The effect of the mandatory application of IFRS on the value relevance of accounting data : some evidence from Greece

In this study we tested the effect of the mandatory adoption of IFRS upon the value relevance of earnings and book values using data from the Athens Stock Exchange that covered a period of two years before and two years after the mandatory adoption of IFRS. Greece is a code-law country with strong tax conformity, bank orientation and conservative accounting rules which have a negative effect on the value relevance of financial statements. As IFRS adoption promotes fair value accounting and weakens the link between taxation and accounting rules we expect earnings and book value to become more value relevant ceteris paribus. We report that the adoption of IFRS positively affected the value relevance of consolidated net income and book value although it had no effect on their unconsolidated counterparts and that consolidated accounting numbers are by far more value relevant than unconsolidated ones in both periods and, unexpectedly, this superiority is more pronounced after IFRS adoption. We also report that disaggregating net income increases the explanatory power of the earnings – book value capitalization (EBVC) model. Finally, we report that although the overall explanatory power of the model increases, the incremental explanatory power of both net income and financial income decreases. These last findings question the expected benefits of specific IFRS rules concerning the measurement of these income components. Nevertheless, assuming that the total impact of IFRS adoption is captured by the overall explanatory power of the models which actually increased, we conclude that mandating IFRS may prove beneficial even in an unfavorable context.peer-reviewe

Contemporary Problems in Combustion—Fuels, Their Valorisation, Emissions, Flexibility and Auxiliary Systems

This Special Issue is dedicated to the XXIV Symposium on Combustion Processes (23–25 September 2019, Wrocław, Poland), which is an official symposium of the Polish Section of the Combustion Institute that takes place every two years [...

Race-Specific and Skin of Color Dermatoscopic Characteristics of Skin Cancer: A Literature Review

Introduction: Individuals with melanin-rich skin account for the majority of the world's population. However, literature data regarding dermoscopic characteristics of skin cancer in skin of color (SoC) are scarce. The dermoscopic characteristics of cutaneous tumors might differ among skin types due to heterogeneity in composition and pigmentation. Objectives: To summarize literature data on the dermoscopic findings of skin neoplasms according to the skin color and race. Methods:  The literature search was performed using the PubMed database up to December 30, 2022, and was conducted with the use of terms referring to dermoscopy, race (Caucasians, Hispanics, Asians, and Black/African), and skin cancer types (basal cell carcinoma [BCC], squamous cell carcinoma [SCC], keratoacanthoma, Bowen disease, and melanoma). Results: In total, 30 race-specific records were included. Nine SoC records for BCCs (2 BCC studies in Hispanics, 1 BCC study in Black individuals, and 6 BCC studies in Asians), 9 SoC records for SCCs ( 1 SCC study in Hispanics ,1 SCC study in Black individuals and 7 SCCs in Asian population), and 8 SoC records for melanoma (2 melanoma studies in Hispanics, 1  in Blacks, and 5  in Asians) were compared with 4 records that involved only a Caucasian population, according to their participant section as well as with studies on dermoscopy characteristics without focusing on race origins and phototype of the patient. Conclusion: Based on a review of studies including Caucasians, Hispanics, Asians and Blacks /Africans, SoC patients present with more frequent and unique dermatoscopy features of skin cancers.

Report on comparison among current industrial scale lignite drying technologies

Lignite constitutes a major energy source and has long been used for energy production despite its contribution in greenhouse gas (GHG) emissions, as a fossil fuel. For example, 27.4% of Germany’s electricity originates from lignite power plants, while in Greece more than 55% of its electric energy consumption is provided by lignite. 45% of the total global coal reserves consist of low-rank coals (LRCs) such as lignite. With this background, the utilization of lignite for energy production is expected to remain a common practice in the decades to come since the availability of lignite is considerable in many countries of Europe and the world (e.g. Germany, Poland, Greece, USA, and Australia). Therefore, problems regarding the combustion and use of lignite should be addressed in a more efficient and environmentally friendly way. One of the main existing problems is the high moisture contained in raw lignite as received from the mine. The high moisture content results in higher CO2 emissions per unit of energy produced and is responsible for high capital and transport costs as well as other technical problems such as reduction in coal friability and difficulties in its blending and pneumatic transportation. Therefore, processing of lignite through drying is considered of great interest in the implementation of energy production in lignite power plants. Taking into account the significance of the subject and the usefulness of such an attempt, an overview of the currently existing drying technologies, including both evaporative and non-evaporative drying methods is reported in the present paper

Autologous blood pleurodesis for the treatment of postoperative air leaks. A systematic review and meta-analysis

