This study considers accounting in the new information economy. The basic framework of accounting for firms reflects a set of contracts and it helps define, implement and enforce these contracts. This framework is stable, and unlikely to change soon. However, the new information technology has been transforming the markets in which firms operate, and opening up new markets. We use a taxonomy id...

office residual expenses, the company uses a base as provided in 9904.403. For the purpose of allocating the home office IR&D and B&P costs, the company removes the data of Segment X from the base used for the allocation of its residual expenses. This practice meets the requirements of 9904.420–50(e)(2). (g) Company G has 10 segments. Segment X performs IR&D projects, the results of which benef...

The study aims to reveal that a valid and effective standard, which formerly issued, may reflect the needs and expectation of few interested powerful bodies due to the neutral comments and dearth of lobbyists in the process of setting the standard. The research investigates the working of the IASB, by exploring the standard setting process specifically in relation to the standard on busines...

We examine capital structure changes to investigate the impact of SFAS No. 13 on lessees. While this accounting standard essentially rearranged capital lease disclosures (from footnotes to the balance sheet), mandated capitalization substantially altered key accounting ratios. Our results document a systematic substitution from capital leases to operating leases and nonlease sources of financin...

This paper outlines the arguments for a common set of accounting standards and the forces that have promoted adoption of International Financial Reporting Standards (IFRS). Widespread use of IFRS since 2005 provides an opportunity for empirical investigation of the benefits of IFRS. I summarise results of studies that are relevant for assessing the role of IFRS in both developing and developed ...

The purpose of this paper is to introduce the model we built to represent financial information in an efficient way. This kind of information shows an unquestionable delay on the field of knowledge management, and this issue is more and more crucial as the requirements on financial reporting increase. We will describe the particular nature of laws as a knowledge source, and amongst other, the n...