Determining The Impact Of Capitalising Long-Term Operating Leases On The Financial Ratios Of The Top 40 JSE-Listed Companies

Operating leases forma great part of companies’ financing structures in today’s economicenvironment. Some accounting standard-setters and other users of financialstatements are of the opinion that the current standard on accounting foroperating leases, IAS 17, does not provide sufficient guidelines on the disclosureof a company’s leasing activities. The current accounting standard on leasesprovides companies with the opportunity to classify lease contracts intodifferent classes which leads to off-balance-sheet financing. This problem iscurrently being addressed by the IASB as they are in the process of developingan improved standard on leases. The main focus ofthis paper is to determine the impact of the improved accounting standard onthe financial statements and the resulting financial ratios of theJSE Top 40 companies when operating leases are accounted for ason-balance-sheet debt. The differences between the current IAS 17 and theExposure draft (ED/2010/9) are identified and the comparison indicatessignificant differences between these two approaches on accounting foroperating lease activities. The focus of the IASBin developing this exposure draft was to provide the users of financialstatements with a universal picture of the leasing activities that the companyis engaged in. The findings include that this objective is achieved as usersare not left uninformed about any of the financing activities that stakeholdersare exposed to if indeed a company is engaged in operating lease activities.The study also revealed that the capitalising of long-term operating leaseswill have a significant effect on the key financial ratios that stakeholdersuse to interpret a company’s financial performance

Comparison between chiral and meson-theoretic nucleon-nucleon potentials through (p,p') reactions

We use proton-nucleus reaction data at intermediate energies to test the emerging new generation of chiral nucleon-nucleon (NN) potentials. Predictions from a high quality one-boson-exchange (OBE) force are used for comparison and evaluation. Both the chiral and OBE models fit NN phase shifts accurately, and the differences between the two forces for proton-induced reactions are small. A comparison to a chiral model with a less accurate NN description sets the scale for the ability of such models to work for nuclear reactions.Comment: 6 pages, revtex, 4 eps-figure

Sensitivity of nucleon-nucleus scattering to the off-shell behavior of on-shell equivalent NN potentials

The sensitivity of nucleon-nucleus elastic scattering to the off-shell behavior of realistic nucleon-nucleon interactions is investigated when on-shell equivalent nucleon-nucleon potentials are used. The study is based on applications of the full-folding optical model potential for an explicit treatment of the off-shell behavior of the nucleon-nucleon effective interaction. Applications were made at beam energies between 40 and 500 MeV for proton scattering from 40Ca and 208Pb. We use the momentum-dependent Paris potential and its local on-shell equivalent as obtained with the Gelfand-Levitan and Marchenko inversion formalism for the two nucleon Schroedinger equation. Full-folding calculations for nucleon-nucleus scattering show small fluctuations in the corresponding observables. This implies that off-shell features of the NN interaction cannot be unambiguously identified with these processes. Inversion potentials were also constructed directly from NN phase-shift data (SM94) in the 0-1.3 GeV energy range. Their use in proton-nucleus scattering above 200 MeV provide a superior description of the observables relative to those obtained from current realistic NN potentials. Limitations and scope of our findings are presented and discussed.Comment: 17 pages tightened REVTeX, 8 .ps figures, submitted to Phys. Rev.

Nuclear Transparency to Intermediate-Energy Protons

Nuclear transparency in the (e,e'p) reaction for 135 < Tp < 800 MeV is investigated using the distorted wave approximation. Calculations using density-dependent effective interactions are compared with phenomenological optical potentials. Nuclear transparency is well correlated with proton absorption and neutron total cross sections. For Tp < 300 MeV there is considerable sensitivity to the choice of optical model, with the empirical effective interaction providing the best agreement with transparency data. For Tp > 300 MeV there is much less difference between optical models, but the calculations substantially underpredict transparency data and the discrepancy increases with A. The differences between Glauber and optical model calculations are related to their respective definitions of the semi-inclusive cross section. By using a more inclusive summation over final states the Glauber model emphasizes nucleon-nucleon inelasticity, whereas with a more restrictive summation the optical model emphasizes nucleon-nucleus inelasticity; experimental definitions of the semi-inclusive cross section lie between these extremes.Comment: uuencoded gz-compressed tar file containing revtex and bbl files and 5 postscript figures, totalling 31 pages. Uses psfi

