Fawn and deer: a public institution’s biological assets valuation

Study level/applicability The teaching case is designed to be used by students in higher education institutions at the undergraduate level. This case may also be relevant for staff at the bursary departments of any public universities or public organizations that have biological assets. Case overview This case provides a study on agricultural activity at Universiti Pengurusan Malaysia (UNIPM). The purpose of this case is to create greater awareness for case users on the accounting framework and on methods recommended for recording specific assets in agricultural activity, i.e., biological assets. This case provides users with experience in explaining the nature of an organization’s agricultural activities and accounting for biological assets as recommended in the Malaysian accounting framework. In addition, users are exposed to some current issues in accounting standards, such as ethical issues. In this case, Fakhrul, an accountant at UNIPM and a leader of the Asset Unit, was responsible for reporting the value of all UNIPM’s assets, including biological assets. He was instructed to accurately recognize, measure, and disclose the value of biological assets according to the appropriate accounting standard. Furthermore, UNIPM had been urged to replace the existing accounting standard of the Malaysian Private Entity Reporting Standard (MPERS) with the Malaysian Public Sector Accounting Standard (MPSAS). Fakhrul was considering how to account for and report biological assets according to the new MPSAS. This case is a decision making or ‘unfinished’ case which is suitable for financial accounting and reporting courses. The names of the people and the university are fictitious, but the details were based on actual events. A series of interviews were conducted with the key players to gather the data. Other useful documents such as the university’s annual report, university’s website and the deer reports were also referred. Expected learning outcomes The primary objective of this teaching case is to provide an opportunity for case users to understand both the accounting framework and the methods recommended for recording specific assets in agricultural activity. More specifically, the teaching objectives of this case are to achieve the following learning outcomes: to identify the relevant accounting standard for recognizing, measuring, reporting, and disclosing biological assets by public universities in Malaysia, to apply the appropriate accounting treatment in recognizing, measuring, reporting, and disclosing biological assets in accordance with the appropriate accounting standard for public universities in Malaysia and to understand the ethical issues involved in deer valuation methods. Supplementary materials Teaching notes are available for educators only. Subject code CSS 1: Accounting and finance.

PRIVATIZACIJA VISOKOG OBRAZOVANjA U REPUBLICI SRBIJI

The social changes that characterize the current period have their consequences in the field of higher education. A new practice is emerging that higher education is viewed through market mechanisms and that it is equated with goods. The state is changing its approach in relation to important social phenomena and thus in relation to education. As a consequence, there is a specific position of higher education institutions founded by the Republic of Serbia. The state in no way undertakes mechanisms so that the institutions of which it is the founder have a better position in relation to the higher education institutions whose founder is a private entity. The state even encourages investments of the capital of private founders in higher education, and interprets this, quite wrongly, as significant investments that have been made in the field of higher education.

Influence of Hybrid Legal Institutions on the Management in Local Government on the Example of the Institution of Public-Private Partnership

The basis for the matter discussed herein is the presentation of a new paradigm in modern law, i.e. the creation of hybrid legal institutions. The specificity of this construct consists in the combination of elements of public law and private law in order to achieve mutual benefits. Meeting these two interests is perfectly illustrated by the institution of public-private partnership. The essence of the partnership is the implementation of infrastructural projects in the public sphere by a private entity. A detailed analysis of this institution gives grounds to propose a thesis about the need to change the model of management in local government. The inclusion of private entities in the performance of tasks in the public sphere forces the verification of the traditional way of managing the local government staff. The participatory execution of tasks as part of hybrid legal institutions forces the officials to become more professional. This is the only way the public interest can be safeguarded in a public-private venture.

Compliance Factors of Malaysian Private Entity Reporting Standard (MPERS) by Small Medium Enterprises (SMEs)

The study objectively reports the findings on a questionnaire survey when examining the factors affecting Malaysian Private Entity Reporting Standard (MPERS) compliance in Malaysia by small and medium enterprises (SMEs). The study is based on a professional accountant questionnaire survey involving a sample of 176 respondents who are currently involved in the implementation of MPERS. The result reveals that the main factors affecting the SMEs' compliance with MPERS were the legal limitations and requirements. The study also finds that the perception, size of entities, management and accounting skills of the external user, and consideration of costs and benefits, have little impact on MPERS compliance. Furthermore, the study contributes to the literature of the financial reporting standard for SMEs by providing empirical from Malaysia's local context that uses MPERS and how the theses affect reporting practices. To adopt the 'true and fair view' financial reporting standard when explaining the firm's financial performance and financial position, this study should be the interest of regulatory authority, standard setters, and owners of SMEs themselves.

