results mentioned that human resource policies affect the quality of financial reporting by 4.167. Implementation of the system accounting effect on the quality of financial reporting by 3.309 % . Human resources policies and implementation of accounting systems affect the quality of financial statements. This study did not succeed accept hypothesis 5 proved that the value of t = -1.021 and p = 0.311, which means that the BPK audit does not affect the relationship between the Application System Accounting for the Quality of Regional Financial Statements.
Bouzguenda Benzarti, Neila; Albouy, Michel; Nisan, Simon
This paper focuses on a case study of financing an integrated nuclear desalination system at la Skhira site in Tunisia. More specifically, it shows the financial characteristics of the study, known as the TUNDESAL project, the main financing mechanisms that can be used, and the principal actions required to attract the potential investors and lenders. The paper describes: - The specific financial considerations corresponding to the particular characteristics of nuclear desalination projects: high capital costs, high level of risks and uncertainties, relatively long construction lead times and social and environmental concerns; - The main risks involved in nuclear energy projects; - The profitability study of the TUNDESAL project with the application of the Discounted Cash Flow Analysis; - The main financing sources for the project; - The financing schemes that can be used for project implementation and comparison between these schemes in terms of benefits generated, after covering project costs and repayment of lenders and investors; - The main actions to be done for making the project financially attractive in order to gain the confidence of investors and international financial institutions (optimal allocation of project risks and uncertainties, a suitable and flexible energy and water tariffs policy). Analysis has shown that in particular conditions of Tunisia, the most attractive financial scheme could be the 'project financing + leasing'. (authors)
Full Text Available The most business entities in Europe are small or medium-sized enterprises (SME, which have a legal obligation to prepare financial statements in accordance with a set of accounting principles accepted in their country. Those statements are available to creditors, suppliers, and national governments but they could be badly understandable to creditors, suppliers and subjects in other countries. This is a great obstacle of their activities in the EU internal market. The existence of 27 different national accounting systems in the EU can be held for the most important obstacle.There are many ways how to develop compatible accounting standards for SMEs but the most significant activity in this field is the research project of IASB (International Accounting Standards Board. IASB has developed IFRS (International Financial Reporting Standards. Even though IFRS are suitable for all enterprises, their application in case of SMEs would be very expensive and could significantly increase compliance costs of taxation. This development has not been finished yet and there are still some problems which need to be solved before the introduction of accounting standards to the public. The research has shown that IFRS for SMEs should be used mainly by the entities which do not have public accountability – i.e. that its equities are not publicly traded and do not hold assets in a fiduciary capacity for a broad group of outsiders. This paper discusses those IFRS modifications, which should be done in case of SMEs.
McDonald, Ruth; Harrison, Stephen; Checkland, Kath; Campbell, Stephen M; Roland, Martin
To explore the impact of financial incentives for quality of care on practice organisation, clinical autonomy, and internal motivation of doctors and nurses working in primary care. Ethnographic case study. Two English general practices. 12 general practitioners, nine nurses, four healthcare assistants, and four administrative staff. Observation of practices over a five month period after the introduction of financial incentives for quality of care introduced in the 2004 general practitioner contract. After the introduction of the quality and outcomes framework there was an increase in the use of templates to collect data on quality of care. New regimens of surveillance were adopted, with clinicians seen as "chasers" or the "chased," depending on their individual responsibility for delivering quality targets. Attitudes towards the contract were largely positive, although discontent was higher in the practice with a more intensive surveillance regimen. Nurses expressed more concern than doctors about changes to their clinical practice but also appreciated being given responsibility for delivering on targets in particular disease areas. Most doctors did not question the quality targets that existed at the time or the implications of the targets for their own clinical autonomy. Implementation of financial incentives for quality of care did not seem to have damaged the internal motivation of the general practitioners studied, although more concern was expressed by nurses.
Juliane Madeira Leitão
Full Text Available Materiality in private sector financial audit is a topic that has been relatively well developed in the literature. Specific research in this regard in public sector auditing, on the other hand, is scarce at the international level and absent in Brazil. In view of this, the purpose of this study was to identify the parameters used to determine materiality in public sector financial audit. To this end, we sent questionnaires to the 192 Supreme Audit Institutions that are members of INTOSAI and to 36 Brazilian public auditors, specialists in financial audit, who are staff members of the TCU or the CGU seeking information with respect to the Institutions’ guidelines and the auditors’ perceptions about materiality. Results reveal that expenditures, revenues and total assets are the benchmarks most recommended by respondents for defining materiality in the public sector. In addition, they recommended the adoption of percentages of up to 2% for each of these parameters in defining what is material. It was observed, as well, especially with respect to the effectiveness of internal control and to public expectations or interests, that qualitative aspects should be also taken into account in determining materiality, although a lesser degree of importance is attributed to this than to the quantitative aspects,. The study contributes to the accounting literature on the development of audits, particularly with respect to the use of a concept, materiality, that is always emphasized in professional standards, but about which there are few objective guidelines.
This paper explores the foundation of the financial accounting model. We examine the properties of the accounting equation as the principal algorithm for the design and the development of a System Dynamics model. Key to the perspective is the foundational requirement that resolves the temporal conflict that resides in a stock and flow model. Through formal analysis the accounting equation is redefined as a cybernetic model by expressing the temporal and dynamic properties of its terms. Articu...
Full Text Available Financial statements should be presented on a going-concern basis unless management intends to liquidate the tourism unit or cease trading. If not presented on a going concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the tourism unit's ability to continue as a going concern should be disclosed. The Statement of Financial Position provides information about the financial position of the tourism unit and it should distinguish between major categories and classifications of assets and liabilities current or noncurrent distinction. Departure from the requirements of an IFRS is allowed only in the extremely rare circumstance in which the application of the IFRS would be so misleading as to con-flict with the objectives of financial statements. In such circumstances, the tourism unit should disclose the reasons for and the financial effect of the departure from the IFRS.
Hernandez-Diaz, A.G.; Sastre, J.; Lopez-Sanchez, A.D.; Cuello, M.; Molina, J.
In recent years, many public bike rental systems have proliferated in Spain. Unfortunately, many have had to close because of their poor financial feasibility. The aim of this paper is twofold. On the one hand, a benchmarking of the main public bicycle systems in Spain is conducted, analysing the growth in the last decades, with special emphasis on successful systems and on the recently failed. In addition, the financial feasibility of some successful systems in Spain is analysed: Seville, Valencia and Barcelona. Thus, major factors directly related to the viability of such systems are discussed. A proper and correct knowledge of these factors is essential when making decisions in mobility policies. The main factors on which the management company may decide are: pricing policy (annual and weekly rate), advertising rates, and system dimensions (number of docking stations, anchors and bicycles). There are other external factors not directly controlled by the company (subscribers, occupancy rate of advertising space and system maintenance cost) but which are crucial to their feasibility. To achieve the aforementioned objectives, mobility studies in Seville (1400 surveys) and Barcelona (1000 surveys) were conducted in order to achieve more accurate parameter values (time cycling, distances, used rate, frequencies, etc.). Despite the similarities between the systems in Valencia and Seville, they have shown very different profitability. The high profitability in Valencia and Barcelona is highlighted in contrast to the case of the Seville system. (Author)
Full Text Available Background/Aim. The main goal of every health policy is not merely the establishment of the health system sustainability, but the accessibility of health services to the whole population, as well. This objective is shared in European Union countries, and the consequence is the implementation of National Health Accounts (NHA. NHA, as a tool for evidence-based management, provides data regarding financial flow in health at national level and alows international comparability. The aim of this study was to determine Serbian overall health spending patterns by National Health Accounts, and to determine health care indices to provide policy makers with internationally comparable health indicators. Methods. A retrospective analysis of healthcare expenditures was obtained from the published final financial reports of relevant state institutions during a period of 2003 to 2006. The various sources of data on healthcare expenditures were connected according to instructions by the OECD 'A System of Health Accounts (SHA' Version 1.0. Results. The obtained results showed: health expenditures in Serbia made up 8.6%, 8.3%, 8.7% and 9 % of the GDP in 2003, 2004, 2005 and 2006, respectively; the Health Insurance Fund was a predominant financing source of the public sector with 93% in 2006; the largest part of the total health expenditures went towards hospitals and for health services; the expenditure per capita in 2006 was 365 US$; Serbian population finances the state institutions 'out of pocket' with 21.28% of their sources, which was 7.3% of the total healthcare expenditures, and the private institutions with 78.72% of their financial sources, which is 27% of the total healthcare expenditures. In 2006 Serbia allocated financial resources out of GDP in the amount similar to the European Unity, while comparing to the countries of the region, these funds were less only than in Bosnia and Herzegovina. This allocating of financial resources in total, however, was
The paper presents International Nuclear Information System (INIS): history of its development; INIS support products (INIS Reference Series, Friendly Inputting of Bibliographic Records software); INIS output products (INIS Atomindex, magnetic tapes, online service, database on CD-ROM, microfiche service); INIS philosophy; input of INIS database by subject areas; and examples of INIS input
Brant, Jacek; Chapman, Arthur; Isaacs, Tina
This paper reports on research conducted as part of the International Instructional System Study that explored five subject areas across nine jurisdictions in six high-performing countries. The Study's overall aim was to understand what, if anything, there is in common in the curricula and assessment arrangements among the high-performing…
Full Text Available A large degree of co-movements across financial markets within and between countries has been frequently observed worldwide and these co-movements intensify in times of financial crisis such as the recent financial turmoil triggered by the US sub-prime mortgage crisis. The aim of this paper is to analyze the degrees of financial linkages between four major markets of the US and Korea: money markets, bond markets, equity markets and foreign exchange markets. To break down the structures of these linkages, we fully identify a structural VAR without any ad-hoc restrictions using the methodology of Rigobon (2003. In addition to confirming that there are significant contemporaneous linkages across US asset prices and across Korean asset prices, we quantify and analyze the channels of international cross-market transmission of shocks between the US and Korea, comparing them with the Japanese cases. The main results are as follows. First, there are no significant substitution effects between bond and equity markets in Korea. Second, the US equity market shocks have a substantial effect on the Korean stock market while the US bond and equity market shocks don't on the Korean interest rates. Third, the Korea stock market shocks have a significant impact on the won-dollar exchange rate while the Korean bond market shocks don't. Fourth, Japan shows the similar international linkages as Korea even though it is a large open economy. However, the yen-dollar exchange rate responses to the Japanese bond market shocks, not the Japanese stock market shocks.
