Accounting for Financial Instruments: An Analysis of the Determinants of Disclosure in the Portuguese Stock Exchange

This paper analyzes the determinants of disclosure level in the accounting for financial instruments of Portuguese listed companies. We have constructed an index of disclosure based on IAS 32 and 39 disclosure requirements and computed the index score for each company. Consequently, this study also analyzes the characteristics of companies that are closest to IAS before 2005. The analysis includes variables that capture intrinsic features of Portuguese companies and institutional regulatory context, such as capital structure and characteristics of the corporate governance structure, within contingency theory. We could not find significant influence of corporate governance structure and of financing structure. We conclude that disclosure degree is significantly related to size, type of auditor, listing status and to the economic sector. This research reveals areas for improvement of the Portuguese companies’ reporting practices and suggests areas for intervention of the Portuguese capital markets regulator in the context of mandatory IAS after 2005.Financial instruments accounting, Disclosure indices, Firm-specific characteristics, International Accounting, IAS, Portugal

Accounting for financial instruments: A comparison of European companies’ practices with IAS 32 and IAS 39

This paper analyses accounting for financial instruments of STOXX 50 companies and compare them to the requirements of IAS 32 and IAS 39, before IFRS are mandatory in the European Union. We use a list of 120 categories of inquiry and 370 possible responses and analyse companies’ annual reports. The results show that the majority of companies disclose the fair value amounts and methods of calculation but the information is neither clear nor objective, preventing the fair value information from being relevant and useful. We conclude that companies have a long way to go in terms of accounting and disclosure of financial instruments, namely derivatives. The mandatory adoption of more stringent standards such as the IAS 32 and IAS 39 may improve the information disclosed by companies. Doubts about the compliance degree and the usefulness of the information still remain. This paper brings new perspectives to the challenges of IAS/IFRS adoption, namely to what relates to fair value measurement.Accounting for financial instruments, Fair value accounting, International Accounting, Accounting harmonisation, IAS/IFRS, STOXX 50

Accounting practices for financial instruments. How far are Portuguese companies from IAS?

The purpose of this study is to analyse the current accounting practices for financial instruments by Portuguese companies and compare them to the measurement, recognition and disclosure requirements stipulated in IAS 32 and 39. In order to attain our objective, we drew up a list of 120 categories of inquiry and 370 possible responses that we were interested in analysing. We applied content analysis technique to 2001 listed companies’ annual reports. Our results suggest that the accounting practices for financial instruments by companies listed on the Portuguese stock exchange are very far from what IAS 32 and 39 require. This is especially observed in the measurement and recognition criteria applied to the categories of financial instruments for which the adoption of fair value is required (that is, held-for-trading and available-for-sale financial assets). In what derivative instruments are concerned, we found that the fair value measurement criterion is being adopted by a large number of derivative users. However, with respect to hedging transactions, the gap between accounting practices and the relevant accounting Standards is quite wide. A big improvement in reporting practices regarding this type of instruments will be needed. These findings throw light on the challenges of adopting IAS, particularly with respect to fair value measurement, now that 2005 is near.Financial instruments accounting, Fair Value, International Accounting, IAS, Portugal

Promoting Physical Exercise Participation: The Role of Interpersonal Behaviors for Practical Implications

he number of people engaging in physical exercise has been decreasing every year. These behaviors are known to be related with non-communicable chronic diseases and to drastically increase premature morbidity and mortality. Since “the lack of motivation” has been pointed out as one of the main reasons for not engaging in physical exercise, several theoretical and empirical studies have been conducted aimed at understanding what influences behavior regulation. According to literature, gym exercisers who perceive exercise instructors as supportive are more likely to maintain physical exercise participation over the long-run. Supporting autonomy, competence, and relatedness should be carefully considered when interacting with health club clients as a way to promote more autonomous motivation. Overall, it seems that exercise instructors should foster a supportive environment for gym exercisers, in order to encourage exercise as a habitual behavior.info:eu-repo/semantics/publishedVersio

Agricultural Credit Interest Rate Equalization Policy: A Growth Subsidy?

