scholarly journals Accounting treatment of joint operations in Brazil in light of the current accounting standards

2021 ◽  
Vol 32 (87) ◽  
pp. 390-397
Author(s):  
Raquel Wille Sarquis ◽  
Ariovaldo dos Santos
Keyword(s):  
Accounting Standards ◽  
International Standards ◽  
Joint Operation ◽  
Current Standard ◽  
Legal Form ◽  
Legal Personality ◽  
Current Accounting ◽  
Joint Operations ◽  
Regulatory Bodies ◽  
Brazilian Standard

ABSTRACT The aim of this paper was to analyze the accounting treatment used by companies in Brazil that have investments in joint operations, in light of the Brazilian and international accounting standards. There are no doubts about the accounting treatment to be used in consolidated statements, but a divergence was identified between the international and Brazilian standards in relation to individual statements. IFRS 11 determines that investors recognize the values of a joint operation proportionally in consolidated and separate statements. However, the Brazilian standard includes a paragraph determining that only joint operations with no legal personality can be measured in individual statements proportionally. CPC 19 foresees different accounting treatments depending on the legal form of the joint operation, omitting the accounting treatment to be used in joint operations with a separate vehicle. The topic of joint operations is relevant, as the accounting treatment used in Brazil can mean our accounting practices do not comply with the international ones. Besides contributing to the literature on joint businesses, this essay indicates to regulatory bodies the need to modify the Brazilian standard so that it fits the international ones. As well as discussing the current standard, an analysis was carried out of companies in Brazil that have joint operations and the respective accounting treatments used to infer how well they fit the international standards. The results indicate that the accounting statements of the companies in Brazil with joint operations, composed through a separate vehicle, do not comply with the international standards. The main contribution of this essay is that it draws the attention of companies, auditors, and regulators to this non-compliance.

scholarly journals Fair Value Accounting: Implementation Challenges Facing Small and Medium-Sized Entities in the Agricultural Sector

2018 ◽  
Vol 8 (4) ◽  
pp. 60
Author(s):  
Joseph Kwasi Agyemang ◽  
Owusu Acheampong ◽  
Wiafe Nti Akenten
Keyword(s):  
Financial Reporting ◽  
Agricultural Sector ◽  
Fair Value ◽  
International Standards ◽  
Reporting Standards ◽  
Fair Value Accounting ◽  
Implementation Challenges ◽  
Financial Reporting Standards ◽  
Regulatory Bodies ◽  
Value Reporting

Nowadays, the relevance of fair value in financial reporting is gaining impetus and recent discussions are moving in the trend of full fair value reporting. Small and medium-sized entities are not ignored in this instance. The move to new reporting standards results in various challenges for different interest groups such as auditors, preparers and regulators. The main objective of the study was to establish the fair value implementation challenges facing SMEs in the agricultural sector with evidence from regulatory bodies in Ghana. The study established that there is lack of methodological relationship between existing local laws and IFRS and absence of involvement of regulatory bodies in financial reporting standards setting. In light of these challenges, the study recommends involvement of regulatory bodies in standard setting and consideration should also be given to local laws when setting international standards.

scholarly journals Clinical Trial Regulations In India : Past, Present and Future

JMS SKIMS ◽  
2017 ◽  
Vol 20 (1) ◽  
pp. 5-17
Author(s):  
Haroon Rashid
Keyword(s):  
Clinical Trial ◽  
Clinical Trials ◽  
Disease Burden ◽  
International Standards ◽  
New Drugs ◽  
Safety And Efficacy ◽  
Long Time ◽  
Regulatory Bodies ◽  
Guidance Documents ◽  
Human Use

