The qualitative characteristics of financial information, and managers’ accounting decisions:evidence from IFRS policy changes

This is the first empirical study that uses publicly available data to provide direct evidence about the role of the qualitative characteristics (QCs) of financial information in managements’ accounting decisions. Based on 40,895 hand-collected IFRS (International Financial Reporting Standards) policy choices on 16 topics made by 514 large firms of 10 jurisdictions in the period 2005–2011, we identify 204 reasons for policy changes. The majority of these refer to QCs from the conceptual framework of the standard-setter, in particular to relevance, faithful representation, comparability and understandability. Firms also frequently refer to transparency, which is not directly mentioned in the framework. Furthermore, we analyse the circumstances under which firms explain their policy changes in terms of improved quality. We hypothesise and find that QCs are more often referred to if the change relates to measurement (i.e. to a more important accounting policy decision). We also find that references to QCs are positively associated both with firm size and with a measure of a jurisdiction's transparency. This complements previous research by providing evidence that managers are, at the least, alert to QCs

Accounting at the London School of Economics

Given the aims of the founders of the London School of Economics, it is not surprising that accounting should have been taught at the School from soon after its establishment. An early focus on teaching practical accounting, with professional practitioners as teachers, was gradually supplanted by approaches informed by the economics of decision-making in conditions of scarce resources. By the 1930s, the Department of Business Administration provided an intellectual basis for thinking about financial reporting and costing that challenged taken-for-granted practices. After World War II, the “LSE Triumvirate” of William Baxter, Harold Edey and David Solomons took forward ideas of opportunity cost and value to the owner as core theoretical concepts, while developing undergraduate and later postgraduate programmes that provided rigorous education for future accountants, administrators, business people and academics. However, the focus on education, and the weak infrastructure for accounting research in the UK had the unintended consequence that, by the early 1970s, the Department of Accounting did not have the opportunity of responding to changes in research focus in North America, which were influenced by developments in financial economics

Perceived environmental turbulence and its effect on selected entrepreneurship, marketing, and organizational characteristics in industrial firms

Entrepreneurship and marketing are approached as proactive corporate responses to an increasingly dynamic, threatening, and complex external environment. Both represent organizational orientations built around creativity, innovativeness, flexibility, and risk-taking. A conceptual model is proposed relating the levels of entrepreneurship, marketing activity, and marketing-related structure of a firm to the degree of perceived environmental turbulence confronting the firm. Results of a survey involving personal interviews with managers in 93 firms representing six industries are reported. Turbulence is found to have a significant causal impact on both the levels of entrepreneurship and the marketing orientation of the firm, but not on structural variables. © 1991 Academy of Marketing Science

Quercetin: a flavonoid with the potential to treat asthma

Allergic asthma is a complex inflammatory disorder characterized by airway hyperresponsiveness, eosinophilic inflammation and hypersecretion of mucus. Current therapies include β2-agonists, cysteinyl leukotriene receptor 1 antagonists and corticosteroids. Although these drugs demonstrate beneficial effects, their adverse side effects limit their long-term use. Thus, the development of new compounds with similar therapeutic activities and reduced side effects is both desirable and necessary. Natural compounds are used in some current therapies, as plant-derived metabolites can relieve disease symptoms in the same manner as allopathic medicines. Quercetin is a flavonoid that is naturally found in many fruits and vegetables and has been shown to exert multiple biological effects in experimental models, including the reduction of major symptoms of asthma: bronchial hyperactivity, mucus production and airway inflammation. In this review, we discuss results from the literature that illustrate the potential of quercetin to treat asthma and its exacerbations.A asma alérgica é uma doença inflamatória complexa caracterizada por hiperresponsividade das vias aéreas, inflamação eosinofílica e hipersecreção de muco. As terapias atuais incluem β2-agonistas, antagonistas do receptor 1 de cisteinil leucotrienos e corticosteróides. Embora estes fármacos demonstrem efeitos benéficos, seus efeitos adversos limitam seus usos a longo prazo. Assim, o desenvolvimento de novos compostos com atividades terapêuticas similares e reduzido efeitos adversos é tanto desejável quanto necessário. Compostos naturais podem ser utilizados nas terapias atuais, uma vez que metabólitos derivados de plantas são capazes de aliviar os sintomas de forma comparável aos medicamentos alopáticos. A quercetina é um flavonóide que ocorre naturalmente em muitas frutas e vegetais e tem mostrado vários efeitos biológicos, principalmente em modelos experimentais, incluindo a redução dos principais fenótipos da asma: hiperreatividade brônquica, produção de muco e inflamação das vias aéreas. Nesta revisão, nós discutimos os resultados da literatura que revelam o potencial da quercetina para tratar a asma e suas exacerbações