scholarly journals The Imperfect Match of Public Accountability of State-Owned Enterprises and Private-Sector-Type Financial Reporting: The Case of Italy

2013 ◽  
Vol 7 (4) ◽  
pp. 37-50 ◽  
Author(s):  
Franscesco Capalbo ◽  
Ricardo Palumbo
Keyword(s):  
Private Sector ◽  
Financial Reporting ◽  
Public Accountability ◽  
Sector Type

WILLIAM O. DOUGLAS ON THE TRANSFER OF THE SECURITIES AND EXCHANGE COMMISSION'S AUTHORITY FOR THE DEVELOPMENT OF RULES FOR FINANCIAL REPORTING

1986 ◽  
Vol 13 (2) ◽  
pp. 125-129 ◽  
Author(s):  
Robert Chatov
Keyword(s):  
Private Sector ◽  
Financial Reporting ◽  
Corporate Financial Reporting

As an SEC Commissioner, William O. Douglas favored active SEC participation in the development of rules of accounting for financial reporting under the Securities Acts. A retrospective letter dated September 29, 1973 indicates that the pre-War SEC Commission did not contemplate the virtually complete transfer to the private sector of the authority for development of corporate financial reporting that characterizes the position of today's SEC.

Enhancing accountability: should regulations similar to sarbanes-oxley be expanded to the local sector?

2008 ◽  
Vol 20 (4) ◽  
pp. 439-465 ◽  
Author(s):  
Howard A. Frank ◽  
Douglas R. Fink
Keyword(s):  
Private Sector ◽  
Financial Reporting ◽  
Financial Management ◽  
Local Governments ◽  
Audit Committee ◽  
Municipal Finance ◽  
Public And Private ◽  
Sarbanes Oxley ◽  
Local Sector ◽  
Public And Private Sector

In light of the increasing convergence between public and private sector accounting models, should local governments be required to adopt requirements similar to the Sarbanes-Oxley Act (SOX)? Survey results from 42.2% of municipal finance officers from Ohio and Florida suggest they embrace in concept the enhanced accountability resulting from adopting principal officer certification (POC) and the independent audit committee (IAC) for larger cities. However, like their counterparts in the private sector, they have reservations regarding the benefits of implementation relative to costs. Theories of innovation diffusion and planned behavior provided a theoretical framework for multivariate analysis. The contradictions in our findings may relate to respondents’ reservations regarding the private sector financial reporting model that is becoming increasingly prevalent in public financial management.

scholarly journals EMPLOYING FINANCIAL ACCOUNTING STANDARDS FOR ENTITIES WITHOUT PUBLIC ACCOUNTABILITY FOR AUDITING

2013 ◽  
Vol 3 (2) ◽  
Author(s):  
Akie Rusaktiva ◽  
Adri Putra Nugraha
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Secondary Data ◽  
Financial Accounting ◽  
Public Accountability ◽  
Financial Reports ◽  
The Difference ◽  
Small Medium Enterprises ◽  
Medium Enterprises

<p>Financial Accounting Standards for Entities Without Public Accountability (FAS-EWPA) is a financial accounting standards issued by The<em> </em><em>Indonesian Institute of Accountants</em> or <em>Ikatan Akuntan Indonesia</em> (IAI) and endorsed by the Financial Accounting Standards Board of Indonesian Accountants or <em>Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia </em>(DSAK IAI) and intended for small and medium enterprises. The underlying priciple of IAI in issuing this particular standards is the attempt to facilitate small and medium enterprises in arranging their financial reports. If this standard is not issued, they have to follow the new FAS (which is stage of adopting IFRS – full convergence 2012) to arrange their financial reports. The application of this FAS-EWPA based IFRS is relatively more complex and expensive for small and medium enterprises. FAS-EWPA adopted some parts of IFRS (International Financial Reporting Standards) for small-medium enterprises (IFRS for Small-Medium-sized Entities/SMEs). This study aims to describe the layout of the difference measurement, assessment, report and the implementation of auditing standards between FAS-IFRS and FAS-EWPA. This study employed descriptive qualitative technique of data analysis by reviewing literature and analysing the field concerning with the implementation of Financial Accounting Standards Statements (FASS) and FAS-EWPA. Specifically, the secondary data of this study are FAS-IFRS and FAS-EWPA. The findings shows that there is a difference presentation and disclosure of financial statements between entities which report using FAS-IFRS and FAS-EWPA. Therefore the perceived program and audit procedures will be different because it will be tailored to the presentation and objectives the audit, suppose that in the implementation of FASS and EWPA, there is a difference in the assertions about the disclosure/presentation. For other assertions about existence, completeness, rights and obligations as well as assessment and allocation, basically, between FASS and EWPA, they have a common concept. While in presentation assertions as has been described earlier, the FAS-EWPA has a simpler form than with FASS, therefore there is a definitely difference in terms of the presentation between the two.</p> <p><em> </em></p> <p><em> </em></p>

scholarly journals Sustainability, Popular and Integrated Reporting in the Public Sector: A Fad and Fashion Perspective

