The Crown land accounting dilemma in New South Wales local government

PurposeThe paper addresses the question of whether Crown land managed by local authorities in the New South Wales (NSW) local government system should be recognised as assets on municipal balance sheets.Design/methodology/approachThe paper provides a synoptic review of the literature on accounting for public goods assets followed by a critical analysis of the official requirements of the NSW government on the recognition of Crown land.FindingsThe NSW government holds that Crown land managed by local councils should be recognised as an asset on council books. However, following an assessment of the problem through the analytical prism of financial accounting, it is argued that councils do not possess control over Crown land and that such land should thus not be recognised by councils.Research limitations/implicationsThe paper covers the legal and accounting framework applicable to NSW local government. However, it has broader implications for other local government systems with similar institutional and legislative foundations, such as other Australian states, New Zealand and South Africa, and these implications are highlighted in the paper.Practical implicationsIt is argued that NSW government policymakers should re-consider the requirement for Crown land to be recognised on councils' books. Local authorities would then be able to save money and time on external auditing, management of land asset registers and the mandatory valuation of land.Originality/valueAlthough Crown land shares some of the characteristics of other public good assets, unique accounting challenges arise due to the existence of a market in which such land could be traded not by councils, but by its legal owner (the Crown). In financial accounting, legal ownership is not considered as the main criterion over assets. However, the authors argue that for Crown land vested with councils, it becomes a critical factor in decision making.

The Green Challenge for Central Banks and Households

Central banks should not be excluded from the list of responsible institutions to address climate change. They already have a bias in their balance sheets toward polluting industries, which should be reduced. Next, the government should design green policies that do not overburden middle class households.

Securitization of (bad) loans to Italian SMES: The role of the public guarantee

This study investigates the main factors driving the evolution of the securitization of loans to Italian small and medium-sized enterprises (SMEs). The value of securitization increased in last two years, even though it has not been used as collateral for central banks. The disposal of non-performing loans (NPLs) may have been rather triggered by increasing attention of the international institutions to such an issue, within the general purpose of financial stability. The purpose of this paper is to interpret such a phenomenon focusing on Italian banks and restricting the analysis to the case of securitizations backed with loans to small and medium-sized enterprises (SMEs). The interesting result that emerges, supported by econometrically tested empirical evidence, is that given the orientation of international financial institutions, such as the ECB and the EBA, and reacting to incentives coming from the fiscal policy authorities for the public guarantee of loans, banks have been using securitization to reduce the burden on their bad balance sheets due to (NPLs). It was found that the public guarantee had a positive impact on SME securitization, whereas securitization in other sectors has not been affected significantly. Such evidence suggests that, in the absence of a public guarantee, the financial stability target would have been at risk, and the effectiveness of collateral-based policies in the recent past must be improved to enhance access to credit for SMEs.

Discrepancies between two long-term dietary datasets in the United Kingdom (UK)

Background: Studying dietary trends can help monitor progress towards healthier and more sustainable diets but longitudinal data are often confounded by lack of standardized methods. Two main data sources are used for longitudinal analysis of diets: food balance sheets on food supply (FBS) and household budget surveys on food purchased (HBS). Methods: We used UK longitudinal dietary data on food supply, provided by the Food and Agriculture Organisation (FAO) (FAO-FBS, 1961-2018), and food purchases, provided by Defra (Defra-HBS, 1942-2018). We assessed how trends in dietary change per capita compared between FAO-FBS and Defra-HBS for calories, meat and fish, nuts and pulses, and dairy, and how disparities have changed over time. Results: FAO-FBS estimates were significantly higher (p<0.001) than Defra-HBS for calorie intake and all food types, except nuts and pulses which were significantly lower (p<0.001). These differences are partly due to inclusion of retail waste in FAO-FBS data and under-reporting in Defra- HBS data. The disparities between the two datasets increased over time for calories, meat and dairy; did not change for fish; and decreased for nuts and pulses . Between 1961 and 2018, both FAO-FBS and Defra-FBS showed an increase in meat intake (+11.5% and +1.4%, respectively) and a decrease in fish (-3.3% and -3.2%, respectively) and dairy intake (-11.2% and -22.4%). Temporal trends did not agree between the two datasets for calories, and nuts and pulses. Conclusions: Our finding raises questions over the robustness of both data sources for monitoring UK dietary change, especially when used for evidence-based decision making around health, climate change and sustainability.

