Collins, A & Pazmandy, G 2013, Payroll Accounting.
Pazmandy, G 2013, Business Computing Using Microsoft® Office 2013.
Pazmandy, G 2013, Computerised Accounting Using MYOB V19.6.
Pazmandy, GP 2013, Develop and Use Complex Spreadsheets (2nd Edition), Tekniks Publications Pty Limited, Sydney, Australia.
Pazmandy, GP & Collins, A 2013, Payroll Accounting, Better Teams Publications, Sydney, Australia.
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A detailed guide to payroll operations in Australia including taxation.
Bird, R, Grosse, M & Yeung, D 2013, 'The market response to exploration, resource and reserve announcements by mining companies: Australian data', AUSTRALIAN JOURNAL OF MANAGEMENT, vol. 38, no. 2, pp. 311-331.
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This is the first paper to study the market response to 'Joint Ore Reserve Committee' -compliant announcements made by Australian mining firms. Results from an event study based on matched firms suggest that these announcements are highly value relevant, with the market reacting in a significantly positive way to both exploration and resource announcements. Larger abnormal returns are found to accrue to smaller firms, to firms that use positive adjectives in their announcement headlines and to firms whose announcements imply larger percentage increases in resource levels. We also find evidence of markets anticipating both exploration and resource announcements a few days before they are released, which may be suggestive of some insider trading. © The Author(s) 2013.
Ferguson, A, Feigin, A & Kean, S 2013, 'Gold mine feasibility study disclosure in Australia: Determinants and implications', Resources Policy, vol. 38, no. 1, pp. 8-17.
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This study investigates disclosure practices for gold development companies in their feasibility studies. The information environment around feasibility studies released by developmental stage enterprises in the Australian gold mining industry is characterised by little in the way of disclosure guidance or rules. This contrasts with Canadian disclosure requirements which are highly prescriptive. Using a sample of 85 Australian gold feasibility studies, we develop a new voluntary disclosure index and consider three problems. First, we examine the association between levels of voluntary disclosure in the feasibility study and external involvement. Second, we consider whether levels of voluntary disclosure are associated with successful debt financing. Third, we analyse the relationship between levels of voluntary disclosure and a successful project outcome. Voluntary disclosure is found to be driven by the presence of an external feasibility manager and the number of external consultants named in the feasibility release. Our evidence also finds that voluntary disclosure levels are positively related to debt financing availability and project success, suggesting voluntary disclosure levels are a useful signal of project quality. © 2012 Elsevier Ltd.
Lai, CY, Li, Y, Shan, Y & Taylor, SL 2013, 'Costs of Mandatory International Financial Reporting Standards: Evidence of Reduced Accrual Reliability', Australian Journal of Management, vol. 38, no. 3, pp. 491-521.
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This study investigates the impact of mandatory adoption of international financial reporting standards on accrual reliability. Using a large sample of Australian firm-years drawn from before and after the mandatory adoption of international financial reporting standards, we find that accrual reliability declined significantly after mandatory international financial reporting standards implementation. Working capital, non-current operating, and financing accruals all contribute to this decline. We also find that brand name audit firms (i.e. the Big four) are able to significantly attenuate any decrease in accrual reliability during the post international financial reporting standards period. Our results contrast with evidence identifying benefits of mandatory international financial reporting standards, such as increased value relevance, but are consistent with at least some degree of trade-off between relevance and reliability. Such trade-offs seem to have been largely ignored in prior examinations of the impact of mandatory international financial reporting standards.
Lai, CY, Lu, M & Shan, Y 2013, 'Has Australian Financial Reporting Become More Conservative Over Time?', Accounting & Finance, vol. 53, no. 3, pp. 731-761.
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This study examines whether Australian financial reporting became more conservative over the period of 19932009. Unlike the United States and European evidence in Givoly and Hayn (2000) and Grambovas et al. (2006), the Australian evidence is not consistent with the notion that conservatism has increased over time. The degree of conservatism fluctuates without any obvious trend over the 17-year period, especially for the constant sample of firms appearing throughout the period. We also examine the impact of mandatory International Financial Reporting Standards (IFRS) adoption on accounting conservatism in Australia. Our evidence suggests the adoption of IFRS has led to a decrease in conditional conservatism (i.e. asymmetric timeliness).
Lanis, R & Richardson, G 2013, 'Corporate social responsibility and tax aggressiveness: a test of legitimacy theory', ACCOUNTING AUDITING & ACCOUNTABILITY JOURNAL, vol. 26, no. 1, pp. 75-100.
