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Journal articles on the topic 'Contingent assets and contingent liabilities'

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Published: 4 June 2021

Last updated: 1 February 2022

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1

Kozlova, L. R. "Provisions, contingent liabilities and contingent assets in group reporting of companies." Digest Finance 25, no. 3 (September 29, 2020): 308–32. http://dx.doi.org/10.24891/df.25.3.308.

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Subject. The article makes an attempt to develop recommendations for provisions, contingent liabilities and conditional assets accounting under RAS and IFRS for companies operating in the real economy, based on the survey conducted using the sampling of Top 600 largest Russian companies at year-end2015 by Expert RA. Objectives. The aim of the study is to improve the quality of financial statements of Russian companies prepared under RAS and IFRS to the extent of provisions, conditional liabilities, contingent assets, and to perfect methods of relevant reporting data analysis. Methods. In the research, I applied the method of comparative analysis. Results. The paper presents a comparative analysis of the existing accounting methods for provisions, contingent liabilities and contingent assets under RAS, IFRS and GAAP, namely, systematizes the characteristic features and highlights the specifics of accounting systems. I examined the impact impact of data on provisions, contingent liabilities and contingent assets on evaluation of financial result of companies and developed recommendations to improve accounting treatment of provisions, contingent liabilities and contingent assets under RAS and IFRS. Conclusions. The offered recommendations may enhance the quality of financial statements of companies operating in financial and real sectors of the economy, as well as the effectiveness of investment decisions based on financial statement data.

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Lima, Bruno Rodrigues Teixeira de, Cleiton Borges de Menezes Junior, and Jomar Miranda Rodrigues. "PRECEDENTES JUDICIAIS VINCULANTES E A EVIDENCIAÇÃO DE PROVISÕES, PASSIVOS CONTINGENTES E ATIVOS CONTINGENTES." Revista Gestão e Desenvolvimento 16, no. 1 (February 13, 2019): 27. http://dx.doi.org/10.25112/rgd.v16i1.1635.

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O CPC 25 R1 (2009) apresenta os critérios para reconhecimento, mensuração e evidenciação das provisões, passivos contingentes e ativos contingentes, cujas regras gerais também são aplicadas aos processos judiciais ou administrativos que têm alguma probabilidade de impactar o balanço patrimonial. A literatura contábil tem se preocupado em debater diversos aspectos que envolvem o disclosure dos litígios dos quais a entidade é parte, contudo, pouco se debruçam sobre importante aspecto da legislação brasileira: os precedentes vinculantes. Nesse contexto, o artigo tem por objetivo analisar, a partir de interpretação normativa e sob o pálio da teoria do precedente, se os valores envolvidos nos processos judiciais cujas matérias de direito foram julgadas sob a sistemática dos precedentes vinculantes devem ser reconhecidos como ativos ou ativos contingentes, ou ainda como passivos, provisões ou passivos contingentes. A leitura feita é que esses casos devem estar nos extremos, porquanto o conhecimento prévio do precedente vinculante permite à entidade antever sua derrota ou vitória na discussão judicial. Investigou-se também a forma que as empresas do seguimento “Novo Mercado” da BM&F Bovespa realizam o disclosure desses valores, concluindo-se que ainda é incipiente a preocupação com o impacto dos precedentes vinculantes no balanço.Palavras-chave: Evidenciação. Ativos e passivos contingentes. Precedentes Vinculantes.AbstractCPC 25 R1 (2009) presents the criteria for recognition, measurement and disclosure of provisions, contingent liabilities and contingent assets, whose general rules are also applied to judicial and administrative lawsuits that are likely to impact the balance sheet. The accounting literature has been concerned with several aspects involving the disclosure of the litigations, but they not demonstrate concern about an important aspect of Brazilian legislation: the stare decisis doctrine. In this context, the article aims to analyze, from an interpretation perspective and under the theory of precedent, if the values involved in lawsuits whose subjects were judged under the stare decisis doctrine should be recognized as assets or contingent assets, or as liabilities, provisions or contingent liabilities. We conclude that these cases must be at the extremes, since the prior knowledge of the precedent allows the entity to foresee its defeat or victory in the judicial discussion. We also investigated how BM&F Bovespa's "Novo Mercado" companies are caring out the disclosure of these amounts, and we concluded that there is still an incipient concern about the impact of precedents on the balance sheet.Keywords: Disclosure. Contingent Liabilities. Contingent Assets. Stare Decisis.

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Kozlova, L. R. "Provisions, contingent liabilities and contingent assets in group reporting of companies." International Accounting 21, no. 1 (January 16, 2018): 86–102. http://dx.doi.org/10.24891/ia.21.1.86.

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4

Cenar, luliana. "Accounting Policies And Treatments Of Contingent Assets And Liabilities In Public Institutions." Annales Universitatis Apulensis Series Oeconomica 2, no. 13 (December 31, 2011): 231–40. http://dx.doi.org/10.29302/oeconomica.2011.13.2.5.

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5

Gonchar, Nicholas Simon. "Assessment of Contingent Liabilities for Risk Assets Evolutions Built on Brownian Motion." Advances in Pure Mathematics 10, no. 05 (2020): 259–96. http://dx.doi.org/10.4236/apm.2020.105016.

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TSYGANOVA, S. V., and G. N. SEMENOVA. "THEORETICAL BASES OF ACCOUNTING AND EVALUATION OF GOODWILL AT BUSINESS COMBINATION." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 3, no. 3 (2020): 64–69. http://dx.doi.org/10.36871/ek.up.p.r.2020.03.03.012.