How does the European Union (EU) perform in international financial regulation? According to various scholars the global financial architecture has been shaped by the USA and the EU. But whereas the USA is without doubt the dominant actor or even described as hegemon in writing the rules for the global political economy and global financial markets, the EU seems to be a special kind of actor. The European Union is not only one of the biggest single financial markets in the world but also has ...
Andréia Carpes Dani
Full Text Available This study aims to verify the integration level between the financial and management accounting systems as a result of the convergence process with the international accounting standards and of the effectiveness of controllership in Brazilian companies. A descriptive research was undertaken, based on the application of the questionnaire by Angelkort and Weißenberger (2011 to the 500 Best and Biggest of Revista Exame, issue 2011, using a sample of 32 companies that answered the research. The correlations between the integration level of the financial and management accounting systems and the variables “consistency of financial language”, “quality of services provided” and “degree of influence in decision making”, during the convergence period with the international accounting standards, were positive and moderate. It was also observed that the period before the accounting convergence (2004 till 2007 showed a better integration level of the financial and management accounting systems than the accounting convergence period (2008 till 2011. In conclusion, the accounting convergence process increased the integration level of the financial and management accounting systems in the investigated companies, as well as the effectiveness of controllership, particularly in the consistency of the financial language, in the quality of the services provided and in the influence of the controllers’ services on these companies’ decisions.
Weißenberger, Barbara E.; Angelkort, Hendrik
To provide accounting information for management control purposes, two fundamental options exist: (a) The financial records can be used as a database for management accounting (integrated accounting system design), or (b) the management accounting system used by controllers can be based upon a so-called third set of books besides the financial and tax accounting records. Whereas the latter approach had been typical for firms in German-speaking countries until the 1980s, since then an increasi...
Full Text Available Based on the experience of European countries, practical recommendations on improving the level of financial capacity of regions in Ukraine have been developed. In the article the comparative analysis of the financial equalization system in Germany and Ukraine has been conducted, different approaches to equalization on the basis of the actual redistribution have been determined, the efficiency and transparency of the use of budgetary resources in these countries have been analyzed. The research result is the substantiation of the necessity for decentralization of tax revenues in Ukraine to reduce the volume of transfers from the State Budget to the regions. Prospects for further research in this direction are developing a reform strategy for Germany and Ukraine in order to improve the socio-economic relations between the center and regions and to make the redistribution of budgetary resources more efficient. Improving the system of financial equalization involves the use of optimization techniques taking into account the inter-regional economic and geographic ties.
Full Text Available This paper aims to examine the joint impact of Enterprise Resource Planning systems (ERP systems and Non Financial Performance Indicators (NFPI on corporate financial performance. Our study is based on a comparative analysis between firms that adopt ERP only, firms that use NFPI only and firms that combining both strategies (ERP and NFPI during the period from 2001 to 2006.The implementation process remains highly uncertain. In fact, the use of Non Financial performance indicators is an important determinant of corporate financial performance. At the operational level, combining ERP systems with NFPI reflects a long-term business strategy to improve business process. In summary, the ERP and NFPI literatures demonstrate the vital importance of aligning business process, information technologies and key performance indicators with the strategic objectives of the firm. Results support the hypothesis in which firms that combining ERP and NFPI have significantly higher ROA than either ERP-only or NFPI-only firms.
Ariana, I. M.; Bagiada, I. M.
Development of spreadsheet-based integrated transaction processing systems and financial reporting systems is intended to optimize the capabilities of spreadsheet in accounting data processing. The purpose of this study are: 1) to describe the spreadsheet-based integrated transaction processing systems and financial reporting systems; 2) to test its technical and operational feasibility. This study type is research and development. The main steps of study are: 1) needs analysis (need assessment); 2) developing spreadsheet-based integrated transaction processing systems and financial reporting systems; and 3) testing the feasibility of spreadsheet-based integrated transaction processing systems and financial reporting systems. The technical feasibility include the ability of hardware and operating systems to respond the application of accounting, simplicity and ease of use. Operational feasibility include the ability of users using accounting applications, the ability of accounting applications to produce information, and control applications of the accounting applications. The instrument used to assess the technical and operational feasibility of the systems is the expert perception questionnaire. The instrument uses 4 Likert scale, from 1 (strongly disagree) to 4 (strongly agree). Data were analyzed using percentage analysis by comparing the number of answers within one (1) item by the number of ideal answer within one (1) item. Spreadsheet-based integrated transaction processing systems and financial reporting systems integrate sales, purchases, and cash transaction processing systems to produce financial reports (statement of profit or loss and other comprehensive income, statement of changes in equity, statement of financial position, and statement of cash flows) and other reports. Spreadsheet-based integrated transaction processing systems and financial reporting systems is feasible from the technical aspects (87.50%) and operational aspects (84.17%).
... financial management systems. 64.12 Section 64.12 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.12 Standards for grantee financial management systems. The grantees' Financial Management Systems shall meet the minimum standards set forth in OMB Circular A-102, Attachment G. ...
Full Text Available The aims of this research is to determine the accounting student’s of understanding the application of International Financial Reporting Standardin the Asean Economic Community. Data collected through questionnaires. The sampling technique is done by purposive sampling that students of the accounting department term IV and V of the school year 2014/2015 at the Faculty of Economics and Business, Udayana University. The analysis in this study uses procentage descriptive method. This research found that students from the accounting department are well understand the development of the profession, opportunities, and chalenges facing the accounting profession in the Asean Economic Community. Keywords: Accounting, IFRS, ASEAN economic community
Full Text Available The financial sustainability of the health systems often reveals the ability of policy makers to finance healthcare in the face of growing cost pressures, with populations ageing, new technologies and increased patient expectations for healthcare coverage and quality. Thus, the healthcare systems need to reinvent themselves by using innovative financing mechanisms coupled with electronic information and communication systems, while offering greater transparency, flexibility and choice and increasing access to the services available. The paper analyses the healthcare financing models: the national health system, the social insurance or the private insurance model so that the Romanian health care reform should preserve the best elements of its existing system while selectively adapt techniques and processes that seemed to have been successful in other countries. Moreover, the application of information and communication technologies – eHealth offers new possibilities for improving almost every aspect of healthcare, from making medical systems more powerful and responsive to providing better health information to all.
Ozmeral, Alisha Bhadelia; Reiter, Kristin L; Holmes, George M; Pink, George H
Medicare cost reports (MCR), Internal Revenue Service form 990s (IRS 990), and audited financial statements (AFS) vary in their content, detail, purpose, timeliness, and certification. The purpose of this study was to compare selected financial data elements and characterize the extent of differences in financial data and ratios across the MCR, IRS 990, and AFS for a sample of nonprofit critical access hospitals (CAHs). Line items from AFS of 47 CAHs were compared to data reported in the hospitals' MCR and IRS 990s. Line items were based on 9 financial indicators commonly used to assess hospital financial performance. Of the indicators examined, the equity financing ratio most frequently matched between the 3 reports, while salaries and benefits to total expenses and debt service coverage were often different. Variances were driven by differences in individual account balances used to construct the ratios. Relative to AFS, cash was frequently lower on the IRS 990 while marketable securities and unrestricted investments were often higher. Other revenue and net income were consistently lower on the MCR and IRS 990, and depreciation was often higher on the MCR. The majority of total assets and fund balance (equity) values matched across the 3 reports, suggesting differences in classification among detailed accounts were more common than variances between the component totals (total assets, total liabilities, and fund balance). Health policy researchers should consider the impact of these variances on study results and consider ways to improve the availability and quality of financial accounting information. © 2012 National Rural Health Association.
