Kathleen M Rudkin

Accounting as an instrument of Neoliberalisation? Exploring the adoption of fair value accounting in China

Purpose - This paper aims to explore the implementation of fair value accounting (FVA) in China as part of a global process of neoliberalisation and financialisation of political and economic systems. It establishes that FVA forms part of the technical architecture of neoliberalism. Design/methodology/approach - In considering the processes of neoliberalisation in China, this paper uses a qualitative approach to explore some of the impacts the adoption of FVA has had on Chinese capital markets. Findings - It is shown that the practice of FVA is imbued with assumptions about the state and the market that have little bearing on the realities of Chinese capital markets. Rather than advancing the public interest, as neoliberal theories claim, this accounting change has failed to transform political and economic power. Instead, it has provided another opportunity to reposition powerful political and economic elites both inside and outside China. This paper argues that the process has reconfigured capital markets in the image of those in advanced capitalist economies, but is devoid of the regulatory and socio-political apparatus to rationalise its relevance and reliability in the Chinese context. Originality/value - By positioning the research in broader literature of neoliberalism, this paper offers an alternative framing of the purpose of adopting FVA and, more broadly, the globalisation of International Financial Reporting Standards (IFRS).

An investigation of perceptions of company annual report users in Sri Lanka

Purpose – The purpose of this paper is to report on a study of how users of company annual reports in the emerging market of Sri Lanka view those reports. Since limited studies exist that examine financial reporting practices in emerging markets, little is known about the user perceptions of company annual reports in these markets. This paper contributes to filling this gap by examining the views of a wide spectrum of users on the usefulness of corporate annual reports in Sri Lanka.Design/methodology/approach – The data reported in this study were collected through a questionnaire survey, covering seven user groups – accountants, executives, bankers, tax officers, academics, financial analysts, and investors. The 264 responses received were analysed using the Kruskal‐Wallis one‐way ANOVA test.Findings – The results reveal that most use annual reports for obtaining information for share transactions. Despite the long delay in publishing many annual reports and lack of availability of these reports to the g...

A green drought: the challenge of mentoring for Australian accounting academics

Purpose - The purpose of this paper is to expose the impact of the shortage of senior academics, particularly professors, in Australian accounting schools, to relate the way one school addressed this shortage through a mentoring scheme, and to challenge existing institutional arrangements. Design/methodology/approach - This is a contextualised qualitative case study of a mentoring scheme conducted in an Australian accounting school. Data collected from semi-structured interviews, personal reflections and from Australian university web sites are interpreted theoretically using the metaphor of a “green drought”. Findings - The mentoring scheme achieved some notable successes, but raised many issues and challenges. Mentoring is a multifaceted investment in vocational endeavour and intellectual infrastructure, which will not occur unless creative means are developed over the long term to overcome current and future shortages of academic mentors. Research limitations/implications - This is a qualitative case study, which, therefore, limits its generalisability. However, its contextualisation enables insights to be applied to the wider academic environment. Practical implications - In the Australian and global academic environment, as accounting professors retire in greater numbers, new and creative ways of mentoring will need to be devised. The challenge will be to address longer term issues of academic sustainability, and not just to focus on short-term academic outcomes. Originality/value - A mentoring scheme based on a collegial networking model of mentoring is presented as a means of enhancing academic endeavour through a creative short-term solution to a shortage of accounting professors. The paper exemplifies the theorising power of metaphor in a qualitative study.

IFRIC 13: accounting for “customer loyalty programmes”

Purpose – The purpose of this paper is to present the views and challenges from a range of accounting professionals, regulators and preparers with the introduction of a standardised approach to accounting for customer loyalty programmes (CLPs). It aims to highlight the ambiguities of the classification of commercial transactions, particularly the nature and timing of revenue recognition.Design/methodology/approach – Comment letters in response to the exposure draft D20 CLPs are analysed together with an exposition of the effect of International Financial Reporting Interpretations Committee (IFRIC) 13 on an early adopter, Qantas airlines.Findings – Despite limited support for the consensus view advocated in D20, the International Accounting Standards Board (IASB) has upheld the deferred revenue approach consistent with the anticipated outcome of the IASB and Financial Accounting Standards Board revenue recognition project.Research limitations/implications – The paper analyses the characteristics and views ...

Research in accounting and finance: paradigm, paralysis, paradox

In July 2008, the School of Accounting and Finance at the University of Wollongong organised its 20th Annual Doctorial Consortium. The aim of the Doctoral Consortia has been to inspire doctoral students and academic staff, and to stimulate a concentrated research focus through exposure to highly experienced scholars. Uniquely the event is a beacon to both higher degree research students as well as academics who seek collegiality and examples of rigorous research engagement beyond instrumental mainstream approaches. Past consortia have always been successful in motivating a concentration on alternative research, lifting both research energy and interest. Recognising the event now also as a cultural one, and to commemorate the milestone of 20 years of the consortium, this special edition of Accounting Forum presents invited papers from the presenters, Joni Young, Paul Williams and Michael Gaffikin and staff from School of Accounting and Finance on the theme Research in Accounting and Finance: Paradigm, Paradox and Paralysis.

Corporate governance and postcolonialism: the experience of Sri Lanka

This paper explores the perceived adequacy of Anglo-American corporate governance reforms in an emerging market. Using a perception survey of Sri Lankas corporate governance stakeholders, 277 questionnaire survey responses from five stakeholder groups in Sri Lanka are used in factor and regression analyses. This empirical study finds that adoption of best practice Anglo-American policies and regulations do not result in the perception of good corporate governance by stakeholders. The application of postcolonial theory offers an insight into this discrepancy. Current technical modes of investigation only replicate the modernity narrative. Policy setters and regulators should consider corporate governance as a cultural practice as well as a technical practice, to better serve stakeholder perceptions. This study introduces postcolonial theory as a means of cultural evaluation of corporate governance practices.