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The article discusses the basic principles of business combination, accounting and assessment of good-will in goodwill. The article offers recommendations on identifying a buyer, assessing the cost of a business combination and distributing this value for acquired assets, liabilities and reserves for contingent liabilities. Accounting for goodwill is considered both in a business combination and in a subsequent period.

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Gleason, Cristi A., and Lillian F. Mills. "Materiality and Contingent Tax Liability Reporting." Accounting Review 77, no. 2 (April 1, 2002): 317–42. http://dx.doi.org/10.2308/accr.2002.77.2.317.

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We investigate factors that explain firms' decisions to disclose and record contingent tax liabilities. Our findings are based on confidential Internal Revenue Service audit data and financial statement footnotes for 100 large industrial firms from 1987 to 1995. Descriptive statistics indicate that these firms often fail to disclose IRS claims for tax deficiencies that exceed a 5-percent-of-income rule of thumb. We find that the probability of disclosure increases in the relative amount of the claim or the expected loss, although the largest claims drive this result. Our evidence is consistent with firms using a stable measure of size, such as assets or normal income, to gauge materiality, rather than relying only on current period reported income. We also find that the amount accrued for the contingent liability increases in the amount of the expected loss. However, our inferences may not generalize beyond a population of large, frequently audited firms.

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Залалтдинов, Марат, and Marat Zalaltdinov. "GENERAL PRESENTATION FOR THE ORGANIZATION OF THE FUTURE HARVEST ACCOUNTING, USED AS A SECURITY, IN ACCORDANCE WITH IFRS." Vestnik of Kazan State Agrarian University 12, no. 4 (January 18, 2018): 99–105. http://dx.doi.org/10.12737/article_5a5f0862428073.82207256.

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Nowadays, there is no tool to address the issue of valuation and accounting for future crop used as deposit for lending agricultural production in accordance with the requirements of IFRS, which led to the relevance of the study. To solve this issue, it is proposed to develop a methodological aspect of valuation at fair value of the future crop. However, the valuation procedures within the framework of IFRS have been sufficiently developed and should be adequately met for each case separately according to the division, established in IFRS. However, there are a number of features in the valuation of the future harvest, which is pledged, according to IFRS. In this regard, the limits of the impact of IAS 23 “Borrowing costs”, IAS 37 “Estimated liabilities, contingent liabilities and contingent assets” and IAS 41 “Agriculture” on the formation of value estimates for the future harvest, used as deposit, in dynamics, as well as organizational and technological stages, are determined. It is noted that these boundaries are indicative, because of in the IFRS itself and in the guidelines they do not describe such a specific asset as the future crop used as deposit.

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Wang, Shaun S. "A Universal Framework for Pricing Financial and Insurance Risks." ASTIN Bulletin 32, no. 2 (November 2002): 213–34. http://dx.doi.org/10.2143/ast.32.2.1027.

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AbstractThis paper presents a universal framework for pricing financial and insurance risks. Examples are given for pricing contingent payoffs, where the underlying asset or liability can be either traded or not traded. The paper also outlines an application of the framework to prescribe capital allocations within insurance companies, and to determine fair values of insurance liabilities.

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Trklja, Radmila, Milan Trklja, and Bojan Labović. "Accounting and tax treatment of reservation." Ekonomski signali 15, no. 1 (2020): 91–106. http://dx.doi.org/10.5937/ekonsig2001091t.

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At the end of the reporting period, when preparing financial statements, it is necessary to pay attention to whether the financial statements include all expenses of the accounting period. Provisions are recognized as an expense in the period only when their recognition in the current period meets certain requirements prescribed by accounting standards. The use of provisions is usually recorded by forming a liability to the supplier, employee and other persons by directly reducing the provision, is the cost is recorded in the Income Statement. IAS 37 Reservation, Contingent Liabilities and Contingent Assets defines a provision as a liability with an uncertain maturity or an uncertain amount, and a liability is a present obligation of an entity based on past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits. represent economic benefits from the business entity. We must emphasize that provisions are also defined by other standards - for example, IAS 19 - Employee Benefits, which defines provisions for benefits and other employee benefits. However, in this paper, the author deals with the tax and accounting treatment of certain provisions that appear in practice, such as: reservation for severance pay, reservation for costs in the warranty period, reservation for awards and other benefits, reservation for litigation costs, etc.

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López-Espinosa, Germán, John Maddocks, and Fernando Polo-Garrido. "Co-operatives and the Equity-Liabilities Puzzle: Concerns for Accounting Standard-Setters." Accounting Horizons 26, no. 4 (May 1, 2012): 767–87. http://dx.doi.org/10.2308/acch-50208.

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SYNOPSIS: The IASB/FASB joint project on Financial Instruments with Characteristics of Equity (formerly Liabilities and Equity) has highlighted the complexity and the associated difficulty of drawing the line between liabilities and equity. While classification difficulties have been identified for investor-owned businesses (IOB), the inconsistency of the different approaches being considered is clearer when applied to classification of the financial instruments of co-operatives whose ownership characteristics differ from the IOB model. In co-operatives the existence of an upper limit on members' claims on the net assets while the co-operative is a going concern is a key ownership characteristic. We have examined the characteristics of co-operative member shares in six European countries as well as in the U.S. and in Canada, in order to analyze the application of the various classification approaches under discussion by the IASB and FASB. The results of this analysis indicate that classification criteria based on ownership must take account of the fact that ownership is multidimensional and contingent on the type of firm. JEL Classifications: M41, P13.

