The Financial Statements of BRIC Countries

The financial statements of BRIC countries.The aim of this paper is to investigate the accountingsystems used in those countries that today are driving thegrowth of the world economy, the so-called "BRIC"(Brazil, Russia, India and China), and to verify whetherand to what extent the current global process ofconvergence of the different accounting systems with theInternational accounting Standards would also involvethese countries. After an early introduction, an analysis isreported on the accounting practices adopted by each ofthe four countries and on the similarities and differenceswith IFRS. As you can read from the article, the BRICcountries are an active part of the process of convergenceto IAS, however there are still many differences betweenthe accounting practices used by individual countries andthe international ones, due both to the specific economicconditions of developing countries and their peculiarities,and to a certain "resistance" to a full adoption of themodel of international accounting standards. At the endof the article there is a table which highlights the distancebetween the accounting systems adopted in the BRICcountries with International Accounting Standards bycomparing the financial statements of some companiesprepared in accordance with both the two types ofaccounting standards

Business Combinations Under Common Control (BCUCC): the Italian Experience

Business combinations under commoncontrol (BCUCC): the Italian Experience. The aim ofthis paper was to analyze the phenomenon ofbusiness combinations under common control(BCUCC) with emphasis on the Italian experience,focusing on information deduced from a sample ofItalian financial statements and comparing themwith each other and with the same number ofEuropean listed companies. We started from atheoretical analysis of the phenomenon,contextualizing it within the IAS/IFRS framework,and discussing the different visions and possiblesolutions that have been suggested by otherimportant national and international organizations(US GAAP, Assirevi, China GAAP), and thenproceeded to analyze the financial statements of themost important Italian companies in detail. Wesubsequently considered the two differentmethodologies for accounting, delineating theanalogies and differences between them, in anattempt to investigate the reasons why one of themcould be preferable to the other and the differenteffects of each on consolidated financial statements.Finally we analyzed the different informationalneeds of users of the financial statement comparedwith cases of “normal” business combinations. Thesamples chosen for our research comprised acertain number of companies randomly chosenfrom Italian stock exchange quotations as well asfrom the other major Italian stock index FTSEMIB

EUROPEAN COMPANIES: EVALUATION FOR SHARIA COMPLIANCE “OPPORTUNITIES AND CHALLENGES”

The continuous growth of Islamic finance investments and the innovation in its various financial instruments make it an attractive financial system especially for the Western countries. Islamic finance is currently introduced in some European countries however the rest of the continent is studying the idea of having dual financial system (i.e. Islamic system and conventional system). Attracting Islamic investors to Europe requires the compatibility of the investments with Sharia. The aim of this paper is to evaluate European companies for being Sharia compliant. Qualitative and empirical approaches are used in the research methodology to test the European companies’ eligibility using a Sharia compliant methodology screening. The results should be a key element in understanding the nature of those companies and figuring out if it will be a win -win situation;  in one hand those companies can be financed through Islamic financial instruments and on the other hand examine the profitability of those companies

Sharia Compliant “Possibility for Italian SMEs”

Islamic Finance have been a flourishing phenomenon recently with a very high growth rates and countries worldwide are exerting efforts to introduce it as an alternative financial system especially after proving its stability in the last financial crisis. Introducing the Islamic finance in Italy would be very important step with high potential opportunities due to the creation of investment opportunities, increase of liquidity, accessing Arab sovereign funds, and promoting integration policies for immigrants. Understanding the current nature of the Italian companies in particular the Small and Medium Enterprises (SMEs) and by testing their eligibility of being Sharia compliant in this paper; which is a fundamental step for exploring the feasibility of adapting them to the Islamic financial system and therefore the possibility for financing them through Islamic financial instruments; had proved its validity with an optimal results whether on the screening process or the performance and profitability measures

Crowdfunding and Fintech: business model sharia compliant

Focus on a concrete project, share the results, contain the risk. These are some of the precepts of Islamic finance. But they are also the cornerstones of crowdfunding. This is why this form of financing is cutting out its space. With an extra pillar: no interests. The resources are still limited, but the Muslim crowdfunding ecosystem is diversifying: from the most basic reward based on social lending, with an eye to the Fintech. FinTech refers to technofinance or financial technology, that is to say, the supply of services and financial products provided through the most modern technologies made available to ICT. The services provided by FinTech are essentially those of traditional finance: therefore, from simple transactions to payments, to brokering and risk management, typical and exclusive of this sector are the activities linked to electronic currencies such as for example, the Bitcoin

Public Local Group: The Financial Statement Effects of Adopting the International Public Sector Accounting Standards (The Case of Italy)

Using a sample of Italian local group, we investigate the financial statement effects of adopting International Accounting Standards. The consolidated financial statements for the local public group, recently introduced in the experimental stage by the Italian legislature, has the potential to provide the information needed to verify the degree of achievement of the objectives inherent in the entire aggregate, especially with reference to the composition the sources of the resources that the composition of the loans of the same. In this context allows to know the group’s financial structure, the degree of financial independence and the level of debt, the structure of ownership of the group, the overall cost of the same, the structural composition of costs, especially those that are the most significant items of part of the output. The consolidated information permits, also, the knowledge of the different composition of income as well as the analysis of the relationship between revenue from taxing ability of the parent and the income from exchange relationships activated by the subsidiaries with consequential possibility of forecast consolidated business units as well as to formulate programs for greater optimization is finding that the use of resources.Of course, here and take over the limits, in his overview (overall) the consolidated financial statements can conceal the meaning of particular events and makes it difficult to compare spatial/temporal data consolidated as the Group is, by its nature, ductile (not is a stable) and flexible is the scope of consolidation (directly dependent on the composition of the Group) (Grossi & Reichard, 2006). It will strictly depends by the criteria adopted in the consolidated process: this paper aims to discuss the purpose of the consolidated financial statements of the Public groups to steer the preparation of the interests of stakeholders. Key words: Consolidated financial statement; Stakeholders; Public group; IPSAS; IAS/IFRS; Local GAA