'True and fair view' versus 'Present fairly in conformity with generally accepted accounting principles'

The ‘true and fair view’ concept is one of two competing but not mutually exclusive legal standards for financial reporting quality that have been subject to debate on their meaning, use and importance. The other is ‘present fairly in conformity with generally accepted accounting principles’ (GAAP). While the former is closely identified with judgement and is used in the United Kingdom, the European Union, Singapore, Australia, and New Zealand, the latter is the standard for United States financial reporting and tends to be more rule based. This paper presents the findings of an empirical investigation of the ‘true and fair view’ in New Zealand. It reports the results of a survey of financial directors, auditors and shareholders of New Zealand listed companies investigating their perceptions of, and preferences for, ‘true and fair view’ versus other standards for financial statement reporting including ‘present fairly in conformity with generally accepted accounting principles’ (GAAP), 'fairly reflects' and 'present fairly', and compares the findings with relevant international research. The purpose of the research was twofold; firstly to determine if ‘within-group’ and ‘betweengroup’ differences in perceptions and preferences for the terms existed, thus contributing to an expectations gap; and, secondly, to examine whether or not the New Zealand respondents shared the preference for ‘true and fair view’ versus ‘present fairly in conformity with GAAP’ found in previous international research. The results show that a clear majority of all three groups share similar perceptions of the meaning of the 'true and fair view’ concept, and support its use in financial reporting. All groups preferred ‘true and fair view’ to other terms including ‘fairly present in conformity with GAAP’, a result consistent with previous comparisons of United Kingdom, and United States investors’ opinions. This illustrates that the 'true and fair view' concept remains an important international overall standard for financial reporting quality

Web assisted teaching: an undergraduate experience

The emergence of the Internet has created a number of claims as to the future of education and the possibility of dramatically changing the way in which education is delivered. Much of the attention has focussed on the adoption of teaching methods that are solely web-based. We set out to incorporate web-based teaching as support for more traditional teaching methods to improve the learning outcomes for students. This first step into web-based teaching was developed to harness the benefits of web-based teaching tools without supplanting traditional teaching methods. The aim of this paper is to report our experience with web-assisted teaching in two undergraduate courses, Accounting Information Systems and Management Accounting Services, during 2000. The paper evaluates the approach taken and proposes a tentative framework for developing future web-assisted teaching applications. We believe that web-assisted and web-based teaching are inevitable outcomes of the telecommunications and computer revolution and that academics cannot afford to become isolated from the on-line world. A considered approach is needed to ensure the integration of web-based features into the overall structure of a course. The components of the course material and the learning experiences students are exposed to need to be structured and delivered in a way that ensures they support student learning rather than replacing one form of learning with another. Therefore a careful consideration of the structure, content, level of detail and time of delivery needs to be integrated to create a course structure that provides a range of student learning experiences that are complimentary rather than competing. The feedback was positive from both extramural (distance) and internal students, demonstrating to us that web sites can be used as an effective teaching tool in support of more traditional teaching methods as well as a tool for distance education. The ability to harness the positives of the web in conjunction with more traditional teaching modes is one that should not be overlooked in the move to adopt web based instruction methods. Web-based teaching need not be seen as an all or nothing divide but can be used as a useful way of improving the range and type of learning experiences open to students. The Web challenges traditional methods and thinking but it also provides tools to develop innovative solutions to both distance and on campus learning. Further research is needed to determine how we can best meet the needs of our students while maintaining high quality learning outcomes

Assessing Downstream Aquatic Habitat Availability Relative to Headwater Reservoir Management in the Henrys Fork Snake River

Reservoirs are sometimes managed to meet agricultural and other water demands, while also maintaining streamflow for aquatic species and ecosystems. In the Henrys Fork Snake River, Idaho (USA), irrigation-season management of a headwater reservoir is informed by a flow target in a management reach ~95 km downstream. The target is in place to meet irrigation demand and maintain aquatic habitat within the 11.4 km management reach and has undergone four flow target assignments from 1978 to 2021. Recent changes to irrigation-season management to maximize reservoir carryover warranted investigation into the flow target assignment. Thus, we created a streamflow-habitat model using hydraulic measurements, habitat unit mapping, and published habitat suitability criteria for Brown Trout (Salmo trutta), Rainbow Trout (Oncorhynchus mykiss), and Mountain Whitefish (Prosopium williamsoni). We used model output to compare habitat availability across two management regimes (1978–2017 and 2018–2021). We found that efforts to minimize reservoir releases in 2018–2021 did not reduce mean irrigation-season fish habitat relative to natural flow, but did reduce overall fish habitat variability during the irrigation season compared to streamflow management in 1978–2017. Field observations for this research led to an adjusted flow target in 2020 that moved the target location downstream of intervening irrigation diversions. Using our model output, we demonstrated that moving the location of the target to account for local irrigation diversions will contribute to more consistently suitable fish habitat in the reach. Our study demonstrates the importance of site selection for establishing environmental flow targets

A variational problem on Stiefel manifolds

In their paper on discrete analogues of some classical systems such as the rigid body and the geodesic flow on an ellipsoid, Moser and Veselov introduced their analysis in the general context of flows on Stiefel manifolds. We consider here a general class of continuous time, quadratic cost, optimal control problems on Stiefel manifolds, which in the extreme dimensions again yield these classical physical geodesic flows. We have already shown that this optimal control setting gives a new symmetric representation of the rigid body flow and in this paper we extend this representation to the geodesic flow on the ellipsoid and the more general Stiefel manifold case. The metric we choose on the Stiefel manifolds is the same as that used in the symmetric representation of the rigid body flow and that used by Moser and Veselov. In the extreme cases of the ellipsoid and the rigid body, the geodesic flows are known to be integrable. We obtain the extremal flows using both variational and optimal control approaches and elucidate the structure of the flows on general Stiefel manifolds.Comment: 30 page