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Bewley, Kathryn, and Vanessa Magness. "The Impact of a Change in Regulation on Environmental Disclosure: SAB92 and the US Chemical Industry." Issues In Social And Environmental Accounting 2, no. 1 (June 30, 2008): 61. http://dx.doi.org/10.22164/isea.v2i1.25.

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This study investigates environmental disclosure in the annual reports of US public companies in the chemical industry during a time when there was a substantial change in reporting regulation. This change concerned contingent environmental liabilities. We draw on signal theory and the economic cost perspective to generate predictions about environmental disclosure strategies. We find evidence that managers use disclosure to distinguish their companies from other companies: first by disclosing environmental liabilities that many other companies did not reveal; and later by disclosing other future-oriented financial information. We assumed initially, that this behaviour was indicative of signaling strategy. We find, however, that the companies which we initially thought were signaling have<br />higher levels of pollutant emissions (per dollar of assets) than non- signaling companies. This evidence does not support our earlier assumption. We argue that public concern about this industry, and the fact<br />that emissions levels are open to public scrutiny, lowers the disclosure-cost threshold for high emission companies, leading managers to disclose information they previously withheld. <br /><br />

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Martinez, Antonio Lopo, and Kassila Spinassé Sonegheti. "Fiscal Contingencies due to Changes in the Method of Calculating the PIS and COFINS Levies in Brazil." Journal of Management Research 8, no. 1 (November 5, 2015): 1. http://dx.doi.org/10.5296/jmr.v8i1.8196.

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<p>This paper studies the effects of change in the method of calculating the PIS and COFINS in the disclosure of tax contingencies. The tax contingencies in general, including contingencies related tax contributions, must be evidenced in financial statement notes, in accordance with established accounting criteria for this purpose. In this context, this study analyzes the disclosure level of Brazilian companies reporting in the financial statement notes to the tax contingent assets and liabilities, especially with regard to non-cumulative PIS and COFINS, and what its features. To assess the level of disclosure of contingencies it applied a Probit model in which it tried to identify the determinants of disclosure level. The results suggest that the majority of the firms analyzed, although they have fiscal contingencies related to PIS and COFINS, do not explain the nature of the respective accounting figures in financial statement notes, so they are not being transparent to investors in this respect.</p>

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Higgins, Eric J., Joseph R. Mason, and Adi E. Mordel. "Asset sales, recourse and investor reactions to initial securitizations." Journal of Risk Finance 20, no. 3 (August 12, 2019): 291–310. http://dx.doi.org/10.1108/jrf-11-2018-0172.

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Purpose Both accounting and regulatory treatments classify securitizations as a “sale” of assets, therefore allowing the issuer to remove the assets from their books. The purpose of this paper is to present conjectural evidence of recourse activity and bankruptcy treatment that undermine the fundamental concept of true sale. Design/methodology/approach The authors use investor reactions to firm’s first securitizations to isolate investors’ views of the potential risk transfer. Findings Investor reactions to firms’ first securitization announcements suggest that investors, themselves, think of the effects of securitizations as more like a financing than an asset sale. Firms securitizing for the first time exhibit negative short-term equity returns and negative long-term operating performance, reactions more similar to financings than asset sales. Additional analysis shows that securitization is also associated with increased systematic risk, suggesting that the rapid growth fueled by securitization is similar to increasing leverage. The effect is more pronounced for banks than non-banks. Originality/value This is the first study to have used firms' first securitizations to analyze the nature of risk transfer in securitizations. The results show that off-balance-sheet treatment for securitizations may be inappropriate, given investor perceptions of the nature of potential contingent liabilities.

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Lisovskaya, I. A., and N. G. Trapeznikova. "Russian Accounting Standard (PBU) 18/02: A new approach to accounting for deferred taxes in the recognition of fixed asset transactions." International Accounting 23, no. 3 (March 16, 2020): 244–61. http://dx.doi.org/10.24891/ia.23.3.244.

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Subject. January 1, 2020, there came into effect a new edition of Russian Accounting Standard (PBU) 18/02, Accounting for Deferred Taxes on Corporate Income, which introduced the balance sheet approach to assessing deferred taxes. Therefore, the Russian accountants have to revise the way they have been applying PBU 18/02, and adjust the previous deferred taxes respectively. Objectives. We analyze methodological issues of accruing deferred taxes in relation to accounting for fixed assets when recognizing, measuring, remeasuring and constructing contingent liabilities for repair and others, which were introduced by PBU 18/02 as transactions resulting in timing differences. Methods. The study employs the systems analysis and logic generalization of legislative and regulatory documents and special literature on the issues under study. Results. Illustrating fixed asset transactions, we find that it is necessary to master the balance sheet method of accruing deferred taxes, including the coming changes in some provisions of PBU 6/01, Accounting for Fixed Assets. Conclusions and Relevance. Poor knowledge of the balance sheet complicates, inter alia, the use of the balance sheet method to accrue deferred taxes. Thus, it is reasonable to make methodological recommendations on the use of the balance sheet method to assess deferred taxes in line with the coming amendments to the existing standards and expedite mastering IFRS. The findings are designated for research, practice and training of accountants and auditors, and make suggestions on the improvement of the national accounting methodology, which would pursue the convergence of the modern international practices.

