Just as the share ownership structure delineates a firm’s agency problem, it also
impacts the firm’s reporting. When an owner effectively controls a firm, he/she also
controls the production of the firm’s accounting information and reporting policies.
When the controlling owner is entrenched by his/her voting power and there is a large
separation of the voting and cash flow rights, the credibility of the accounting
information is reduced.
The process of applying IAS 39 across the
complexity of business has thrown up some
surprises. For many, this challenge is only just
beginning as they embed IFRS-based numbers
in their internal management and reporting
processes, rather than creating them as an
‘add-on’ exercise carried out by head office
at the end of the reporting chain.
The challenge is compounded by the fact that
IAS 39 has changed significantly in recent years
and continues to change. In addition, it is only
as IAS 39 is applied widely in practice that
certain issues have come to light.
Assume, for a moment, that the necessary tools are available to
induce or even force states to comply with international law. In
such a state of affairs, how strongly should international law be
protected? More speciﬁcally, how easy should it be to change
international law? Should treaties be speciﬁcally performed or
should states be given an opportunity to “pay their way out”?
In the event of states violating their commitments, what kind of
back-up enforcement or sanctions should be imposed?...
The definition of investor and investment is key to the scope of application of rights and obligations of investment agreements and to the establishment of the jurisdiction of investment treaty-based arbitral tribunals. This factual survey of state practice and jurisprudence aims to clarify the requirements to be met by individuals and corporations in order to
investment agreements between host countries and foreign investors. The meaning of the umbrella clauses is one of the most controversial issues with which international arbitral tribunals have been recently confronted with while adjudicating investment disputes brought before them. Through a wide review of the specific textual provisions included in investment agreements,
The audit task plan should be reviewed, modified if necessary, and approved by
an official who has supervisory authority over the audit team, if the SAI
structure has such a supervisory layer. Otherwise, the plan should be reviewed
by another auditor of adequate seniority and authority within the SAI who has
successfully performed audits of similar type and complexity, and who is
independent of the audit team. All such reviews, and any approvals, should be
Investor Education Books series by TradingEducation.com
by Jim Wyckoff
Foreword by Darrell Jobman
US Retail: $19.95
One of the best ways to learn about the markets and trading is to have a mentor, an experienced person who knows the ropes thoroughly and is willing to pass along his or her knowledge to you personally. As a reporter for a wire service on every major exchange floor at one time or another, Jim Wyckoff had access to some of the best and brightest people in the business – not just one mentor but many mentors.
The original Streetsmart Guide to Valuing a Stock was conceived and
outlined on a trip to Spain. The concepts underlying stock valuation
crystallized only as real livestock (6 fighting bulls and 8 steers) at-
tempted to run over us on the narrow, crowded streets of Pamplona.
Integral to the book’s progress were the discussions, over many fine
meals with our friends in Navarra, of its structure and international
appeal. Ana Vizcay and Eduardo Iriso, María Jesus Ruiz Ciordía and
Emilio Goicoechea, Luis Arguelles and Merche Amezgaray,...
• Provide policy makers and external observers with a data-rich
assessment of Vietnam’s competitiveness, using a comprehensive
• Develop an integrated set of policy recommendations, supported by a
transparent logic and data
• Engage decision makers from different constituencies in a dialogue on
the future of Vietnam’s competitiveness
Taxes matter! Nobody seriously doubts this. Yet many ﬁnance textbooks keep
entirely quiet about tax issues. It is well-known that investors and enterprises strive
to maximize their income net of taxes, yet business schools rarely teach their stu-
dents how tax effects impact business decisions. Ignoring tax effects will typically
lead to investor decisions that are wrong froma real world perspective.
Seeking for feedback is vital for learning and putting together a good article. This is one of
the main reasons why it is recommended for researchers to cooperate closely. This
cooperation can mean either writing together, or commenting on the text written by
others. From the perspective of effectiveness, it is important to ask for feedback on small
increments and as frequently as possible. This way the feedback is more precise and easier
to utilise. You should start seeking for comments already at the stage when you only have
an initial idea for an article. This can be done,...
Local institutional investors in Brazil—pension funds and mutual funds—have been less
active in the equity market. For instance, mutual funds’ asset allocation has been
concentrated in safe and liquid assets such as government bonds and repo transactions.
Pension funds, whose return target is typically set to achieve a certain spread over the rate of
inflation in the context of a high short-term interest rate environment, tend to invest in
inflation-linked bonds rather than equities.
A final way banks raise funds in the money market is through repurchase agreements (RPs). An RP is a
sale of securities with a simultaneous agreement by the seller to repurchase them at a later date. (For the
lender—that is, the buyer of the securities in such a transaction—the agreement is often called a reverse
RP.) In effect this agreement (when properly executed) is a short-term collateralized loan. Most RPs involve
U.S. government securities or securities issued by government-sponsored enterprises. Banks are active
participants on the borrowing side of the RP market. ...
Students should note that Congress generally prohibits the use of appropriated funds
to employ non-citizens within the United States. That restriction is discussed on the USAJobs
Web site. Students who are not U.S. citizens are eligible for the student observer program.
However, they should recognize that they are generally not eligible to be hired as employees
We have a limited number of slots and cannot hire all of the students who would be
successful interns. Students are welcome to decline our offers.
You also have to provide for a service connection for the technical rack mentioned earlier, wherever it
may be located in the cinema. Provide for a service connection of 20A single-phase.
In territories, in which problems with the electric power supply occur frequently (for example local
power-cuts in the mountains) or to prevent an unscheduled deletion by the server, it may be necessary
to invest in an uninterruptible power supply (UPS) that maintains the electric current for...
The effectively connected income of a foreign corporation or international investor is taxed on a net basis at
graduated rates like those applicable to U.S. corporations, citizens, and residents.
Generally, U.S. source income is ECI if one of two alternative tests -- the business-activities test and the assetuse
test -- is met. The business-activities test looks to whether the activities of the U.S. business are a material
factor in generating the income. The asset-use test looks to whether the income is derived from assets used or
held for use in the conduct of a U.S. business.
Conceptually, the equity method treats the investee company as if it were condensed into
one balance sheet item and one income statement item and then merged into the investor
company at the proportion owned by the investor. The equity method is sometimes called
“one-line consolidation” because it results in the same effect on the investor’s earnings and
retained earnings as would result from consolidating the financial statements of the investor
and investee companies. It does so without combining both companies’ financial statements.
Midwifery 2020 has set out to develop an informed vision (opposite)
of the contribution midwives will make to achieving quality, cost-
effective maternity services for women, babies and families across the
United Kingdom. Midwives, managers, members of the maternity
team, educationalists, commissioners and service users considered the
future direction for midwifery and this report brings together the
outcomes of their deliberations. It is supported by ﬁve in-depth
workstream reports that are available on the Midwifery 2020 website
heir indicators of low female autonomy include relatively
large age differences between husbands and wives, relatively greater breaks between a woman’s natal
and affinal homes on marriage, and relatively large gender gaps in educational indicators, as well as
strong indicators of son preference.
Much other research confirms their general conclusions.
Countries differ in the way they channel capital to firms and in the way they reduce
information asymmetries between firms and the key financing parties. These differences
are likely to shape firms’ incentives to report earnings that reflect true economic
performance. We illustrate this idea using a stylized characterization of financial systems.
In an outsider system, like the U.K., firms rely heavily on public debt or equity
markets in raising capital. Corporate ownership is dispersed. Investors are “at arm’s
length” and do not have privileged access to information.