Enhanced broadband access as a solution to the social and economic problems of the rural digital divide

Peer reviewedPublisher PD

Community Broadband Initiatives: what makes them successful and why?

ACKNOWLEDGEMENTS The authors would like to thank the UK Engineering and Physical Sciences Research Council for their support through grant number (EP/G066051/1) Digital Economy Hub and grant number (EP/K003585/1) Communities and Cultures Network+Peer reviewedPublisher PD

Financial reporting quality across listed, medium-sized and small companies in the UK: a preliminary look.

The International Accounting Standards Board (IASB) and the UK Accounting Standards Board (ASB) have adopted different financial reporting rules for different classes of company. The IASB have issued IFRS for Small and Medium-sized Entities (SMEs) in addition to full International Financial Reporting Standards (IFRS); in the UK, currently companies follow IFRS (for public companies), UK GAAP (for medium-sized companies) or FRSSE (for small companies). It is difficult to evaluate the efficacy of this approach to regulation since the ASB (and IASB) are not clear as to what consequences should follow. Is the more extensive regulation for public companies expected to result in higher accounting quality than medium and small companies; or is it necessary to combat the increased opportunity and incentive for earnings management in public companies, so that there is the same accounting quality across the different groups of companies? The main objective of this study is to undertake a preliminary investigation of cash flow to earnings ratios as a measure of accounting quality in order to inform the future policy and discussion about the differential reporting framework. We find that the financial reporting behaviour of medium sized entities is significantly different from public and small companies. This suggests that accounting standards do not equalise accounting quality

Earnings quality across different reporting regimes: listed, large private, medium-sized, small and micro companies in the UK

Purpose – Since the UK Companies Act 1981, different reporting standards have developed for different classes of company to reduce the reporting burden on non-listed companies. There are now different regimes for listed, large private, medium sized, small, and micro companies. This strategy raises the issue of whether earnings quality across the different classes of company is comparable. Design/methodology/approach – The paper uses the smoothness of earnings to measure reporting quality across the different types of company from 2006-2013, based on 514,000 observations. Smoothness is an indicator of poor quality. Findings – We find that listed companies have the highest earnings quality, closely followed by small and micro companies. In contrast, large private and medium sized companies have much lower earnings quality. Overall, we find companies which switch between reporting regimes have lower earnings quality. We also find that earnings quality is not affected by the small company exemption from audit. Research limitations/implications –Companies filing abbreviated accounts are excluded since they do not file an income statement. The recent revisions to UK GAAP (FRS102 and FRS105) are not examined due to insufficient data. Practical implications – The Financial Reporting Council’s strategy of reducing the financial reporting and auditing obligations for small companies seems not to have significantly affected earnings quality. However, the FRC may need to review the reporting requirements of large private and medium sized companies and also the option of companies to switch between reporting regimes; in these settings earnings quality appears to be weaker. Originality/value – The paper studies the effect of earnings quality across the different reporting regimes in the UK. Novel and important features of the study are that (i) the sample covers a wide variety of small and micro companies which have not been analysed previously, (ii) the results are disaggregated by year, for assurance that the results are not driven by a single rogue year, and (iii) we also address the small company exemption from audit, and the flexibility of non-listed companies to switch between regimes

The impact of the 2007 reforms in China on the quality of earnings

Prior to 2007, in order to encourage international investment, China operated two parallel financial reporting systems, one based on Chinese GAAP for domestic investors and the other based on IFRS for international investors. In 2007 after a series of reforms to harmonise Chinese GAAP with IFRS, this system was replaced by a single set of standards for both classes of investor. We evaluate the impact of this significant change on earnings quality for stocks quoted on the Shanghai and Shenzhen stock exchanges for the period 2003-2013. Using tests of earnings smoothing and early loss recognition, we identify three key features. Firstly, earnings quality improved consistently over the period. Secondly, prior to the reforms of 2007, IFRS earnings were of superior quality to Chinese GAAP earnings. A third and important finding is that earnings quality under Chinese GAAP after the 2007 reforms is comparable to that under pre-2007 IFRS

Transformation in a changing climate: a research agenda

The concept of transformation in relation to climate and other global change is increasingly receiving attention. The concept provides important opportunities to help examine how rapid and fundamental change to address contemporary global challenges can be facilitated. This paper contributes to discussions about transformation by providing a social science, arts and humanities perspective to open up discussion and set out a research agenda about what it means to transform and the dimensions, limitations and possibilities for transformation. Key focal areas include: (1) change theories, (2) knowing whether transformation has occurred or is occurring; (3) knowledge production and use; (4), governance; (5) how dimensions of social justice inform transformation; (6) the limits of human nature; (7) the role of the utopian impulse; (8) working with the present to create new futures; and (9) human consciousness. In addition to presenting a set of research questions around these themes the paper highlights that much deeper engagement with complex social processes is required; that there are vast opportunities for social science, humanities and the arts to engage more directly with the climate challenge; that there is a need for a massive upscaling of efforts to understand and shape desired forms of change; and that, in addition to helping answer important questions about how to facilitate change, a key role of the social sciences, humanities and the arts in addressing climate change is to critique current societal patterns and to open up new thinking. Through such critique and by being more explicit about what is meant by transformation, greater opportunities will be provided for opening up a dialogue about change, possible futures and about what it means to re-shape the way in which people live