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Lubenchenko, О. Е. "Documenting the Results of Audit of the Information Disclosed in the Notes to the Financial Reporting Compiled by International Standards." Statistics of Ukraine 89, no. 2-3 (November 24, 2020): 127–47. http://dx.doi.org/10.31767/su.2-3(89-90)2020.02-03.14.

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Financial reporting releases the information requiring disclosure in accordance with national or international accounting and reporting standards. This information is usually released in the notes to the financial reporting, intended for a broader range of users. The notes are the most informative document, by which a user of the reporting can assess the company’s solvency, financial viability or business activity, can be informed about the terms of transactions with related parties, can make assumptions and receive data on management accounting, which are laid as the basis for the management strategy building. The released information is subject to obligatory disclosure, as its content is to be analyzed by national and international regulators and auditors in a way similar to the principal forms of financial reporting. An auditor assesses the received audit evidence in view of its sufficiency and reliability. Results of audit procedures can be summarized and documented. Because the International Standards on Auditing do not provide examples of documenting, the working document “The auditor’s testing of disclosure of the information attached to the financial reporting compiled by IFRS” has been formed, to support the process of documenting audit procedures with respect to the information given in the notes to the financial reporting. Using this working document, an auditor is able to obtain detailed information about a company and indicators of its financial reports, about its items and transactions that, not being subject to recognition in the reporting, are important for the management, about the accounting foundations and the opinions of management on which a company relied in compiling the reports. Depending on the operation specifics of a company, the working document can be supplemented by the following sections: IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, IFRS 8 “Operational Segments”, IAS 19 “Employee Benefits”, IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, IAS 40 “Investment Property” etc. The test, which is a unified working document, can be used by any audit firm. The auditor’s opinion on the information disclosure in the notes to the financial reporting is vitally important bearing in mind that not all the users of financial reports have deep knowledge of the International Accounting and Reporting Standards, but all of them need unbiased and complete data about the company status and performance.

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Lubenchenko, О. Е. "Documenting the Results of Audit of the Information Disclosed in the Notes to the Financial Reporting Compiled by International Standards." Statistics of Ukraine 89, no. 2-3 (November 24, 2020): 127–47. http://dx.doi.org/10.31767/su.2-3(89-90)2020.02-03.14.

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Financial reporting releases the information requiring disclosure in accordance with national or international accounting and reporting standards. This information is usually released in the notes to the financial reporting, intended for a broader range of users. The notes are the most informative document, by which a user of the reporting can assess the company’s solvency, financial viability or business activity, can be informed about the terms of transactions with related parties, can make assumptions and receive data on management accounting, which are laid as the basis for the management strategy building. The released information is subject to obligatory disclosure, as its content is to be analyzed by national and international regulators and auditors in a way similar to the principal forms of financial reporting. An auditor assesses the received audit evidence in view of its sufficiency and reliability. Results of audit procedures can be summarized and documented. Because the International Standards on Auditing do not provide examples of documenting, the working document “The auditor’s testing of disclosure of the information attached to the financial reporting compiled by IFRS” has been formed, to support the process of documenting audit procedures with respect to the information given in the notes to the financial reporting. Using this working document, an auditor is able to obtain detailed information about a company and indicators of its financial reports, about its items and transactions that, not being subject to recognition in the reporting, are important for the management, about the accounting foundations and the opinions of management on which a company relied in compiling the reports. Depending on the operation specifics of a company, the working document can be supplemented by the following sections: IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, IFRS 8 “Operational Segments”, IAS 19 “Employee Benefits”, IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, IAS 40 “Investment Property” etc. The test, which is a unified working document, can be used by any audit firm. The auditor’s opinion on the information disclosure in the notes to the financial reporting is vitally important bearing in mind that not all the users of financial reports have deep knowledge of the International Accounting and Reporting Standards, but all of them need unbiased and complete data about the company status and performance.

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Taurisianti, Monika Meliana, and Elisabeth Penti Kurniawati. "Perlakuan Akuntansi Karbon di Indonesia." Jurnal Ekonomi dan Bisnis 17, no. 2 (June 18, 2016): 81. http://dx.doi.org/10.24914/jeb.v17i2.273.

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<em>This research aims to understand the implementation of accounting for carbon, about how it can be measured, recognized, recorded, presentedand disclosed based on Pernyataan Standar Akuntansi (PSAK) 19, 23, 32 and 57, also the impact toward the financial ratios. The object of this study is the financial statements of an integrated timber company in Indonesia. This study has analyzed the enables account to be used to record accounting for carbon, also analyzed the impact of implementation of accounting for carbon toward the financial ratios. The results of this study are support the previous study, which intangible asset can be recognized based on PSAK 19, whereas asset and contingent liabilities can be recognized based on PSAK 57. This study also fit out the previous study, which a company can recognize its expense and other income based on PSAK 19, 23 and 32 as a basis for forestry accounting in Indonesia.</em>

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Felice, Massimo De, and Franco Moriconi. "Market Based Tools for Managing the Life Insurance Company." ASTIN Bulletin 35, no. 01 (May 2005): 79–111. http://dx.doi.org/10.2143/ast.35.1.583167.

