Recent work in the macroeconometric literature considers the problem of summarising efficiently a large set of variables and using this summary for a variety of purposes including forecasting. Work in this field has been carried out in a series of recent papers. This paper provides an...

Since the adoption of International Financial Reporting Standard (IFRS) and the subsequent directive by the EU, all companies are required to report their consolidated financial statements in line with the IFRS prescribed formats. The study examines the consolidated financial statements of top...

Given the lack of literature and the ever growing relevance of charities, the present paper investigates the determinants of audit fees in the UK charity sector. It proposes a theoretical framework to determine the audit fee, which is empirically tested on a dataset of 119 “largest”...

We extend prior research on the value relevance of accounting information for loss-making firms by allowing the coefficient of book value to vary across three distinct set of loss-making firm observations in our valuation model. Our key findings are, first, that book value is a less important...

It is well known that the great Railway Mania in Britain in the1840s had a great impact on accounting. This paper contributes a description and analysis of the events that led to this revolution, and of the key role played by Robert Lucas Nash in those events. He was a pioneer in accounting and...

Historical cost accounting deals with uncertainty by deferring the recognition of earnings until the uncertainty has largely been resolved. Such accounting affects both earnings and book value, and produces expected earnings growth deemed to be at risk. This paper shows that the...

This paper is the first multi-country investigation of comprehensive corporate risk disclosure. Based on a detailed content analysis of 160 annual reports, we analyze the attributes and the quantity of risk disclosure and its association with the level of firm risk in the U.S., Canadian, U.K.,...