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Accounting Issues In XYZ Company

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Question:

Analyze the Financial and Accounting Issues in XYZ Company.
 
 

Answer:

Introduction:

This report has been prepared to analyze the financial and accounting issues in a company. It is quite normal for a company o face accounting and financial issues in its routine life. There are various ways and techniques which is not accepted by the accounting board and used by the companies for convenience creates an issue for the company. It is required for every company to manage the accounts and finance according to the set rules and regulations to offer an exact result to the user of the reports and internal and external stakeholders of the company.

Accounting and financial rules have been set by the boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapore’s accounting board that the rules and regulations in Singapore are similar to the international rules and regulations.

More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code.

This report briefs the user about many issues which could be faced by a company due to many internal and external factors. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the company.

Company overview:

For this report, XYZ plc has been taken into consideration. This company is operating its business functions in Singapore from last many decades. This company has been established in 1980. This company is operating in retail industry. Many stores and warehouses are operated by the company to manage and enhance the sales of the company. Further, this company also offers various services and products to its customers. This company is enhancing its productivity rapidly. Annual report of this company has also been analyzed and it has been found that the liquidity, profitability, capital structure, efficiency etc condition of the company is in the favor of the company or vice versa. Further, many other aspects related to finance and accounts has been analyzed over the company to make a better decision[1]. Following are the reports of the company:

XYZ Plc INCOME STATEMENT

Fiscal year ends in June. MVR In millions except per share data.

2016-06

2015-06

2014-06

2013-06

2012-06

Revenue

3954

3652

3484

3308

3128

Cost of revenue

3089

2854

2745

2610

2480

Gross profit

865

798

739

699

648

Operating expenses

 

 

 

 

 

Sales, General and administrative

1006

931

884

839

771

Other operating expenses

-361

-334

-336

-318

-284

Total operating expenses

644

597

548

521

486

Operating income

221

201

191

178

161

Interest Expense

4

6

9

10

14

Other income (expense)

1

1

0

1

1

Income before income taxes

218

196

183

168

148

Provision for income taxes

66

59

54

51

44

Minority interest

 

 

0

0

 

Other income

 

 

0

0

 

Net income from continuing operations

152

137

128

117

105

Other

 

 

0

0

 

Net income

152

137

128

116

105

Net income available to common shareholders

152

137

128

116

105

Earnings per share

 

 

 

 

 

Basic

1.51

1.36

1.27

1.16

1.05

Diluted

1.5

1.35

1.25

1.16

1.05

Weighted average shares outstanding

 

 

 

 

 

Basic

100

100

101

100

100

Diluted

101

101

102

101

100

EBITDA

263

241

227

211

193

XYZ Plc  BALANCE SHEET

Fiscal year ends in June. MVR In millions except per share data.

2016-06

2015-06

2014-06

2013-06

2012-06

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash

 

 

 

 

 

Cash and cash equivalents

52

49

43

67

40

Total cash

52

49

43

67

40

Receivables

98

81

71

64

58

Inventories

546

479

459

426

428

Prepaid expenses

 

4

4

4

5

Other current assets

6

3

2

2

2

Total current assets

703

617

578

564

534

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

Other properties

419

385

366

333

301

Property and equipment, at cost

419

385

366

333

301

Accumulated Depreciation

-236

-208

-185

-152

-119

Property, plant and equipment, net

184

176

182

181

182

Equity and other investments

 

0

0

0

0

Goodwill

37

36

36

35

30

Intangible assets

49

49

49

49

49

Deferred income taxes

21

17

15

15

16

Total non-current assets

290

278

282

280

277

Total assets

992

895

860

843

811

Liabilities and stockholders' equity

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

302

254

244

335

365

Deferred income taxes

11

9

8

15

4

Deferred revenues

 

 

29

 

 

Other current liabilities

134

117

70

93

70

Total current liabilities

447

380

352

442

439

Non-current liabilities

 

 

 

 

 

Long-term debt

110

139

180

124

150

Other long-term liabilities

31

32

33

33

37

Total non-current liabilities

141

171

213

158

187

Total liabilities

588

552

565

600

627

Stockholders' equity

 

 

 

 

 

Common stock

49

57

58

63

62

Retained earnings

328

269

220

169

118

Accumulated other comprehensive income

27

18

16

12

5

Total stockholders' equity

405

343

295

243

185

Total liabilities and stockholders' equity

992

895

860

843

811

XYZ Plc Statement of  CASH FLOW

Fiscal year ends in June. MVR In millions except per share data.

