The article is devoted to the study of such an important element of the company as budgeting, which recently used Russian companies. In the process of studying it has been identified the basic ...requirements for budgeting and planning, such as the budget of revenues and expenditures, the cash flow budget, the budgeted balance sheet. Also the basic functions of budgeting that help to increase the company efficiency in the market.
We conducted concurrent feeding trials for one growing season with channel catfish in ponds in Mississippi and Arkansas to evaluate the production and economic effects of alternative (low-cost) feeds ...containing 28 or 32% protein and alternative (corn gluten feed) or traditional (porcine meat, bone and blood meal) protein sources. Supplemental lysine was added to all diets except the 32% protein traditional diet to meet the available lysine requirement for catfish. Higher concentrations of dicalcium phosphate were also included in the alternative diets to meet the available phosphorus requirement for catfish. Fish were stocked in a multi-batch system and the same diets and general management protocols were used at both sites. At harvest, there were no differences in the total amount of feed fed, yield of market-size fish, mean weight of market-size fish, feed conversion, survival, carcass yield, or fillet yield among dietary treatments at both sites. There were some differences in processing yield and fillet composition, but the main diet effect was the higher yield of fingerlings fed diets with 32% protein compared to 28% protein in the Arkansas trial. The 28% protein alternative (corn gluten feed) diet would result in the best Year 1 cash flow because the yield of marketable fish was the same, at a lower total feed cost. However, the lower yield of fingerlings fed 28% protein diets will weaken the farm's balance sheet and show reduced profitability. Second-year performance and economics of understocked fish fed 28% protein diets are unknown.
► Production & economics of different feeds were evaluated in channel catfish in ponds. ► Feed fed, weight, yield of marketable fish, FCR, & survival were similar among diets. ► The 28% protein corn gluten feed diet gave best Year-1 cash flow. ► UAPB fingerling data showed the 32% alternative diet would be most profitable. ► Economics of understocked fish fed 28% protein diets in Year 2 are unknown.
In this study, we adopt a stochastic cost frontier method to investigate the influence of off-balance sheet (OBS) activities on the cost efficiency of Taiwan's banks. We estimate and compare cost ...inefficiency with or without OBS outputs of 46 Taiwanese commercial banks during the period, 1998 through 2001. The conclusions of this empirical study are as follows. First, omitting off-balance sheet outputs in estimating the cost frontier function of banks results in an underestimation of bank efficiency by approximately 5 per cent. Second, large banks are associated with a higher cost efficiency and have an increased ability to develop OBS activities. This is consistent with Taiwan's regulatory policies, which focus on promoting efficiency in the banking industry of emerging markets. Banks with higher employee productivity are also more cost efficient. Finally, we observe evidence of economies of scale in both models with or without OBS specification in Taiwan's bank industry. Economies of scope between loans and OBS outputs are also observed.
Purpose - The purpose of this paper is to express a viewpoint in respect of proposed changes to accounting for leases. It aims to present a summary of accounting principles and behaviours in the ...property leasing markets.Design methodology approach - The paper reflects analysis by the author conducted as part of an MBA project (which, in its entirety, dealt with the lease versus own decision) and is summarised as follows: in the definitions of SSAP 21, a lease is "a contract between a lessor and a lessee ... " and a distinction is drawn between an operating lease and a finance lease. The almost arbitrary treatment of leases has never been satisfactory but dealing with the shortcomings has proven awkward to the International Accounting Standards Board (IASB).Findings - The value of reflecting leases on the balance sheet can be determined by close analysis of the work of Lasfer and other proponents of the advice that leasing real estate is better than owning it. The purpose of financial reporting is to show an accurate picture of the trading and health of the business in question. If significant parts of the picture are missing, perhaps it is not surprising that markets struggle to comprehend the true nature of assets and liabilities. Leasing is an activity whereby the use of an asset is separated from the ownership of that asset. The Accounting Standards Board, in its Statement of Principle, defines assets as "rights or other access to future economic benefits controlled by an entity as a result of past transactions or events". Liabilities are defined as "obligations to transfer benefits as a result of past transactions or events". Ownership of property would appear to fall into the category of asset; any borrowings against that asset would be categorised as a liability. A lease would appear to fall into both liability and asset categories.Originality value - It may not be comfortable for occupiers to adjust to the new accounting regime. It is, in the author's judgement, in the best interests of all stakeholders and, since it will require more active management, of the business itself.
Purpose
The purpose of this paper is to investigate donor responses to discretionary accounting information consolidation. Nonprofit (NP) financial statement consolidation discretion significantly ...impacts program ratio reporting, the primary NP performance measure. Stakeholders are misled to allocate limited resources inefficiently. While some NPs file group Internal Revenue Service (IRS) Form 990 returns with their affiliates, effectively providing consolidated statements, others choose to file independently of their affiliates.
Design/methodology/approach
The authors use OLS regression analysis and panel data for 5,697 NP-year observations for the period 2009-2011 retrieved from the National Center for Charitable Statistics Form 990 database.
Findings
The authors find evidence that consolidation discretion substantially impacts donor decisions. NP managers have incentive to utilize consolidation discretion to influence charitable giving.
Practical implications
The authors urge the IRS and the Financial Accounting Standards Board to reconsider the consolidation guidance for NP organizations, to develop performance measures beyond the widely used program ratio, and to require program ratio segment reporting to allow for better comparability among NPs irrespective of consolidation status. Further, the authors caution stakeholders to consider supporting organization transactions in their resource allocation decisions.
Originality/value
The authors are the first to use NP supporting organization information to investigate consolidation discretion and its impact on donor responses.
We evaluate the representational faithfulness of the accounting treatment of a recent and well-established type of structured transaction—accelerated share repurchases (ASRs). ASRs are popular ...because accretive earnings per share benefits are recognized immediately, while any gains or losses on the forward contract used to execute an ASR bypass income, and are reported directly in equity. We document lower value relevance for the liabilities of ASR companies compared with a size- and industry-matched sample. ERC tests also indicate a market discount for the earnings of ASR companies compared with the control sample. Finally, we document significant abnormal returns to a trading strategy based on unrealized gains or losses on ASR transactions. Our results indicate that the current accounting for ASRs does not result in representative reporting of these transactions. As a result, financial statement users might benefit from recognition of ASR elements in financial statements.
This paper examines whether weak central bank finances affect inflation by scrutinizing the key rationale for such a relationship: that the absence of Treasury support makes central bank finances ...relevant for price stability. Specifically, I ask whether central banks which are not likely to enjoy fiscal support when needed experience higher inflation as their financial situation deteriorates. I find this to be true among a large sample of 82 countries between 1998 and 2008.
De facto
potential fiscal support appears relevant, while
de jure
fiscal support, which I survey analyzing 82 central bank laws, does not appear to matter. The results also bring forward an explanation for the conflicting results of the previous empirical studies, which neglected this key component.
Au sein de l’équipe médico-sociale, la psychomotricité aborde des difficultés d’apprentissage en considérant que les interrelations entre les fonctionnements corporels, les éprouvés émotionnels et ...les cognitions sont primordiales et qu’elles se réalisent et sont accessibles via l’expérience corporelle globalisante. De cette dynamique découlent des modalités d’évaluation – le bilan psychomoteur – et diverses situations qui visent à enrichir cette expérience du corps pour soutenir le développement et favoriser l’expression, quand l’enfant est en souffrance pour apprendre. Une courte histoire clinique illustre ici l’intérêt d’accorder sa valeur au dialogue tonico-émotionnel pour aider les enfants dont les expressions psychomotrices sont disharmonieuses.