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In this paper we present an approach to market based valuation of life insurance policies, in the spirit of the NUMAT proposed by Hans Bühlmann (2002) in an editorial in the ASTIN Bulletin. We have experienced the valuation method for more than one decade, both as a pricing procedure applied to policy portfolios of leading insurance companies, and by including the valuation principles into several actuarial teaching activities. Our interest is mainly focused here on participating policies that in Italy are characterized by contractually binding profit sharing rules. The problem of the fair valuation of the liabilities generated to the insurer by these contracts can be conveniently addressed using the methods of contingent claims pricing. These allow to price correctly the options embedded into the policies and to implement consistent plans of asset-liability management. The approach also provides a market based measurement of the value of business in force for outstanding policy portfolios and consistent assessments of the financial risk based capitals.

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Felice, Massimo De, and Franco Moriconi. "Market Based Tools for Managing the Life Insurance Company." ASTIN Bulletin 35, no. 1 (May 2005): 79–111. http://dx.doi.org/10.1017/s0515036100014070.

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In this paper we present an approach to market based valuation of life insurance policies, in the spirit of the NUMAT proposed by Hans Bühlmann (2002) in an editorial in the ASTIN Bulletin. We have experienced the valuation method for more than one decade, both as a pricing procedure applied to policy portfolios of leading insurance companies, and by including the valuation principles into several actuarial teaching activities.Our interest is mainly focused here on participating policies that in Italy are characterized by contractually binding profit sharing rules. The problem of the fair valuation of the liabilities generated to the insurer by these contracts can be conveniently addressed using the methods of contingent claims pricing. These allow to price correctly the options embedded into the policies and to implement consistent plans of asset-liability management. The approach also provides a market based measurement of the value of business in force for outstanding policy portfolios and consistent assessments of the financial risk based capitals.

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Abbas, Kalbe. "Craig Burnside (ed.). Fiscal Sustainability in Theory and Practice: A Handbook. Washington, D. C.: World Bank. 2005. pp.xx+285. Price not given." Pakistan Development Review 43, no. 3 (September 1, 2004): 295–97. http://dx.doi.org/10.30541/v43i3pp.295-297.

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Fiscal sustainability is essential for economic growth and comprises a set of fiscal policies that result in financial solvency over the long run. As such, fiscal sustainability is the prime objective of the World Bank’s Quality of Fiscal Adjustment Thematic Group (QFATG). It is a main issue in developing countries. The articles compiled from many journals here address fiscal sustainability analysis and the practical work undertaken by the Bank’s Development Economic Research Group (DECRG) or Poverty Reduction Economic Management undertaken by the Economic Policy Group (PRMEG) and others. This book, basically a combination of economic theory and practical methods of analysis, provides a simple set of tools to assess a government’s budget and debt position and is a comprehensive source of information on fiscal sustainability. It describes the effects of business cycles on public finance and examines the role of fiscal rule and currency crises and their impact on fiscal sustainability. Some basic concepts are explained, with solutions of complicated practical problems such as contingent liabilities, external debt position, and fiscal federalism.

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Chipeta, Chimwemwe, and Adrian Jardine. "A Review Of The Determinants Of Long Run Share Price And Operating Performance Of Initial Public Offerings On The Johannesburg Stock Exchange." International Business & Economics Research Journal (IBER) 13, no. 5 (August 23, 2014): 1161. http://dx.doi.org/10.19030/iber.v13i5.8782.

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This paper provides some new evidence on the determinants of long run operating and share price performance of Initial Public Offerings (IPO) on the Johannesburg Stock Exchange (JSE). It has been hypothesised that the information contained in the pre listing documents could shed some light on the aftermarket performance of South African IPO shares. In line with previous literature, South African IPO shares significantly underperformed the market on average. Additionally, there is a statistically significant negative relationship between IPO Volume and long run performance, suggesting that the South African IPO market may be subject to the fads and over optimism theory of Ritter (1991). The overoptimism hypothesis is further cemented by a negative correlation between pre IPO revenue forecast and aftermarket operating performance. Listing expenses play a moderate role in the reduction of the aftermarket performance of IPOs on the JSE. However, it appears that international investment banks have a positive influence on the aftermarket performance of IPOs on the JSE. Likewise, firms audited by the BIG 4 audit firms tend to perform well in terms of aftermarket buy and hold returns. Large firms at the time of listing tend to perform well and firms with high growth prospects at the time of listing generate a negative and significant return on their investment in total assets. Although the contingent liabilities disclosed in the prelisting reports negatively influence most of the measurers of aftermarket performance, the relationship is, by and large, insignificant.

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Acar, Ece, and Serdar Ozkan. "Corporate governance and provisions under IAS 37." EuroMed Journal of Business 12, no. 1 (May 2, 2017): 52–72. http://dx.doi.org/10.1108/emjb-03-2016-0007.