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Purpose The purpose of this paper is to empirically test legitimacy theory by comparing the corporate social responsibility (CSR) disclosures of tax aggressive corporations with those of non-tax aggressive corporations in Australia. Design/methodology/approach A unique sample of 20 Australian corporations accused by the Australian Taxation Office of engaging in tax aggressive activities during the 2001-2006 period was hand-collected. These 20 tax aggressive corporations were then matched with 20 non-tax aggressive corporations (based on industry classification, corporation size and time period). This process generated a choice-based sample of 40 corporations for empirical analysis. Using content analysis techniques, financial accounting data were gathered from the Aspect-Huntley database and CSR disclosures were individually measured for each corporation in the sample. Various statistical techniques were then used (e.g. paired sample statistics, Pearson correlation analysis and ordinary least squares regression analysis) to test legitimacy theory. Findings Overall, the empirical results consistently show a positive and statistically significant association between corporate tax aggressiveness and CSR disclosure, thereby confirming legitimacy theory in the context of corporate tax aggressiveness.
Lu, M, Saune, N & Shan, Y 2013, 'The Choice of Fiscal Year-End in Australia', Australian Accounting Review, vol. 23, no. 3, pp. 244-251.
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This study examines the heterogeneity of fiscal year-end choice in Australia. It documents substantial differences in the `popularity of balance sheet dates during 19892010, and an increasing preference of June year-ends in recent years. Eighty-one percent of Australian firms choose June to align with the mandatory tax period, followed by 13% for December and 6% for other months. The paper finds that industry membership plays an important role in the choice of fiscal year-ends, evidenced by a strong non-June effect for manufacturing, retail and financial service companies. Finally, it summarises four popular reasons for Australian firms changing fiscal year-ends, and finds that 26% of those firms did not disclose the change via a separate announcement on the Australian Securities Exchange in a timely manner.
Richardson, G, Taylor, G & Lanis, R 2013, 'The impact of board of director oversight characteristics on corporate tax aggressiveness: An empirical analysis', JOURNAL OF ACCOUNTING AND PUBLIC POLICY, vol. 32, no. 3, pp. 68-88.
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This paper examines the impact of board of director oversight characteristics on corporate tax aggressiveness. Based on a 812 firm-year dataset of 203 publicly-listed Australian firms over the 2006-2009 period, our regression results show that if a firm has established an effective risk management system and internal controls, engages a big-4 auditor, its external auditor's services involve proportionally fewer non-audit services than audit services and the more independent is its internal audit committee, it is less likely to be tax aggressive. Our additional regression results also indicate that the interaction effect between board of director composition (i.e., a higher ratio of independent directors on the board) and the establishment of an effective risk management system and internal controls jointly reduce tax aggressiveness. © 2013 Elsevier Inc.
Shan, Y, Taylor, S & Walter, T 2013, 'Fundamentals or Managerial Discretion? The Relationship between Accrual Variability and Future Stock Return Volatility', ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, vol. 49, no. 4, pp. 441-475.
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This paper extends the theoretical framework of Callen and Segal (2004) and Vuolteenaho (2002) to investigate the association between accrual variability and firm-specific risk. The empirical evidence supports our prediction that increased uncertainty in accounting accruals is associated with significantly higher volatility of future stock returns, and the results are valid for measures of both systematic and idiosyncratic volatility. However, when accrual variability is decomposed into fundamental and discretionary portions, we find that the positive relationship between accrual variability and future stock return volatility is dominated by the fundamental component of accrual variability. Our findings therefore support the conclusion that the market places little weight on information conveyed by that component of accounting accruals that is most likely to reflect accounting choices, implementation decisions and managerial opportunism.
Shan, Y, Taylor, SL & Walter, TS 2013, 'Earnings Management or Measurement Error? The Effect of External Financing on Unexpected Accruals'.
Shan, Y, Taylor, SL & Walter, TS 2013, 'The Role of 'Other Information' in Analysts’ Forecasts in Understanding Stock Return Volatility'.
Shan, Y, Taylor, SL & Walter, TS 2013, 'The Role of 'Other Information' in Analysts’ Forecasts in Understanding Stock Return Volatility', Review of Accounting Studies, vol. 19, no. 4, pp. 1346-1392.
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This study identifies "other information" in analysts' forecasts as a legitimate proxy for future cash flows and examines its incremental role in explaining stock return volatility. We suggest that "other information" contains information about fundamentals beyond that reflected in current financial statements and reflects firms' fundamentals on a more timely basis than dividends or earnings. Using standardized regressions, we find volatility increases when current "other information" is more uncertain and increases more in response to unfavorable news compared to favorable news. Variance decomposition analysis shows that the variance contribution of "other information" dominates that of expected-return news. The incremental role of "other information" is at least half of the effect of earnings in explaining future volatility. The results are more pronounced for firms with poor information environments. Overall, our results highlight the importance of including "other information" as an additional cash-flow proxy in future studies of stock prices and volatility. © 2014 Springer Science+Business Media New York.
