Practitioner views on financial reporting for smaller entities

This paper has four purposes. First, to establish the policy background leading to a special financial reporting standard for small firms (FRSSE), aimed at reducing compliance costs. An indirect policy implication of this was that small firms would be stimulated, for example, in terms of start-up rate, performance (including survival rate, and profitability, and growth), and contribution to employment and innovation within the economy. Second, to consider the implications for FRSSE itself on compliance costs, and to ask what forms they may take. Third, to analyse new evidence on adopters and non-adopters of the FRSSE. Fourth, to cast this new evidence into a cost effectiveness framework, to judge whether adopters who engage in upgrading of skills to implement the FRSSE had attained a net benefit as compared to non-adopters. The conclusion, based on this preliminary evidence, is that upgrading of skills to implement the FRSSE has indeed led to a significant net benefit

Co-evolution of Information Systems in Fast-Growing Small Firms

The paper examines the co-evolution of different dimensions of information systems for a sample of fast-growing small firms. The investigation uses primary source longitudinal empirical evidence. The data are taken from a large database on the lifecycle experience of one-hundred-and-fifty new business starts over a four-year period. They were collected by face to face interviews with owner-managers of small entrepreneurial firms. Interviews were conducted using an administered questionnaire that covered the agenda of markets, finance, costs, business strategy, the development of a management information system, human capital, organisation and technical change. This work uses primarily the data on management information systems. The basic approach used is to compare the attributes of the fastest and slowest paced firms, as identified by their growth rates. We then examine the evolution of these firms' management information systems. The measures used to identify changes in systems include: capital investment techniques, such as return on investment, residual income, net present value, internal rate of return and payback period; methods for managing costs, like just-in-time management, activity-based costing, quantitative risk analysis, value analysis, strategic pricing and transfer pricing; and using computer applications for storing information, project appraisal, financial modelling, forecasting and sensitivity analysis. 'Time lines' are graphed to show the points at which various features of information systems are introduced (e.g. data storage, forecasting, sensitivity analysis), and derived techniques (e.g. ROI, ABC) implemented. Firms are dichotomised into highgrowth and low-growth groups. Comparisons are made within firms and across firms in terms of the co-evolution of different aspects of their accounting information systems

Realities of long-term post investment performance for venture-backed enterprises

This paper constructs a model of long-run performance for SMEs that have received venture capital backing. The model explains performance by financial structure. FAME data are used for estimating performance equations over the period 1989 to 2004 for UK businesses in their post-investment period. The econometrics uses robust techniques, including least absolute error (LAE) and Tukey trimean estimation. It is shown that the key determinants of performance (measured by ROSF) are profit margins and risk, with lesser, but significant, roles played by liquidity and gearing. The sample is used to identify consistently high performers, and chronic low performers. From the latter group, two detailed case studies illustrate how chronic low performance can emerge, in each case caused by failure to achieve technological milestones, and thereby failing, ultimately, to convince investors of potential company worth

Venture capital investor behaviour in the backing of UK high technology firms : financial reporting and the level of investment

This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services. This evidence is used to examine: (a) the usefulness of financial accounts; (b) the implications of technopole investment; (c) the extent of investor control over the investee's AIS; and (d) the role of investor opinion (e.g. on disclosure, due diligence and risk reporting) in determining the level of equity provision

Venture capital and risk in high-technology enterprises

We find UK investors and entrepreneurs are significantly concordant in rankings of investments and key factors for risk but significantly discordant on risk classes. Investors emphasise agency risk (e.g., motivation, empowerment, alignment), and entrepreneurs emphasise business risk (e.g., market opportunities)

A Guide to How to Start a Keto Diet

My capstone project revolved around creating a straightforward guide to starting a medical-grade ketogenic diet for families and children with epilepsy (seizures) or metabolic disorders (Glucose Transporter Type 1 Deficiency Syndrome). The booklet gives individuals, families, and caregivers an interactive guide to exploring websites, videos, and other resources to understand the complexities of the keto diet. The booklet also features recipes adapted to a six-year-old and approved by her, along with resources for dining at restaurants and fast food establishments

The social impact of accounting processes on benefit claimants in the UK

The accounting processes of categorisation and classification are inherent in modern-day welfare systems, though little has been done to investigate the link these have to the social consequences for benefit claimants within these systems. This paper uses research from both primary and secondary sources to show how UK welfare reform has affected claimants and their inalienable human rights since its introduction in 2012. The data gathered for this work combine face-to-face interview data with press releases, and data and reports compiled and published both by the government and independent bodies. Face-to-face interviews were conducted with two illustrative participants, who were identified as being excellent examples of individuals with a close working knowledge of the welfare system. In addition to the primary data gathered, several sources of secondary data are used within the analysis to identify facts, figures and quotations from reliable government sources. Our analysis uncovers that the accounting processes inherent in the system have helped foster a culture of stigmatisation, food bank dependency and financial and emotional hardship for vulnerable welfare claimants in today’s society

Dynamical Coupled-Channels Effects on Pion Photoproduction

The electromagnetic pion production reactions are investigated within the dynamical coupled-channels model developed in {\bf Physics Reports, 439, 193 (2007)}. The meson-baryon channels included in this study are $\gamma N$, $\pi N$, $\eta N$, and the $\pi\Delta$, $\rho N$ and $\sigma N$ resonant components of the $\pi\pi N$ channel. With the hadronic parameters of the model determined in a recent study of $\pi N$ scattering, we show that the pion photoproduction data up to the second resonance region can be described to a very large extent by only adjusting the bare $\gamma N \to N^*$ helicity amplitudes, while the non-resonant electromagnetic couplings are taken from previous works. It is found that the coupled-channels effects can contribute about 10 - 20 % of the production cross sections in the $\Delta$ (1232) resonance region, and can drastically change the magnitude and shape of the cross sections in the second resonance region. The importance of the off-shell effects in a dynamical approach is also demonstrated. The meson cloud effects as well as the coupled-channels contributions to the $\gamma N \to N^*$ form factors are found to be mainly in the low $Q^2$ region. For the magnetic M1 $\gamma N \to \Delta$ (1232) form factor, the results are close to that of the Sato-Lee Model. Necessary improvements to the model and future developments are discussed.Comment: Corrected version. 14 pages, 10 figure