FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2915829399> ?p ?o ?g. }

• W2915829399 abstract "The time for publication of this edition of JARAF coincides with a period of potential danger in global capital markets. In the United States, tens of thousands of mortgages originated over the past several years with apparently scant regard to the credit characteristics of the end borrowers have commenced turning sour. Delinquency rates have jumped markedly. Traditionally, the fact that a home mortgage taken out by a borrower in Tipton Iowa or Tupelo Mississippi had fallen into default would be of little consequence to an investor in Australia.Yet a combination of substantial increases in sub prime loan origination, demand for securitised debt instruments under- pinned by residential mortgages and the explosive growth of the credit derivatives market has meant that risk which commenced its life in a small town in America’s mid west or deep south can be rapidly transmitted to any part of the globe. Investors in at least two Australian hedge funds have already discovered this phenomenon, no doubt to their considerable chagrin. If these episodic manifestations of risk lead to widened credit spreads the effects could cascade far more broadly, including to equity valuations.Financial regulators have expressed concern at these events, as well they might. The explosion of the credit default swap market from a phenomenon with an aggregate outstanding face value of virtually zero at the commencement of this decade to a US $25 trillion monster has thinkers worried. The balance sheet no longer reveals that which it might hitherto have indicated about credit risk, its location and its concentration.Just as financial regulators have concerns about the capacity of their traditional prudential supervisory methodologies to protect against financial contagion, so too the accounting fraternity should have concern. Writing in this edition of the journal, Sir David Tweedie raises specific concerns about ac- counting and reporting procedures for financial instruments. He depicts the accounting rules for these as an unruly jungle of breathtaking complexity yet without an appropriate foundation in principle. The clear lesson is that as capital markets innovate and grow, the accounting profession simply has not kept up. Nor can this criticism be levelled merely at what might ac- cording to a generous interpretation be labelled novel phenomena. Sir David reports that while ardent supporters of the global harmonisation project will be delighted that this has essentially been achieved in relation to leasing, the result, to use his turn of phrase, is useless.By adding pension accounting to his “black spot” list, he offers a compelling argument for the critical need to move quickly to an approach to standard setting more obviously aligned with a foundation of principle, in which the exercise of professional judgement by practitioners is encouraged rather than stymied.In a detailed and important piece written from the perspective of a senior practitioner, Wayne Lonergan expresses similar concerns. His chief focus lies on the rules embedded in Australia’s new AIFRS standards pertaining to intangibles, in particular goodwill and its impairment. While arguing that the new standards covering these areas contain some improvements over past practice, Lonergan is scathing of certain of the technical elements of the new standards which he convincingly argues are financially illogical and could lead to material errors in financial statements. The final article in this edition echoes those concerns by providing evidence of the treatment of some of the more complex elements of the good- will impairment accounting rules by large audit firms – with surprising results.Ultimately, as Sir David Tweedie observes, we get the accounting standards we deserve. It is to be hoped that the type of discourse embedded in this edition of JARAF contributes to the pursuit of improvements in these most important though clearly imperfect institutions." @default.
• W2915829399 created "2019-03-02" @default.
• W2915829399 creator A5058904110 @default.
• W2915829399 creator A5088150822 @default.
• W2915829399 date "2008-01-10" @default.
• W2915829399 modified "2023-09-26" @default.
• W2915829399 title "JARAF Editorial, Volume 2 (1) July 2007." @default.
• W2915829399 hasPublicationYear "2008" @default.
• W2915829399 type Work @default.
• W2915829399 sameAs 2915829399 @default.
• W2915829399 citedByCount "0" @default.
• W2915829399 crossrefType "posted-content" @default.
• W2915829399 hasAuthorship W2915829399A5058904110 @default.
• W2915829399 hasAuthorship W2915829399A5088150822 @default.
• W2915829399 hasConcept C10138342 @default.
• W2915829399 hasConcept C139719470 @default.
• W2915829399 hasConcept C144133560 @default.
• W2915829399 hasConcept C162324750 @default.
• W2915829399 hasConcept C178350159 @default.
• W2915829399 hasConcept C204434749 @default.
• W2915829399 hasConcept C2778300220 @default.
• W2915829399 hasConcept C30589699 @default.
• W2915829399 hasConcept C504631918 @default.
• W2915829399 hasConcept C556758197 @default.
• W2915829399 hasConcept C69637215 @default.
• W2915829399 hasConcept C73283319 @default.
• W2915829399 hasConceptScore W2915829399C10138342 @default.
• W2915829399 hasConceptScore W2915829399C139719470 @default.
• W2915829399 hasConceptScore W2915829399C144133560 @default.
• W2915829399 hasConceptScore W2915829399C162324750 @default.
• W2915829399 hasConceptScore W2915829399C178350159 @default.
• W2915829399 hasConceptScore W2915829399C204434749 @default.
• W2915829399 hasConceptScore W2915829399C2778300220 @default.
• W2915829399 hasConceptScore W2915829399C30589699 @default.
• W2915829399 hasConceptScore W2915829399C504631918 @default.
• W2915829399 hasConceptScore W2915829399C556758197 @default.
• W2915829399 hasConceptScore W2915829399C69637215 @default.
• W2915829399 hasConceptScore W2915829399C73283319 @default.
• W2915829399 hasLocation W29158293991 @default.
• W2915829399 hasOpenAccess W2915829399 @default.
• W2915829399 hasPrimaryLocation W29158293991 @default.
• W2915829399 hasRelatedWork W14597536 @default.
• W2915829399 hasRelatedWork W1563649274 @default.
• W2915829399 hasRelatedWork W1987698797 @default.
• W2915829399 hasRelatedWork W2160149931 @default.
• W2915829399 hasRelatedWork W2330410330 @default.
• W2915829399 hasRelatedWork W2461637050 @default.
• W2915829399 hasRelatedWork W2486551547 @default.
• W2915829399 hasRelatedWork W2550463713 @default.
• W2915829399 hasRelatedWork W2551904438 @default.
• W2915829399 hasRelatedWork W269061186 @default.
• W2915829399 hasRelatedWork W2744186807 @default.
• W2915829399 hasRelatedWork W289652119 @default.
• W2915829399 hasRelatedWork W3023019254 @default.
• W2915829399 hasRelatedWork W3039941578 @default.
• W2915829399 hasRelatedWork W3121775383 @default.
• W2915829399 hasRelatedWork W3124334025 @default.
• W2915829399 hasRelatedWork W335569392 @default.
• W2915829399 hasRelatedWork W337572386 @default.
• W2915829399 hasRelatedWork W574143240 @default.
• W2915829399 hasRelatedWork W2151202505 @default.
• W2915829399 isParatext "false" @default.
• W2915829399 isRetracted "false" @default.
• W2915829399 magId "2915829399" @default.
• W2915829399 workType "article" @default.