Clinical trials are the only way of establishing the safety and efficacy of any new drug before its introduction in the market for human use. Clinical trials (with safeguards) are necessary for introduction of new drugs for a country like India, considering its disease burden and emergence of new variants of disease.The regulatory bodies need to frame guidelines and regulatory approval processes on a par with international standards. Many of the new laws, guidance documents, notifications and initiatives for regulating pharmaceutical industry were in the charts for quite a long time. Indian regulatory authorities have started looking into speedy implementation and providing support in terms ofnecessary infrastructure and investment. JMS 2017; 20(1):5-17

scholarly journals CONCEPTUAL APPROACHES TO CLASSIFICATION OF NATIONAL ACCOUNTING SYSTEMS

2020 ◽  
Vol 384 (2) ◽  
pp. 111-118
Author(s):  
Y. E. Putihin ◽  
Y. N. Akimova ◽  
N. V. Ostrovskaya ◽  
I. A. Manvelova ◽  
E. V. Negashev
Keyword(s):  
Accounting Standards ◽  
International Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
National Accounting ◽  
The Uk ◽  
The Eu

International Accounting Practice Accounting is multifaceted and heterogeneous. First distinguish between international standards and national standards. National accounting standards for each country is being developed independently. The leading countries in the field of national accounting standards are the United Kingdom and the United States, which is determined by the role of these countries in international financial markets. In different countries, national accounting standards are called differently; in addition, various bodies are involved in their development: in some these are state bodies, in other countries professional organizations. International accounting standards are implemented and developed at 2 levels: international, global and regional. In the regional aspect, the main role belongs to the EU Accounting Commission, which regulates these matters in the EU countries. World standards are developed by several organizations: International Federation of Accountants, Committee on International Accounting Standards, Intergovernmental Group of Experts on International Standards Reporting and Accounting Center for Transnational United Nations Corporation, Economic development and cooperation. There is a great variety of accounting systems around the world. The differences between them are explained mainly by the different business environments in which they operate. Among many classifications, which are based on various principles, two main classifications can be distinguished. The first one is based on the “geographical” principle, i.e.: the UK-US system, the Continental system, the Latin American system. In the second classification, systems are clustered based on their typical properties and hierarchy. The upper level defines the objectives that the accounting system focuses on. Next, systems are rated based on whether the state insists on applying the theoretical approach or the actual legislative requirements and business needs. It might be difficult to classify a system as belonging to a specific group if the country’s accounting system is unstable. Thus, in the 60s of the 20th century, New Zealand started to separate from the UK, although many provisions of its accounting system were taken directly from the standards developed by the English Institute of Financial Accountants. In view of the existing challenges and various approaches to the classification of national accounting systems, the importance of such classification can hardly be overestimated. The proximity of national accounting systems in countries that belong to the same model suggests the possibility of harmonization of accounting principles at the international level. Based on the above: - the possibility of grouping national accounting systems into clusters makes it possible to level out the differences between them during standardization; - the convergence of economies of different countries due to the globalization of the world economy contributes to the unification of accounting principles at the global level.

scholarly journals Análisis de los potenciales efectos en el reconocimiento de los activos de las pequeñas empresas de Cúcuta- Colombia por la implementación de la NIIF para Pymes

Respuestas ◽  
2017 ◽  
Vol 22 (2) ◽  
pp. 116
Author(s):  
Eduardo Solano-Becerra
Keyword(s):  
Small Businesses ◽  
Financial Analysis ◽  
Accounting Standards ◽  
International Standards ◽  
Qualitative Description ◽  
Economic Reality