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Purpose The purpose of this paper is to illustrate the extent of disclosure of provisions reported under IAS 37 provisions, contingent liabilities and contingent assets and explore the relation between provisions and corporate governance. Design/methodology/approach The current research utilizes a panel data analysis using a sample of 1,078 firm-year observations from Borsa Istanbul between the years 2005 and 2010. Findings Overall findings indicate that 62 percent of 1,078 firm-year observations recognize provisions, and among those, only 32 percent provide IAS 37’s full disclosure requirements. Firms that recognize provisions have larger board of directors and are more likely to be characterized with concentrated ownership and institutional owners. Also, firms with larger board of directors, greater independence and concentrated ownership have higher total provision/total debt ratios. Finally, firms that make full disclosure of provisions are more likely to have larger boards, higher ownership concentration and institutional owners and less likely to have CEO duality. Research limitations/implications As with all research, there are several limitations of this study. The study suffers from a lack of literature about provisions under IAS 37. The lack of literature directly focusing on provisions or IAS 37 appears to be one of the main limitations as well as one of the main contributions. Since this study focuses on one country, the comparison is not possible. Further research may contribute to literature by the use of other emerging economy’s capital market data. Moreover, further research can cover any other mandatory disclosure information specified in IASs/IFRSs and can provide comparative results about the compliance and strictness of the mandatory disclosure regime. Practical implications This study can be of interest to government, investors, business management, regulatory bodies, educators, researchers, accountants, auditors and scholars particularly in the field of accounting by seeking to make theoretical and practical contributions in the area of accounting disclosures and also serves as benchmark for future researches on corporate disclosures. Also this study provides significant insights to accounting regulators who set disclosure requirements. Originality/value Accurate corporate reporting is a necessary tool for the short- and long-term survival of the firms, hence the capital markets. Studying the level of disclosure will enable us to have additional insights about corporate reporting and will enhance the understanding of the nature of corporate reporting in developing countries. Disclosure practices by developing countries were empirically investigated in the past; however, the relation between provisions under IAS 37 and corporate governance has been unexplored in the literature. Thus, to the best of the authors’ knowledge, this is a pioneering research on provisions and corporate governance structure.

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Cebotari, Aliona. "Contingent Liabilities: Issues and Practice." IMF Working Papers 08, no. 245 (2008): 1. http://dx.doi.org/10.5089/9781451871036.001.

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Hennes, Karen M. "Disclosure of contingent legal liabilities." Journal of Accounting and Public Policy 33, no. 1 (January 2014): 32–50. http://dx.doi.org/10.1016/j.jaccpubpol.2013.10.005.

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Burnside, Craig. "Currency crises and contingent liabilities." Journal of International Economics 62, no. 1 (January 2004): 25–52. http://dx.doi.org/10.1016/j.jinteco.2003.07.003.

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A. Asongu, Simplice. "The “knowledge economy”–finance nexus in SSA and MENA countries." International Journal of Islamic and Middle Eastern Finance and Management 7, no. 2 (June 10, 2014): 200–213. http://dx.doi.org/10.1108/imefm-04-2013-0048.

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Purpose – This paper aims to assess dynamics of the knowledge economy (KE)–finance nexus using the four variables identified under the World Bank’s (WB’s) Knowledge Economy Index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size. Design/methodology/approach – Principal component analysis is used to reduce the dimensions of KE components before dynamic panel generalized method of moments (GMM) estimation techniques are employed to examine the nexus. Findings – Four main findings are established. First, education improves financial depth and financial efficiency but mitigates financial size. Second, apart from a thin exception (trade’s incidence on money supply), economic incentives (credit facilities and trade) are not consistently favorable to financial development. Third, information and communications technology improves only financial size and has a negative effect on other financial dynamics. Finally, proxies for innovation (journals and foreign direct investment [FDI]) have a positive effect on financial activity; journals (FDI) have (has) a negative (positive) effect on liquid liabilities, and journals and FDI both have negative incidences on money supply and banking system efficiency, respectively. Practical implications – As a policy implication, the KE–finance nexus is a complex and multidimensional relationship. Hence, blind and blanket policy formulation to achieve positive linkages may not be successful unless policy-making strategy is contingent on the prevailing “KE-specific component” trends and dynamics of financial development. Policy makers should improve the economic incentive dimension of KE that, overwhelmingly and consistently, deters financial development, owing to surplus liquidity issues. Originality/value – As far as we have reviewed, this is the first paper to examine the KE–finance nexus with the plethora of KE dimensions defined by the WB’s KEI and all the dynamics identified by the Financial Development and Structure Database.

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de Jager, Eloise. "IFRS 3 “grey area” regarding contingent liabilities." South African Journal of Accounting Research 29, no. 1 (January 2, 2015): 71–83. http://dx.doi.org/10.1080/10291954.2015.999473.

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29

Arslanalp, Serkan, and Yin Liao. "Banking sector contingent liabilities and sovereign risk." Journal of Empirical Finance 29 (December 2014): 316–30. http://dx.doi.org/10.1016/j.jempfin.2014.08.007.

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30

Babatunde, Solomon Olusola, and Srinath Perera. "Analysis of financial close delay in PPP infrastructure projects in developing countries." Benchmarking: An International Journal 24, no. 6 (August 7, 2017): 1690–708. http://dx.doi.org/10.1108/bij-05-2016-0076.

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Purpose The presence of previous awarded public-private partnership (PPP) infrastructure projects that significantly delays reaching financial close constrain the likely success of new PPP projects. However, effort at investigating financial close delays of PPP projects through empirical studies by the research community received scant attention. Thus, the purpose of this paper is to identify and assess the factors causing delays in PPP projects from reaching financial close in developing countries. Design/methodology/approach The study adopted literature review and questionnaire survey. In order to capture a broad perception, a questionnaire survey was adopted, which was administered to three different primary stakeholder categories comprised public sector authorities (i.e. ministries, department, and agencies), concessionaires, and lenders/banks already involved in PPP infrastructure projects implementation in Nigeria. The data obtained were analysed using mean score, Kruskal-Wallis test, and factor analysis. Findings The study revealed the mean score ranking of 39 identified causes of financial close delays in PPP projects, and the mean score values for all the identified 39 causes of financial close delays are very high. The study, through factor analysis, categorised the 39 identified causes of financial close delays into eight principal factors. The factors are: decreased bankability of PPP projects; unstable economic policy; weak financial, technical, and managerial capabilities of the concessionaires; weak public institutions; lack of creditworthiness of both the project sponsors and active partner; unfavourable economy of the host country; weak legal and unfavourable environment; and high contingent liabilities, respectively. Practical implications The identification and evaluation of the factors delaying PPP projects development from reaching financial close in a reasonable time manner would be useful for PPP primary stakeholders to develop strategies to safeguard the present and future PPP projects implementation in developing countries. Originality/value The study findings would be useful for both policymakers considering PPP projects and private investors seeking to finance PPP projects in developing countries. This study is crucial as not many empirical studies have been conducted in developing countries.

