Evidence of the Relationship Between Credit Ratings and Reporting Discontinued Operations

ABSTRACT: To test whether standard setters’ objective of improving the usefulness of the financial statements by enacting ASU 2014-08 was achieved, we compare the relationship between credit ratings and discontinued operations under SFAS No. 144 and ASU 2014-08. If discontinued operations are interpreted by credit ratings agencies as non-recurring, they should have no or low persistence and should be unrelated to credit ratings. We find that the relationship between reported discontinued operations and credit ratings under SFAS No. 144 is significant, the implication being that credit ratings agencies did not perceive discontinued operations as non-recurring. In contrast, the relationship is insignificant under ASU 2014-08, discontinued operations are now viewed as non-recurring and the objective of standard setters was achieved. Our results contribute to extant literature on discontinued operations and the relevance of separately stated or disclosed items

The &Spaces Library

Capstone project for LIS 2005 involving the redesign of public library institutions with a focus on physical space. Conference poster, PowerPoint, and paper attached

Suppression of Lung Adenocarcinoma Progression by Nkx2-1

Despite the high prevalence and poor outcome of patients with metastatic lung cancer the mechanisms of tumour progression and metastasis remain largely uncharacterized. Here we modelled human lung adenocarcinoma, which frequently harbours activating point mutations in KRAS and inactivation of the p53 pathway, using conditional alleles in mice. Lentiviral-mediated somatic activation of oncogenic Kras and deletion of p53 in the lung epithelial cells of Kras[superscript LSL-G12D/+];p53[superscript flox/flox] mice initiates lung adenocarcinoma development4. Although tumours are initiated synchronously by defined genetic alterations, only a subset becomes malignant, indicating that disease progression requires additional alterations. Identification of the lentiviral integration sites allowed us to distinguish metastatic from non-metastatic tumours and determine the gene expression alterations that distinguish these tumour types. Cross-species analysis identified the NK2-related homeobox transcription factor Nkx2-1 (also called Ttf-1 or Titf1) as a candidate suppressor of malignant progression. In this mouse model, Nkx2-1 negativity is pathognomonic of high-grade poorly differentiated tumours. Gain- and loss-of-function experiments in cells derived from metastatic and non-metastatic tumours demonstrated that Nkx2-1 controls tumour differentiation and limitsmetastatic potential in vivo. Interrogation of Nkx2-1-regulated genes, analysis of tumours at defined developmental stages, and functional complementation experiments indicate that Nkx2-1 constrains tumours in part by repressing the embryonically restricted chromatin regulator Hmga2. Whereas focal amplification of NKX2-1 in a fraction of human lung adenocarcinomas has focused attention on its oncogenic function, our data specifically link Nkx2-1 downregulation to loss of differentiation, enhanced tumour seeding ability and increased metastatic proclivity. Thus, the oncogenic and suppressive functions ofNkx2-1 in the sametumourNational Institutes of Health (U.S.) (grant U01-CA84306 )National Institutes of Health (U.S.) (grant K99-CA151968)Howard Hughes Medical InstituteLudwig Center for Molecular OncologyNational Cancer Institute (U.S.) (Cancer Center Support (core) grant P30-CA14051

Comments of the Auditing Standards Committee of the Auditing Section of the American Accounting Association on International Auditing and Assurance Standards Board Exposure Draft, Proposed International Standard on Auditing 315 (Revised): Identifying and Assessing the Risks of Material Misstatement and Proposed Consequential and Conforming Amendments to Other ISAs

SUMMARY On July 16, 2018, the International Auditing and Assurance Standards Board (the Board or IAASB) issued a request for comment on its Exposure Draft, Proposed International Standard on Auditing 315 (Revised): Identifying and Assessing the Risks of Material Misstatement and Proposed Consequential and Conforming Amendments to Other ISAs (ED-315). Major enhancements proposed include explicit recognition of the auditor's use of automated tools and techniques, requiring an understanding of an auditee's use of information technology relevant to financial reporting, acknowledging the influence of an entity's complexity on the audit plan, and increasing the emphasis on the need for professional skepticism. The comment period ended on November 2, 2018. This commentary summarizes the participating committee members' views on selected questions posed by the IAASB. Data Availability: ED-315, including questions for respondents, is available at: https://www.ifac.org/publications-resources/exposure-draft-isa-315-revised-identifying-and-assessing-risks-material