Wu, CL, Brown, D, Sivabalan, P & Huang, PH 2013, 'The application of target costing to the real-estate investment industry - A dual model approach', Asia Pacific Management Review, vol. 18, no. 2, pp. 221-237.
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This paper applies target costing (TC) to Taiwan's real-estate investment industry by considering the variation of selling prices in a batch of heterogeneous products (apartments). TC has largely been applied and studied in the manufacturing industry, assuming a structure of a single sale-price for homogenous products within the same batch. However, the products in the same construction batch in a real-estate investment project often have different prices caused by product attributes (floor level, orientation, location) and product changes requested by clients. We provide interview evidence from six real-estate investment firms highlighting how batch profit is pursued while focusing on different product prices within the same product batch. Unlike traditional applications of TC, our findings show target-cost levels may increase for higher-priced products, and do not necessarily decrease for lower-priced products. This is due to the economies of scale arising from purchasing components and maintaining customer satisfaction. The findings also reveal the importance of considering processes/procedures for dual models by emphasizing the increased product price and land investment at the preliminary planning stages, to achieve a more practical TC in the real estate investment industry.
Bedford, DS 1970, 'Configurations of Strategy and Control: A Set-Theoretic Approach', Performance Measurement and Management Control, Barcelona, Spain.
Bedford, DS, Malmi, T & Sandelin, M 1970, 'Configurations of Strategy and Control: A Set-Theoretic Approach', Monash University Forum for Management Accounting (MONFORMA), Melbourne, Australia.
Bird, RG & Grosse, M 1970, 'The Market Response to Exploration, Resource and Reserve Announcements by Mining Companies: Australian Data', Australian Journal of Management, European Financial Management Association Conference, EFMA, Aarhus, Denmark, pp. 1-26.
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This paper is the first to conduct an event study on the market response to exploration, resource and reserve announcements made by mining firms. Results from an event study using a matched firm approach suggest that markets react positively to both the exploration and the resource announcements at the time of their release but find no information value in the reserve announcements possibly because all of the information in these announcements has been anticipated by the market and/or contained in prior announcements.
Brown, DA, Lewis, RL & Sutton, NC 1970, 'An organizing paradox - Management control and four forms of employee empowerment', EAA 2013 36th Annual Congress, European Accounting Association, Paris, France.
Bugeja, M & Loyeung, AL 1970, 'Acquisition date goodwill: Determinants and market reaction', British Accounting and Finance Association Annual Conference 2013, British Accounting and Finance Association, Newcastle, UK.
Ditillo, A & Bedford, DS 1970, 'Determinants and modes of control in private equity agreements: Exploring differentiated patterns of social control', EAA 2013 36th Annual Congress, European Accounting Association, Paris, France.
Giacobbe, F, Matolcsy, Z & Wakefield, J 1970, 'Some Evidence on Management Control System Choices Based on a Transaction Cost Theory Approach', British Accounting and Finance Association Annual Conference 2013, British Accounting and Finance Association, Newcastle, UK.
Grosse, MJ & Scott, T 1970, 'Shareholder say on pay and CEO compensation: three strikes and the board is out', Quantitative Accounting Research Symposium, Auckland University.
Lu, M, Bugeja, M & Shan, Y 1970, 'Cost stickiness in Australia', EAA 2013 36th Annual Congress, European Accounting Association, Paris, France.
Matolcsy, ZP, Giacobbe, F & Wakefield, JA 1970, 'Some evidence on management control system choices based on a transaction cost theory approach', EAA 2013 36th Annual Congress, European Accounting Association, Paris, France.
Shan, Y, Taylor, S & Walter, T 1970, 'Fundamentals or Managerial Discretion? The Relationship between Accrual Variability and Future Stock Return Volatility', Abacus, American Accounting Association Annual Meeting, Wiley, New York, pp. 441-475.
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This study extends the theoretical framework of Callen and Segal (2004) and Vuolteenaho (2002) to investigate the association between accrual variability and firm‐level stock return volatility. The empirical evidence supports our prediction that increased uncertainty in current‐period accounting accruals is associated with significantly higher volatility of future stock returns, and the results are valid for measures of both systematic and idiosyncratic volatility. When accrual variability is decomposed into fundamental and discretionary portions, we find that the positive relationship between accrual variability and future stock return volatility is dominated by the fundamental component of accrual variability. Overall, our results suggest that uncertainty reflected in accrual information is subsequently reflected in the fluctuation of future stock returns, and that the predictive content in accruals primarily reflects firms' fundamental uncertainty, rather than any effects of managerial choices and interventions in the accounting process.
Wieder, B & Ossimitz, M 1970, 'Managing Business Intelligence for Success: Factors and Mechanisms', International Conference on Management and Information Systems - Proceedings, International Conference on Management and Information Systems, Infoms, Bangkok, Thailand, pp. 819-833.