Olani Bekele Sakilu
Full Text Available ABSTRACT The purpose of this study is to examine the determinants of the financial performances of commercial banks in Ethiopia from an internal corporate governance practices perspective using time series data covering the period of 2008-2013. In the study, financial performance is measured by ROA and ROE of the banks. The study finds that qualified directors in the board, directors with prior experience in banking, chief executive officer compensation and existence of risk management committee in the board have a statistically significant and positive effect on banks’ performance in terms of both ROA and ROE; whereas ownership dispersion has a statistically significant and negative effect on banks performance. The effect of frequency of board meeting on financial performance of bank is positive and significant in terms of ROA, but significant and negative in terms of ROE. On the other hand, variables such as board size, female director in the board, and the existence of audit committee in the board did not have a statistically significant effect on bank’s performance.
Full Text Available University students, as a special consumer group, have important effects on leading trend and consumption structure. First of all, poor financial management is the main cause students are facing financial problem. Also, their characteristics of consumption and consumption status also reflect the student’s value orientation. The aim of this study was to investigate how students of private higher education institutions in BiH make purchasing decisions and how they balance small budget with living expenses. The ability to manage finances impacts students both personally and academically. Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make money, how that person manages it, how he/she invests it (turn it into more and how that person donates it to help others. Data for this study were collected by using survey which are delivered to students of International Burch University. Implications provided valuable data for university administrators in management and student affairs, counselors, economic educators, and parents.
Reinhart Carmen M.
Full Text Available The first major financial crisis of the twenty first century involves esoteric instruments, unaware regulators, and skittish investors. It also follows a well-trodden path laid down by centuries of financial folly. Is the 'special' problem of sub-prime mortgages really different? Our examination of the longer historical record finds stunning qualitative and quantitative parallels across a number of standard financial crisis indicators. At this juncture, the book is still open on how the current dislocations in the United States will play out. The precedent found in the aftermath of other episodes suggests that the strains can be quite severe, depending especially on the initial degree of trauma to the financial system (and to some extent, the policy response. The average drop in real per capita output growth is over 2 percent, and it typically takes two years to return to trend. For the five most catastrophic cases (which include episodes in Finland, Japan, Norway, Spain, and Sweden, the drop in annual output growth from peak to trough is over 5 percent, and growth remained well below pre-crisis trend even after three years.
Ramon-Ballester, Francisco; Wezel, Torsten
This paper empirically investigates the extent to which the financial linkages of Latin American banks with the exterior are influenced by political risk and deposit dollarisation. We find that the sum of banks’ foreign assets and liabilities is a function of risk-return considerations and excess domestic credit demand. An increase in political risk is shown to be associated with a build-up of foreign positions by the banking sector, but this adverse effect on the banking system is mitigated ...
Saifhul Anuar Syahdan
Full Text Available Development of accounting theory is a way of theory, practice and research. Three aspects of the accounting development is an integrated whole, which would form a logical reasoning embodied in engineering financial reporting to become a Conceptual Framework. In practical terms, the adoption of IFRS is not an option for Indonesia, but must, in the hope, foreign investment will continue to enter or even increased and we are not isolated in the international arena. Nobes ( 2010 in his book states that, the International Accounting Standards have an important role in developing countries. Adoption of IFRS is the cheapest way for these countries than setting its own standards. Since January 1 st, 2012, Indonesia has adopted IFRS, there is a gap or imbalance between academics accounting practices and understanding regarding the implementation of IFRS in Indonesia. It should be encouraged readiness for accountants, auditors, management, Tax Officials, and regulators and academics to begin adjusting to the provisions of IFRS
In 1992, the American Public Power Association published its fourth report on financial and operating ratios. Based on 1990 data for the largest public power distribution systems, the report examined 21 categories of ratio indicators that can be used by public power distribution systems to assess their performance relative to the utilities of of comparable size and in the same geographic region. The 394 utilities summarized in the report are those that are required to file financial statements with the Energy Information Administration (EIA). Ratios were calculated from financial and operating data reported by utilities to the EIA. Data are presented for the following ratios: (1) revenue per kW/hr; (2) revenue for customer; (3) debt to total assets; (4) operating ratio; (5) current ratio; (6) times interest earned; (7) net income per revenue dollar; (8) uncollectible accounts per revenue dollar; (9) retail MW hr sales per manpower generation employee; (10) retail customers per nonpower generation employee; (11) total operation and maintenane expense per kW hr sold; (12) total operation and maintenance expense per retail customer; (13) total power supply expense kW hr sold; (14) purchased power cost per kW hr; (15) production expense per not kW hr; (16) retail customers for with reader; (17) distribution operation and maintenance expenses per retail customer; (18) distribution operation and maintenance expenses per circuit mile; (19) customer accounting, customer service and sales expenses per retail customers; (20) administration and general expenses per retail customer; (21) labor expense per worker-hour; (22) OSHA incidence rate; and (23) the system average interruptible duration index
F. Gerard Adams
The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned freemarket philosophy. This paper links the systemic financial/economic crisis of 2008 to the new economy developments, globalisation and policy philosophy perspectives of recent decades. It raises the question of how to re-establish confidence once traditional thinkin...
Jiang, X. F.; Zheng, B.
With the random matrix theory, we study the spatial structure of the Chinese stock market, the American stock market and global market indices. After taking into account the signs of the components in the eigenvectors of the cross-correlation matrix, we detect the subsector structure of the financial systems. The positive and negative subsectors are anti-correlated with respect to each other in the corresponding eigenmode. The subsector structure is strong in the Chinese stock market, while somewhat weaker in the American stock market and global market indices. Characteristics of the subsector structures in different markets are revealed.
Full Text Available A new approach to a company’s information systems is needed, if wetake into consideration the globalization process of the economy, the intensifiedcompetition, the impose of new qualitative demands or the adjustment to newaccounting standards. The former accountant is about to be replaced by the„professional employee with accounting information”, who knows very wellhow to use the domain technologies. The need for clear, correct and significantinformation has become a must for all the departments of a company and,definitely, this is especially the case for the financial-accounting department,i.e. when we have to come up with solutions for the profitability of thecompany.
... accepted accounting principles (GAAP)-based financial information. This notice updates and clarifies the... Housing Assessment System (PHAS): Financial Condition Scoring Notice AGENCY: Office of the Assistant... under the financial condition indicator of the Public Housing Assessment System (PHAS). This notice...
... DEPARTMENT OF THE TREASURY Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Notice of proposed new system of records. SUMMARY: In accordance with the Privacy Act of 1974, as amended, the Financial Management Service...
... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... Management § 105-72.301 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate...
In the article the theoretical principles of the improvement of determining of the financial mechanism’s social security system are analyzed. Was investigated the model of the financial mechanism’s social security. According to the planned objectives was proposed effective organizational structure of the financial mechanism’s social insurance system in Ukraine.
A joint International Monetary Fund-World Bank team conducted an assessment of Turkey's financial system in connection with the Financial Sector Assessment Program (FSAP) through missions in April, August-September 2006 and March, 2007. This report provides a summary of the main findings of the assessment and the policy priorities identified. The main objective of the FSAP is to assist the...
Underhill, G.R.D.; Zhang, X.
Despite regular and serious systemic volatility, reform of international financial architecture remains limited, retaining market-oriented characteristics and adjustment mechanisms. A failure of the architecture to focus on the political underpinnings of global financial and monetary governance
Full Text Available This article examines the evolution of approaches to the financial sector display as a part of the economy on the conceptual basis of the System of National Accounts. The main prerequisites for the formation of SNA are revealed. The formation of the methodology of national accounting and the impact of the development of economic theory on it are traced. The role and interconditionality of the Keynes' macroeconomic theory as a methodological basis of the SNA and the SNA as an empirical basis of macroeconomics are defined. The international standards SNA-1953, SNA-1968, SNA-1993 and SNA-2008; the features of presentation of the financial sector and its subsectors composition in standards are analysed.
Full Text Available Starting with the ’70, environmental accounting was prone to debates within the scientific community. During the different stages in the environment accounting evolution, the development of this concept took place around the 90’s as an answer to the limitations of traditional accounting, like the lack of an adequate treatment for the internalization of environment externalities and poor allocation of environment protection costs. All these have led to accounting evolution through integration of social and environmental dimensions in the financial system and management of an enterprise. Instruments of environmental management accounting developed by practitioners and theorists in the field, are, for most an adaptation of the traditional methods used by management accounting. These instruments cover cost control, financial analysis and performance evaluation.
Ievdokymov Viktor V.