Akibat Hukum Pandemi Covid-19 sebagai Bencana Non Alam Medis dalam Menetapkan Force Majeure di Indonesia

A contract forms a private entity between the parties involved, herein each party has the legal rights to demand the implementation or fulfillment of all elements contained in the contract. However, such legal relationship through the contract does not always fulfil the expectation and purpose. This might occur because the involved parties have committed breach of contract / default. Such condition can occur and be done by both parties because of coercion, error, fraud, or force majeure. In a more specific context, there are several causes of force majeure. The current condition of global pandemic of covid-19, including in Indonesia, has affected the implementation of an ongoing contract between involved parties becomes disrupted, even can result in null or not fulfilled the goals in the contract. Therefore, it is important for contract parties to understand more deeply about force majeure in responding to the latest condition. This normative legal research is intended to find out how the impact of the covid-19 pandemic on the force majeure clause of the contracts in Indonesia.Keywords: national disaster, covid-19, Indonesia, force majeure

A real options model to determine the optimal contractual penalty for a BOT project

Public-Private Partnerships (PPP) became one of the most common types of public procurement arrangements and Build-Own-Transfer (BOT) projects, awarded through adequate bidding competitions, have been increasingly promoted by governments. The theoretical model herein proposed is based on a contractual framework where the government grants leeway to the private entity regarding the timing for project implementation. However, the government is aware that delaying the beginning of operations will lead to the emergence of social costs, i.e., the costs that result from the corresponding loss of social welfare. This fact should motivate the government to include a contractual penalty in case the private firm does not implement the project immediately. The government also recognizes that the private entity is more efficient in constructing the project facility and also in running the subsequent operations. The model’s outcome is the optimal value for the legal penalty the government should include in the contract form. Sensitivity analysis reveals that there is a level for each of the comparative efficiency factors above which there is no need to impose a contractual penalty, for a given level of social costs. Finally, the effects of including a non-optimal penalty value in the contract form, which derives from overestimating or underestimating the selected bidder’s real comparative efficiency are examined, using a numerical example. Results demonstrate that overestimating (underestimating) the selected bidder’s real comparative efficiency leads to the inclusion of a below-optimal (above-optimal) value for the legal penalty in the contract and produces effects the government should prevent by estimating the comparative efficiency factors with full accurac.

Security v. Privacy - Legal Aspects

The monograph is an attempt to indicate areas where there are threats to the privacy of an individual in the conditions of development of new technologies and to determine necessary regulatory directions. There is no doubt that one of the task of the state is to protect the safety of its citizens. Necessary is therefore to establish the status of an individual in the conditions of legal regulations ensuring protecting personal and public safety, and indication of new rules for the operation of public administration and to specify the limits of interference by public authorities. Implemented by state authorities some tasks may constitute a significant limitation of the legal protection of life private entity, guaranteed in art. 47 of the Polish Constitution. In that sense there is a natural antinomy between state security and privacy of the individual, the freedom of the individual from state interference. Society undoubtedly, it is willing to give up part of its freedom in exchange for security. These concessions are called part of the social contract. Challenge but it is the fixing of mutual limits of concessions between freedom and safety. How much can an individual be expected to relinquish freedom for the sake of common security and vice versa, to what extent can be waived from the implementation of security policy to ensure the necessary scope of freedom.

On the possibility of acquisition of income in form of donations by internal affairs officers through online electronic resources

The object of this research is the system of social relations in the sphere of posting information on the Internet. The subject of this research is the social relations that arise in the context when the internal affairs officer gets paid for posting Internet content. The goal of this work is determine the legitimacy of receiving a monetary reward by the internal affairs officer for posting information on the Internet. The author examines the concept of “donation” and its legal nature, correlated the acquisition of such income and administrative-legal prohibitions imposed on the internal affairs officer. The conclusion is made on the possibility of manifestations of corruption if an employee of the internal affairs bodies receives donations on the Internet. A solution is offered on the improvement of the legal mechanism of such social relations from the perspective of anti-corruption legislation. The novelty of this work is defined by need to improve the legal mechanism for regulating these social relations, as well as in limited number of scientific publications on the topic. The conclusion is made that a volunteer transfer of funds from one Internet user (private entity) to another (private entity), a gratitude for posted information, or for the purpose of development and improvement of activity of the author of the Internet content by online means, should be regarded as donation agreement. The acquisition of income by the internal affairs officer in form of donation for posting information on the Internet that is not related to his official duties is admissible, however contains significant corruption risks. It is essential to revise the normative legal acts with regards to corruption standards of the internal affairs officer for improving the effectiveness of legislation in the sphere of corruption prevention.

Malaysian private entity reporting standard (MPERS) implementation for small and medium enterprises (SMEs)

Malaysian Private Entity Reporting Standard (MPERS) serves as new reporting framework to private entities and significant milestone to the capital market. The qualification for first-time MPERS adoption is incremental and it is important to prepare in advance for private entities if they intend to move to the MPERS or MFRS framework in the near future. A common question that private entities may ask is how far-reaching or how reliable the current Private Entity Reporting Standards (PERS) Framework is comparable to the new MPERS or MFRS framework. The adoption of MPERS is retrospective. The purpose of the analysis is to analyze the implementation of MPERS on small medium enterprises (SMEs) and how they perceive the implementation. The study covers all sectors of the SME sector, namely services, manufacturing, agriculture, construction, mining and quarrying, and is subdivided into Micro, small and medium and in three categories. These sectors were selected based on the SMEs landscape of Malaysia following the issuance of MPERS on February 14, 2014. There were 55 of SMEs participated in this research by answering the questionnaire. The study evaluated using linear regression and the measures of research are based on the factors described in the literature review, influence the variables. Hence, the SMEs experiences have the potential to make respondent’s perception of MPERS also agreeable. The implications of the research highlighted that the implementation of the MPERS still at the infancy level as there are few challenges faced by the SMEs regards to the implementation. Therefore, the regulators and standard setter can identify the challenges and provide appropriate assistance to ensure the financial reports are fairly presented.