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In today's economy, both large shareholder investment groups and ordinary (retail) shareholders depend of the information provided in the audited financial statements for managing their portfolios. The problem is that Audited Financial Reports, that have not changed in their presentation format, or in their method of delivery, since the dawn of the industrial era or the age of the corporation (about 1850) when tangible assets such as land and machinery were the engines of growth. As a result, the Balance Sheet still shows that it is mainly these tangible 'non-current' assets' that drive business value. This paper discusses an innovative approach to the presentation of financial statements that would be truly disruptive to the traditional account preparation and the audit functions, using the power of the technologies we have at our disposal today to show the true value of today's companies. [ABSTRACT FROM AUTHOR]

This paper sets out to value the total public financing needed to somewhat alleviate the economic, environmental and social losses of an unprecedented human disaster using a mixed-valuation method, termed 'Contingent Loss Assessment' that integrates the economic loss assessment of the disaster with a contingent valuation of the environmental and social costs. The focus of the paper is to provide a comparison between the economic predictions of the disaster financing required, and the amount of disaster financing that will better alleviate the human suffering observed, using contingent valuation method (CVM) predictions. Using the case of the 'Lapindo' mudflow disaster in Indonesia, it is argued that the incremental financing required, an extra $200 million flowing directly to those affected, is not an amount that is beyond the scope of those who have undertaken the responsibility of providing compensation to those affected. [ABSTRACT FROM AUTHOR]

Factories at home or in a small business (3D Printing); costless travel over long distances (Maglev); generators powering all energy requirements (Fuel Cells); a farm in a high-rise building (Hydroponics); driver-less taxis (Robotic Vehicles) are all technologies that are already with us, and only a few years away from commercialisation. A few years further into the future may see life expectancies increase via the advances in biological response modifier therapies. Wireless electricity will enable a user to access to power the same way as a mobile telephone call. Hot fusion will have an enormous impact on the waste-management and recycling costs in industries. Finally, the biggest game changer that will affect many facets of our life will be cultured meat, i.e. meat without livestock that will not only have a major impact on many industries but also on our religious belief systems. As a profession that prides itself as dwelling in the future, management accountants need to be aware of the dramatic changes to business models that these technologies will bring. [ABSTRACT FROM AUTHOR]

This paper sets out to make a significant contribution to research both by introducing a quantitative approach to landscaping the intensity of industry competition, and then demonstrating its applicability using cross-industry data. The underlying framework is Porter's Five Forces Model, which has wide acceptance in landscaping competitive intensity because of its simplicity, adaptability and flexibility, but is frequently hard to operationalise because it does not specify procedures for quantifying competitive factors. This paper presents a multivariate approach (i.e., the ICM framework) that enables the operationalisation of Porter's model in a quantitative manner, both at a firm and industry level. This framework is then applied to a total of 19 Australian industries. The results indicate that the degree of competition varies widely among Australian industries, characterized by high intensity of rivalry, low bargaining power of buyers, minimal bargaining power of suppliers, high threat of new entrants and wide-ranging threat of substitutes. [ABSTRACT FROM AUTHOR]

Air, Water and Food, are the fundamental requirements for life to exist on this Earth. However, emitting greenhouse gases into the atmosphere is not only causing climate change, but also air pollution. Management accountants can provide policy related decision information on investments and other actions taken to mitigate the impact of greenhouse gases and other air pollutants. Water costs are related to the issues of climate change. It is clear that many industries depend on water in the supply chain for their workforce and production and to maintain a healthy operating environment. However, the average cost of water is so cheap that there's no incentive to conserve or protect it. Should the water price be reflective of its value or is water a basic human right? All these arguments should be backed by reliable cost calculations, and price demand forecasts, clearly an area for management accounting involvement. Finally, the paper addresses the issue of 'food', i.e. how big business has taken ownership of the genetically modified (GM) 'seeds' required to grow the food. By using patents, they have taken away a farmer's right to save seeds for the next season. The paper argues that management accountants need to undertake the calculations that favour humanity, rather than profits. [ABSTRACT FROM AUTHOR]

This paper is a case study that provides an overview of The Deceptive and Misleading Advertising laws. It focuses on the case brought against GM Holden Ltd (Saab) in Australia in 2008 by the Australian Competition and Consumer Commission (ACCC) and highlights the trip wires that other advertisers must be aware of. It also compares the ACCC's Deceptive and Misleading Advertising Law with United States' Federal Trade Commission's laws on Deceptive and Misleading Advertising and provides insights for practitioners. [ABSTRACT FROM AUTHOR]

This paper explores the perceived gap between accounting research and practice, by determining both 'attitudinally' and 'behaviourally' if accounting research: (1) has failed to lead practice in contrast to medical research; (2) lacks innovation; (3) has failed to arrive at solutions to the fundamental issues in accounting practice; and (4) has no demand outside of the university context. The results of five interrelated studies presented in this paper support the overall finding of an ever growing gap, especially in financial accounting and auditing. This is in stark contrast to the healthy relationship found between academia and practice in the medical profession. The gap appears to be less in management accounting. Steps provided to bridge the gap are that accounting academics should (1) be rewarded for writing case studies; (2) be recognised for writing in professional journals; (3) be encouraged by universities to do more consulting-based research; and (4) be provided opportunities to engage more with practitioners. [ABSTRACT FROM AUTHOR]