Full Text Available The aim of the article is to develop organizational and methodological provisions of economic analysis of forestry enterprises’ financial plans as a result of financial planning. The importance of financial planning as a basis for developing managerial decisions regarding the financial potential is substantiated. The characteristic of the development stages and the importance of financial potential in countries of the world is given. The stages of forecasting as the basis of enterprises’ financial plans are considered. The composition of the subsystems, methods and functions of financial planning highlighted in the scientific literature is investigated. The place of economic analysis in financial planning and in the system of financial planning of an enterprise’s economic activity is determined. There identified the directions of information disclosure in a financial plan: formation of financial results, budget settlements, cash flow, capital investments, ratio analysis, financial status, breakdown of individual items. The prospect for further research is to determine the order of applying the analytical procedures for each of these directions of economic analysis to justify the application of the analytical procedures for assessing financial potential on the basis of financial plans of forestry enterprises. This will allow to create information space for managing the financial potential of a forestry enterprise to achieve its tactical and strategic goals.
D'Aquila, Jill M.
Responses from 188 certified public accountants indicated that those who perceived an organizational tone fostering ethical behavior were more likely to report financial information fairly. When presented with six ethical dilemmas, they made decisions that resulted in misrepresented information for an average of 1.5 dilemmas. (SK)
Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.
Denaro, Simona; Castelletti, Andrea; Giuliani, Matteo; Characklis, Gregory W.
In multi-purpose water systems, power asymmetry is often responsible of inefficient and inequitable water allocations. Climate Change and anthropogenic pressure are expected to exacerbate such disparities at the expense of already disadvantaged groups. The intervention of a third party, charged with redefining water sharing policies to give greater consideration to equity and social justice, may be desirable. Nevertheless, to be accepted by private actors, this interposition should be coupled with some form of compensation. For a public agency, compensation measures may be burdensome, especially when the allowance is triggered by natural events whose timing and magnitude are subject to uncertainty. In this context, index based insurance contracts may represent a viable alternative option and reduce the cost of achieving socially desirable outcomes. In this study we explore soft measures to achieve global change mitigation by designing a hybrid coordination mechanism composed of i) a direct normative constraint and ii) an indirect financial compensatory tool. The performance of an index-based insurance (i.e. hedging) contract to be used as a compensation tool is evaluated relative to more traditional alternatives. First, the performance of the status quo system, or baseline (BL), is contrasted to an idealized scenario in which a central planner (CP) maximizes global efficiency. Then, the CP management is analyzed in order to identify an efficient water rights redistribution to be legally imposed on the advantaged stakeholders in the BL scenario. Finally, a hedging contract is designed to compensate those stakeholders more negatively affected by the legal constraint. The approach is demonstrated on a multi-purpose water system in Italy, where different decision makers individually manage the same resource. The system is characterized by a manifest power asymmetry: the upstream users, i.e., hydropower companies, are free to release their stored water in time
Ekaterina Aleksandrovna Zaharchuk
Full Text Available The main purpose of the study, the results of which are reflected in this article, is the theoretical and methodological substantiation of possibilities to build a regional balance model of financial flows consistent with the principles of the construction of the System of National Accounts (SNA. The paper summarizes the international experience of building regional accounts in the SNA as well as reflects the advantages and disadvantages of the existing techniques for constructing Social Accounting Matrix. The authors have proposed an approach to build the regional balance model of financial flows, which is based on the disaggregated tables of the formation, distribution and use of the added value of territory in the framework of institutional sectors of SNA (corporations, public administration, households. Within the problem resolution of the transition of value added from industries to sectors, the authors have offered an approach to the accounting of development, distribution and use of value added within the institutional sectors of the territories. The methods of calculation are based on the publicly available information base of statistics agencies and federal services. The authors provide the scheme of the interrelations of the indicators of the regional balance model of financial flows. It allows to coordinate mutually the movement of regional resources by the sectors of «corporation», «public administration» and «households» among themselves, and cash flows of the region — by the sectors and directions of use. As a result, they form a single account of the formation and distribution of territorial financial resources, which is a regional balance model of financial flows. This matrix shows the distribution of financial resources by income sources and sectors, where the components of the formation (compensation, taxes and gross profit, distribution (transfers and payments and use (final consumption, accumulation of value added are
The International Nuclear Information System is operated by the IAEA in close cooperation with its participating countries. Each country is responsible for the acquisition of the literature published within its boundaries. These data are collected by the INIS secretariat in Vienna and the resulting comprehensive data base is available for all member states. On behalf of Austrian Federal Chancellor's Office the Austrian Research Centre Seibersdorf operates the Austrian INIS-Center, which offers information services in form of retrospective searches and current awareness services. (Author) [de
Complex behaviors in a financial system with time-delayed feedbacks are discussed in this study via numerical modeling. The system shows complex dynamics such as periodic, quasi-periodic, and chaotic behaviors. Both period doubling and inverse period doubling routes were found in this system. This paper also shows that the attractor merging crisis is a fundamental feature of nonlinear financial systems with time-delayed feedbacks. Control of the deterministic chaos in the financial system can be realized using Pyragas feedbacks
XIAODONG WANG; CHRISTOF MORSCHER
This article discusses the recent reform policy in China on setting up new financial system for supporting science and technology innovation. Based on the financial sector development in the Pearl River Delta in China’s Guangdong Province, especially Guangzhou, one pilot city of Chinese Science and Technology Financial System Reform, the article analyses the problems in financial system and makes some suggestion on how to restructure the financial system to meet the financial need of local em...
omissions due to fraud, illegal acts, and corruption; and the risk of management override ( COSO , 2013d). Effective internal controls are an important...the Department is well managed . In 2013, The Committee of Sponsoring Organizations of the Treadway Commission ( COSO ) added 17 principles to the five...Commission’s ( COSO ) 17 Principles, Office of Financial Operations (FMO), Managers ’ Internal Control Program, Managers ’ Internal Control Manual. 15. NUMBER OF
Gorgieva-Trajkovska, Olivera; Miteva-Kacarski, Emilija
The confidence in the transparency and integrity of financial reporting is critically important to global financial stability and sound economic growth. The global financial crisis has led many economic and financial market participants to reexamine their governance, practices, and standards. Effective financial reporting depends on high quality accounting standards as well as the consistent and faithful application and rigorous independent audit and enforcement of those standards. ...
Full Text Available We use mean-variance analysis with short selling constraints to diagnose the effects of the recent global financial crisis by evaluating the potential benefits of international diversification in the search for ‘safe havens’. We use stock index data for a sample of developed, advanced-emerging and emerging countries. ‘Text-book’ results are obtained for the pre-crisis analysis with the optimal portfolio for any risk-averse investor being obtained as the tangency portfolio of the All-Country portfolio frontier. During the crisis there is a disjunction between bank lending and stock markets revealed by negative average returns and an absence of any empirical Capital Market Line. Israel and Colombia emerge as the safest havens for any investor during the crisis. For Israel this may reflect the protection afforded by special trade links and diaspora support, while for Colombia we speculate that this reveals the impact on world financial markets of the demand for cocaine.
Full Text Available In this paper we investigate the determinants of bank profitability in 10 countries from Central and Eastern Europe, in the period between 2004 and 2013. We proxy the profitability of banks with more commonly used ratio: the return on assets (ROA, computed as a ratio of the net profit to the total bank assets. We used multiple regression with bank specific variables, banking industry variables and macroeconomic variables. Moreover, we added a global financial crisis dummy to highlight the crisis impact on asset return. OLS is the main estimation method, but we also used difference-in-difference in order to test if the crisis impact was amplified or diminished by the bank specific characteristics. The evidence shows significant differences between the profit levels of the CEEC banks. Our results are in line with the empirical literature. The impact of the international financial crisis on ROA was negative and statistically significant, as expected. The second part of the analysis we separate the banks sample in three categories: banks with high capital adequacy, large banks by total assets and foreign-owned banks. Our findings show that the three selected variables both amplified and decreased the crisis effect.
Full Text Available Business combinations under common control in International Financial Reporting Standards – is authoritative accounting guidance needed? The purpose of the article is to answer the question if a separate standard (IFRS is needed for business combinations under common control (BCUCC, which are not governed by any IFRS as the moment. In such cases, the approach resulting from IAS 8 should apply to them, which allows the use of national regulations to account for BCUCC. The authoress shortly described the theoretical issues related to the subject and presented the results of empirical research that verified the practical aspects of the problem. The research methodology involves a literature and legal act analysis, content analysis of financial statements, as well as deductive and inductive reasoning. On the basis of the gathered data the authoress concluded that even the existence of necessary regulations in national GAAPs does not guarantee that all the requirements related to the qualitative characteristics of the reported information are met and, as such, the main objectives for which IFRS were developed may not be met. As such, the authoritative guidance proves necessary. Very little research on the subject was published, thus, this paper may provide some additional guidance as to what issues related to BCUCC should receive particular attention.