Resumen Antecedentes: Ley 1314 de 2009 en la cual Colombia converge a estándares internacionales de aceptación mundial. Objetivo: El presente artículo realiza una descripción cualitativa de los potenciales efectos que podría generar la implementación de la NIIF para PYMES en relación con los requisitos para el reconocimiento de los activos. Métodos: El trabajo se desarrolló por medio de una metodología descriptiva, orientada a los cambios de la nueva normatividad contable aceptada en Colombia. Se tomó una muestra de 9 pequeñas empresas que mediante una metodología basada en los conceptos y principios de la NIIF para Pymes y se identificaron los elementos del activo que cumplían con la definición y reconocimiento de la misma. Resultados: Los resultados permitieron afirmar que la NIIF para Pymes hace hincapié en la importancia del análisis financiero de los bienes conforme a la realidad económica. Conclusión: Los efectos en cuanto a reconocimiento de los activos de las pequeñas empresas se reflejaron principalmente en el grupo de propiedad planta y equipo, diferidos, intangibles y valorizaciones.Palabras Clave: Activos, Contabilidad, NIIF, Pymes, reconocimiento.AbstractBackground: Law 1314 2009 in which Colombia converges to international standards for worldwide acceptance. Objective: This article is a qualitative description of the potential effects that could lead to the implementation of the IFRS for SMEs in relation to the requirements for the recognition of assets. Methods: The work was developed through a descriptive methodology, oriented to changes in new accounting standards accepted in Colombia. Took a sample of 9 small businesses that identified the elements of the asset that met the definition and recognition of the same using a methodology based on the concepts and principles of the IFRS for SMEs. Results: The results allowed to affirm that the IFRS for SMEs emphasizes the importance of the financial analysis of the goods in accordance with the economic reality. Conclusion: The effects in terms of recognition of the assets of small businesses is mainly reflected in the group of property, plant and equipment, deferred, intangible and revaluation.Keywords: Accounting, IFRS and SMEs, assets, recognition.ResumoAntecedentes: Lei 1.314 de 2009 na qual a Colômbia convergir para os padrões internacionais aceites em todo o mundo. Objetivo: O presente artigo faz uma descrição qualitativa dos efeitos potenciais que poderiam levar à implementação de IFRS para PMEs em relação aos requisitos para reconhecimento de ativos. Métodos: O estudo foi realizado por um mudanças orientadas metodologia descritiva das novas normas de contabilidade aceitos na Colômbia. uma amostra de 9 pequenas empresas foi observado que o uso de uma metodologia baseada nos conceitos e princípios do IFRS para as PME e os ativos que se enquadram na definição e reconhecimento de que foram identificados. Resultados: Os resultados permitiram afirmar que o IFRS para PMEs enfatiza a importância da análise financeira da propriedade de acordo com a realidade econômica. Conclusão: Os efeitos em termos de reconhecimento dos ativos das pequenas empresas são refletidas principalmente no grupo de bens do ativo imobilizado, diferido, intangíveis e apreciações.Palavras-chave: Ativo, contabilidade, IFRS, as PME, reconhecimento.

scholarly journals Analysis on joint operation non administrative accounting models of property development firms and the impact on taxation

2020 ◽  
Vol 5 (01) ◽  
pp. 45
Author(s):  
Indar Khaerunnisa ◽  
Amrullah .
Keyword(s):  
Secondary Data ◽  
Profit Sharing ◽  
Primary Data ◽  
Joint Operation ◽  
Property Development ◽  
Financial Report ◽  
Study Approach ◽  
Joint Operations ◽  
Accounting Model ◽  
The Impact

This study aims to determine the accounting model in conducting joint operations (JO) by implementing non-administrative which consists of fix profit and percentage. Each fixed profit has three methods consisting of full revenue, profit sharing and PMK 261. The research used a descriptive qualitative method, with a case study approach. The study used primary data obtained from direct interviews with directly related parties conducting joint operations (JO or KSO). Meanwhile, the secondary data were obtained from the mutual agreement document and the financial report of the party conducting the joint operation (KSO). From the research results, it is obvious that the most recommended form of accounting is all forms according to PMK 261, both the fixed profit and percentage models. Keywords: Administrative Joint Operation, Non Administrative, Fixed Profit

Impact assessment of contemporary international and national accounting standards adoption: evidence from Greek hotels

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nikolaos Iason Koufodontis ◽  
Stella Zounta ◽  
Maria Papagiouvanni
Keyword(s):  
Decision Making ◽  
Accounting Standards ◽  
Strategic Decision ◽  
International Accounting ◽  
Property Management ◽  
International Accounting Standards ◽  
Legal Form ◽  
Macroeconomic Factors ◽  
Content Type ◽  
Mandatory Adoption