2016-06

2015-06

2014-06

2013-06

2012-06

Cash Flows From Operating Activities

 

 

 

 

 

Other non-cash items

185

180

41

156

215

Net cash provided by operating activities

185

180

41

156

215

Cash Flows From Investing Activities

 

 

 

 

 

Investments in property, plant, and equipment

-52

-42

-36

-35

-46

Property, plant, and equipment reductions

0

0

1

1

1

Acquisitions, net

 

-2

-3

-4

 

Net cash used for investing activities

-52

-44

-38

-38

-45

Cash Flows From Financing Activities

 

 

 

 

 

Long-term debt issued

 

 

54

 

 

Long-term debt repayment

-30

-40

 

-26

-84

Common stock issued

6

3

22

1

4

Repurchases of treasury stock

-13

-5

-26

 

 

Cash dividends paid

-93

-87

-77

-65

-77

Other financing activities

0

-1

0

-1

0

Net cash provided by (used for) financing activities

-131

-130

-28

-91

-158

Effect of exchange rate changes

0

0

1

1

0

Net change in cash

3

6

-24

28

12

Cash at beginning of period

49

43

67

40

27

Cash at end of period

52

49

43

67

40

Free Cash Flow

 

 

 

 

 

Operating cash flow

185

180

41

156

215

Capital expenditure

-52

-42

-36

-35

-46

Free cash flow

133

137

5

121

169

Supplemental schedule of cash flow data

 

 

 

 

 

Cash paid for income taxes

-66

-60

-61

-40

-49

Cash paid for interest

-4

-6

-7

-9

-13

Impact on stakeholders:

Stakeholders of the company are those people or parties who are related to company through any monetary or non monetary relationship. Stakeholders are the main parties of the company. Mostly, shareholders are the main stakeholder of an organization. Shareholders are the investors who have invested their money into the company to raise the invested amount. Shareholders interests get affected with every change in the operations and business functioning of the company[3]. It is required for every shareholder to analyze the financial and non financial data of the company and then make an investment into the business of an organization.

 


Through analyzing over XYZ plc it has been found that the performance of the company is enhancing rapidly. Minor changes have been faced by the company from last 5 years due to many internal and external issues. It has been found that from last 2 years, economy of the state is getting fluctuate due to international market and it is also impacting over the financial condition of the company. Following are the details over the financial data of the company from last 5 years which will depict the user about the liquidity condition, profitability situation, solvency analysis, efficiency situation etc.

Computation of ratio analysis

 

 

 

       

Liquidity ratio

2016

2015

2014

2013

2012

 

Current ratio

1.572706935

1.623684211

1.642045455

1.2760181

1.216400911

 

Quick ratio

0.351230425

0.363157895

0.338068182

0.312217195

0.241457859

 

Working capital

256.0

237.0

226.0

122.0

95.0

8%

             

Profitability Ratios

2016

2015

2014

2013

2012

 

Operating Profit Margin

9.578907436

10.37102957

10.87112514

11.44951632

12.10837596

0.792122137

Net Profit Margin

0.038442084

0.037513691

0.03673938

0.035066505

0.033567775

-0.000928393

Return on Capital Employed

69.5

73.5

74.6

94.5

101.8

4.048276476

Return on Equity

0.375308642

0.39941691

0.433898305

0.477366255

0.567567568

0.024108268

Return on Total assets

0.153225806

0.153072626

0.148837209

0.137603796

0.12946979

-0.000153181

Solvency Ratios

 

   

[4]

 

Capital structure ratio

2016

2015

2014

2013

2012

 

Debt- equity

1.455445545

1.609329446

1.915254237

2.469135802

3.407608696

 

Interest coverage ratio

9468.75

6312.5

4208.333333

3787.5

2705.357143

 
             

Activity ratio

 

       

Efficiency ratio

2016

2015

2014

2013

2012

 

Receivable turnover ratio

44.17877095

48.05263158

51.61481481

54.2295082

 

 

Creditor turnover ratio

11.11151079

20.5323741

9.481865285

21.0483871

 

 

Inventory turnover ratio

6.027317073

35.2345679

6.203389831

40.78125

 

 

Assets turnover ratio

4.190779014

4.161823362

4.091603053

4

 

 
             
             

Computation of return on capital invested

         

Particular

2016

2015

2014

2013

2012

 

ROCI

-13.03214596

-10.29929577

-10.29281278

-19.62365591

-23.52941176

 
             

Through, above are the details of the company which has been faced by the company from last 5 year. These details would help the entire stakeholders of the company to make decisions about the company. Ratio analysis assists every stakeholder of a company to investigate the relevant information and make a better decision about the company’s performance and their investment into the company.

