Accounting conservatism, earnings components and accounting losses

This study provides evidence on accounting conservatism based on a large sample of publicly-quoted UK companies over the period 1969-2001. The effects of conservation accounting are studied both indirectly and directly by using earnings measures containing varying levels of accruals and by further decomposing earnings into its operating cash flows and distinct accruals components. The analyses are also separated according to the sign of earnings and earnings components, and account for the effects of asset-recognition rules. Even though conservatism is an accruals phenomenon, this is the first study to provide direct empirical evidence on the role of accruals in accounting conservatism. The thesis addresses the following issues. First, under conservative accounting, earnings-decreasing changes in performance measures (reflecting economic losses) that contain more accruals mean-revert more and earnings-increasing changes (reflecting economic gains) are persistent. Working capital accruals and special items are particularly strongly mean-reverting when they are earnings-decreasing. Depreciation accruals are persistent. Second, direct tests by earnings components show that operating cash flows exhibit low timeliness overall and, given that they contain no accruals, no asymmetry in reflecting bad news. Earnings figures with more accruals exhibit more asymmetry in reflecting bad news. Working capital accruals and special items are important in this asymmetry, but depreciation is not. Interestingly, good news results in a small earnings-decreasing charge, consistent with smoothing. Lagged tests on accruals reveal that bad news from as much as three previous periods is reflected in current earnings through special items, inconsistent with conservatism. Evidence indicates that conservatism is increasing through time. The sensitivity to good news has decreased over time. To capture these changes, higher-moments measures are developed. Third, the analysis by the sign of “bottom-line” earnings does not reveal any differences in reflecting good/bad news for the profit/loss firms. Separating earnings observations by sign of cash flow also reveals no differences. In contrast, separating observations by the sign of accruals (other than depreciation) reliably shows that the asymmetric timeliness is significantly higher in the negative-accruals groups, as expected. The accruals components determine this asymmetry, rather than the operating cash flow (or, earnings by itself). Finally, less conservative recognition rules lead to stronger responsiveness of earnings to bad news, as reflected in working capital accruals and special items. Asset-specific measures of conservative recognition rules reinforce these findings. A puzzling result is that operating cash flows reveal a significant asymmetric response to bad news in the group of observations where it is least-likely to be observed (low book to market). A selection of other results by size, industry, extremity of news, methods, accounting year-ends, market-wide returns, yields, method of estimation, etc., not only corroborates, but generally strengthens the results obtained

Pogledi izbranih avstralskih Slovencev na stanje demokratične in pravne države v Sloveniji

Diasporic communities are known to maintain ties to their mother countries and to be interested in the happenings there. This becomes even stronger at times of crisis or major change. Australian Slovenes were most engaged during the time of the democratization and gaining independence of Slovenia. They still remember that time and look at the present situation nostalgically. The empirical part of the paper shows how the state of democracy and rule of law in Slovenia is viewed by (selected) Australian Slovenes after more than twenty-five years since the establishment of an independent state.Avtor v članku raziskuje ohranjanje vezi diasporičnih skupnosti z izvorno državo in navezanost na tamkajšnje dogajanje. Ugotavlja, da se to običajno še okrepi v kriznih in prelomnih časih. Avstralski Slovenci so se najbolj angažirali med demokratizacijskimi in osamosvojitvenimi procesi v Sloveniji, takratno dogajanje pe še vedno odzvanja pri njihovih današnjih pogledih na matično državo. V empiričnem delu članka avtor na podlagi polstrukturiranih intervjujev s skrbno izbranimi referenčnimi osebami ugotavlja, kako (izbrani) avstralski Slovenci gledajo na stanje demokratične in pravne države v Sloveniji dobrih petindvajset let po njeni osamosvojitvi in demokratizaciji

Communicating Knowledge and Identities Audiovisually in Exhibitions: Participatory Approaches at the Slovene Ethnographic Museum

The author, a curator of ethnographic film at the Slovene Ethnographic Museum, and a producer of several films and curated elements at the museum, presents numerous collaborative and participatory approaches applied at her museum. She focuses on the use of film in interactive media points in exhibitions and the production of new audiovisual accounts in cooperation with visitors and cultural mediators. She analyses the overall exhibition narrative in the permanent exhibition I, We, and Others: Images of My World, various filmic interventions and co-curated personal exhibitions by museum visitors. She proposes to understand personal exhibitions and subjective filmic contributions as ‘contact zones’ for various individuals and groups at the Slovene Ethnographic Museum.L'auteure, conservatrice de films ethnographiques au Musée ethnographique slovène et productrice de plusieurs films et d'élements conservées au musée, présente de nombreuses approches de collaboration et de participation au sein de son musée. Elle se concentre sur l'utilisation du film dans les médias interactifs dans le cadre des expositions et sur la production de nouveaux récits audiovisuels en coopération avec les visiteurs et les médiateurs culturels. Elle analyse l'ensemble des récits constitués autour de l'exposition permanente I, We, and Others : Images de mon univers, les diverses interventions filmiques et les expositions personnelles co-présentées par des visiteurs du musée. Elle propose de percevoir les expositions personnelles et les contributions filmiques subjectives comme des " zones de contact " possibles quel que soit le public visé et visitant le musée ethnographique de Slovénie.La autora, conservadora de películas etnográficas en el Museo Etnográfico de Eslovenia y productora de varias películas así como conservadora de elementos en el museo, presenta numerosas perspectivas de colaboración y participación aplicadas en su museo. Se centra en el uso de películas en espacios con medios interactivos en exposiciones y en la producción de nuevos registros audiovisuales en cooperación con visitantes y mediadores culturales. Analiza la narrativa general de la exposición permanente I, We, and Others: images of My World, diversas intervenciones fílmicas y exposiciones personales co-curadas por los visitantes del museo. Propone entender las exposiciones personales y las contribuciones cinematográficas subjetivas como "zonas de contacto" para varias personas y grupos en el Museo Etnográfico de Eslovenia