Abstract Background Postoperative air leaks are a common complication after lung surgery. They are associated with prolonged hospital stay, increased postoperative pain and treatment costs. The treatment of prolonged air leaks remains controversial. Several treatments have been proposed including different types of sealants, chemical pleurodesis, or early surgical intervention. The aim of this review was to analyze the impact of autologous blood pleurodesis in a systematic way. Methods A systematic review of the literature was conducted until July 2020. Studies with more than five adult patients undergoing lung resections were included. Studies in patients receiving blood pleurodesis for pneumothorax were excluded. The search strategy included proper combinations of the MeSH terms “air leak”, “blood transfusion” and “lung surgery”. Results Ten studies with a total of 198 patients were included in the analysis. The pooled success rate for sealing the air leak within 48 h of the blood pleurodesis was 83.7% (95% CI: 75.7; 90.3). The pooled incidence of the post‐interventional empyema was 1.5%, with a pooled incidence of post‐interventional fever of 8.6%. Conclusions Current evidence supports the idea that autologous blood pleurodesis leads to a faster healing of postoperative air leaks than conservative treatment. The complication rate is very low. Formal recommendations on how to perform the procedure are not possible with the current evidence. A randomized controlled trial in the modern era is necessary to confirm the benefits

A novel index for the study of synergistic effects during the co-processing of coal and biomass

In this study, synergistic interaction between coal and biomass and its intensity were investigated systematically using a low rank coal and its blends with different biomass samples at various blending ratios. The catalytic effects of minerals originated from biomass were also studied. It was found that some of the minerals existing in the ash derived from oat straw catalysed the combustions process and contributed to synergistic interactions. However, for the coal and rice husk blends, minimal improvements were recorded even when the biomass and coal blending ratio was as high as 30 wt%. Biomass volatile also influenced the overall combustion performance of the blends and contributed to synergistic interactions between the two fuels in the blends. Based on these findings, a novel index was formulated to quantify the degree of synergistic interactions. This index was also validated using data extracted from literature and showed satisfactory correlation coefficients. It was found that at a blending ratio of 30 wt% oat straw in the blend, the degree of synergistic interaction between coal and oat straw showed an additional SF value of 0.25 with non-catalytic and catalytic synergistic effect contributing 0.16 (64%) and 0.09 (36%) respectively. This index could be used in the selection of proper biomass and proper blending ratio for co-firing at coal-fired power stations aiming at improving the combustion performance of poor quality coals via enhancing synergistic interactions during co-processing

Bringing agro-biomass to reality: Keys for new sustainable value chains based on agricultural pruning and plantation removal biomass

The utilization of agro-residues as a source of biomass is an opportunity for supporting the expansion of the bioeconomy in Europe. Among the multiple agro-residues, those produced from vineyards, olive groves and fruit plantation represent a relevant potential for many EU countries. Specifically, the woody biomass residues from Agricultural Pruning and Plantation Removal (APPR in short) is a paradigm of agro-residues being produced year after year, and in most of the cases, not utilized as a resource for added value activities like the production of energy, biochemical or other biocommodities. In this paper, the uP_running project provides a vision to understand the current status of APPR biomass utilization in Europe and gives some recommendations for establishing new value chains based on this fuel. In addition, the document describes how to make the APPR biomass value chains a reality: how the different stages of the value chain and logistics can be carried out, which are the main keys to make the value chain operative, how to ensure that the final user finds an added value in the APPR biomass they receive, and how to preserve the quality and market value

Η επίδραση της υιοθέτησης των Δ.Π.Χ.Π. στην ποιότητα των χρηματοοικονομικών καταστάσεων