Here, liquidity position of the company depict about the ability of the company which is useful for the company to met its short term obligation, this information is required by the debtors, creditors and short term investors of the company to analyze the short term financial situation of the company. Here, it has been found that the current ratio of the company has been decreased from last year but has been enhanced from 2012. Currently, the current ratio is 1.57 which depict that company is utilizing the minimum resources at maximum level. Further, it has been found that the quick ratio of the company has also been improved from last 5 years. Company is managing a 0.35 of quick ratio in 2016 which depict that 35% of total liabilities could be paid by the company quickly which a standard rate is according to the industry. Further, working capital management of the company depict about the improvement in the working capital from last year as the operations of the company has been enhanced so it is also required for the company to enhance the working capital to run the business smoothly[5].

More, profitability position of the company depict about the ability of the company to earn the profits in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the operating profit margin ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 9.57 which depict that company is earning 9.57% of total revenue as a profit. Further, it has been found that the net margin ratio of the company has also been decreased from last 5 years. Company is managing a 0.038 of quick ratio in 2016 which depict that 3.8% of total sales could be retained by the company as net profit of the company. Further, return on capital employed of the company has been analyzed which depict about the total return to the stakeholders over the capital employed of the company. It has been found that the return on capital employed ratio of the company has also been decreased from last 5 years due to less profit[6]. Return on equity and return on total assets have also been analyzed to offer the information to the stakeholders of the company. The return on equity depicts about the total return to the equity holders of the company. It has been analyzed that the return amount has been lower due to less profit and return on total assets depict about the relationship about the revenue and the assets of the company and it has been found that the return on total assets ratio has been enhanced from last year.

 


Here, solvency ratio of the company depict about the ability of the company to manage the capital structure of the company in long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the debt equity ratio of the company has been decreased from last year and has also been decreased from 2012. Currently, the debt equity ratio is 1.45 which depict that company is managing the 1:1.45 ratio of debt and equity. Further, it has been found that the interest coverage ratio of the company has also been decreased from last 5 years. Company is managing a 9468.75 of interest coverage ratio in 2016[7].

More, activity position of the company depict about the ability of the company to efficient the activities and business functioning of the company, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the receivable turnover ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 44.17. Further, it has been found that the creditor turnover ratio of the company has also been decreased from last 5 years. Company is managing an 11.11 of creditor turnover ratio in 2016. Further, inventory turnover ratio of the company has been analyzed which depict about the total time period in which the inventory is ordered by the company for further production. It has been found that the return on inventory turnover ratio of the company has also been decreased from last 5 years due to less profit and strategy changes of the company. Asset turnover ratio of the company has also been analyzed to analyze the asset condition in the company[8]. The asset turnover ratio has been analyzed and found that the 4.19 times the revenue of the company is higher than the total average assets of the company.

Lastly, return on capital invested of the company depict about the ability of the company to pay the returns to the investors in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the ROCI of the company has been enhanced from last year and it has also enhanced from 2012. Currently, the ratio is -13.03 which depict that company is paying -13.03% of total revenue as a dividend to the shareholders.

Accounting and finance problems:

Further analysis has been done over the company’s financial and accounting data to analyze the process of preparing the financial statement of the company. It has been analyzed through study over the accounting and financing books, it has been found that there are many issues which could be faced by an organization due to the final statements of the company and the process through which these statements are created by the company. It has been found through this study that it is required for every company to understand the accounting concept deeply and prepare the data accordingly. For it, companies could hire a professional accountant, who has knowledge about the accounting rules and regulations so that the financial report and accounting analysis could be done easily in the company.

In concern of XYZ plc, it has been found that there are various issues in the process of preparing the final financial data of the company which is depicting wrong information to the user. It has been found that company is not following entire rules and regulations perfectly. It has also been found that company is required to look over the international regulations too while preparing the final data. It has been evaluated that company is making changes into many techniques every year just to depict wrong information to the stakeholders so that they could be impressed through the company and make an investment in the company.