AXIAL EYE LENGTH AND KERATOMETRIC CHANGES AFTER SCLERAL BUCKLING SURGERY

Background. The objectivization of keratometric and axial length changes in patients with retinal detachment undergoing standard scleral buckling surgery procedure.Patients and methods. Prospective evaluation of 40 patients with rhegmathogenus retinal detachment. We used STORZ Compuscan V2.00 to measure the axial length of the bulbus 1 week before surgery, 1 week and 3 months after surgery. We repeated the same time schedule for keratometric measurement; here we used ALCON keratometer.Results and discussion. In most patients we found a lengthening of the globe and an increase of corneal astigmatism. Axial eye length was significantly increased 1 week after surgery (0,91 mm 1 week after surgery) but 3 months later there was no statistically significant difference (0.48 mm). Corneal astigmatism was also significantly increased 1 week after surgery (0.41 D), but 3 months later only minimal change remain (0.05 D).Conclusions. In all cases of scleral buckling procedures axial length and keratometric changes are to be expected but at least 3 month after surgery they are not statistically significant any more.</p

OCULAR TOXOPLASMOSIS

Background. Ocular toxoplasmosis is one of the important causes of severe visual loss in young otherwise healthy people. Diagnosis is clinical, supported by laboratory tests. Current evidence about the timing of toxoplasma infection leading to ocular disease suggests, that recurrent toxoplasmic retinochoroiditis is the result of prenatal (congenital) or remote, postnatal (acquired) infection. The timing of infection is rarely exactly known, and retinitis is not only a late manifestation of congenital disease as previously believed. The purpose is to review recent observations regarding ocular toxoplasmosis, and to review our experiences in the treatment of our patients with this illness.Methods. A review of the medical literature about ocular toxoplasmosis, especially regarding pathogenesis, therapy and prevention of the disease.Results. Epidemiological data for toxoplasmosis are various in different parts of the world. The highest rate is in Brasil. In Slovenia the rate is similar like in France or in the Netherlands (at age 40 there is 60% population seropositive). Toxoplasmosis screening in pregnant women is partly performed since 1991 and systematically since 1995 in Slovenia. No retinochorioditis was found in newborns so far. In the pathogenesis there are some several potential sources and routes of infections, that were previously unrecognized. Ocular involvement in cases of acquired infection appears to be more common than believed before. Classical therapy for ocular toxoplasmosis is still most commonly used. In prevention the education of pregnant women, and correct treatment of infected patients is recommended.Conclusions. The time of infection with Toxoplasma gondii and consequential retinochoroiditis is rarely confirmed. Patients with acquired infection after birth are probably more numerous than with congenital disease. As potentially treatable and preventable cause of visual loss these facts must be considered in primary and secondary prevention of the disease.</p

Dolgoročni potek in izid bolezni pri bolnikih z intermediarnim uveitisom s spremljanjem vsaj 20 let

Izhodišča: Intermediarni uveitis (IU) je kronična vnetna očesna bolezen z glavnino vnetja v steklovini. Gre za redko bolezen s kroničnim potekom, ki prizadene predvsem delovno aktivno populacijo in lahko povzroči začasno ali trajno izgubo vida. Namen naše študije je preučiti dolgoročni potek IU pri bolnikih z vsaj 20-letnim spremljanjem. Metode: Gre za retrospektivno presečno študijo dolgoročnega poteka IU pri bolnikih z vsaj 20-letnim spremljanjem. V študijo so bili vključeni vsi bolniki z IU z začetkom spremljanja v uveitični ambulanti Očesne klinike med letoma 1985 in 1995. Študija je zastavljena kot nadaljevanje že objavljene študije Vidovič Valentinčič in sodelavcev z 10-letnim spremljanjem iste kohorte bolnikov. Rezultati: Iz začetne kohorte 29 bolnikov z IU smo 20 bolnikov spremljali vsaj 20 let s povprečnim časom spremljanja 25,3 let (95% IZ 23,2–27,4). Po 20 ali več letih spremljanja je remisijo doseglo 17/20 bolnikov s povprečnim časom do remisije 11,14 let (95% IZ 7,94– 14,34). Do ponovnega zagona bolezni je po povprečno 8,2 letih (95% IZ 2,8–13,6) prišlo pri 6/17 bolnikov z remisijo. Odstotek slepih in slabovidnih oči je postopoma naraščal do 10 let, nato pa se je stabiliziral. Po 20 ali več letih je bilo slepih ali slabovidnih 28,2 % oči. Glavni vzrok za izgubo vida je bil cistoidni makularni edem (CME) z razvojem makularne atrofije. Zaključek: IU je kronična bolezen z dolgotrajnim potekom, pogostimi zapleti, ki lahko povzročijo trajno izgubo vida, in ponovnimi zagoni, zaradi česar je potrebno dolgoročno vodenje bolnikov z IU, zgodnje diagnosticiranje in intenzivno zdravljenje CME