This thesis studies two consequences of IFRS adoption in Greece. First, IFRS enactment resulted to a radical mandatory change in accounting rules without parallel improvements in the unfavorable Greek institutional environment. Unfavorable institutional attributes profoundly influence preparers’ (managers’ and auditors’) reporting incentives and undermine accounting quality. Thus, the current thesis examines whether IFRS adoption improved accounting quality in a material fashion, considering that reporting incentives in Greece probably remain countervailing. Two primary aspects of accounting quality employed here to detect potential changes are the value relevance and the conditional conservatism of accounting earnings. The second consequence regards book-tax conformity; IFRS implementation caused a significant departure of financial income from tax considerations. Since book-tax conformity was tight in Greece until IFRS adoption, this thesis examines whether the tax-pressure that a firm experiences constituted a significant downward incentive for earnings management in the pre-IFRS period. Considering that book-tax conformity severely weakened after IFRS enactment, the thesis further explores whether the effect of tax-pressure has been influenced by the new reporting regime. The main results can be summarized as follows. First, accounting quality, as measured by value relevance and conditional conservatism, exhibits immaterial improvements in the post-IFRS period. These findings suggest that unfavorable institutional settings shape countervailing reporting incentives which tend to dominate accounting standards. A direct inference is that parallel infrastructure upgrades are necessary in order to reap benefits from mandating IFRS. Second, consistent with the prediction that book-tax conformity influences managerial opportunism, the tax-pressure that a firm experiences constitutes a significant downward economic determinant of earnings management in the pre-IFRS period. However, in the post-IFRS period, during which tax-implications of book income decline, this effect plummets significantly. These findings suggest that managers adjust discretionary behavior in accordance with the reporting regime under which they activate. The empirical results appear robust to several sensitivity tests including tests concerning market efficiency, auditors’ effects, potential endogeneity in explanatory variables, alternative model specifications, alternative explanations and non-linearity issues.Η διατριβή αυτή εξετάζει δύο επιπτώσεις από την υποχρεωτική εφαρμογή των Διεθνών Προτύπων Χρηματοοικονομικής Πληροφόρησης (Δ.Π.Χ.Π.) στην Ελλάδα. Πρώτον, η θέσπιση των Δ.Π.Χ.Π. επέφερε υποχρεωτικά μια δραστική αλλαγή στα λογιστικά πρότυπα που ακολουθούνται από τις ελληνικές επιχειρήσεις χωρίς όμως να συνυπάρχει μια παράλληλη βελτίωση στο ελληνικό θεσμικό περιβάλλον. Αντίξοα χαρακτηριστικά θεσμικού περιβάλλοντος επηρεάζουν αρνητικά τα κίνητρα των διαμορφωτών των χρηματοοικονομικών καταστάσεων και υποσκάπτουν την ποιότητα της λογιστικής πληροφόρησης. Θεωρώντας ότι τα κίνητρα παροχής ποιοτικής πληροφόρησης στην Ελλάδα είναι χαμηλού επιπέδου, η διατριβή αυτή εξετάζει εάν η υποχρεωτική εφαρμογή των Δ.Π.Χ.Π. βελτίωσε ουσιωδώς την ποιότητα της λογιστικής πληροφόρησης. Η ποιότητα της λογιστικής πληροφόρησης εξειδικεύεται ως η πληροφοριακή αξία των λογιστικών κερδών για σκοπούς αποτίμησης και η υπό συνθήκες συντηρητικότητά τους. Η δεύτερη επίπτωση αφορά τη συσχέτιση λογιστικού-φορολογικού συστήματος˙ η εφαρμογή των Δ.Π.Χ.Π. επέφερε μια αναπόφευκτη μείωση των φορολογικών επιπτώσεων των λογιστικών κερδών και κατά συνέπεια μια σημαντική εξασθένιση στη συσχέτιση λογιστικού-φορολογικού συστήματος. Καθώς η συσχέτιση λογιστικού-φορολογικού συστήματος ήταν ιδιαίτερα έντονη μέχρι την εφαρμογή των Δ.Π.Χ.Π., η διατριβή αυτή εξετάζει εάν η φορολογική πίεση που αντιμετωπίζει μια επιχείρηση αποτελεί ένα σημαντικό προσδιοριστικό παράγοντα χειραγώγησης κερδών στην προ-Δ.Π.Χ.Π. εποχή. Στη συνέχεια, λαμβάνοντας υπόψη την εξασθένιση στη συσχέτιση λογιστικού-φορολογικού συστήματος που αναφέρθηκε παραπάνω, εξετάζεται αν η επίδραση αυτή της φορολογικής πίεσης έχει επηρεαστεί με την εφαρμογή των Δ.Π.Χ.Π.Τα εμπειρικά ευρήματα μπορούν να συνοψιστούν ως εξής. Όσον αφορά την πρώτη επίπτωση υποδεικνύουν ότι η υποχρεωτική θέσπιση των Δ.Π.Χ.Π. στην Ελλάδα δεν έχει επιφέρει ουσιώδη βελτίωση στην πληροφοριακή αξία των λογιστικών κερδών για σκοπούς αποτίμησης και στην υπό συνθήκες συντηρητικότητά τους. Συνεπώς, συμπεραίνεται ότι η καθαυτή υποχρεωτική εφαρμογή των Δ.Π.Χ.Π. δεν εγγυάται ουσιώδεις βελτιώσεις στην ποιότητα της λογιστικής πληροφόρησης και παράλληλες θεσμικές αναβαθμίσεις είναι απαραίτητες. Όσον αφορά τη δεύτερη επίπτωση, τα εμπειρικά ευρήματα αποκαλύπτουν ότι η φορολογική πίεση που αντιμετωπίζει μια εταιρεία συνιστά ένα σημαντικό προσδιοριστικό παράγοντα χειραγώγησης κερδών στην προ-Δ.Π.Χ.Π. εποχή. Αντιθέτως, στην περίοδο μετά την εφαρμογή των Δ.Π.Χ.Π. η επίδραση της φορολογικής πίεσης εξασθενεί σημαντικά. Συνεπώς, συμπεραίνεται ότι τα κίνητρα των μάνατζερς για χειραγώγηση λογιστικών κερδών προσαρμόζονται στις αλλαγές του περιβάλλοντος υπό το οποίο προετοιμάζονται οι λογιστικές καταστάσεις