Roberto Chacon de Albuquerque
Full Text Available Facing an international financial crisis that could lead its own financial system to the brink of collapse, the German government needed to show political will in order to save financial institutions in risky situations. This article analyzes the legal strategies used to rescue the financial system, including the statization of banking institutions as an ultima ratio. Prior to the bank statization established by the Rescue Takeover Act, the Financial Market Stabilization Act foresaw an increase in the capital of financial institutions by means of state control without statization. This last act, nonetheless, has not been considered enough to avoid the collapse of a banking institution that is relevant for the whole financial system such as Hypo Real Estate (HRE.Enfrentando uma crise financeira internacional que pode levar ao colapso de seu próprio sistema financeiro, o governo alemão precisou demonstrar vontade política para salvar instituições financeiras em situação de risco. Este artigo analisa as estratégias legais utilizadas no resgate do sistema financeiro, incluindo a estatização de instituições bancárias como ultima ratio. Antes da lei de estatização bancária, da Lei de Resgate de Empresas para a Estabilização do Mercado Financeiro, a Lei de Estabilização do Mercado Financeiro previa um aumento do capital das instituições financeiras com controle estatal sem estatização. Esta lei, no entanto, não foi considerada suficiente para evitar o colapso de uma instituição bancária relevante para todo o sistema financeiro como o Hypo Real Estate (HRE.
Mastromatteo, Iacopo; Zarinelli, Elia; Marsili, Matteo
In this paper we estimate the propagation of liquidity shocks through interbank markets when the information about the underlying credit network is incomplete. We show that techniques such as maximum entropy currently used to reconstruct credit networks severely underestimate the risk of contagion by assuming a trivial (fully connected) topology, a type of network structure which can be very different from the one empirically observed. We propose an efficient message-passing algorithm to explore the space of possible network structures and show that a correct estimation of the network degree of connectedness leads to more reliable estimations for systemic risk. Such an algorithm is also able to produce maximally fragile structures, providing a practical upper bound for the risk of contagion when the actual network structure is unknown. We test our algorithm on ensembles of synthetic data encoding some features of real financial networks (sparsity and heterogeneity), finding that more accurate estimations of risk can be achieved. Finally we find that this algorithm can be used to control the amount of information that regulators need to require from banks in order to sufficiently constrain the reconstruction of financial networks
Mastromatteo, Iacopo; Zarinelli, Elia; Marsili, Matteo
In this paper we estimate the propagation of liquidity shocks through interbank markets when the information about the underlying credit network is incomplete. We show that techniques such as maximum entropy currently used to reconstruct credit networks severely underestimate the risk of contagion by assuming a trivial (fully connected) topology, a type of network structure which can be very different from the one empirically observed. We propose an efficient message-passing algorithm to explore the space of possible network structures and show that a correct estimation of the network degree of connectedness leads to more reliable estimations for systemic risk. Such an algorithm is also able to produce maximally fragile structures, providing a practical upper bound for the risk of contagion when the actual network structure is unknown. We test our algorithm on ensembles of synthetic data encoding some features of real financial networks (sparsity and heterogeneity), finding that more accurate estimations of risk can be achieved. Finally we find that this algorithm can be used to control the amount of information that regulators need to require from banks in order to sufficiently constrain the reconstruction of financial networks.
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Full Text Available This study investigates whether the convergence of the International Financial Reporting Standards (IFRS increase the value relevance of accounting information of firms listed on Indonesia Stock Exchange. This study covers periods pre-IFRS convergence and post-IFRS convergence during 2006-2011. We tested the value relevance of book value of equity and earnings in pre- and post- IFRS convergence. We find that on the beginning stage of IFRS convergence, earnings become more value-relevant whereas the book value of equity does not. Meanwhile, on the advance stage of IFRS convergence, we find book value of equity and earnings are more value-relevant. Besides that, this study also provides sensitivity analysis which revealed empirical result from a modification of model.
Full Text Available The aim of this study was to investigate the impact of inplementasi International Financial Reporting Standards (IFRS on accrual earnings management and real earnings management. Adoption of accounting standards have an impact on the way of assessment, measurement and presentation. Samples are manufacturing companies listed in Indonesia Stock Exchange. Accrual earnings measurement method using five measurement approach, and three approaches to the measurement of real earnings management. The results showed that there were differences in real earnings management approach diskretioner costs and production costs. Three of the five methods used accrual earnings management (Modified Jones, Piecewise Linear and Kothari proved to be the difference between before than after IFRS. While, Stubben Model not proved in this research. Results of this study are expected to have positive contribution on the development some policies related to the adoption of IFRS and the, particularly related to the accrual earnings management and real earnings management.
Argentesi, F.; Costantini, L.; Franklin, M.; Dondi, M.G.
The data base management system ''ISADAM'' (i.e. International Safeguards Data Management System) described in this report is intended to facilitate the safeguards authority in making efficient and effective use of accounting reports. ISADAM has been developed using the ADABAS data base management system and is implemented on the JRC-Ispra computer. The evaluation of safeguards declarations focuses on three main objectives: - the requirement of syntactical consistency with the legal conventions of data recording for safeguards accountancy; - the requirement of accounting evidence that there is no material unaccounted for (MUF); - the requirement of semantic consistency with the technological characteristics of the plant and the processing plans of the operator. Section 2 describes in more detail the facilities which ISADAM makes available to a safeguards inspector. Section 3 describes how the MUF variance computation is derived from models of measurement error propagation. Many features of the ISADAM system are automatically provided by ADABAS. The exceptions to this are the utility software designed to: - screen plant declarations before loading into the data base, - prepare variance summary files designed to support real-time computation of MUF and variance of MUF, - provide analyses in response to user requests in interactive or batch mode. Section 4 describes the structure and functions of this software which have been developed by JRC-Ispra
Vela, Jorge Alcala; Cantuaria, Andre Luis
Electricity sector in addition to being a public utility, requires a substantial investment, explore natural resources and the basis of all production chains and consumption of our society. In conclusion, the econometric model used to study the investment to 2010 by Eletrobras meets a correlation acceptable. So a well dependence exists between power and investment in the projects selected. The lack of sophistication and low level of development in credit derivatives financial systems in Brazil, both as a healthy situation of the accounts and balance sheets, due to bitter experience in past crises are allowing a better resistance now.
Firstly, I point out that the financial crisis occurred in 2008 has many analogous points with a physical phenomenon of brittle fracture in the sense that it is a highly irreversible phenomenon caused by concentration of stress to the weakest point. Then, I discuss distribution of gain-loss of continuous transactions of options which can be regarded as a source of stress among financial companies. The historical problem of Saint Petersburg paradox is reviewed and it is argued that the paradox is solved by decomposing the process into a combination of a fair gamble and an accompanied financial option. By generalizing this fair gamble it is shown that the gain-loss distribution in this problem is closely related to the distribution of gain-loss of business firms in the real world. Finally, I pose a serious question to the ordinary way of financing money to business firms with compound interest rates. Instead we introduce a new way of financing business firms without applying prefixed interest rates, in which financial stress is shared by all involved firms. This method is expected to reduce the risk of both financial firms and business firms, and is applicable even in the non-growing society.
Takayasu, M.; Watanabe, T.; Ikeda, Y.; Takayasu, H.
This volume contains contributed papers from the 7th international conference on 'Applications of Physics in Financial Analysis (APFA)' held at Tokyo on 1-5 March 2009. The conference was organized jointly by Tokyo Institute of Technology and Hitotsubashi University with support from the Research Institute of Economy, Trade, and Industry (RIETI), Physical Society of Japan, Japanese Economic Association, Information Processing Society of Japan, Japanese Society for Artificial Intelligence, and Japan Association for Evolutionary Economics. The first APFA conference (APFA1) was held in 1999 at Dublin, followed by APFA2 at Liege in 2000, APFA3 at London in 2001, APFA4 at Warsaw in 2003, APFA5 at Torino in 2006, and APFA6 at Lisbon in 2007. The 7th APFA conference, which is the first meeting held outside Europe, was attended by 223 researchers in physics and economics from 23 countries world-wide. In keeping with past APFA conferences, we paid special attention to issues in financial markets, which turned out to be very timely. The conference was held in March 2009, in the middle of the global financial crisis that originally started in the US and spread quickly to every corner of the world. The topic of the conference is 'New Approaches to the Analysis of Large Scale Business and Economic data'. The rapid development of information and communication technology has enabled financial/non-financial firms to keep detailed records of their business activities in the form of, for example, tick-by-tick data in financial markets, point-of-sale (POS) data on individual household's purchasing activity, and interfirm network data describing relationships among firms in terms of suppliers/customers transactions and ownerships. This growth in the scope and amount of business data available to researchers has led to a far-reaching expansion in research possibilities. Researchers not only in social sciences but also in physics, mathematics, and information sciences have recently
Sanusi Fasilat, A., E-mail: Fasilat17@gmail.com; Hassan, Haslinda, E-mail: firstname.lastname@example.org [School of Accountancy, College of Business, Universiti Utara Malaysia, Sintok, Kedah (Malaysia)
Information Technology (IT) plays a key role in internal control system in various organizations in terms of maintaining records and other internal services. Internal control system is defined as an efficient control procedures set up by firm to safeguard resources and to assure the reliability and accuracy of both financial and non-financial records in line with applicable governance and procedure to acquire the established goal and objectives. This paper focuses on the impact of IT on internal control system in the Nigerian universities. Data are collected from three different universities via questionnaire. Descriptive statistics is used to analyze the data; Chi-square is performed to test the hypothesis. The results of the hypothesis showed that IT has a positive relationship with the effective internal control activities in the University system. It is concluded that the adoption of IT will significantly improve the effectiveness of the internal control system operations in the University in terms of quality service delivery.
