Thesis (Ph. D.)--Ohio State University, 2004. / Title from first page of PDF file. Document formatted into pages; contains ix, 72 p. : ill. Advisor: Bostwick Wyman, Department of Mathematics. Includes bibliographical references (p. 72).

Thesis (M.Sc.)--Aberdeen University, 2009. / Title from web page (viewed on Oct. 7, 2009). Includes bibliographical references.

This study has investigated mandatory disclosure requirements of financial instruments. A first-time adoption compliance review has been undertaken for the FTSE 100 non-financial IFRS 7 compliant firms. In contrast to prior studies, the results reveal that disclosure levels were high, and in some cases firms produce more disclosure than mandatorily required. As recent reviews of disclosure have shown, extant research lacks a coherent definition of quality that links to the original motivations for financial reporting. An argument has been built for adopting compliance levels as an appropriate proxy for the quality of disclosure. This study tests this definition via key stakeholders’ views both ex-ante and ex-post. A combination of content analysis of comment letters, survey data and semi-structured interviews was adopted. Though there is some evidence to the contrary, by and large, it seems that this definition of quality carries a level of integrity. Following this, a determinants study was undertaken investigating what factors drove the quality and quantity of these disclosures. It was found that higher levels of visibility (news stories versus analysts following), a share issue during the year and a higher volume of derivative assets held were statistically significant to quality. Those determinants significant to quantity were lower levels of managerial ownership and higher levels of news stories versus analyst following. However, of greater interest was the finding that the determinants of the quantity of disclosures were different to quality – and often in opposition. Thus, for the first time in a mandatory reporting environment, the findings cast doubt over the appropriateness of researchers adopting quantity as a proxy for quality. Finally, prior literature has shown that accounting standards requirements can be biased towards certain user groups as a result of the lobbying process. If this was the case for IFRS 7 then the compliance results presented could be unfairly skewed as proposals might be adopted to benefit those stronger lobbyists. It is pleasing to note that this study found that the IASB appears to have approached all groups’ responses fairly and appropriately. However, it should be noted that the evidence suggests that if the geographical origin of a response was from either the UK or from outside of the remaining countries of Europe and the US there was a significantly lower chance of the proposed amendment(s) being accepted. This study contributes to the literature by presenting results from a first full review of financial instruments reporting under IFRS 7, and by providing evidence that full, partial, non- and over-compliance are most likely explained by legitimacy theory, impression management and proprietary costs theory. In addition, this is the first study to review key stakeholders’ attitudes towards the financial instruments reporting requirements, thus helping to justify using the level of compliance as an appropriate measure of quality, whilst providing a cautionary conclusion about the possible inappropriateness of adopting quantity as a proxy.

Includes bibliographical references (p. 98-99).

This dissertation focuses on the Organisation for Economic Co-operation and Development ('OECD') transfer pricing methods and its application to Multinational Enterprise ('MNE') groups in the financial sector. This study examines whether the OECD's Base Erosion and Profit Shifting ('BEPS') Action Plan 9 is an appropriate framework for MNE groups in the banking sector or whether it creates further challenges. Additionally, the dissertation scrutinises MNE groups in the financial sector that are involved in the business of global trading of financial instruments. It further explores the functions of a global trading entity, the arm's length principle and the OECD BEPS Action Plan 9. This dissertation concludes that the global trading of financial instruments using the integrated trading model is challenged when the OECD traditional transfer pricing methods are applied. Multinational financial institution groups in the banking sector that are involved in the business of global trading of financial instruments are subject to rigid regulations. Furthermore, the report concludes that these rigid regulations mitigate some of the complications that arise when applying the OECD BEPS Action Plan 9. Taxing authorities need to focus greater attention on the global trading of financial instruments by multinational financial institutions groups. As South Africa's financial institutions expand across borders, the concerns over transfer pricing and BEPS are likely to intensify. It is therefore imperative that the South African revenue authorities prioritise the recruitment of skilled personnel in order to address the complexities posed by the global trading of financial instruments by multinational financial institution groups.

The purpose of this thesis is to demonstrate the need for enhanced accounting methodology for financial instruments which are traded in the global financial markets. The thesis proposes an accounting framework within which the value-at-risk of financial instruments can be disclosed in the financial statements of enterprises. The thesis considers accounting developments in recent years and analyses the latest proposals suggested by international accounting bodies. It furthermore contemplates the requirements of the Bank for International Settlements in terms of capital adequacy and value-at-risk requirements. In order to provide a meaningful analysis of the subject matter of financial instruments, the various market risks pertaining to the accounting of financial instruments are discussed and considered in terms of their application to the underlying bu. siness of the enterprise. - Extensive analysis is done of valuation techniques and the mathematical concepts of value-atrisk. In this regard the pioneering works of professor Philippe Jorion of the University of California is used to illustrate the application of value-at-risk. The objective of this comprehensive analysis of value-at-risk is to suggest a meaningful method to account for risk exposures in financial instruments and ensure greater transparency in terms of disclosure. In this regard the thesis follows the guidelines proposed by the International Accounting Standards Committee in terms of recognition (definitions}, measurement (valuation}, presentation (classification} and disclosure (terms, conditions and accounting policies} of financial instruments. Consideration is also given to global accounting harmonisation and a number of accounting concerns which are presently unresolved. In this regard certain hedge issues as well as the differences between accrual accounting and fair value accounting are considered. Disclosure requirements are analysed in detail, especially in respect of value-at-risk accounting. Finally, the thesis illustrates the significant growth of products and instruments in the financial markets and the severe financial impact it has in terms of global capital and global financial losses. / Financial Accounting / DCom (Applied Accountancy)

