Value Relevance of Control-based Consolidated Financial Statements

The study examines whether the switch from ownership-based guidelines for control under SSAP-8 to the principles-based guidelines (power and benefits) of FRS-37 increased the value relevance of consolidated financial statements in New Zealand. The adoption of FRS-37 led to an increase in value relevance of consolidated assets and liabilities (at the 5 percent level). Only weak evidence was found to support the view that FRS-37 was not effective (less value relevant) for entities with a large number of subsidiaries (as a proxy for investment complexity) and associates are less value relevant. The is evidence that investors view non-controlling as a liability, which does not support its presentation as equity (under IFRS 10)

PPP in light rail transit systems in Spain

Light rail systems have proliferated in Spain in the last decade, following a tendency that is common not only in other European countries but also in other parts of the world. This paper reviews the benefits of light rail systems, both related to environmental issues and mobility issues. It analyses the evolution of light rail projects in Spain and shows that light rail systems in this country have evolved towards an extensive use of public-private partnerships. The analysis of the Spanish projects, however, does not contribute any conclusive evidence about whether public-private partnerships have been more efficient than publicly owned enterprises in building and operating light rail systems

2017-18 Institute for Culture and Society Annual Review

The Institute for Culture and Society researches transformations in culture and society in the context of contemporary global change. It champions collaborative engaged research in the humanities and social sciences for a globalising digital age. The Institute's engaged research is committed to making a positive difference in the world. It is engaged ethically and reciprocally with others. Our aim is to carry out innovative interdisciplinary research into continuities and transformations in culture and society in a way that contributes to understanding and shaping contemporary local and global life. This approach involves being reflexively engaged both with the world and in understanding the conditions and limits of its own knowledge practices