Sanusi Fasilat, A.; Hassan, Haslinda
Information Technology (IT) plays a key role in internal control system in various organizations in terms of maintaining records and other internal services. Internal control system is defined as an efficient control procedures set up by firm to safeguard resources and to assure the reliability and accuracy of both financial and non-financial records in line with applicable governance and procedure to acquire the established goal and objectives. This paper focuses on the impact of IT on internal control system in the Nigerian universities. Data are collected from three different universities via questionnaire. Descriptive statistics is used to analyze the data; Chi-square is performed to test the hypothesis. The results of the hypothesis showed that IT has a positive relationship with the effective internal control activities in the University system. It is concluded that the adoption of IT will significantly improve the effectiveness of the internal control system operations in the University in terms of quality service delivery
Sanusi Fasilat, A.; Hassan, Haslinda
Information Technology (IT) plays a key role in internal control system in various organizations in terms of maintaining records and other internal services. Internal control system is defined as an efficient control procedures set up by firm to safeguard resources and to assure the reliability and accuracy of both financial and non-financial records in line with applicable governance and procedure to acquire the established goal and objectives. This paper focuses on the impact of IT on internal control system in the Nigerian universities. Data are collected from three different universities via questionnaire. Descriptive statistics is used to analyze the data; Chi-square is performed to test the hypothesis. The results of the hypothesis showed that IT has a positive relationship with the effective internal control activities in the University system. It is concluded that the adoption of IT will significantly improve the effectiveness of the internal control system operations in the University in terms of quality service delivery.
Full Text Available Autoregressive moving average (ARMA process and dynamic neural networks namely the nonlinear autoregressive moving average with exogenous inputs (NARX are compared by evaluating their ability to predict financial time series; for instance the S&P500 returns. Two classes of ARMA are considered. The first one is the standard ARMA model which is a linear static system. The second one uses Kalman filter (KF to estimate and predict ARMA coefficients. This model is a linear dynamic system. The forecasting ability of each system is evaluated by means of mean absolute error (MAE and mean absolute deviation (MAD statistics. Simulation results indicate that the ARMA-KF system performs better than the standard ARMA alone. Thus, introducing dynamics into the ARMA process improves the forecasting accuracy. In addition, the ARMA-KF outperformed the NARX. This result may suggest that the linear component found in the S&P500 return series is more dominant than the nonlinear part. In sum, we conclude that introducing dynamics into the ARMA process provides an effective system for S&P500 time series prediction.
Begg, Robert T.
Examines system for safeguarding assets and guaranteeing reliability of library's financial records within context of management functions that comprise accounting controls: planning by budget or other standard of comparison; operation of effective accounting and record-keeping system; personnel management practices. Cash controls as example of…
Full Text Available We provide an approach based on a modification of the Ising model to describe the dynamics of stock markets. Our model incorporates three different factors: imitation, the impact of external news, and private information; moreover, it is characterized by coupling coefficients, static in time, but not identical for each agent. By analogy with physical models, we consider the temperature parameter of the system, assuming that it evolves with memory of the past, hence considering how former news influences realized market returns. We show that a standard Ising potential assumption is not sufficient to reproduce the stylized facts characterizing financial markets; this is because it assigns low probabilities to rare events. Hence, we study a variation of the previous setting providing, also by concrete computations, new insights and improvements.
Skatchkov, Valery A.
SOVCAN STAR is a Russian-Canadian cooperative venture company formed to manufacture, test, launch and operate a Ku-band satellite system. Drawing on the more than twenty years communications satellite experience of the founding companies, the SOVCAN STAR satellites are being designed to be competitive and cost effective. They will be equipped with 24 transponders and four steerable antennas. The design allows the operators to switch individual transponders between the various antenna coverage beams. These satellites will offer a high degree of operational flexibility and performance. The SOVCAN STAR strategy is to develop a network of satellites in parallel with the growth and evolution of the traffic requirements. Such an approach minimizes the technical, schedule and program risks while at the same time significantly reduces the financial exposure. The first SOVCAN STAR satellite will be commissioned in 1996 and operated at 14 deg W. The beams will be aligned to North America and Europe offering International service between Canada, the Eastern U.S.A., Europe, Russia and the Western C.I.S. Republics. The second SOVCAN STAR satellite will be commissioned a year later and operated at 145 deg E. This satellite will cover the Western Pacific Ocean, Eastern Asia and Australasia.
Anand Ajay Shah
Full Text Available After the 11th September 2001 attacks on the United States international attention quickly focused on the sources and methods of terrorist financing. Among the methods terrorists and other criminal actors use to transfer funds are Informal Value Transfer Systems (IVTS which operate either outside the formal financial sector, or through use of the formal financial sector, but without leaving a full record of the transaction. Though the vast majority of funds moved through IVTS are the earnings of migrant workers and immigrant communities, the lack of uniform worldwide regulation of IVTS provides ample opportunity for abuse and misuse. The international community primarily responded to IVTS concerns through the Financial Action Task Force on Money Laundering, which issued a series of recommendations and best practices for states in regulating IVTS operations. While these recommendations are a secure beginning to regulation of IVTS operating within ethnic communities, they fail to address the more modern forms of IVTS that have come about in the post-Cold War globalised world. Comprehensive recommendations governing all types of IVTS, as well as concerted international cooperation and coordination are necessary to address this global phenomenon.
Full Text Available The question whether international law is a system is one of the modern topics discussed by specialists of international law. The text of P. Saganek poses this question with respect to the rules on international responsibility. The two aims are to establish whether the rules on state responsibility are a system themselves and whether they may prima facie support the idea of international law as such a system. The two prima facie answers are positive. Every violation of international law gives rise to state responsibility if it can be attributed to a state and no circumstance precluding wrongfulness is in place. In this sense the rules on state responsibility form a sub-system supporting the thesis on the systemic nature of international law. On a closer analysis one can encounter several doubts as to both answers. Paradoxically those rules are too ideal, too systemic. The author – without denying the necessity of several if not the majority of the identified rules – refers to a tendency of presenting as law some non-binding documents prepared by expert groups. This is a part of a wider process of ‘paper-law’. In this sense expert groups engage in ‘creating the language’ in which the true subjects of international law are expected to speak.
Full Text Available Current economic and social problems in the country are displayed on all areas of functioning of the state. In particular, the absence of stable development of industrial sector and high level of shadowing cause a negative impact on revenues to state and local budgets. The penal system of Ukraine, according to the current legislation, is financed by the general and special funds of the State Budget of Ukraine; but taking into account the general trends of the limited cost of maintenance of this type of objects arises the question about optimization of the level of funding of the whole system. The formation of the required financing system institutions of the penal system is an urgent task today because the level of the financial costs of prisoners in the country is relatively very low and does not meet international standards. The world experience of financial support of institutions of punishment shows the feasibility of shifting costs to the state on the special funds that are generated due to the implementation of productive activities through the employment of prisoners themselves who produce competitive products with its further sale. That question of optimal sources of financing of the penitentiary system is solved in this article.
In any major capital acquistion it is necessary to consider how and when payment is to be made before deciding to buy. This applies to buyers of nuclear power plants as well. Financing is sometimes the deciding factor in the selection process. In international sales export financing is involved with all its added complications. Financing in the billion dollar range must be arranged, with repayment over 25 years. Several partners usually join to form a syndicate of banks to handle loans of this magnitude. Interntional financing competition is stiff, and negotiations take years to complete. Suggestions as to how Canada can offer more competitive financial packages in the international market are offered. (LL)
Hultman, N. E.
A common complaint about environmental policy is that regulations inadequately reflect scientific uncertainty and scientific consensus. While the causes of this phenomenon are complex and hard to discern, we know that corporations are the primary implementers of environmental regulations; therefore, focusing on how policy relates scientific knowledge to corporate decisions can provide valuable insights. Within the context of the developing international market for greenhouse gas emissions, I examine how corporations would apply finance theory into their investment decisions for carbon abatement projects. Using remotely-sensed ecosystem scale carbon flux measurements, I show how to determine much financial risk of carbon is diversifiable. I also discuss alternative, scientifically sound methods for hedging the non-diversifiable risks in carbon abatement projects. In providing a quantitative common language for scientific and corporate uncertainties, the concept of carbon financial risk provides an opportunity for expanding communication between these elements essential to successful climate policy.
Rusnak, James E.
Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The h...