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Arslanalp, Serkan, and Yin Liao. "Contingent Liabilities from Banks: How to Track Them?" IMF Working Papers 15, no. 255 (2015): 1. http://dx.doi.org/10.5089/9781513568560.001.

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Kennedy, Jane, Terence Mitchell, and Stephan E. Sefcik. "Disclosure of Contingent Environmental Liabilities: Some Unintended Consequences?" Journal of Accounting Research 36, no. 2 (1998): 257. http://dx.doi.org/10.2307/2491477.

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Lopes, Ana Isabel, and Laura Reis. "Are provisions and contingent liabilities priced by the market?" Meditari Accountancy Research 27, no. 2 (April 8, 2019): 228–57. http://dx.doi.org/10.1108/medar-09-2017-0212.

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PurposeThis paper aims to examine pricing differences regarding contingencies presented in statements of financial position or notes, which are considered an area for creative accounting.Design/methodology/approachThe authors have chosen two countries with different cultural environments to test the exploratory study. The sample includes companies using the International Accounting Standard (IAS) 37, which requires recognition of provisions while contingent liabilities are only disclosed, implying different impacts from underlying judgement related with contingencies. The authors apply a regression model based on the Ohlson equity-valuation framework.FindingsThe most important conclusion is that market participants in both countries follow different patterns when incorporating information about provisions and contingent liabilities. More precisely, the results suggest that provisions are value-relevant, but incrementally less negative in Portugal. Contingent liabilities seem to have no value relevance. However, an exception exists for Portuguese companies having a risk committee board, in which case a significant market valuation of contingent liabilities is found and discounted in share prices. The existence of a risk committee corroborates the value relevance of this board, which is positively valued by market participants in both national cultures.Practical implicationsThe findings may make a contribution to the IASB research project on the IAS 37 and possible amendments to it (suspended until the revisions to the conceptual framework are finalized) and to the IASB prioritization of communication effectiveness of financial statements to all users.Originality/valueValue relevance of contingencies differentiating countries from two different national cultures and firms with a risk committee on the board of directors.

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Thomann, Enrique, and Edward C. Waymire. "Contingent claims on assets with conversion costs." Journal of Statistical Planning and Inference 113, no. 2 (May 2003): 403–17. http://dx.doi.org/10.1016/s0378-3758(01)00317-2.

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Bova, Elva, Marta Ruiz-Arranz, Frederik Toscani, and H. Elif Ture. "The Fiscal Costs of Contingent Liabilities: A New Dataset." IMF Working Papers 16, no. 14 (2016): 1. http://dx.doi.org/10.5089/9781498303606.001.

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Mielcarz, Paweł, Dmytro Osiichuk, and Paweł Wnuczak. "Actuarial Reserves, Provisions and Contingent Liabilities in DCF Valuation." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79 (2016): 289–98. http://dx.doi.org/10.18276/frfu.2016.79-22.

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Nwangwu, George. "Managing contingent liabilities arising from public private partnership projects." Journal of Sustainable Development Law and Policy (The) 9, no. 2 (December 20, 2018): 66. http://dx.doi.org/10.4314/jsdlp.v9i2.5.

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Brixi, Hana Polackova. "Contingent Government Liabilities: Fiscal Threat to the Czech Republic?" Post-Soviet Geography and Economics 41, no. 1 (January 2000): 63–76. http://dx.doi.org/10.1080/10889388.2000.10641133.

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39

Burnside, Craig. "On Contingent Liabilities and the Likelihood of Fiscal Crises." Comparative Economic Studies 44, no. 1 (April 2002): 1–14. http://dx.doi.org/10.1057/ces.2002.2.

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40

International Monetary Fund. "Government Contingent Liabilities and the Measurement of Fiscal Impact." IMF Working Papers 90, no. 57 (1990): 1. http://dx.doi.org/10.5089/9781451967111.001.

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41

Bodie, Zvi. "Robert C. Merton and the Science of Finance." Annual Review of Financial Economics 11, no. 1 (December 26, 2019): 1–20. http://dx.doi.org/10.1146/annurev-financial-011019-040506.