PurposeThis paper aims to offer new insights on how the adoption of contemporary international accounting standards can affect the financial performance of a hotel. It provides significant input for strategic decision making in property management, especially in countries where hotels properties are given a choice between different accounting standards.Design/methodology/approachData was collected from 3-, 4- and 5- star hotels in Greece, through primary research with questionnaires, filled by hotel financial managers. Greece was selected because hotels can choose between national and international accounting standards; therefore, the research could focus on actual factors beyond mandatory adoption.FindingsMicroeconomic factors such as category or legal form of the hotel in combination with other factors can affect the perceived benefits of the selected accounting standards. Macroeconomic factors such as the overall tourism development of the destination also affect the perceived impact.Research limitations/implicationsThe research was targeted at hotel executives with knowledge and participation in decision making regarding accounting standards. This requirement limited the sample since all hotels do not have a financial manager position.Practical implicationsThe new knowledge can be utilized in property management as an element of hospitality strategic planning for improved assessment of anticipated effects resulting from the adoption of specific accounting standards.Originality/valueThe research fills a gap in existing knowledge by introducing elements not previously examined; additionally, it expands previous knowledge from other sectors to hospitality and tourism, while verifying or rejecting past findings.

Reflections on the Accounting Framework of Public Interest Cooperatives in Portugal

2018 ◽  
pp. 433-445
Author(s):  
Ana Maria Bandeira ◽  
Deolinda Meira ◽  
Brízida Tomé
Keyword(s):  
Content Analysis ◽  
Public Interest ◽  
Accounting Standards ◽  
The Public ◽  
Social Object ◽  
Current Accounting ◽  
The Social

The purpose of this chapter is to determine whether the current accounting standards of public interest cooperatives in Portugal are adequate, taking into account the social object, particularly the pursuit of furthering public interest and the nature of the subjects that integrate it. Thus, through the methodology of content analysis, the authors analyze the various policies and accounting legislation as well as the literature available on this topic. Through the classification and analysis of the main characteristics of these cooperatives, the authors conclude that they should be subject to the Public Administration's accounting regime in order to respond to the needs of different users of information.

OP143 Assessment Of mHealth Apps: Is Current Regulation Policy Adequate?

2019 ◽  
Vol 35 (S1) ◽  
pp. 33-33
Author(s):  
Magdalena Moshi ◽  
Jacqueline Parsons ◽  
Rebecca Tooher ◽  
Tracy Merlin
Keyword(s):  
Medical Device ◽  
Clinical Evaluation ◽  
Clinical Decision Making ◽  
Clinical Care ◽  
Clinical Decision ◽  
International Standards ◽  
Regulatory Agencies ◽  
Guidance Document ◽  
Regulatory Bodies ◽  
Mhealth Apps

IntroductionAustralians are adjusting to mobile health (mHealth) applications (apps) being used in clinical care. The nature of apps presents unique challenges (e.g. rapid lifecycle) to mHealth regulation. The risks they pose are mainly through the information they provide and how it is used in clinical decision-making. This study explores the international regulation of mHealth apps. It assesses whether the approach used in Australia to regulate apps is consistent with international standards and suitable to address the unique challenges presented by the technology.MethodsA policy analysis was conducted of all nine member jurisdictions of the International Medical Device Regulator's Forum (IMDRF), to determine if their regulatory agencies addressed the IMDRF recommendations relevant to the clinical evaluation of mHealth apps. Case-studies (submission to regulatory agencies) were also selected on varying types of regulated apps (standalone, active implantable, etc.) and assessed relative to the principles in the IMDRF's software as a medical device (SaMD): Clinical evaluation (2017) guidance document.ResultsAll included jurisdictions evaluated the effectiveness of mHealth apps, assessing the majority of the key sub-categories recommended by SaMD: Clinical evaluation. The submissions and jurisdictional regulatory bodies did not address the IMDRF safety principles in terms of the apps’ information security (cybersecurity). Furthermore, by failing to use the method recommended by the IMDRF (risk-classification), none of the submissions or jurisdictions recognized the potential dangers of misinformation on patient safety.ConclusionsNone of the approaches used by global regulatory bodies adequately address the unique challenges posed by apps. Australia's approach is consistent with app regulatory procedures used internationally. We recommend that mHealth apps are evaluated for cybersecurity and are also classified using the IMDRF risk-categories so as to fully protect the public.

