IFRS introduction and its effect on listed companies in Spain

From the beginning of January 2005 publicly traded companies in the European Union have to comply with the International Financial Reporting Standards (IFRS) for their consolidated accounts, as required by 1606/2002 European Commission Regulation. It had been suggested that the new accounting rules will facilitate not only the process of international harmonization of financial statements, but also efficient performance of financial markets and capital flows worldwide. This study analyzes the first results of IFRS implementation by Spanish non-financial listed companies.IFRS, IAS, Accounting harmonization

High-growth cooperatives: Financial profile and key factors for competitiveness

Given the current economic environment, high-growth companies are particularly relevant for their contribution to employment generation and wealth. This paper discusses the results of a survey that was conducted in order to gain a deeper understanding of high-growth cooperatives through analyzing their financial profiles and then identifying key contributing factors to their growth. To do this, we compared this particular sample with other cooperatives and other high-growth mercantile companies. The results show the main drivers related to high-growth companies success. They are the competitive advantages based on the surveyed group, modern management techniques, quality and productivity, innovation and internationalization. Additionally, we have observed some financial strengths and weaknesses. In this sense, they are under capitalized companies with an unbalanced growth.Worker cooperatives, service cooperatives, high-growth cooperatives, competitiveness factors, financial information, management tools.

High-growth cooperatives: financial profile and key factors for competitiveness

Given the current economic environment, high-growth companies are particularly relevant for their contribution to employment generation and wealth. This paper discusses the results of a survey that was conducted in order to gain a deeper understanding of high-growth cooperatives through analyzing their financial profiles and then identifying key contributing factors to their growth. To do this, we compared this particular sample with other cooperatives and other high-growth mercantile companies. The results show the main drivers related to high-growth companies success. They are the competitive advantages based on the surveyed group, modern management techniques, quality and productivity, innovation and internationalization. Additionally, we have observed some financial strengths and weaknesses. In this sense, they are under capitalized companies with an unbalanced growth.Worker cooperatives, service cooperatives, high-growth cooperatives, competitiveness factors, financial information, management tools.

One hundred issues of Revista Española de Financiación y Contabilidad (REFC)-insights into trends in the Spanish academic community

From the year of its foundation, until the foundation of Revista de Contabilidad in 1997, REFC has been the only referred accounting journal in Spain. Published by the Spanish Association for Accounting and Business Administration (AECA), this journal is at the heart of the emergence of a distinctly Spanish academic accounting community. Our study is based on: 1. An analysis of 100 issues of REFC covering the period from 1985 to 1999. 2. A questionnaire to Spanish accounting academics on their perceptions and experience of the journal. Key points emerging from this study include: a) A move away from interest in accounting concepts and rules, as well as accounting history, and towards positive accounting theory, the impact of accounting information on capital markets, and financial analysis. b) The emergence of a small number of universities as the driving force in Spanish accounting research. c) Spanish academics rate REFC highly compared to other Spanish journals for publication status, as a support for research, and as a support for teaching. A number of English language journals are rated more highly for both publication status and as a support for teaching.Revista española de contabilidad y financiación, academic community, accounting

Ethics and creative accounting: Some empirical evidence on accounting for intangibles in Spain

Recent research shows that financial reports are losing relevance. Mainly this is due to the growing strategic importance of intangible assets in the performance of a company. A possible solution is to modify accounting standards so that statements include more self-generated intangible assets, taking into account with their inherent risk and difficulty of valuation. We surveyed loan officers who were asked to assess the credit-worthiness of a hypothetical company. The only information given was a simplified version of financial statements. Half the group got statements where research and development costs had been capitalized. The other half got statements in which these costs had been treated as an expense. The findings show that capitalization was significantly more likely to attract a positive response to a loan request. The paper raises the question of whether accounting for intangibles might provide managers with one more creative accounting technique and, in consequence, its ethical implications.Intellectual capital, ethics, creative accounting

The resilience factors of the agri-food supply chain: An integrative review of the literature in the context of the covid-19 pandemic

Purpose: During the COVID-19 global pandemic, a very significant change has occurred in the demand for basic goods, resulting from the change in the consumer needs of the population in light of a large-scale health and economic crisis. This has revealed the true importance that the agri-food supply chains (ASC) have in the design of business strategies, especially at exceptional times, when the logistics process must be robust enough to continue to ensure the supply of products. In this context, the article presents a qualitative review of the academic literature, with the aim of extracting those factors that have the greatest influence on the degree of resilience of the ASC. Design/methodology: The methodology used is the integrative review of scientific publications, with a closer focus on those specialized in the supply chain, in order to perform a critical analysis and demonstrate theory based on the existing evidence. Both the document search and the content analysis abide by rigorous, explicit criteria. Findings: The bibliographic analysis reveals that there are at least three business strategies that can be considered critical factors in the degree of resilience of the ASCs. These three strategies are: a customer-oriented business awareness; distribution models based on proximity; and cooperative practices among the factors that make up the value chains. Originality/value: In such an important historical moment as the Coronavirus pandemic, it is very appropriate to look back in order to analyze all the scientific literature that could help us to better understand the current situation. It is even more important to do so in those areas of knowledge that do not yet have a consolidated academic trajectory, such as in the case of the resilience of supply chainsPeer Reviewe

International accounting harmonisation - A comparison of Spain, Sweden and Austria

Despite attempts to secure harmonisation of accounting practice, significant variations in accounting rules and practice continue to arise in European countries, variations which give rise to compliance costs for multinational companies. Firstly, this paper considers the relevance of international accounting harmonisation for European business. It then proceeds to examine accounting regulation in three countries: Spain, Sweden and Austria, highlighting the key regulatory issues of the 'true and fair' view requirement and the link between taxation and accounting. The three countries are selected because of the interesting contrasts which they provide; these contrasts are examined in detail in the paper. The work is based upon a series of interviews carried out with leading accounting practitioners in the three countries during 1996-97. The paper concludes that there are significant obstacles to accounting harmonisation in Europe and that there is potential for continuing diversity of national accounting practice.Accounting, harmonisation, international

Effects of the crisis on the functioning of companies.

Financial restructuring, rethinking of corporate strategy and business models. Improve efficiency in cost management and asse

Spanish auditors and the 'true and fair view'

In 1990 a new Spanish 'Plan General de Contabilidad' (PGC) implemented the requirements of the EU 4th and 7th Directives in Spain. Included in the PGC is the requirement, derived from the 4th Directive, that accounts should present a 'true and fair view', in Spanish 'imagen fiel'. Where the term has been used in English speaking jurisdictions it has proved to have a variety of shades of meaning, and to have had strikingly different impact in different countries. Within the European Union the term has been seen as a 'Trojan horse', inserted into the 4th Directive to inject an Anglo-Saxon approach of flexibility and judgement dependent accounting into a Continental European accounting tradition of detailed prescription and uniformity. In this paper we report on a survey of the views and experience of Spanish auditors relating to 'imagen fiel'. Specifically, we: 1) Review the English language literature on 'true and fair view' to identify the key areas of controversy. 2) Consider the significance of the 'true and fair view' within the EU 4th Directive. 3) Report on the experience of Spanish auditors in working with this concept, their views on the value of the term, and their experience in use of the true and fair view 'override'.Auditing, true and fair view, 4th European Directive