Aspects of a0-f0 mixing in the reaction pn->da0

Some aspects of a0-f0 mixing effects in the reaction ${\vec p} n\to da^0_0$ with perpendicular polarized proton beam are discussed. An angular--asymmetry parameter $A$ is defined to study those effects. It is shown that, for energies close to the production threshold, the angular--asymmetry parameter $A(\theta, \phi)$ is proportional to the a0-f0 mixing amplitude for arbitrary polar and azimuthal angles $\theta$ and $\phi$ of the outgoing $a_0$ meson. This statement is also valid for arbitrary energies, but then only at polar angles $\theta=0^0$ and $\theta=90^0$. The mass dependence of the differential cross section $d\sigma/dm_{\pi^0\eta}$ in the reaction $pn\to d\pi^0\eta$ in the presence of \mix mixing is also discussed.Comment: 17 pages, 3 Figure

Physical Conditions in Quasar Outflows: VLT Observations of QSO 2359-1241

We analyze the physical conditions of the outflow seen in QSO 2359-1241 (NVSS J235953-124148), based on high resolution spectroscopic VLT observations. This object was previously studied using Keck/HIRES data. The main improvement over the HIRES results is our ability to accurately determine the number density of the outflow. For the major absorption component, level population from five different Fe II excited level yields n_H=10^4.4 cm^-3 with less than 20% scatter. We find that the Fe ii absorption arises from a region with roughly constant conditions and temperature greater than 9000 K, before the ionization front where temperature and electron density drop. Further, we model the observed spectra and investigate the effects of varying gas metalicities and the spectral energy distribution of the incident ionizing radiation field. The accurately measured column densities allow us to determine the ionization parameter log(U) = -2.4 and total column density of the outflow (log(N_H) = 20.6 cm^-2). Combined with the number density finding, these are stepping stones towards determining the mass flux and kinetic luminosity of the outflow, and therefore its importance to AGN feedback processes.Comment: 21 pages, 3 figures (accepted for publication in the ApJ

Observation of non-exponential magnetic penetration profiles in the Meissner state - A manifestation of non-local effects in superconductors

Implanting fully polarized low energy muons on the nanometer scale beneath the surface of a superconductor in the Meissner state enabled us to probe the evanescent magnetic field profile B(z)(0<z<=200nm measured from the surface). All the investigated samples [Nb: kappa \simeq 0.7(2), Pb: kappa \simeq 0.6(1), Ta: kappa \simeq 0.5(2)] show clear deviations from the simple exponential B(z) expected in the London limit, thus revealing the non-local response of these superconductors. From a quantitative analysis within the Pippard and BCS models the London penetration depth lambda_L is extracted. In the case of Pb also the clean limit coherence length xi0 is obtained. Furthermore we find that the temperature dependence of the magnetic penetration depth follows closely the two-fluid expectation 1/lambda^2 \propto 1-(T/T_c)^4. While B(z) for Nb and Pb are rather well described within the Pippard and BCS models, for Ta this is only true to a lesser degree. We attribute this discrepancy to the fact that the superfluid density is decreased by approaching the surface on a length scale xi0. This effect, which is not taken self-consistently into account in the mentioned models, should be more pronounced in the lowest kappa regime consistently with our findings.Comment: accepted in PRB 14 pages, 17 figure

Circuits in random graphs: from local trees to global loops

We compute the number of circuits and of loops with multiple crossings in random regular graphs. We discuss the importance of this issue for the validity of the cavity approach. On the one side we obtain analytic results for the infinite volume limit in agreement with existing exact results. On the other side we implement a counting algorithm, enumerate circuits at finite N and draw some general conclusions about the finite N behavior of the circuits.Comment: submitted to JSTA

Potential for Managed Aquifer Recharge to Enhance Fish Habitat in a Regulated River

Managed aquifer recharge (MAR) is typically used to enhance the agricultural water supply but may also be promising to maintain summer streamflows and temperatures for cold-water fish. An existing aquifer model, water temperature data, and analysis of water administration were used to assess potential benefits of MAR to cold-water fisheries in Idaho’s Snake River. This highly-regulated river supports irrigated agriculture worth US $10 billion and recreational trout fisheries worth$100 million. The assessment focused on the Henry’s Fork Snake River, which receives groundwater from recharge incidental to irrigation and from MAR operations 8 km from the river, addressing (1) the quantity and timing of MAR-produced streamflow response, (2) the mechanism through which MAR increases streamflow, (3) whether groundwater inputs decrease the local stream temperature, and (4) the legal and administrative hurdles to using MAR for cold-water fisheries conservation in Idaho. The model estimated a long-term 4%–7% increase in summertime streamflow from annual MAR similar to that conducted in 2019. Water temperature observations confirmed that recharge increased streamflow via aquifer discharge rather than reduction in river losses to the aquifer. In addition, groundwater seeps created summer thermal refugia. Measured summer stream temperature at seeps was within the optimal temperature range for brown trout, averaging 14.4 °C, whereas ambient stream temperature exceeded 19 °C, the stress threshold for brown trout. Implementing MAR for fisheries conservation is challenged by administrative water rules and regulations. Well-developed and trusted water rights and water-transaction systems in Idaho and other western states enable MAR. However, in Idaho, conservation groups are unable to engage directly in water transactions, hampering MAR for fisheries protection