Increasing convergence between the recognition of an intangible asset for financial accounting purposes and strategic management accounting and project management techniques

New management techniques such as 'just-in-time', 'lean manufacturing' and 'Six Sigma' allow management accountants to shift their focus from the management and control of production processes to the management of strategic issues. This paradigm shift resulted from shorter product life cycles, due to technological advances and a more competitive business environment. Recent revisions to the International Accounting Standards which are particularly supportive of life cycle costing and project management are likely to increase the focus on strategic management accounting further. This article describes developments in management accounting and the recent convergence of financial reporting in terms of International Accounting Standards with strategic management accounting and project management techniques. Strategic management accounting (particularly life cycle costing) involves applying project management techniques and using the calculus of investment to manage the project as a whole. This contrasts with managing only costs and revenues during the manufacturing phase of a project. The article demonstrates that project management techniques and the calculus of investment provide the information needed to account for the value of a project in terms of IAS 38: Intangible Assets. This will ultimately give rise to both improved decision-making and more relevant financial reporting

Ethical misconduct by registered physiotherapists in South Africa (2007– 2013): A mixed methods approach

Background: The role of ethics in a medical context is to protect the interests of patients. Thus, it is critically important to understand the guilty verdicts related to professional standard breaches and ethics misconduct of physiotherapists. Aim: To analyse the case content and penalties of all guilty verdicts related to ethics misconduct against registered physiotherapists in South Africa. Methods: A mixed methods approach was followed consisting of epidemiological data analysis and qualitative content analysis. The data documents were formal annual lists (2007–2013) of guilty verdicts related to ethical misconduct. Quantitative data analysis focused on annual frequencies of guilty verdicts, transgression categories and the imposed penalties. Qualitative data analysis focused on content analysis of the case content for each guilty verdict. Results: Relatively few physiotherapists (0.05%) are annually found guilty of ethical misconduct. The two most frequent penalties were fines of R5000.00 and fines of R8000.00 – R10 000.00. The majority of transgressions involved fraudulent conduct (70.3%), followed by performance of procedures without patient consent (10.8%). Fraudulent conduct involved issuing misleading, inaccurate or false medical statements, and false or inaccurate medical aid scheme claims

An Isolated Stellar-Mass Black Hole Detected Through Astrometric Microlensing

We report the first unambiguous detection and mass measurement of an isolated stellar-mass black hole (BH). We used the Hubble Space Telescope (HST) to carry out precise astrometry of the source star of the long-duration (t_E ~ 270 days), high-magnification microlensing event MOA-2011-BLG-191/OGLE-2011-BLG-0462, in the direction of the Galactic bulge. HST imaging, conducted at eight epochs over an interval of six years, reveals a clear relativistic astrometric deflection of the background star's apparent position. Ground-based photometry shows a parallactic signature of the effect of the Earth's motion on the microlensing light curve. Combining the HST astrometry with the ground-based light curve and the derived parallax, we obtain a lens mass of 7.1 +/- 1.3 M_Sun and a distance of 1.58 +/- 0.18 kpc. We show that the lens emits no detectable light, which, along with having a mass higher than is possible for a white dwarf or neutron star, confirms its BH nature. Our analysis also provides an absolute proper motion for the BH. The proper motion is offset from the mean motion of Galactic-disk stars at similar distances by an amount corresponding to a transverse space velocity of ~45 km/s, suggesting that the BH received a modest natal 'kick' from its supernova explosion. Previous mass determinations for stellar-mass BHs have come from radial-velocity measurements of Galactic X-ray binaries, and from gravitational radiation emitted by merging BHs in binary systems in external galaxies. Our mass measurement is the first ever for an isolated stellar-mass BH using any technique

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� � The study was coordinated by a team from UNICEF South Africa including Bjorn Gelders, Georg