Dieleman, Joseph L; Schneider, Matthew T; Haakenstad, Annie; Singh, Lavanya; Sadat, Nafis; Birger, Maxwell; Reynolds, Alex; Templin, Tara; Hamavid, Hannah; Chapin, Abigail; Murray, Christopher J L
Disbursements of development assistance for health (DAH) have risen substantially during the past several decades. More recently, the international community's attention has turned to other international challenges, introducing uncertainty about the future of disbursements for DAH. We collected audited budget statements, annual reports, and project-level records from the main international agencies that disbursed DAH from 1990 to the end of 2015. We standardised and combined records to provide a comprehensive set of annual disbursements. We tracked each dollar of DAH back to the source and forward to the recipient. We removed transfers between agencies to avoid double-counting and adjusted for inflation. We classified assistance into nine primary health focus areas: HIV/AIDS, tuberculosis, malaria, maternal health, newborn and child health, other infectious diseases, non-communicable diseases, Ebola, and sector-wide approaches and health system strengthening. For our statistical analysis, we grouped these health focus areas into two categories: MDG-related focus areas (HIV/AIDS, tuberculosis, malaria, child and newborn health, and maternal health) and non-MDG-related focus areas (other infectious diseases, non-communicable diseases, sector-wide approaches, and other). We used linear regression to test for structural shifts in disbursement patterns at the onset of the Millennium Development Goals (MDGs; ie, from 2000) and the global financial crisis (impact estimated to occur in 2010). We built on past trends and associations with an ensemble model to estimate DAH through the end of 2040. In 2015, US$36·4 billion of DAH was disbursed, marking the fifth consecutive year of little change in the amount of resources provided by global health development partners. Between 2000 and 2009, DAH increased at 11·3% per year, whereas between 2010 and 2015, annual growth was just 1·2%. In 2015, 29·7% of DAH was for HIV/AIDS, 17·9% was for child and newborn health, and 9·8
Washington Consulting Group, Inc., Washington, DC.
The 15th in a 17-module self-instructional course on student financial aid administration (designed for novice financial aid administrators and other institutional personnel) focuses on internal aid office management and institutional quality control. The course provides a systematic introduction to the management of federal financial aid programs…
Full Text Available It is an important to achieve the hybrid synchronization of the chaotic financial system. Chaos synchronization is equivalent to the error system which is asymptotically stable. The hybrid synchronization for a class of finance chaotic systems is discussed. First, a simple single variable controller is obtained to synchronize two identical chaotic financial systems with different initial conditions. Second, a novel algorithm is proposed to determine the variables of the master system that should antisynchronize with corresponding variables of the slave system and use this algorithm to determine the corresponding variables in the chaotic financial systems. The hybrid synchronization of the chaotic financial systems is realized by a simple controller. At the same time, different controllers can implement the chaotic financial system hybrid synchronization. In comparison with the existing results, the obtained controllers in this paper are simpler than those of the existing results. Finally, numerical simulations show the effectiveness of the proposed results.
Sideris, Michail; Hanrahan, John; Tsoulfas, Georgios; Theodoulou, Iakovos; Dhaif, Fatema; Papalois, Vassilios; Papagrigoriadis, Savvas; Velmahos, George; Turner, Patricia; Papalois, Apostolos
Essential Skills in the Management of Surgical Cases (ESMSC) is a novel 3-day international undergraduate surgical masterclass. Its current curriculum (Cores integrated for Research-Ci4R) is built on a tetracore, multiclustered architecture combining high-fidelity and low-fidelity simulation-based learning (SBL), with applied and basic science case-based workshops, and non-technical skills modules. We aimed to report our experience in setting up ESMSC during the global financial crisis. We report the evolution of our curriculum's methodology and summarised the research outcomes related to the objective performance improvement of delegates, the educational environment of the course and the use of mixed-fidelity SBL. Feedback from the last three series of the course was prospectively collected and analysed using univariate statistics on IBM SPSS V.23. 311 medical students across the European Union (EU) were selected from a competitive pool of 1280 applicants during seven series of the course between 2014 and 2017. During this period, curriculum 14 s evolved to the final Ci4R version, which integrates a tetracore structure combining 32 stations of in vivo, ex vivo and dry lab SBL with small group teaching workshops. Ci4R was positively perceived across different educational background students (p>0.05 for any comparison). ESMSC is considered an innovative and effective multidisciplinary teaching model by delegates, where it improves delegates objective performance in basic surgical skills. Our experience demonstrates provision of high-quality and free surgical education during a financial crisis, which evolved through a dynamic feedback mechanism. The prospective recording and subsequent analysis of curriculum evolution provides a blueprint to direct development of effective surgical education courses that can be adapted to local needs. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2018. All rights reserved. No
Full Text Available Romania started a process to reform the accounting system, having the assistance benefit of EU countries (France, Belgian, and UK. Initial path chosen by Romania to harmonize accounting system was marked by the Accounting Law 82/1991 and subsequent amendments and regulations for its implementation reflected the tortuous road to EU accession and accumulation achieved by developing the accountancy profession. Interms of accounting regulatory level, we can say, without fail, that now Romania is perfectly in line with European requirements in financial reporting, as the country recently became a member of the European Union. Thus, Accounting regulations with European directives (approved by MPFO 1752/2005, then modified and supplementedby MPFO 2001/2006 provide reporting framework in strict correlation with the requirements of European directives in the field.
The NRC is currently developing final rules in the area of decommissioning nuclear facilities. A part of that rulemaking effort is assuring that funds will be available at the time of decommissioning of power reactors. This report provides an update by considering public comments received on the NRC's proposed rule on decommissioning (published February, 1985) and by analyzing the relative level of assurance of internal and external reserves. In its analysis, the report makes use of specific case utility financial situations. The report concludes that from a financial standpoint, with the exception of PSNH, internal reserves currently provide sufficient assurance of funds for decommissioning. The report also concludes that the NRC should recommend changes in bankruptcy laws, including decommissioning obligations in utility prospectuses, and conduct periodic financial reviews of nuclear utilities due to changing economic conditions
A system of international safeguards has been established to provide assurance that nuclear materials in civilian use are not diverted from their peaceful purpose. The safeguards system is administered by the International Atomic Energy Agency/Department of Safeguards and devolves from treaties and other international agreements. Inspectors from the Agency verify reports from States about nuclear facilities by audits, observation, and measurements. (author)
Karcheva Ganna T.
Full Text Available The aim of the article is to study the theoretical and practical aspects of using the system-synergetic approach to the development and functioning of banking systems under conditions of financial instability. It has been grounded that the theoretical foundations for the development of banking systems are based on the system approach, according to which the banking systems belong to a class of special complex dynamic, self-motivated and open systems with an integrated structure of subsystems and functions. The study of such systems should include two aspects — system-cybernetic and system-synergetic ones. It has been proved that under stationary conditions the banking system development goes on in accordance with the systemcybernetic model, which suggests the presence of a management subsystem, which functions are performed by the central bank. Under conditions of financial instability, in the pre-crisis, crisis and post-crisis periods to study the development of banking systems the system-synergetic approach taking into account the multi-variant and alternative development of the banking system at bifurcation points is used. The criteria of the banking system entering the phase of bifurcation based on assessing the volatility of the current liabilities and possibility of building an analytical trend have been determined. The methodical approaches to evaluating the synergistic effects and level of financial stability of the banking system have been suggested, experimental calculations have been made.
Full Text Available The article is dedicated to critical analysis of competitive conceptual approaches to determining the essence of financial system. The system establishing element of the financial system resource concept is understanding finance as economic relations of formation, allocation and use of financial resource funds with the purpose of performing functions and tasks of the state/company and provision of conditions for expanded reproduction. According to this approach, the notion «financial system» is further determination of finance and shall be interpreted as the totality of relatively separated but mutually related spheres and links of relations, in the process of which centralized and decentralized financial resource funds are created and used. The institutional concept of the financial system considers finance as a social institution that organizes determined ways of interactions between individuals or their separate groups in the society. Its target purpose is to minimize transaction expenses arising at exchange of binding requirements for real resources in the economy. Under this approach, the financial system is understood as an aggregate of means — financial institutions and markets — which result from the evolution of social contracts and with the help of which intertime decisions and interactions are fulfilled and coordination of savings and investments in the economy is performed. The article shows that the alternative theoretical models of financial system contain structural elements heterogeneous by content and nature of interrelations, with various properties. The differences between them concern methodological approach to distinguishing qualitative signs which determine the essential nature and structure of the financial system; mechanism of formation and functioning of financial relations; nature of distribution and scheme of financial resources flow; the nature of functions of the financial system in the economic environment
... systems containing petroleum. 281.37 Section 281.37 Protection of Environment ENVIRONMENTAL PROTECTION... for No-Less-Stringent § 281.37 Financial responsibility for UST systems containing petroleum. (a) In... UST systems containing petroleum, the state requirements for financial responsibility for petroleum...
SSPO, the largest program office in the Navy and in existence for over 20 years, has perfected time tested financial management procedures which may...serve as a model for the student of program management. This report presents an overview of the SSPO financial management concepts and general
The recent flow of headlines excoriating bankers and financiers for malfeasance, fraud, and collusion has been almost biblical in proportion. Counterparties that appeared creditworthy based on financial statements and ratings have revealed that they are impaired either due to computer errors, control failures, malfeasance, or potential regulatory…
The idea that policy diffusion can occur via two different mechanisms has gained attention in the realm of international accounting since the European Union’s adoption of International Financial Reporting Standards (IFRSs) in 2005. Proponents of classical economic approaches to policy adoption argue that countries adopting IFRS are motivated solely by the economic consequences of the standards from which they anticipate an improvement in information quality. Neo-institutional scholars argue, ...