This research study, motivated by the difference in opinion between the Joint Working Group of Standard Setters (JWGSS) and the Joint Working Group of Banking Associations (JWGBA), generates empirical evidence on preparer and user preferences for fair value accounting for all financial instruments. Australian and Singaporean respondents’ perceptions on the measurement of financial instruments at fair value and the recognition of changes in fair value as gains or losses in the Income Statement are obtained. This study provides better understanding of the perceptions on the international proposals for change by examining possible explanatory factors for respondents’ views. There is ongoing controversy regarding the appropriate accounting for financial instruments. Perceived shortcomings of the mixed measurement model resulted in an all inclusive fair value accounting standard proposed by the JWGSS (2000). This was met with strong criticism from the JWGBA, established in response to this proposal (1999a). An understanding of actual preparer and user views is thus important for standard-setters to determine the most appropriate and acceptable accounting standard for financial instruments, particularly for the complex financial institutions industry in these two prominent financial markets of the Asian Pacific region. A positivist-objectivist approach is chosen as the theoretical perspective of this research study because of its ability to help explain real world phenomena. Both qualitative (interviews) and quantitative (surveys) methods are used in tandem to derive evidence on user and preparer perceptions. This integration of methods is important to achieve a better understanding of the issues at hand. Evidence collected from the interviews and the preparer and user surveys are analysed with univariate and multivariate statistical tools to determine the level of support (or opposition) for fair value accounting for all financial instruments and to identify factors that explain user and preparer views. Results show that on average, preparers neither strongly support nor strongly oppose the fair value accounting proposal, while users are slightly more supportive. However, respondent users and preparers tend to have similar perceptions on most of the contentious issues raised in this international debate, sometimes giving credence to the JWGBA position while other times agreeing with the JWGSS. On average, users and preparer responses are similar but there is substantial variation within each group. Findings indicate higher support for fair value accounting when the trading and banking books are perceived to be not different, fair values for non-traded financial instruments are reliable and when there is comparability across entities. This thesis generates empirical evidence on the highly topical issue of accounting for financial instruments in the midst of international accounting standard setting movements toward fair value accounting. The lack of variation between users and preparers affirms the robustness of the qualitative characteristics espoused by the IASB framework for financial reporting. Results show that achieving these qualitative characteristics is far more important than trying to fulfill the different needs of various groups. This slight support for fair value accounting is part of a bigger tapestry of a slow but steady movement towards fair value measurement in financial accounting and reporting.

Thesis (MComm)--University of Stellenbosch, 2007. / Bibliography. Also available via the Internet.

The purpose of this thesis is to demonstrate the need for enhanced accounting methodology for financial instruments which are traded in the global financial markets. The thesis proposes an accounting framework within which the value-at-risk of financial instruments can be disclosed in the financial statements of enterprises. The thesis considers accounting developments in recent years and analyses the latest proposals suggested by international accounting bodies. It furthermore contemplates the requirements of the Bank for International Settlements in terms of capital adequacy and value-at-risk requirements. In order to provide a meaningful analysis of the subject matter of financial instruments, the various market risks pertaining to the accounting of financial instruments are discussed and considered in terms of their application to the underlying bu. siness of the enterprise. - Extensive analysis is done of valuation techniques and the mathematical concepts of value-atrisk. In this regard the pioneering works of professor Philippe Jorion of the University of California is used to illustrate the application of value-at-risk. The objective of this comprehensive analysis of value-at-risk is to suggest a meaningful method to account for risk exposures in financial instruments and ensure greater transparency in terms of disclosure. In this regard the thesis follows the guidelines proposed by the International Accounting Standards Committee in terms of recognition (definitions}, measurement (valuation}, presentation (classification} and disclosure (terms, conditions and accounting policies} of financial instruments. Consideration is also given to global accounting harmonisation and a number of accounting concerns which are presently unresolved. In this regard certain hedge issues as well as the differences between accrual accounting and fair value accounting are considered. Disclosure requirements are analysed in detail, especially in respect of value-at-risk accounting. Finally, the thesis illustrates the significant growth of products and instruments in the financial markets and the severe financial impact it has in terms of global capital and global financial losses. / Financial Accounting / DCom (Applied Accountancy)

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