Legal analysis of Qatar’santi-money laundering and combating terrorist financing legislation and regulation amidst the summer 2017 GCC crisis

2020 ◽  
Vol 23 (4) ◽  
pp. 793-804
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
International Standards ◽  
Legal Analysis ◽  
Content Type ◽  
Non Profit ◽  
Terrorist Financing ◽  
The Past ◽  
Regulatory Bodies ◽  
The Government ◽  
Financing Of Terrorism

Purpose The recent diplomatic split between members of the Gulf Cooperation Council (GCC) and Qatar with accusations of terrorist financing (TF). This paper aims to study Qatar’s domestic legislations, which specifically targets money laundering and TF activities. The country has stringently worked in compliance with international standards on combating financing of terrorism (CFT) and anti-money laundering (AML) practices by imparting autonomous power to regulatory bodies, such as the Qatar Central Bank and other agencies. Design/methodology/approach This paper studies independent legislations passed under the Emir’s decree over the past decade advancing Qatar’s AML ranking, with significant effort in CFT regulations. The paper also analyses the advancement in AML/CFT regulation and their validity with respect to international standards set by various governmental, intergovernmental and non-profit agencies. Findings The analysis finds Qatar in compliance with strong AML/CFT regulations. Further, it finds the government to have provided transparent oversight to international organizations that attest to the findings of the legislative efforts. This paper disproves claims and accusations that have possibly been presented to the GCC and subsequently led members to abruptly end diplomatic relations with Qatar over allegations of TF activities, amongst others. Originality/value The paper offers insight into Qatar’s legislative and regulatory advancement with respect to the AML/CTF in the past decade. The paper also discusses Qatar’s legislative advancement in relation to the evolutions of the country’s financial system, adopting a more robust mechanism to combat financing of terrorism and ML.

An investigation of the level of compliance with international accounting standards (IAS 1) by listed firms in Bahrain Bourse

2016 ◽  
Vol 9 (2) ◽  
pp. 254-276 ◽  
Author(s):  
Fatema Ebrahim Alrawahi ◽  
Adel Mohammed Sarea
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Annual Reports ◽  
International Accounting ◽  
International Accounting Standards ◽  
Content Type ◽  
Listed Firms ◽  
Financial Reporting Standards ◽  
Industry Type ◽  
Regulatory Bodies

Purpose This study aims to investigate the association between seven firm-specific characteristics and the level of mandatory compliance with International Accounting Standards (IAS) 1 by firms listed on Bahrain Bourse. Design/methodology/approach A disclosure index is used to measure the extent of compliance with IAS 1. Each of the 36 sampled firms’ annual reports were examined against the index for the financial year ending December 31, 2013. Findings The results reveal an overall compliance of 83 per cent. Regression results report that only audit firm size, profitability and industry type have a positive and significant association with IAS 1 disclosure requirements. Practical implications This study should be particularly relevant to regulatory bodies in Bahrain for strategizing and encouraging compliance with IAS 1 by listed firms. Originality/value Additionally, the study contributes to financial reporting literature relating to the Gulf Cooperation Council countries, mainly Bahrain. Bahrain is a financial hub, and it is interesting to examine how it presents its financial statements to investors and the degree of its compliance with International Financial Reporting Standards since its adoption in 2007.

Sign in / Sign up

Export Citation Format

Share Document