Showing papers on "Accounting period published in 2005"

Latvia, Republic of - Report on the Observance of Standards and Codes (ROSC) - accounting and auditing

Abstract: This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Latvia. The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. For European Union (EU) Member States, the assessment also has regard to the relevant requirements of EU law (also known as the acquis communautaire).

The Collection of Pension Contribution in Croatia

Abstract: A close link between contributions paid and the amount of a pension can certainly increase the readiness to pay contributions, reduce the practice of reporting lower incomes, and be an important factor in the collection of contributions. To be able to claim pension rights entails the obligation of paying contributions. Croatia has already done quite a lot by collecting pensions contributions via the Tax Administration, extending the accounting period for the calculation of pensions and the development of the capitalised system of retirement insurance ; however, for the sake of the more successful collection of contributions it will have to implement, consistently and without any procrastination, appropriate measures, some of which we have put forward in this paper. The successful fulfilment of the obligation to pay pension insurance contributions can be a large contribution to the implementation of the rule of law and respect for the law in Croatia.

Accounting policies on inventories according to IAS 2 and their impact on financial results

Abstract: Inventories are the most significant item in most companies. Therefore, the problem of their evaluation is of the great importance, not only in accounting theory, but also in accounting practice. The main issue regarding inventories is the question of their initial and additional measurement. It is generally accepted that inventories should be initially measured at their cost. But, at the end of particular accounting period, cost of inventories should be compared with their net realisable value and inventories measured at the lower value. There are also several accounting methods regarding inventories and each of them has a different impact on financial results of the particular accounting period. In order to avoid great differences in inventory evaluation between public companies, IAS 2 recommends certain methods to be used for external financial reporting. IAS 2 was issued in December 2003 and is applicable to annual periods beginning on and after 1 January 2005. In this article, it is presented how recommended methods can reflect on a financial position and profitability of a company.

Multiple dimension closings

Abstract: A computer implemented accounting system is provided facilitating multiple-dimension closings. A plurality of user-definable transaction dimensions can be selected as closing dimensions. Then, when a given accounting period is to be closed, closing journal entry lines and offsetting lines related to all unique combinations of closing dimensions are generated.

Research on the Asset Loss Provision Withdrawing Behavior of Inferior Listed Firms in China

Abstract: Based on the issued “Accounting Guidelines for Enterprises” at the end of 2000, this paper studies the two determinants of asset loss:economic factors and earnings management The research sample includes all inferior listed firms during the accounting period of 2001~2003 The empirical results reveal that the economic factors, such as the unfavorable circumstance facing the industry and the firms themselves, have an association with asset loss reported by these firms After controlling the influence of economic factors, we still find some evidences that the inferior listed firms have taken a clearing by write offs

Inequality Measurement and the Time Structure of Household Income in Israel

Abstract: The aim of this paper is to empirically evaluate the effect of the length of the accounting period on indices of inequality of household income in Israel. There are three main findings: (1) The analysis of the impact of the account period on the Gini index of inequality can be done in a way which is identical to analyzing the effect of the accounting period on the coefficient of variation; (2) Changing the accounting period from one month to three months decreases, on average, the Gini index of inequality by about 1.7%. Furthermore, the Gini index calculated from a three-month accounting period was 3.9-4.1% higher than the index based on a twelve-month period. The change in the accounting period from twelve months to three months accounts for 27 to 37 percent of the increase in inequality in the last two decades, depending on the type of income considered. (3) The above relationship is stable over the years but is sensitive to the definition of income. JEL categories: C10, J6, O15

Inequality and the Time-Structure of Household Income in Israel

Abstract: The aim of this paper is to empirically evaluate the effect of the length of the accounting period on indices of inequality of household income in Israel. There are three main findings: (1) The analysis of the impact of the account period on the Gini index of inequality can be done in a way which is identical to analyzing the effect of the accounting period on the coefficient of variation; (2) Changing the accounting period from one month to three months decreases, on average, the Gini index of inequality by about 1.7%. Furthermore, the Gini index calculated from a three-month accounting period was 3.9-4.1% higher than the index based on a twelve-month period. The change in the accounting period from twelve months to three months accounts for 27 to 37 percent of the increase in inequality in the last two decades, depending on the type of income considered. (3) The above relationship is stable over the years but is sensitive to the definition of income.