The Effects of IFRS Adoption on Earnings Predictability of Japanese Firms

This paper examines whether the earnings predictability of Japanese firms is higher following the adoption of International Financial Reporting Standards (IFRS) compared with firms that follow Japanese Generally Accepted Accounting Principles (JP GAAP). The latter are likely to be categorized in terms of code-law origin and stakeholder orientation along with the German GAAP, which are generally perceived to be of lower quality than IFRS. Tokuga (2011) points out that the Accounting Standards Board Japan (ASBJ) and the International Accounting Standards Board (IASB) have made substantive efforts towards convergence under the Tokyo Agreement. Although JP GAAP are said to have become almost indistinguishable from IFRS, the effect of IFRS on the financial information reported by Japanese companies has not been sufficiently clarified. It is questionable whether the accounting quality of financial reports prepared under JP GAAP is higher or lower than those prepared based on IFRS. Given this context, this study examines whether the predictability of earnings under JP GAAP is higher than or equivalent to that under IFRS by focusing on the association between current earnings and future cash flows. Although the sample size is relatively small in the single-country setting adopted herein, this is arguably compensated for by the fact that the disparity between voluntary adoption and domestic GAAP application can be explicitly observed and earnings quality can be directly compared without concern for institutional differences.本稿では，国際財務報告基準（IFRS）を採用した企業の利益の予測可能性が，日本の会計基準（JP GAAP）に従った企業のそれに比して高いかどうかを検証している。日本の会計基準による利益は，情報提供機能の側面からIFRS下の利益より品質が低いと認識されている。徳賀（2011）は日本会計基準審議会（ASBJ）と国際会計基準審議会（IASB）が東京合意の下で収斂に向けて実質的な努力を払ってきたと指摘し，JP GAAPとIFRSとの間における相違はほぼ存在しないと主張している。他方，IFRSを採用している日本企業が報告する財務情報に対するIFRSの影響は十分に解明されていない。以上の現状認識の下，本研究では，利益の予測可能性に焦点をあて，JP GAAP下の利益の質が， IFRS下の利益の質に比して高いか否かを明らかにしている。JEL Classification：M40; M4

The physical nature of spiral wave patterns in sunspots

Recently spiral wave patterns (SWPs) have been detected in 3-min oscillations of sunspot umbrae, but the nature of this phenomenon has remained elusive. We present a theoretical model which interprets the observed SWPs as the superposition of two different azimuthal modes of slow magnetoacoustic waves driven below the surface in an untwisted and non-rotating magnetic cylinder. We apply this model to SWPs of the line-of-sight velocity in a pore observed by the Fast Imaging Solar Spectrograph installed at the 1.6 m Goode Solar Telescope. One- and two-armed SWPs were identified in instantaneous amplitudes of line-of-sight Doppler velocity maps of 3-min oscillations. The associated oscillation periods are about 160 seconds, and the durations are about5 minutes. In our theoretical model, the observed spiral structures are explained by the superposition of non-zero azimuthal modes driven 1600 km below the photosphere in the pore. The one-armed SWP is produced by the slow body sausage (m= 0) and kink(m= 1) modes, and the two-armed SWP is formed by the slow body sausage (m= 0)and fluting (m= 2) modes of the magnetic flux tube forming the pore

Interferometric Imaging, and Beam-Formed Study of a Moving Type-IV Radio Burst with LOFAR

Type-IV radio bursts have been studied for over 50 years. However, the specifics of the radio emission mechanisms is still an open question. In order to provide more information about the emission mechanisms, we studied a moving Type-IV radio burst with fine structures (spike group) by using the high-resolution capability of the Low-Frequency Array (LOFAR) on August 25, 2014. We present a comparison of Nançay Radioheliograph (NRH) and the first LOFAR imaging data of the Type-IV radio burst. The degree of circular polarization (DCP) is calculated at frequencies in the range 20 — 180 MHz using LOFAR data, and it was found that the value of DCP gradually increased during the event, with values of 20 — 30%. LOFAR interferometric data were combined with white-light observations in order to track the propagation of this Type-IV burst. The kinematics shows a westward motion of the radio sources, slower than the CME leading edge. The dynamic spectrum of LOFAR shows a large number of fine structures with durations of less than 1 s and high brightness temperatures (TB), i.e., 1012 — 1013 K. The gradual increase of DCP supports gyrosynchrotron emission as the most plausible mechanism for the Type IV. However, coherent emissions such as Electron Cyclotron Maser (ECM) instability may be responsible for small-scale fine structures. Countless fine structures altogether were responsible for such high TB.Peer reviewe

Evaluation of partial cranial cruciate ligament rupture with positive contrast computed tomographic arthrography in dogs

Computed tomographic arthrography (CTA) of four cadaveric canine stifles was performed before and after partial cranial cruciate ligament rupture in order to verify the usefulness of CTA examination for the diagnosis of partial cranial cruciate ligament rupture. To obtain the sequential true transverse image of a cranial cruciate ligament, the computed tomography gantry was angled such that the scanning plane was parallel to the fibula. True transverse images of cranial cruciate ligaments were identified on every sequential image, beginning just proximal to the origin of the cranial cruciate ligament distal to the tibial attachment, after the administration of iodinated contrast medium. A significant decrease in the area of the cranial cruciate ligament was identified on CTA imaging after partial surgical rupture of the cranial cruciate ligament. This finding implies that CTA can be used for assessing partial cranial cruciate ligament ruptures in dogs

Impacts of IFRS on corporate tax legislation: with special reference to South Korea's Reforms

Many countries have recently pursued IFRS adoption. However, even after adoption, accounting practices are continuously influenced by national GAAP and country-specific peripheral systems; this can interfere with fulfilling the IASB's central objective. Further investigations are needed to clarify systems that can regulate the effects of IFRS adoption. When South Korea adopted IFRS, it positioned IFRS adoption as a part of its national economic strategy; it aggressively pursued measures to ensure the smooth transition to IFRS, including the revi-sion of peripheral regulations. As a result of various related efforts, South Korea is now expecting to see an improved perception of reliability with respect to the financial statements generated by South Korean companies, as well as South Korea's enhanced status in the international accounting community. Based on these facts, this study analyzes the 2010 revision to the Korean Corporate Tax Act and its effects on accounting practices. More specifically, it aims to examine the revision with respect to PPE depreciation and the Definite Settlement of Accounts Approach-the latter of which has been considered the most problematic aspect of IFRS adoption. The experience of South Korea convinces us that it would be possible to develop systemic responses to IFRS application

Metal-free N2-to-NH3 thermal conversion at the boron-terminated zigzag edges of hexagonal boron nitride: Mechanism and kinetics

Nitrogen fixation is essential for all life and various industrial processes. Recent developments in the growth techniques of hexagonal boron nitride (hBN) enable controlled termination of hBN with zigzag edges. Here, we show that the B-terminated zigzag (B-ZZ) edge of hBN, which is hydrogenated and thus “defect-free”, can act as a metal-free catalyst for thermal conversion from N2 and H2 to NH3 at high temperatures. Using density functional calculations, we identify the catalytic cycle of the NH3 production, which involves simultaneous N2 binding and hydrogenation at the one-dimensional edge of hBN. Further hydrogenation of the N2-binding B-ZZ is facilitated by the H2-induced local conversion between the sp2 B and sp3 B sites at the B-ZZ edge. The NH3 synthesis at the metal-free, defect-free B-ZZ edges, although less practical compared to the conventional Haber-Bosch process that uses transition metals, offers important insights into how the chemical flexibility of boron can be used for the challenging nitrogen transformations. © 2019 Elsevier Inc.1