Infrared-Faint Radio Sources: A Cosmological View - AGN Number Counts, the Cosmic X-Ray Background and SMBH Formation

Context. Infrared Faint Radio Sources (IFRS) are extragalactic emitters clearly detected at radio wavelengths but barely detected or undetected at optical and infrared wavelengths, with 5 sigma sensitivities as low as 1 uJy. Aims. Recent SED-modelling and analysis of their radio properties shows that IFRS are consistent with a population of (potentially extremely obscured) high-redshift AGN at 3<z<6. We demonstrate some astrophysical implications of this population and compare them to predictions from models of galaxy evolution and structure formation. Methods. We compiled a list of IFRS from four deep extragalactic surveys and extrapolated the IFRS number density to a survey-independent value of (30.8 +- 15.0) per square degree. We computed the IFRS contribution to the total number of AGN in the Universe to account for the Cosmic X-ray Background. By estimating the black hole mass contained in IFRS, we present conclusions for the SMBH mass density in the early universe and compare it to relevant simulations of structure formation after the Big Bang. Results. The number density of AGN derived from the IFRS density was found to be about 310 deg^-2, which is equivalent to a SMBH mass density of the order of 10^3 M_sun Mpc^-3 in the redshift range 3<z<6. This produces an X-ray flux of 9 10^-16 W m^-2 deg^-2 in the 0.5-2.0 keV band and 3 10^-15 W m^-2 deg^-2 in the 2.0-10 keV band, in agreement with the missing unresolved components of the Cosmic X-ray Background. Concerning the problem of SMBH formation after the Big Bang we find evidence for a scenario involving both halo gas accretion and major mergers.Comment: 8 pages, 4 figures, accepted for publication in A&

Some aspects of a compilation of financial results (comprehensive income statement) for National Accounting Standards and IFRS

У статті вивчено питання важливості трансформації інформації відповідно до МСФЗ. Проведено порівняння методів формування Звіту про фінансові результати згідно П(С)БО та МСФЗ. Проведено аналіз обліку доходів та витрат за П(С)БО та МСФО. Досліджено основні положення нового МСФЗ 15 "Виручка за договорами з клієнтами". Розглянуто структуру Звіту про фінансові результати. Запропоновано подальше вивчення питання практичного застосування МСФЗ (IFRS) 15 в національній і міжнародній практиці.This article examines the issue of how the information transformation is important in accordance with the IFRS (International Financial Reporting Standards). Comparison that was made covers the methods of the Financial performance statement formation in accordance with the National Accounting Standards and the IFRS. Analysis of the Revenue and expense recognition was accomplished in accordance with the National Accounting Standards and the IFRS. Main features of the new IFRS № 15 "Revenue from the contracts with customers" were equally investigated. Structure of the Report on financial results was considered. Further study of the practical application of IFRS № 15 was proposed on national and international basis

APPLICABILITY OF IFRS 15 PRINCIPLES FOR THE BANKING INDUSTRY:AN ANALYSIS WITH REFERENCE TO THE CREDIT INSTITUTIONS IN ROMANIA

IFRS 15 is applicable for entities reporting in accordance with IFRS for periods beginning on or after 1 January 2018, with earlier application permitted. The Standard is the result of a joint project of IASB and FASB to develop a converged set of accounting principles for revenue recognition. It is relevant for all industries, with the most clearly observable impact for those commonly engaging in bundled contracts and long-term projects. The purpose of this paper is to identify the areas where the new revenue guidance could potentially affect the banking industry and to analyze the impact of IFRS 15 adoption for a selected sample of credit institutions operating in the Romanian banking market. The results of the research performed indicate that the new Standard adoption had no significant impact on the annual results; however, many of the banks overlooked the applicability of IFRS 15 for the banking industry and did not analyze or disclose the impact in their annual financial statements for the year of IFRS 15 adoption

The impact of IFRS 15 on analysts’ forecast accuracy

Abstract. The purpose of this research is to examine the impact of IFRS 15 on analysts’ forecast accuracy. IFRS 15 ‘Revenue from Contracts with Customers’ came into effect 1 January 2018. The five-step model of revenue recognition required by the new accounting standard will likely change the timing and amount of revenue to be recognized from customer contracts that contain multiple performance obligations and where revenue is recognized over time. This change in accounting practices for revenue has the potential to affect the accuracy of analysts’ earnings per share (EPS) and sales forecasts. The impact of IFRS 15 will be most clearly observable in industries that commonly engage in bundled contracts and long-term projects as these types of contracts are likely candidates for change in their accounting treatment. This research focuses on the changes in forecast accuracy for companies operating in such industries. The research findings show that IFRS 15 has no impact on the accuracy of analysts’ EPS forecasts. However, for the sales forecasts the research results show that IFRS 15 increases forecast errors for the sample group of companies. The findings suggest that the implementation of a new accounting standard causes a temporary decrease in analysts’ forecast accuracy

Revenue recognition disclosure quality in the financial statements of Dutch construction companies

This study focuses on the revenue recognition disclosure quality of Dutch construction companies for a sample of both IFRS and Dutch GAAP applying companies. Attention is paid to the quality of the disclosures of significant judgements and estimates for IFRS issuers before and after the implementation of IFRS 15. Furthermore, a baseline measurement on the revenue recognition disclosures required by Dutch Accounting Standards ('DAS') 221 and 270 has been performed on the Dutch GAAP sample. We discuss also the forthcoming changes in these standards which will become effective for financial reporting years starting as per 1 January 2022. This study finds that overall the quality of disclosure of significant judgements and estimates related to the revenue recognition improved after the implementation of IFRS 15. Also, IFRS issuers provide relatively more useful disclosures than DAS issuers

Has IFRS resulted in information overload?