مخاطـر السيولـة المصرفيـة وتأثيـرهـا في الاستقرار المـالـي في العـراق للمدة2019-2005

The banking system is one of the key elements of building the economy and enhancing the financial stability of the country, and this importance comes from the role of banks operating in it as depository institutions and intermediaries between supply and demand units, in addition to modern banking services and payment systems that increase the efficiency and effectiveness of economic activity. Therefore, we find that liquidity risk indicators are important indicators that reflect the activity of banks, which at the same time may reflect a misleading picture of the positions of banks in terms of the strength of their balance sheets and the extent to which they adhere and adhere to the standards and instructions issued by the Central Bank, and thus bank liquidity is the basis of the work of banks and is considered the backbone of them, but depends on the work of banks, which reflects their impact on the financial stability situation. This importance led us to choose the subject of the study where the study aimed to determine the impact of bank liquidity risks on financial stability, this study was conducted on the Iraqi banking system and for the period 2019-2005, and the descriptive analytical approach was adopted based on data and information about government and private banks and taken from the official bodies represented by the Central Bank of Iraq. The research at the end of the study found a set of conclusions, including that both government and private banks suffer from limited credit and investment activity, causing a rise in liquidity ratios and liquid assets, which of course means the accumulation of non-profit liquid funds, which greatly affects their financial stability and exposes them to different risks that ultimately affect the stability of the financial system and this proves the validity of the study hypothesis

PLANEJAMENTO TRIBUTÁRIO EM UMA INDÚSTRIA DE CONFECÇÕES

A presente pesquisa teve por objetivo identificar o regime tributário que fosse menos oneroso à uma indústria de confecções, ou seja, ocasionando a menor carga tributária. Com a finalidade de realizar o planejamento tributário, foram efetuadas diversas consultas em pesquisas existentes e nas legislações aplicáveis, para que tudo fosse praticado por meios legais, sendo caracterizada pela elisão fiscal, trata-se de uma pesquisa qualitativa, onde os dados da pesquisa foram coletados através do sistema eletrônico de processamento de dados, relatórios, balanços e demonstrações contábeis. O período analisado refere-se ao ano de 2018, pelo qual foram efetuados os cálculos pelo regime tributário Lucro Real o pela contabilidade responsável pela empresa. Foram comparados os valores dos tributos de PIS, COFINS, IRPJ, CSLL, ICMS, IPI e CPP, onde ocorreu os comparativos entre os regimes de tributação Lucro Real e Lucro Presumido, com a finalidade de demonstrar o melhor regime aplicável. Os resultados indicam que o melhor regime tributário para o período analisado foi o Lucro Real, identificando que está enquadrada na melhor forma de apuração. Palavras-Chave: Lucro Real. Lucro Presumido. Regime Tributário. Tributos. Abstract: The present research aimed to identify the tax regime that would be less costly to a clothing industry, that is, causing the lowest tax burden. In order to carry out tax planning, several consultations were carried out in existing research and in the applicable legislation, so that everything could be practiced by legal means, being characterized by tax avoidance, it is a qualitative research, where the research data were collected through the electronic data processing system, reports, balance sheets and financial statements. The period analyzed refers to the year 2018, where calculations have already been made under the taxable profit regime by the accounting responsible for the company. The values ​​of the PIS, COFINS, IRPJ, CSLL, ICMS, IPI and CPP taxes were compared, where the comparisons between the taxable income tax system and the presumed income tax occurred, in order to demonstrate the best applicable regime. The results indicate that the best tax regime for the period analyzed is the Real Profit, identifying that it is framed in the best form of calculation. Keywords: Real Profit. Presumed profit. Tax regime. Taxes.

Economic Cycle and Bank Liquidity Hoarding: Are They Procyclical or Countercyclical?

The paper empirically examines bank liquidity hoarding fluctuations over the economic cycle and provides further evidence on the heterogeneous cyclicality of bank liquidity hoarding across different banks in Vietnam for the period 2007–2019. Using both static panel models with the fixed-effects regression using corrected Driscoll-Kraay standard errors and dynamic panel models with the two-step system generalized method of moments estimator, we find that the liquidity hoarding of banks is procyclical. Concretely bank liquidity hoarding on- and off-balance sheets tends to increase during economic upturns and decrease during economic downturns. Our additional analysis yields a consistent pattern that financially weaker banks are more procyclical than their stronger counterparts. During booms and busts, the behaviour of hoarding liquidity is more pronounced for banks with smaller sizes, less capital, more risk, and less profit. This heterogeneity also contributes to understanding the core mechanism behind our main findings, further confirming the precautionary motive of bank liquidity hoarding.

Central Counterparties and Liquidity Provision in Cash Markets

This paper investigates increased liquidity provision by market makers resulting from their ability to reduce balance sheet encumbrance through the use of central counterparties (CCPs). The introduction of the Basel III leverage rule constitutes a shock to market makers’ balance sheets and thus affects their capacity to intermediate trades. Using trade-by-trade data from sovereign bond markets, we show that liquidity provision by CCP members decreased to a lesser extent following the rule change. We attribute these findings to balance sheet reductions due to the netting enabled by CCPs, thereby highlighting their importance in cash markets.

Credit Portfolio Convergence in U.S. Banks since the COVID-19 Shock

The COVID-19 pandemic has materially affected U.S. consumer behavior and business operations in many important aspects. This note focuses on the changes in banks’ balance sheets and demonstrates how we could apply a novel measure of portfolio similarity to balance sheet data and assess the drivers of similarity change along the path of the pandemic.