2018 ◽  
Vol 10 (9) ◽  
pp. 3112 ◽  
Author(s):  
Lucia Biondi ◽  
Enrico Bracci
Keyword(s):  
Comparative Analysis ◽  
Public Sector ◽  
Financial Reporting ◽  
Sustainability Reporting ◽  
Preliminary Evidence ◽  
Specific Reference ◽  
Public Accountability ◽  
Integrated Reporting ◽  
The Public ◽  
Italian Context

This paper provides a comparative analysis of different public accountability means used in the public sector - namely sustainability reporting, popular financial reporting and integrated reporting - in order to highlight their similarities and differences, and reflect on their development, with specific reference to the Italian context. In particular, we speculate about the practical and research implications of their emergence, through the lenses of accountability and managerial fad and fashion literature. The main novelty of the paper is that it is one of the first studies providing a comparative analysis of the three reporting tools debated both in practice and in research. We argue about their diffusion patterns, the commonalities and differences, which suggests different stages of evolution, different actors and forces at play. We provide some preliminary evidence on the risk that accountability innovations may end up just in a fad and fashion uptake, creating inefficiencies and not achieving the aims they are intended for. We also show how the available frameworks and standards have more in common than not, and that there is a risk of creating only new labels, without real innovation or improvement of public accountability.

“Transparency” in Accounting and Corporate Governance: Making Sense of Multiple Meanings

2017 ◽  
Vol 17 (1) ◽  
pp. 31-59 ◽  
Author(s):  
Mitchell J. Stein ◽  
Steven E. Salterio ◽  
Teri Shearer
Keyword(s):  
Financial Markets ◽  
Financial Reporting ◽  
Financial Crises ◽  
Meaning Construction ◽  
Financial Information ◽  
Public Accountability ◽  
Senior Managers ◽  
Making Sense ◽  
Accounting Scandals ◽  
Multiple Meanings

ABSTRACT Calls for greater transparency of accounting and financial information in the aftermath of Enron and other accounting scandals appeared to offer the opportunity for greater public accountability within financial reporting. Our analysis however suggests that different emergent meanings from various groups such as senior managers, investors, regulators, and other gatekeepers were associated with these calls, indicating an underlying “taken for grantedness” concerning the need for increased transparency. We examine these emergent meanings of transparency and their effects on broader issues of accountability within financial reporting. Our analysis, employing sensemaking, shows the mobilization of “transparency” to construct meanings to make sense of and rationalize complex, ambiguous, and uncertainty events around the accounting scandals and the subsequent financial crises. This meaning construction permitted action that “restored” confidence in financial markets and in doing so served the interests of senior managers who defined their own public accountability. Our analysis also suggests that accountants and regulators need to provide higher forms of sensegiving around such crises to offer alternatives to senior managers' accounts of transparency and financial reporting.

scholarly journals Hybrid contractual landscapes of governance: Generation of fragmented regimes of public accountability through urban regeneration

2020 ◽  
pp. 239965442093257 ◽  
Author(s):  
Tuna Taşan-Kok ◽  
Rob Atkinson ◽  
Maria Lucia Refinetti Martins
Keyword(s):  
Private Sector ◽  
Urban Governance ◽  
Empirical Studies ◽  
Implementation Process ◽  
Public Accountability ◽  
Public And Private ◽  
Plan Implementation ◽  
The Public ◽  
Contractual Governance ◽  
Public And Private Sector