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Starting with his 1970 doctoral dissertation and continuing to today, Robert C. Merton has revolutionized the theory and practice of finance. In 1997, Merton shared a Nobel Prize in Economics “for a new method to determine the value of derivatives.” His contributions to the science of finance, however, go far beyond that. In this article I describe Merton's main contributions. They include the following: 1. The introduction of continuous-time stochastic models (the Ito calculus) to the theory of household consumption and investment decisions. Merton's technique of dynamic hedging in continuous time provided a bridge between the theoretical complete-markets equilibrium model of Kenneth Arrow and the real world of personal financial planning and management. 2. The derivation of the multifactor Intertemporal Capital Asset Pricing Model (ICAPM). The ICAPM generalizes the single-factor CAPM and explains why that model might fail to properly account for observed market excess returns. It also provides a theory to identify potential forward-looking risk premia for use in factor-based investment strategies. It is therefore both a positive and normative theory. 3. The invention of Contingent Claims Analysis (CCA) as a generalization of option pricing theory. CCA applies the technique of dynamic replication to the valuation and risk management of a wide range of corporate and government liabilities. Merton's CCA model for the valuation and analysis of risky debt is known among scholars and practitioners alike as the Merton Model. 4. The development of financial engineering, which employs CCA to design and produce new financial products. Merton was the first to apply CCA to analyze government guaranty programs such as deposit insurance, and to suggest improvements in the way those programs are managed. He and his students have applied his insights at both the micro and macro policy levels. 5. And finally, the development of a theory of financial intermediation that explains and predicts how financial systems differ across countries and change over time. Merton has applied that theory, called functional and structural finance, to guide the design and regulation of financial systems at the levels of the firm, the industry, and the nation. He has also used it to propose reforms in pensions, sovereign wealth funds, and macrostabilization policy.

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42

Brabenec, Tomáš. "The Process of Contingent Liabilities Valuation for IFRS 3 Purposes." Český finanční a účetní časopis 2009, no. 1 (March 1, 2009): 13–41. http://dx.doi.org/10.18267/j.cfuc.17.

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43

Towe, Christopher M. "The Budgetary Control and Fiscal Impact of Government Contingent Liabilities." Staff Papers - International Monetary Fund 38, no. 1 (March 1991): 109. http://dx.doi.org/10.2307/3867037.

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44

BOYLE, P., and X. LIN. "Bounds on contingent claims based on several assets." Journal of Financial Economics 46, no. 3 (December 1997): 383–400. http://dx.doi.org/10.1016/s0304-405x(97)00035-4.

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45

DE JONG, FRANK. "Valuation of pension liabilities in incomplete markets." Journal of Pension Economics and Finance 7, no. 3 (May 23, 2008): 277–94. http://dx.doi.org/10.1017/s1474747208003673.

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AbstractThis paper discusses the valuation of wage-indexed pension liabilities. Valuation of these contingent claims by replication is typically not possible as the wage index cannot be hedged perfectly with financial market instruments. This paper discusses several methods to find a value in such incomplete markets and advocates utility-based valuation. This approach implies a simple adjustment on the discount factor.

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46

Guo, Hongtao. "After-Tax Discounting: A Research Edge." Journal of Accounting, Business and Management (JABM) 27, no. 1 (May 1, 2020): 86. http://dx.doi.org/10.31966/jabminternational.v27i1.565.

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This research note addresses after-tax discounting for pricing assets. Specifically, it analyzes the appropriate way to discount after-tax payoffs from assets that trade in capital markets in which both taxable and tax-free investors can buy and sell both taxable and tax-free instruments. The effect of the tax status of the investor and the tax status of the financing tool that an investor uses on price of an asset are discussed. Secondly, it derives the proper after-tax discount rate to use in the risk neutral valuation method for pricing assets that have state-contingent payments, typically structured in a lease based transaction. Dynamic state-contingent payoffs and cash flow processes are developed. Pre-tax discounted price, after-tax discounted payoffs are considered, then after-tax discount rate is derived. Included in this analysis of state-contingent discounting is the effect of depreciation expense, the only expense associated with the use of the asset, on after-tax discount rates.

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47

Guo, Hongtao. "After-Tax Discounting: A Research Edge." Journal of Accounting, Business and Management (JABM) 27, no. 2 (October 23, 2020): 86. http://dx.doi.org/10.31966/jabminternational.v27i2.694.

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This research note addresses after-tax discounting for pricing assets. Specifically, it analyzes the appropriate way to discount after-tax payoffs from assets that trade in capital markets in which both taxable and tax-free investors can buy and sell both taxable and tax-free instruments. The effect of the tax status of the investor and the tax status of the financing tool that an investor uses on price of an asset are discussed. Secondly, it derives the proper after-tax discount rate to use in the risk neutral valuation method for pricing assets that have state-contingent payments, typically structured in a lease based transaction. Dynamic state-contingent payoffs and cash flow processes are developed. Pre-tax discounted price, after-tax discounted payoffs are considered, then after-tax discount rate is derived. Included in this analysis of state-contingent discounting is the effect of depreciation expense, the only expense associated with the use of the asset, on after-tax discount rates

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48

Hofmans, Heleen M. J., and Clement R. van de Coevering. "How to deal with contingent liabilities – Lessons from the Dutch experience." OECD Journal on Budgeting 14, no. 1 (December 22, 2014): 35–45. http://dx.doi.org/10.1787/budget-14-5jxv7kmx9fbq.

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49

Andryakov, A. D. "Contingent Government Liabilities of PPP Projects: International Experience and Russian Practice." Financial Journal, no. 6 (2018): 59–70. http://dx.doi.org/10.31107/2075-1990-2018-6-59-70.

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Broeders, Dirk. "Valuation of Contingent Pension Liabilities and Guarantees Under Sponsor Default Risk." Journal of Risk and Insurance 77, no. 4 (November 15, 2010): 911–34. http://dx.doi.org/10.1111/j.1539-6975.2010.01357.x.

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