In the reports of the company, it has been found that company is not focusing over the conceptual framework totally. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. It has been analyzed that the depreciation methods used by the companies to depreciate the machineries and other fixed assets of the company are not same in each year. Company makes the changes in it according to the convenience. Further, it has also been analyzed that company is not focusing over the conceptual framework totally[9]. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. Further, GAAP rules have been studied and found that there are many rules of GAAP have not been accepted by the company and still it is working like before. Lastly, the assumptions which have been taken by the company while making financial and accounting decision analyzed. The issues of the company are as follows:

Depreciation techniques:

Depreciation is a tool which is used by the companies to figure out the exact value of fixed assets of the company. Depreciation over the assets includes a significant part of the assets in many organizations. Depreciation could have an important effect in presenting and determining the results of operation of this organization. The depreciation objective is to stipulate the depreciation accounting treatment[10].

Depreciation accounting rules and regulation depict that property, equipments and plants of the company must be depreciated, and it does not consider the natural resources of the company. Goodwill of the company must not be depreciated. Depreciation is the distribution of depreciable amount over an asset in estimated useful life. It is charged in a financial year through the net profit of the company either directly or indirectly[11].

In this case of XYZ Plc, it has been found that depreciation techniques used by the company are quite similar according to the depreciation accounting standard but the consistency of depreciation methods have not been followed by the company[12]. It has been found that in each year, company make changes in the depreciation % as well as depreciation techniques.

 


Such as in 2013, company has used straight line method to depreciate the equipments but in 2015, company has changed the method and applied diminishing method to depreciate the equipments of the company. Further, it has been found that various changes have been made by the accountant of the company to make the attractive financial data. It has been found through analyzing over the depreciation techniques of the company, it has been found that company wanted to reduce the tax charges and enhance the net profit of the company thus it had made changes into the depreciation techniques.

Depreciation also creates an issue for the company n terms of selecting the total estimated useful life and take assumption about the scrap value of the company. MASB also depict that it is required for every company to disclose the depreciation technique in its annual report while preparing the financial reports[13]. Company is required to depict entire information related to depreciation such as the estimated life of an asset, residual value of the asset, scrap value of the assets; depreciation allowed in a period, gross depreciable amount in a financial year etc must be disclosed by the company in its annual reports.

Through the annual report of the company, it has been analyzed that there are various points which have not been mentioned by the company in its annual reports. It has been found through this report that the annual report of the company is not depicting the entire information about the depreciation of the company[14]. It has been found through the reports that the accountant of the company is either have less information about the accounting standards or he is pressurize by the company to make the annual reports more attractive and thus he ignored many accounting regulations[15].

Conceptual framework:

Basically, it is not some rules and regulations or accounting standards which makes the principles and concepts to assist the accountant or the top level manager in preparing the final statements and annual reports of the company. Consequently, conceptual framework is a set of regulations and rules which should be concerned in a firm while making the financial statements and annual reports of the company[16]. It makes sure about the financial statements reliability to the external stakeholders of the company. 

MASB has launched a framework to help out the accounting professionals to prepare and present the financial statements in 1989. This framework has been known as conceptual framework. This conceptual framework locates the conception which positions the preparation and presentation of statements of final financial reports for the external as well as internal stakeholders[17]. It also assists a firm to prepare and present the financial statements with the assistance of many international rules and regulations; it offers depth information about the preparation and presentation of final statements as well as it also considers the accounting standards.

Conceptual framework assists the auditors in shaping their own opinion about financial statement of a firm. It assists financial statements user to understand the figures according to their requirement.

Internal users of final financial statement and annual reports of a firm are top level managers like production manager, finance director, marketing manager etc. These financial concepts are used by the firm to make decision about future strategy. Every stakeholder considers the financial statements for different objectives. Like a manager could look for decision making, entrepreneur for the objective of growth and development of business, personnel for the reason of take an idea about financial performance and health of the firm. Creditors of the company analyze the risk; politics and government look to examine the tax return[18]. It has been explained about 4 characteristics, which are as below:

  • Understandability
  • Relevance
  • Reliability
  • Comparability[19]

In the case of XYZ plc, it has been found that the company is not following the conceptual framework while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[20]. Further, it has been found that this framework is not followed by the company due to the accountant of the company. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations.

GAAP rules:

GAAP rules are also known as generally accepted accounting principles. GAAP is a compilation of commonly-followed standards and rules of accountants for financial and accounting reporting[21].

GAAP specifications contain explanation of principles and concepts, as well as some rules related to industry. The main purpose of GAAP is to make sure that the reporting of financial and accounting figures are consistent and transparent from one firm to another[22].