In this article we explore the idea of public accountability in the contemporary entrepreneurial governance of cities, which are influenced by market dependency and private sector involvement. We specifically focus on the fragmentation of public accountability through hybrid contractual landscapes of governance, in which the public and private sector actors interactively produce a diversity of instruments to ensure performance in service. This is in sharp contrast to the traditional vague norms and values appealed to by urban planning institutions, to safeguard the public interest. We argue that within these complex contractual governance environments public accountability is produced by public and private sector actors, through highly diverse sets of contractual relations and diverse control instruments that define responsibilities of diverse actors who are involved in a project within a market-dependent planning and policy making environment, which contains context-specific characteristics set by the specific rules of public-private collaboration. These complexities mean public accountability has become fragmented and largely reduced to performance control. Moreover, our understanding of contractual urban governance remains vague and unclear due to very limited empirical studies focusing on the actual technologies of contractual urban development. By deciphering the complex hybrid landscapes of contractual governance, with comparative empirical evidence from The Netherlands, UK and Brazil, we demonstrate how public accountability is assuming a more ‘contractual’ and unpredictable meaning in policy and plan implementation process.

scholarly journals THE CHALLENGES OF PROFESSIONAL ACCOUNTING PRACTICES IN NIGERIA PRIVATE SECTOR WITH RESPECT TO FINANCIAL FAILURES IN RECENT TIMES

2017 ◽  
Vol 5 (3) ◽  
pp. 45-68
Author(s):  
Uchehara Chris Chigo ◽  
Ogbonna Precious Ijeoma
Keyword(s):  
Private Sector ◽  
Financial Reporting ◽  
Sampling Technique ◽  
Total Sample ◽  
Business Environment ◽  
Response Analysis ◽  
Financial Reports ◽  
Accounting Faculty ◽  
Unethical Practices ◽  
Human Costs

This paper seeks to examine the challenges of professional accounting practices in Nigeria private sector with respect to financial failures in recent times. Survey technique was used and a total sample of one hundred and twenty questionnaires were sampled, purposive sampling technique was used to select one hundred and twenty (120) auditors, accountants, financial managers/directors and other management staff forms the bulk of the entire respondents. Descriptive statistical techniques such as frequency distribution and percentages response analysis were used to analyze data.  Results however, revealed that majority are of the opinion that there is yet a level of quality in the financial reports as pertaining to the private sector. It also indicates that the business environment does not permit accountants independence overall. It therefore established the fact that the private sector has not been up to the task of meeting the user’s expectation in their financial reports. It thus implies that accountants are party to inadequacies of financial statements in the private sector. It thus implies that professional accounting practices are yet relevant in the financial reports of the private sector. It thus implies that professional accounting practices are identified with certain deficiency that affects disclosure in corporate organizations. This confirmed the depth of corruption and inefficiency in fund management of the private sector. This indicates that the reason for the shortfall in financial reporting is non conformity with professional accounting practices. This indicates that the accountants also contribute to the increasing financial failures of the private sector. This implies that the business environment of the private sector have an influence on the accountants. This confirms the extent at which these qualities reflect in private sector financial reporting. Based on these findings, it was recommended that emphasis on conformity with professional accounting practices. Also, to combat unethical practices by accountants and professional firms, there is a need to educate company executives, policy-makers and the public about the human costs of anti-social and unprofessional practices, as they deprive ordinary Nigerian citizens of their human and social rights and the accounting profession in Nigeria must therefore continue to monitor development in the external and internal reporting environments through its audit, investigations and forensic accounting faculty and respond adequately.

scholarly journals The Importance of the Audited Financial Statement in Attracting Foreign Investors in Private Sector in Kosovo

2017 ◽  
Vol 5 (1) ◽  
pp. 118-136
Author(s):  
Leonora Haliti Rudhani ◽  
Hysen Ismajli ◽  
Albulena Mustafa
Keyword(s):  
Private Sector ◽  
Financial Reporting ◽  
Foreign Investment ◽  
Financial Statements ◽  
Business Environment ◽  
Financial Statement ◽  
Foreign Investors ◽  
Financial Reporting Standards ◽  
Positive Effect

Abstract Responding to globalization of the international business environment the companies need to draw and present reliable and comparable audited financial statements, and consequently there is a vital need to implement international financial reporting standards. Foreign investments in Kosovo as a new developing country are growing. The purpose of this paper is to consider the role of audited financial statements in encouraging foreign investment in the private sector in Kosovo. To examine this issue, we have analysed three determinant factors in presenting financial statements to the foreign investors: auditor’s report, auditor reputation and relevance of auditor’s findings. The results of this study indicate that these variables have a positive effect on promotion of foreign investment. These results also revealed that audited financial statements are very important for Kosovo companies in order to ensure an equal worldwide treatment.

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