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Worldwide Financial Reporting: The Development and Future of Accounting Standards

George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Published in print:
2006
Published Online:
February 2006
ISBN:
9780195305838
eISBN:
9780199783342
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195305833.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the ... More


 Summing Up and Charting a Future for Standard Setters

George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

in Worldwide Financial Reporting: The Development and Future of Accounting Standards

Published in print:
2006
Published Online:
February 2006
ISBN:
9780195305838
eISBN:
9780199783342
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195305833.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter reiterates the major themes of the book and then further discusses a number of current key issues in financial reporting: that “fair values” based on estimates are unlikely to be seen as ... More


Aspects of the Future in Accounting: The Use of Market Prices and “Fair Values” in Financial Reports

Michael Bromwich

in The Economics and Politics of Accounting: International Perspectives on Trends, Policy, and Practice

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199260621
eISBN:
9780191601668
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199260621.003.0002
Subject:
Economics and Finance, Financial Economics

Some arguments are examined for incorporating into accounting reports further estimates or predictions of the future, and items that embed future cash flows. After an introduction (Section 1), ... More


 Why and How Audited Financial Accounting Statements Are Useful

George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

in Worldwide Financial Reporting: The Development and Future of Accounting Standards

Published in print:
2006
Published Online:
February 2006
ISBN:
9780195305838
eISBN:
9780199783342
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195305833.003.0002
Subject:
Economics and Finance, Financial Economics

Investors, creditors, government officials, and others require information to evaluate companies’ economic position, performance, and prospects. This chapter examines the usefulness of financial ... More


 The First Principle of Justice

Thomas Pogge

in John Rawls: His Life and Theory of Justice

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195136364
eISBN:
9780199867691
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195136364.003.0005
Subject:
Philosophy, Moral Philosophy

This chapter examines the first principle of justice, which is concerned with how well a political order secures the basic rights and liberties of its members. This involves a careful analysis of the ... More


Why Fair Value Is the Rule: The Changing Nature of Standard Setters

Karthik Ramanna

in Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy

Published in print:
2015
Published Online:
May 2016
ISBN:
9780226210742
eISBN:
9780226210889
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226210889.003.0005
Subject:
Economics and Finance, Financial Economics

With auditors and industrial companies focused on their own interests in accounting rulemaking, can we rely on the FASB regulators themselves to represent the public interest? Chapter 5 explores this ... More


Compensation

Borzu Sabahi

in Compensation and Restitution in Investor-State Arbitration: Principles and Practice

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199601189
eISBN:
9780191729201
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199601189.003.0005
Subject:
Law, Public International Law, Company and Commercial Law

This chapter examines compensation in investment treaty arbitration. It shows the development of principles of compensation for expropriation in customary international law, and how investment ... More


The Shrinking Big N: Rule-Making Incentives of the Tightening Oligopoly in Auditing

Karthik Ramanna

in Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy

Published in print:
2015
Published Online:
May 2016
ISBN:
9780226210742
eISBN:
9780226210889
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226210889.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter provides evidence on the role of auditors in accounting rulemaking – particularly the Big Four audit firms that dominate the industry. These large audit firms are among the few players ... More


Pre-Insolvency Proceedings: Objective and Justification

Nicolaes Tollenaar

in Pre-Insolvency Proceedings: A Normative Foundation and Framework

Published in print:
2019
Published Online:
April 2019
ISBN:
9780198799924
eISBN:
9780191864742
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198799924.003.0003
Subject:
Law, Constitutional and Administrative Law

This chapter starts with a brief outline of the pre-insolvency plan in the conceptual form proposed in this book. It then goes on to develop a normative foundation for pre-insolvency proceedings and ... More


The IASB Survives the Financial Crisis

Kees Camfferman and Stephen A. Zeff

in Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001–2011

Published in print:
2015
Published Online:
June 2015
ISBN:
9780199646319
eISBN:
9780191800719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199646319.003.0013
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

During the initial stages of the financial crisis, the IASB came under pressure to revise its guidance on fair value measurement for financial instruments traded in inactive markets. As the crisis ... More