There is no general GAAP customary and the particulars vary from one location (geographical) to another. In the Singapore, the MASB permissions that financial reports hold on to GAAP necessities. The IFRS, IASB, FASB, MASB etc boards stipulates GAAP general and the GASB (Governmental Accounting Standards Board) describes GAAP for local and state government[23]. Companies which are publicly traded must observe with both GAAP and SEC requirements.

Many states around the globe have espoused the IFRS (International Financial Reporting Standards)[24]. It has been designed to offer a worldwide framework to public limited companies to prepare and reveal their financial statements and reports. Accepting a single set of accounting global standards simplifies the procedures of accounting for international countries and offers auditors and investors with a unified view of investments.

In the case of XYZ plc, it has been found that the company is not following the global standards while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[25]. Further, it has been found that these GAAP standards have not been followed by the company due to the accountant of the company[26]. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations.

 

Assumptions:

Fundamental accounting assumptions or basic assumptions mean the accounting conceptual which have been concerned and chased while recording and presenting the financial information. As required information’s are different from stakeholder to stakeholder, firm to firm and condition to condition so it could be said that assumption varies.

Basically, there are 3 assumptions which are considered by the companies while preparing and presenting their financial data. Following are there assumptions:

  • Going concern concept
  • Accrual concept
  • Consistency

Further, some accountants depict that there are 5 assumptions which must be used by the companies, which are as follows:

  • Business entity concept
  • Going concern concept
  • Accruals concept[27]
  • Money Measurement concept
  • Consistency

Though, through the MASB, it has been analyzed that following assumptions could be used by the company for preparing and presenting the financial information of the company:

  • Going concern – this assumption depict that the business will always run.
  • Accrual basis of accounting – this statement depict that entire financial statements apart from the cash flow statement must be made according to the accrual basis[28].
  • Consistency – this statement depict that consistency in classification and presentation must be there while preparing the financial statement.
  • Materiality– this statement depict that material class of same items which are presented individually[29]
  • Offsetting – this statement depict that assets alongside incomes and liabilities against the expenses which could not be offset except required or permitted by IAS.

Among the above five, beginning 3 are of more importance as they has been least affected by requirements of IAS and situation of the business.

Singapore corporate governance and issues regarding the Singapore corporate governance to the company:

Singapore corporate governance has been studied to analyze the corporate governance. It is a procedure which is apprehensive about how firms could be managed, how managers are administered, what queries could be faced by BOD and the responsibility a firm corporation has to shareholders. Corporate governance is an important aspect which is followed by the companies to manage the effectiveness of the company and meet its social responsibilities[30]. It has been found through the reports that it controls over entire matters of the company. It assists the company to manage the contribution and development of the firm. Singapore corporate governance offers the good relations and policies to the companies to adopt and enhance their business functioning.

 In this case, it could be investigated that the XYZ Plc has been able to execute efficient corporate governance that directs the firm to become more spirited in the market. According to the investigation over the retailing industry of Singapore and XYZ Plc the issues has been concerned that the board must include the skill level and care which is expected from the directors and insufficient financial necessities and requirements. It has been analyzed that board of directors and managers are working on the same phase to resolve these issues[31]. 

In positive aspects terms, the board of director, managers and other employees of the company has been capable to manage entire stuffs of the company and also manage the competitive performance of XYZ Plc. The BOD (board of directors) of this firm makes sure that entire actions of the company are legal and stick to business ethics. Further, they also make sure that the social responsibility of the company is also included with their responsibilities.

Hence, the firm has some positive aspects as well as some negative aspects. One of which remains to the concept that, due to the inconsistencies and mistakes of the entity who is involved, it could not be assured always that there would be no errors or losses which would occur[32]. In capability to grip the differences and diversities also makes a negative aspect which could be attached with corporate governance practice of the company. Lastly, incapacity to make sure shareholder worth is one more negative aspect of the firm. It could be said that shareholders value must be enhanced. Lastly, it could be concluded that these corporate governance practices help the company and individual to maintain the competitive advantages of the company[33].

Conclusion:

Thus through this report, it could be concluded that Accounting and financial rules have been set by the MASB boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapore’s accounting board that the rules and regulations in Singapore are similar to the international rules and regulations[34].

More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code[35].

This report briefs the user about many issues which could be faced by a company due to many internal and external factors[36]. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the XYZ plc

 

References:

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Choi, GK. Meek, International accounting, Pearson Higher Ed; 2011 Nov 21.
 