Study of the nucleon-induced preequilibrium reactions in terms of the Quantum Molecular Dynamics

The preequilibrium (nucleon-in, nucleon-out) angular distributions of $^{27}$Al, $^{58}$Ni and $^{90}$Zr have been analyzed in the energy region from 90 to 200 MeV in terms of the Quantum Moleculear Dynamics (QMD) theory. First, we show that the present approach can reproduce the measured (p,xp') and (p,xn) angular distributions leading to continuous final states without adjusing any parameters. Second, we show the results of the detailed study of the preequilibrium reaction processes; the step-wise contribution to the angular distribution, comparison with the quantum-mechanical Feshbach-Kerman-Koonin theory, the effects of momentum distribution and surface refraction/reflection to the quasifree scattering. Finally, the present method was used to assess the importance of multiple preequilibrium particle emission as a function of projectile energy up to 1 GeV.Comment: 22pages, Revex is used, 10 Postscript figures are available by request from [email protected]

Microscopic calculations of medium effects for 200-MeV (p,p') reactions

We examine the quality of a G-matrix calculation of the effective nucleon-nucleon (NN) interaction for the prediction of the cross section and analyzing power for 200-MeV (p,p') reactions that populate natural parity states in $^{16}$O, $^{28}$Si, and $^{40}$Ca. This calculation is based on a one-boson-exchange model of the free NN force that reproduces NN observables well. The G-matrix includes the effects of Pauli blocking, nuclear binding, and strong relativistic mean-field potentials. The implications of adjustments to the effective mass ansatz to improve the quality of the approximation at momenta above the Fermi level will be discussed, along with the general quality of agreement to a variety of (p,p') transitions.Comment: 36 pages, TeX, 18 figure

To continue or not to continue? Antipsychotic medication maintenance versus dose-reduction/discontinuation in first episode psychosis: HAMLETT, a pragmatic multicenter single-blind randomized controlled trial

BACKGROUND: Antipsychotic medication is effective for symptomatic treatment in schizophrenia-spectrum disorders. After symptom remission, continuation of antipsychotic treatment is associated with lower relapse rates and lower symptom severity compared to dose reduction/discontinuation. Therefore, most guidelines recommend continuation of treatment with antipsychotic medication for at least 1 year. Recently, however, these guidelines have been questioned as one study has shown that more patients achieved long-term functional remission in an early discontinuation condition-a finding that was not replicated in another recently published long-term study. METHODS/DESIGN: The HAMLETT (Handling Antipsychotic Medication Long-term Evaluation of Targeted Treatment) study is a multicenter pragmatic single-blind randomized controlled trial in two parallel conditions (1:1) investigating the effects of continuation versus dose-reduction/discontinuation of antipsychotic medication after remission of a first episode of psychosis (FEP) on personal and social functioning, psychotic symptom severity, and health-related quality of life. In total 512 participants will be included, aged between 16 and 60 years, in symptomatic remission from a FEP for 3-6 months, and for whom psychosis was not associated with severe or life-threatening self-harm or violence. Recruitment will take place at 24 Dutch sites. Patients are randomized (1:1) to: continuation of antipsychotic medication until at least 1 year after remission (original dose allowing a maximum reduction of 25%, or another antipsychotic drug in similar dose range); or gradual dose reduction till eventual discontinuation of antipsychotics according to a tapering schedule. If signs of relapse occur in this arm, medication dose can be increased again. Measurements are conducted at baseline, at 3, and 6 months post-baseline, and yearly during a follow-up period of 4 years. DISCUSSION: The HAMLETT study will offer evidence to guide patients and clinicians regarding questions concerning optimal treatment duration and when to taper off medication after remission of a FEP. Moreover, it may provide patient characteristics associated with safe dose reduction with a minimal risk of relapse. TRIAL STATUS: Protocol version 1.3, October 2018. The study is active and currently recruiting patients (since September 2017), with the first 200 participants by the end of 2019. We anticipate completing recruitment in 2022 and final assessments (including follow-up 3.5 years after phase one) in 2026. TRIAL REGISTRATION: European Clinical Trials Database, EudraCT number 2017-002406-12. Registered 7 J