The move to NZ IFRS has been surrounded by complaints of too much information being provided. This is not simply a matter of the cost of providing the information, but the possibility of data overload. Data overload is an important issue as it impacts information search strategies and decision outcomes. This relevant for the current debate on differential reporting and for assessing whether NZ IFRS has achieved its goals of reducing the cost of financial analysis. The purpose of this paper is to examine the impact of the move to international financial reporting by New Zealand listed entities on the quantity of data provided in the annual report. Our analysis shows that the annual report increased for 92% of our sample firms. The average increase in size was 29% of the prior years‟ annual report and arose through notes to the accounts and accounting policies. Even after transitional information (e.g., accounting policies and reconciliations) the increase is 15%

IFRS 15 – standardin tuomat erot myyntituottojen tulouttamisessa verrattuna IAS 18 – standardiin

Tutkielmassa selvitetään IFRS 15 -standardin “Myyntituottojen tulouttaminen asiakassopimuksissa” voimaan tulon aiheuttamia muutoksia myyntituottojen tulouttamisessa suhteessa IAS 18 - standardiin. IFRS 15 – standardi astuu voimaan 1.1.2018, jolloin se korvaa IAS 18 – standardin ” Tuotot ja IAS 11 – standardin ”Pitkäaikaishankkeet” ja standardeihin liittyvät tulkinnat. Tutkielmassa IFRS 15 – standardin tuomia muutoksia käsitellään standardin sääntelemän viisivaiheisen tulouttamisen mallin näkökulmasta. Vaihteet ovat asiakassopimuksen yksilöiminen, asiakassopimuksen suoritevelvoitteiden yksilöiminen, transaktiohinnan määrittäminen, transaktiohinnan kohdistaminen suoritevelvoitteille ja myyntituottojen tulouttaminen. Myyntituottojen tulouttaminen IFRS 15 – standardin mukaan edellyttää, että kaikki vaiheet ovat toteutuneet. Tutkielmassa esitetään ensiksi, miten viisivaiheinen tulouttamisen malli soveltuu myyntituottojen tulouttamiseen, jonka jälkeen tuodaan esiin, mitä muutoksi kuhunkin vaiheiseen liittyy suhteessa IAS 18 – standardiin. Keskeisimmät erot IFRS 15 – standardin ja IAS 18 – standardin välillä liittyvät IFRS 15 – standardin sisältämään lisääntyneeseen ohjeistukseen myyntituottojen tulouttamisessa. IFRS 15 – standardi sisältyy hyvin yksityiskohtaista ohjeistusta sellaisista myyntituottojen tulouttamisen kannalta keskeisistä aihekokonaisuuksista, kuten suoritevelvoitteiden yksilöinnistä ja transaktiohinnan määrittämisestä, jotka ovat IAS 18 – standardissa vain hyvin vähäisen ohjeistuksen kohteena. IFRS 15 - standardin voimaantulo merkitsee myös muutosta tulouttamisajankohdassa, koska IFRS 15 – standardin mukaan tulouttamisajankohta ratkeaa määräysvallan siirtymisen perusteella, kun taas IAS 18 – standardissa tulouttamisajankohta ratkeaa omaisuuserään liittyvien riskien ja hyötyjen siirtymisen perusteella. IFRS 15 – standardin tuomat muutokset vaikuttavat eri tavalla eri toimialoilla. IFRS 15 – standardin muutokset ovat suurimpia sellaisilla toimialoilla, joissa käytettäviin asiakassopimuksiin sisältyy tyypillisesti sellaisia elementtejä, jotka ovat lisääntyneen ohjeistuksen kohteena IFRS 15 – standardissa verrattuna IAS 18 – standardiin

Does Convergence of Accounting Standards Lead to the Convergence of Accounting Practices? A Study from China

In this empirical study we examine whether China\u27s efforts to converge domestic accounting standards with International Financial Reporting Standards (IFRS) over the past 15 years have resulted in the successful convergence of Chinese listed firms. This study is unique in that we evaluate convergence of firms\u27 accounting practices from three perspectives: (1) the level of compliance with Chinese GAAP and IFRS, (2) the consistency of accounting choices under Chinese GAAP and IFRS, and (3) identification of significant differences in the net incomes produced under Chinese GAAP and IFRS (earnings gap). Using the 1999 and 2002 annual reports of 79 Chinese listed firms we find improvement in both compliance with IFRS and in the consistency of the accounting methods used in annual reports prepared under Chinese GAAP and IFRS. We also find a reduction in the earnings gap from 1999 to 2002. However, interestingly we observed that Chinese listed firms\u27 compliance with IFRS is significantly lower than their compliance with Chinese GAAP. Overall we believe that our findings suggest that in China the convergence of accounting standards has been a conduit to the convergence of accounting practices