White, AC. Sondh, D. Fried, Analysis of Financial Statement, Analysis, 2005.
 
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Young, MW. Peng, D. Ahlstrom, GD. Bruton, Y. Jiang, Corporate governance in emerging economies: A review of the principal–principal perspective, Journal of management studies, 2008 Jan 1;45(1):196-220.
 
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Ball, R,, International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27.

 Epstein BJ, Mirza AA, Wiley IFRS 2006: interpretation and application of international financial reporting standards, Wiley; 2006 Feb 3.

Barth ME, Landsman WR, Lang MH, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98

Chen H, Tang Q, Jiang Y, Lin Z, The role of international financial reporting standards in accounting quality: Evidence from the European Union, Journal of International Financial Management & Accounting, 2010 Sep 1;21(3):220-78.

Holthausen RW, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58

Epstein BJ, Jermakowicz EK, WILEY Interpretation and Application of International Financial Reporting Standards 2010, John Wiley & Sons; 2010 Feb 5.

Iqbal Khadaroo M, Business reporting on the internet in Malaysia and Singapore: A comparative study, Corporate communications: An international journal, 2005 Mar 1;10(1):58-68.

Brown P, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85.

Brown P, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85

Choi FD, Meek GK, International accounting, Pearson Higher Ed; 2011 Nov 21.

 Holthausen RW, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58

Kim JB, Tsui JS, Cheong HY, The voluntary adoption of International Financial Reporting Standards and loan contracting around the world, Review of Accounting Studies, 2011 Dec 1;16(4):779-811.

Revsine L, Collins DW, Johnson WB, Mittelstaedt HF, Financial reporting and analysis, New York, NY: Pearson/Prentice Hall; 2005.

Gray J, Hamilton J, Implementing financial regulation: Theory and practice, John Wiley & Sons; 2006 May 1

Radebaugh LH, Gray SJ, Black EL, International accounting and multinational enterprises, New York, NY: Wiley; 2006 Jan 4.

Ball R, International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27,

White GL, Sondh AC, Fried D, Analysis of Financial Statement, Analysis, 2005.

Li S, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, The accounting review, 2010 Mar;85(2):607-36.

Barth ME, Landsman WR, Lang MH, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98

[20] Li S, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, The accounting review, 2010 Mar;85(2):607-36.

Weber RH, Arner DW, Toward a new design for international financial regulation

Hay DC, Knechel WR, Wong N, Audit fees: A Meta?analysis of the effect of supply and demand attributes, Contemporary accounting research, 2006 Mar 1;23(1):141-91,

Davies H, Green D, Global Financial Regulation: The Essential Guide (Now with a Revised Introduction), John Wiley & Sons; 2013 May 8

Nobes C, Parker RH, Comparative international accounting, Pearson Education; 2008.

Helleiner E, Pagliari S, The end of an era in international financial regulation? A postcrisis research agenda, International Organization, 2011 Jan;65(1):169-200

Ball R, Robin A, Sadka G, Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism, Review of accounting studies, 2008 Sep 1;13(2-3):168-205

Jackson HE, Variation in the intensity of financial regulation: Preliminary evidence and potential implications, Yale J, on Reg,, 2007;24:253.

Solomon J, Corporate governance and accountability, John Wiley & Sons; 2007 Mar 16

Wu X, Corporate governance and corruption: A cross?country analysis, Governance, 2005 Apr 1;18(2):151-70

Edwards B, Wolfenzon D, Yeung B, Corporate governance, economic entrenchment, and growth, Journal of economic Literature, 2005 Sep 1;43(3):655-720

Tricker RB, Tricker RI, Corporate governance: Principles, policies, and practices, Oxford University Press, USA; 2015Gourevitch PA, Shinn J, Political power and corporate control: The new global politics of corporate governance, Princeton University Press; 2005

perspective, Journal of management studies, 2008 Jan 1;45(1):196-220

Doidge C, Karolyi GA, Stulz RM, Why do countries matter so much for corporate governance?, Journal of financial economics, 2007 Oct 31;86(1):1-39.

Filatotchev I, Strange R, Piesse J, Lien YC, FDI by firms from newly industrialised economies in emerging markets: corporate governance, entry mode Gilson RJ, Milhaupt CJ, Sovereign wealth funds and corporate governance: A minimalist response to the new mercantilism, Stan, L, Rev,, 2007;60:1345

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