Financial Instruments: The Confrontation with Europe

Kees Camfferman and Stephen A. Zeff

in Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001–2011

Published in print:
2015
Published Online:
June 2015
ISBN:
9780199646319
eISBN:
9780191800719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199646319.003.0006
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Accounting for financial instruments became a test-case for the adoption of IFRSs by the European Union. The standard IAS 39 had always been controversial. There was a widely held view that the IASB ... More


The IASB and the FASB Rush to Complete the Convergence Programme

Kees Camfferman and Stephen A. Zeff

in Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001–2011

Published in print:
2015
Published Online:
June 2015
ISBN:
9780199646319
eISBN:
9780191800719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199646319.003.0016
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Until June 2011, the IASB and the FASB worked at a frantic pace to complete the convergence work programme included in their Memorandum of Understanding. Much of the drive came from the IASB, which ... More


Accounting and the Plasticity of Valuation

Andrea Mennicken Michael Power

in Moments of Valuation: Exploring Sites of Dissonance

Published in print:
2015
Published Online:
March 2015
ISBN:
9780198702504
eISBN:
9780191772191
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198702504.003.0011
Subject:
Business and Management, Organization Studies, Innovation

This chapter explores exemplary moments of dissonance and innovation in accounting valuation. Examining the cases of value-added accounting, brand accounting, fair value accounting and impairment ... More


Concepts and Convergence: An Ever Closer Relation with the FASB

Kees Camfferman and Stephen A. Zeff

in Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001–2011

Published in print:
2015
Published Online:
June 2015
ISBN:
9780199646319
eISBN:
9780191800719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199646319.003.0012
Subject:
Business and Management, Finance, Accounting, and Banking, International Business

Between 2005 and 2008, the IASB’s technical agenda was increasingly dominated by convergence with US GAAP. In order to facilitate the lifting of the 20-F reconciliation, the IASB and the FASB agreed ... More


Corporate Transformation and Employee Pensions

Adam D. Dixon

in The New Geography of Capitalism: Firms, Finance, and Society

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199668236
eISBN:
9780191781957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199668236.003.0006
Subject:
Business and Management, Finance, Accounting, and Banking, Political Economy

This chapter considers the changing role of the firm in systems of social protection. It does so through an examination of how and why firms have pulled back significantly in their provision of ... More


Hedge Fund Liquidation and Hedge Fund Influence on the General Market

Douglas Cumming, Na Dai, and Sofia A. Johan

in Hedge Fund Structure, Regulation, and Performance around the World

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199862566
eISBN:
9780199332762
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199862566.003.0010
Subject:
Economics and Finance, Financial Economics

Chapter 10 discusses the survival of hedge funds. By analyzing what causes the failure of hedge funds, it is hoped that a better understanding of the risks in the hedge fund industry is developed.


Liberal-Republicanism and the Basic Liberties

Alan Thomas

in Republic of Equals: Predistribution and Property-Owning Democracy

Published in print:
2016
Published Online:
December 2016
ISBN:
9780190602116
eISBN:
9780190602130
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190602116.003.0004
Subject:
Philosophy, Political Philosophy, General

John Rawls issued a fair value proviso for the political liberties alone to avoid the Marxist critique that the formal equality granted to all citizens by liberalism is practically undermined by the ... More


Pricing of Futures Contracts

Timothy A. Krause

in Commodities: Markets, Performance, and Strategies

Published in print:
2018
Published Online:
March 2018
ISBN:
9780190656010
eISBN:
9780190656041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190656010.003.0015
Subject:
Economics and Finance, Financial Economics

This chapter examines the relation between futures prices relative to the spot price of the underlying asset. Basic futures pricing is characterized by the convergence of futures and spot prices ... More


Fair Valuation

William A. Birdthistle

in Empire of the Fund: The Way We Save Now

Published in print:
2016
Published Online:
August 2016
ISBN:
9780199398560
eISBN:
9780199398591
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199398560.003.0007
Subject:
Economics and Finance, Financial Economics

As this chapter explains, the formula for remunerating investment advisers is a simple but powerful one. The revenues an adviser earns each year are equal to the adviser’s fees multiplied by the ... More


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