Selection of optimal EDM machining parameters for the given machining surface

Abstract To achieve high removal rate and low electrode wear when roughing by the sinking electrical discharge machining process (EDM), appropriate average surface power density is required in the gap between the workpiece and the electrode, i.e. rough machining parameters have to be tuned to the machining surface. Since machining surface varies with the depth of machining, the rough machining parameters have to be selected on-line to obtain appropriate average surface power density in the gap. The systems for on-line selection of the rough machining parameters of EDM process presented in the literature either have hardly acceptable disadvantages or they are very complex. Thus, a simple solution could be a significant step towards better automation of the EDM rough machining and micro electrical discharge machining (MEDM). In this paper, a system for on-line selection of the machining parameters according to the given machining surface is presented. The selection of the machining parameters is based on the acquisition of only one process attribute, i.e. the percentage of short-circuit discharges, which is significant improvement comparing to known systems

Guidance on noncorticosteroid systemic immunomodulatory therapy in noninfectious uveitis: fundamentals of care for uveitis (focus) initiative

Topic: An international, expert-led consensus initiative to develop systematic, evidence-based recommendations for the treatment of noninfectious uveitis in the era of biologics. Clinical Relevance: The availability of biologic agents for the treatment of human eye disease has altered practice patterns for the management of noninfectious uveitis. Current guidelines are insufficient to assure optimal use of noncorticosteroid systemic immunomodulatory agents. Methods: An international expert steering committee comprising 9 uveitis specialists (including both ophthalmologists and rheumatologists) identified clinical questions and, together with 6 bibliographic fellows trained in uveitis, conducted a Preferred Reporting Items for Systematic Reviews and Meta-Analyses protocol systematic reviewof the literature (English language studies from January 1996 through June 2016; Medline [OVID], the Central Cochrane library, EMBASE,CINAHL,SCOPUS,BIOSIS, andWeb of Science). Publications included randomized controlled trials, prospective and retrospective studies with sufficient follow-up, case series with 15 cases or more, peer-reviewed articles, and hand-searched conference abstracts from key conferences. The proposed statements were circulated among 130 international uveitis experts for review.Atotal of 44 globally representativegroupmembersmet in late 2016 to refine these guidelines using a modified Delphi technique and assigned Oxford levels of evidence. Results: In total, 10 questions were addressed resulting in 21 evidence-based guidance statements covering the following topics: when to start noncorticosteroid immunomodulatory therapy, including both biologic and nonbiologic agents; what data to collect before treatment; when to modify or withdraw treatment; how to select agents based on individual efficacy and safety profiles; and evidence in specific uveitic conditions. Shared decision-making, communication among providers and safety monitoring also were addressed as part of the recommendations. Pharmacoeconomic considerations were not addressed. Conclusions: Consensus guidelines were developed based on published literature, expert opinion, and practical experience to bridge the gap between clinical needs and medical evidence to support the treatment of patients with noninfectious uveitis with noncorticosteroid immunomodulatory agents

Feeding behaviour and digestion physiology in larval fish – current knowledge and gaps and bottlenecks in research

Food uptake follows rules defined by feeding behaviour that determines the kind and quantity of food ingested by fish larvae as well as how live prey and food particles are detected, captured and ingested. Feeding success depends on the progressive development of anatomical characteristics and physiological functions and on the availability of suitable food items throughout larval development. The fish larval stages present eco-morpho-physiological features very different from adults and differ from one species to another. The organoleptic properties, dimensions, detectability, movements characteristics and buoyancy of food items are all crucial features that should be considered, but is often ignored, in feeding regimes. Ontogenetic changes in digestive function lead to limitations in the ability to process certain feedstuffs. There is still a lack of knowledge about the digestion and absorption of various nutrients and about the ontogeny of basic physiological mechanisms in fish larvae, including how they are affected by genetic, dietary and environmental factors. The neural and hormonal regulation of the digestive process and of appetite is critical for optimizing digestion. These processes are still poorly described in fish larvae and attempts to develop optimal feeding regimes are often still on a ‘trial and error’ basis. A holistic understanding of feeding ecology and digestive functions is important for designing diets for fish larvae and the adaptation of rearing conditions to meet requirements for the best presentation of prey and microdiets, and their optimal ingestion, digestion and absorption. More research that targets gaps in our knowledge should advance larval rearing