Volume 6 No 1 2007
FRRaG: The electronic journal of the Accounting Standards Interest Group of AFAANZ
ISSN 1449-2318
Index
Refereed articles
- Thea Vinnicombe and David Park, "The implications of Islamic jurisprudence for the international harmonization of accounting standards"
View abstract and download article - Jill Hooks and Stuart Tooley, "Exercising professional judgement in an era of sector neutrality: A study of choices made by New Zealand reporting entities"
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Professional comments
- Michael E. Bradbury, "FRSB UPDATE 2007 July 2006 to June 2007"
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- Michael E. Bradbury, "IFRIC UPDATE 2007 July 2006 to June 2007"
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Refereed articles
Thea Vinnicombe and David Park, "The implications of Islamic jurisprudence for the international harmonization of accounting standards."Abstract:
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Abstract:
Since 1992, New Zealand has engaged in a sector-neutral approach to accounting standard setting – where a transaction is accounted for based on its underlying economic nature rather than on the type of entity undertaking it. Underpinned by the premise that GAAP can be generalised across the public/private divide, we examine whether systematic differences exist between accounting policies adopted by reporting entities with different ownership and/or operating objectives. We find evidence of sector preference in the choice of useful life for comparable depreciable assets, and differences in policies for the amortisation of goodwill. We also find evidence of sector convergence in the choice of methods for accounting for valuation of non-current assets, deferred taxation and inventory. It is observed that the two accounting policies indicating sector preference have a more direct impact on the Statement of Financial Performance than the other policies examined.
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Professional comments
Michael E. Bradbury, "FRSB UPDATE 2007 - July 2006 to June 2007"
Abstract:
In this issue Michael Bradbury comments on the major activities of the FRSB in the year to June 2007. The most significant event for this year is that for years beginning 2007, New Zealand reporting entities are required to adopt IFRS. Another significant event was that in September 2006 the AASB and the FRSB jointly received a Trans-Tasman Business Award in the “Environmental, Social, Government and Community” category.
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Michael E. Bradbury, "IFRIC UPDATE 2007 - July 2006 to June 2007"
Abstract:
In this update Michael Bradbury reports on changes to the IFRIC’s “due process”, changes to the IFRIC personnel and IFRIC’s outputs and work-in-progress.