The Brazilian Interest Rate Equalization System (IRES) subsidizes farmers by providing them with credit at lower than market interest rates. The objective of this research is to evaluate the IRES by comparing its monetary cost with its benefits as measured by Brazilian GDP growth. Estimates are carried out using input-output matrix. The results suggest that each Brazilian real spent by IRES to assist Brazilian family farms increases Brazilian GDP by R$1.75 and that each real spent to assist commercial farms increases GDP by R$ 3.57. The IRES is a subsidy that generates economic growth greater than its cost to society.IRES subsidy, growth, input-output matrix, Agricultural Finance, Q18, C67, O40, H81,

Hepatitis A: How We Are after the Introduction of Vaccines

Hepatitis A is a disease known for a long time. It has a universal distribution, although it has a higher prevalence in places with poor sanitary conditions due to its main form of transmission: fecal-oral. The local health conditions also influence the age of acquisition of the disease and, therefore, its clinical presentation, because the disease in young children is usually asymptomatic. It is a viral disease whose prevention is possible through improvements in the population’s basic sanitation conditions and vaccination. Since the introduction of vaccines, it has been possible to see a reduction in its incidence, especially in places where universal vaccination of children has been instituted. In recent years immunoglobulin therapy is being replaced by vaccination in pre- and postexposure prophylaxis (PEP), except in specific situations. Its incidence, even in developing countries, has decreased after introduction of hepatitis A vaccine. The vaccine is recommended in two doses for children, starting at the age of 1. Argentina and, more recently, Brazil have adopted the universal vaccination of all children upon completion of 12 months of age in a single-dose regimen. Despite this breakthrough isolated outbreaks in homeless and drug users are still described in developed countries

Chemical, physical and bioactive properties of different cultivars of potatoes (solanum tuberosum L.) and their peels

The development of environmentally friendly products has been the main agenda of the 21st century. One of the main focuses is the recycling of products from the food processing industries. For some decades now, the by-products of the food industry have been converted into energy and other value-added products. Potatoes are the fourth most important food in the world, however their by-products, namely their peels contain nutrients and molecules of interest, being candidates for applications such as food preservatives, colorants or nutritional matter for other foods. In this work, 29 pulps and skins of potato varieties were studied. Nutritional value, soluble sugar content, organic acids, antioxidant activity by the TBARS method and antimicrobial activity were determined. They were also pH, water activity, texture and color of potato skins and pulps. Due to the large number of different samples, there was a lot of overlapping of ratings. Thus, a linear discriminant analysis was used to group potatoes according to the values obtained for each analysis. Thus, the potatoes were grouped into 5 groups that approximated them by region. Overall, the potatoes and peels seem to show bioactive molecules that could be exploited, as well as colorants that could be used in the food industry. Furthermore, the diversity of the 29 potato varieties shows that this vegetable is very different and adapted to different climates, which shows in their intrinsic properties.O desenvolvimento de produtos sustentáveis tem sido a principal agenda do século XXI. Um dos principais focos é a reciclagem de produtos das indústrias de processamento de alimentos. Há algumas décadas, os subprodutos da indústria de alimentos foram convertidos em energia e outros produtos de valor agregado. A batata é o quarto alimento mais importante do mundo, porém os seus subprodutos, nomeadamente as suas cascas contêm nutrientes e moléculas de interesse, sendo candidatas a aplicações como conservantes alimentares, corantes ou matéria nutricional para outros alimentos. Neste trabalho, foram estudadas 29 polpas e cascas de variedades de batata. Foram determinados o valor nutricional, teor de açúcares solúveis, ácidos orgânicos, atividade antioxidante pelo método TBARS e atividade antimicrobiana. Além disso, foram também analisados o pH, atividade de água, textura e cor da casca e da polpa da batata. Devido ao grande número de amostras diferentes, houve sobreposições aquando da classificação das amostras. Assim, uma análise discriminante linear foi utilizada para agrupar as batatas de acordo com os valores obtidos para cada análise. Assim, as batatas foram agrupadas em 5 clusters que as aproximam por região geográfica. No geral, as batatas e as cascas parecem apresentar moléculas bioativas que podem ser exploradas, assim como corantes que podem ser usados na indústria alimentar. Além disso, a diversidade das 29 variedades de batata mostra que este vegetal é muito diferente e adaptado a diferentes climas, o que se manifesta nas suas propriedades intrínsecas