In 1998, the government of Victoria, Australia implemented a comprehensive, state wide accrual output based budgeting (AOBB) system. This initiative represented an important element of a stream of new public financial management (NPFM) type reforms introduced in Victoria from 1992 onwards,...

Discount rate selection represents a centrally material factor impacting valuation models. Given the strong reliance on discounted cash flow modelling as a basis for determining an asset’s recoverable amount, the judgment exercised by reporting entities regarding rate selection is of paramount...

The transition to IFRS based reporting has resulted in fundamental departures from many of the long accepted norms embedded in indigenous GAAP systems now superseded in IFRS adopting jurisdictions. The rules relating to goodwill accounting, measurement and reporting represent an excellent case...

Drawing on data from a sample of 168 firms listed on the Singapore Stock Exchange (SGX) over three consecutive years (2005, 2006 and 2007), this study focuses on the issue of IFRS compliance and disclosure quality. Using the requirements of FRS 36 in relation to goodwill impairment testing as...

With the introduction in the 1998-99 state budget of accrual output-based management (AOM), the state of Victoria in Australia is now at the cutting edge of a global public sector management transformation movement. The fundamental elements of financial management change are a full accrual...

Over the past two decades, the reporting frameworks used within the public sectors of a wide variety of jurisdictions have undergone significant change. Much of this change has arguably been relatively incremental, resulting in reporting frameworks still being cast in highly traditional form. At...

The issue of hybrid instruments by firms is often justified on the grounds that these instruments allow issuers to achieve a lower cost of capital than would be the case under issues of straight debt and equity. In order to assess the validity of such claims it is necessary to examine the...

At the time of writing, it appears that the global economic system is in the grips of a massive shock. Debt capital markets are not functioning as they have functioned over the past half decade, liquidity is tight and credit, where it can be obtained, is becoming increasingly costly. Though the...

This year marks the 6th anniversary of the Journal of Law amp; Financial Management. The journal was founded in the immediate aftermath of the dot com crash and in an atmosphere of high turbulence and uncertainty. A series of large scale corporate collapses and revelations of accounting fraud,...