Kleimeier, S.; Sander, H.; Heuchemer, S.
In this paper, we demonstrate that cultural borders in international finance resurge during financial crises. To investigate the role of cultural borders during both tranquil and crisis periods, we employ a unique data set that focuses on Eurozone cross-border depositing in a gravity-model
Bexley, Emmaline; Daroesman, Suzanne; Arkoudis, Sophie; James, Richard
The aim of the Australian University Student Finances Survey 2012 is to provide an evidence-based understanding of the financial circumstances of the student population in Australia (both international and domestic) through the collection of quantitative data on: access to income support and scholarships, income from paid employment and the impact…
This paper aims at answering the question whether international pooling of operators funds could open a viable avenue to complement financial security provided by insurance and thus to either fill gaps in insurance coverage or increase amount of compensation for nuclear damage. (author)
... attestation report of its registered public accounting firm on internal control over financial reporting in... definition of either an ``accelerated filer'' or a ``large accelerated filer'' under Exchange Act Rule 12b-2..., for both definitions, the issuer needs to have been subject to reporting requirements for at least...
Nobi, Ashadun; Lee, Jae Woo
In this paper, the change in topological hierarchy, which is measured by the minimum spanning tree constructed from the cross-correlations between the stock indices from the S & P 500 for 1998-2012 in a one year moving time window, was used to analyze a financial crisis. The hierarchy increased in all minor crises in the observation time window except for the sharp crisis of 2007-2008 when the global financial crisis occurred. The sudden increase in hierarchy just before the global financial crisis can be used for the early detection of an upcoming crisis. Clearly, the higher the hierarchy, the higher the threats to financial stability. The scaling relations were developed to observe the changes in hierarchy with the network topology. These scaling relations can also identify and quantify the financial crisis periods, and appear to contain the predictive power of an upcoming crisis.
Marius Constantin Apostoaie
Full Text Available To know and to understand the factors within a financial system that significantly influences the institutions behaviour and the market responses to the central bank actions is of great importance for the monetary authorities and for the achievement of their monetary policy objectives. In Romania, the National Bank must pay special attention to financial institutions given their significant role in the process of financial intermediation (bank-based system. This study aims to conduct an investigation of the main coordinates of the Romanian financial system that are relevant for the study of the monetary policy transmission mechanism. The study focuses on the following features of the Romanian financial system: financial deepening, the existence of a bank-based system, the concentration degree of the Romanian banking sector, the balance sheet structure of monetary financial institutions and the soundness of the banking system. The study also considers the effects of the recent financial market turmoil on the financial system. The span of the empirical study covers the period after 2000 but brings to the forefront the period before and after October 2008. We believe that this research provides useful information for a future analysis of the Romanian monetary policy transmission mechanism.
Xu Chuan-Ming; Yan Yan; Zhu Xiao-Wu; Li Xiao-Teng; Chen Xiao-Song
The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007–2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance. (interdisciplinary physics and related areas of science and technology)
Xu, Chuan-Ming; Yan, Yan; Zhu, Xiao-Wu; Li, Xiao-Teng; Chen, Xiao-Song
The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007-2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance.
Valentina Valentinovna Tikhomirova
Full Text Available Currently, the social welfare system in the Komi Republic and in the Russian Federation on the whole is undergoing gradual reforming, the main goals of which are as follows: improving the quality of life; supporting the poor and vulnerable segments of the population; mitigating possible negative consequences of reforms; improving pension provision; further improvement of targeted social assistance; streamlining social benefits; development of the social services market. In this regard, the study of methodological basis for the formation and use of financial resources of the social welfare system becomes more and more important. The goal of this work is to develop theoretical and methodical approaches to the improvement of financial mechanism for the social welfare system in the region. The paper considers the formation and use of financial resources for social protection of population in the Republic of Komi. The author reveals specifics of formation of budgets of all levels and the powers of federal and regional authorities in the field of mutual responsibility. The paper shows the imbalance of financial resources and obligations at all levels of the budgetary system of the Russian Federation. Scientific novelty of the work consists in the fact that it defines social protection as a financial category that provides redistribution of financial resources emerging in the process of formation of centralized and decentralized financial resources, through a set of forms and types of social protection aimed to ensure its targeted provision. On the basis of the national accounts system, which in terms of methodology focuses on a single international standard, the author develops a structure of forms and types of social protection, which are the basis of its financial mechanism: state social guarantees and minimum social standards; social benefits (social insurance and social assistance benefits; and social services. The paper considers main directions
Rusnak, James E.
Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The hospital must insure the CMMS project provides a means to implement an integrated on-line hospital information data base for use by departments in operating under a DRG-based Prospective Payment System. This paper presents guidelines for use in selecting a Case Mix Mangement System to meet the hospital's financial and operations planning, budgeting, marketing, and other management needs, while considering the data base implications of the implementation.
Honoré, Peggy A; Clarke, Richard L; Mead, Dean Michael; Menditto, Susan M
Financial transparency is based on concepts for valid, standardized information that is readily accessible and routinely disseminated to stakeholders. While Congress and others continuously ask for an accounting of public health investments, transparency remains an ignored concept. The objective of this study was to examine financial transparency practices in other industries considered as part of the public health system. Key informants, regarded as financial experts on the operations of hospitals, school systems, and higher education, were a primary source of information. Principal findings were that system partners have espoused some concepts for financial transparency beginning in the early 20th century--signifying an 80-year implementation gap for public health. Critical features that promote accountability included standardized data collection methods and infrastructures, uniform practices for quantitative analysis of financial performance, and credentialing of the financial management workforce. Recommendations are offered on the basis of these findings to aid public health to close this gap by framing a movement toward transparency.
Adamenko Nikolay I.
Full Text Available The article is written with the aim to highlight the possibility of using economic methods in management of monoproduct company, reducing its risks of bankruptcy as low as practicable. The key problems in the activities of such enterprises have been determined, their detailed characteristics has been provided, potential risks have been evaluated, and recommendations to minimize them have been proposed. Ensuring an integrated and one-time implementation of the activities referred to in the article will provide an opportunity for a significant improvement in the real state of affairs at enterprises. It is specified that using the methods for system analysis can give considerable impetus in preserving or even enhancing the financial stability of any enterprise.
In recent years,the development feature of higher education has been shifted from expansion to quality improvement,which brings higher demands for accounting information.Internal financial reports are essential to the decision-making process in higher institutions.Significance,relevance and flexibility are the key principles of planning an internal financial report.Moreover,building an internal financial reporting system,which is based on performance evaluation and focused on budget analysis and operation analysis,is of great importance to the enhancement of scientific management of higher institutions.%目前我国高等教育正在由外延式发展转向以提高质量为特点的内涵式发展,这对会计信息提出了新的、更高的要求。内部财务报告对于高校的决策有着重要的支撑作用,高校在设计内部财务报告时,应当遵循重要性、相关性和灵活性等原则。构建以绩效评价为抓手、以预算分析和运行分析为中心内容的内部财务报告体系,对于推进高校科学管理有着十分重要的现实意义。
Full Text Available This study examined the effect of mandatory International Financial Reporting Standards (IFRS adoption on the cost of equity capital on Nigerian firms and whether the cost of equity capital effect after adoption of IFRS can be moderated by Return on Equity. The study covered a sample of 11 listed companies in the industrial goods sector for the period 2011 and 2013. The data for the study was secondary data generated from the annual reports and stock market report websites. The cost of equity capital was shown as the expected return on the basic value of a share and computed based on pre and post-adoption data. Findings from the study revealed that there is a significant positive relationship between the cost of equity capital and IFRS adoption indicating that the cost of equity capital increased. The market-based performance measure failed to have significant effect on the cost of equity capital after mandatory adoption. The study recommends that policies that improve domestic savings, as a principal source of equity capital, be enacted as an increase should lead to a reduction in the cost of equity capital, interest rates and increase the appeal of equity and foreign investments.
Full Text Available The new regulation on the Indonesian Capital Market (XK6-Bapepam-LK No. KEP-431/BL/ 2012, related to the disclosure of financial information on the company's website is the main motivation of this study, which is to analyze the extent to which issuers responded to the new regulation. The study was conducted on 50 companies included in the list of 50 companies with the highest score of corporate governance version IICD in 2013 - 2014 and 57 companies in the same industry as a control companies, with the total number of samples is 107 companies. The study was conducted by analyzing the factors (size, listing period, industry, the quality of corporate governance that affect the level of disclosure by the company on their website. The results showed that not all sample companies do a full disclosure and the average disclosure is only 77%. Further, the factor of disclosure size was also influenced by the company's internal characteristics such as company size, type of industry and good corporate governance.