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The Informational Effects of Tightening Oil and Gas Disclosure Rules 

Date: 03/08/2018 Author(s): Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazábal, Gaizka Document type: Article in Journal (refereed) We exploit two regulatory shocks to examine the informational effects of tightening pre-existing mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the United States rule "Modernization of Oil and Gas Reporting" in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve ... More information

Conditionally Conservative Fair Value Measurements 

Date: 02/2017 Author(s): Badia, Marc; Duro, Miguel; Peñalva, Fernando; Ryan, Stephen Document type: Article in Journal (refereed) Firms measure fair values using Level 2 or 3 inputs when items do not trade in liquid markets, limiting market discipline over the measurements. We provide evidence that firms holding higher proportions of financial instruments measured at Level 2 and 3 fair values report more conditionally conservative comprehensive income attributable to fair value ... More information Read related article

Shareholders' Equity 

Date: 04/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note Shareholders' equity is the wealth of the owners in the firm. It consists of two elements: a) the capital contributed by them and b) the earnings generated by the operations and retained in the firm. This note explains how to account for the principal transactions that can affect shareholders' equity: Capital contributions, Common equity, Preferred ... More information

Tax Accounting 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note Firms pay multiple types of taxes: property taxes, value added taxes, municipal taxes, etc. Note CN 14007, "Accounts Receivable Valuation," explained how to account for value added taxes. Other taxes, such as property taxes, are just an expense that firms recognize when they are due. However, corporate income taxes are not so straightforward and deserve ... More information

Consolidation 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note When the investor firm exercises full control over the investee because it owns the majority of shares in the investee, the required accounting treatment is referred to as consolidation. The investor firm (parent company) that controls the investees (subsidiaries) is required by IFRS and U.S. GAAP to prepare consolidated financial statements of the ... More information

Long-Term Debt and Bonds 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note Firms can raise capital from shareholders (equity capital) or from lenders (debt capital). One of the fundamental differences between both sources of capital is that debt capital must be repaid in the future whereas equity capital will remain in the firm forever. In addition, debt accrues interest. The firm is legally bound to repay its debt and the ... More information

Liabilities: General Issues 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note This note is an introduction to liabilities. It defines a liability and distinguishes it from contingent liabilities and commitments. It explains how to recognize and measure liabilities in general. Finally, the notes focuses its attention on provisions (i.e., estimated liabilities) and illustrates their accounting with two common examples: warranty ... More information

Noncurrent Assets 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note This note explains how to account for noncurrent assets, both tangible and intangible. From the initial recording to the sale of an asset, the note covers all the main topics affecting noncurrent assets such as depreciation, impairments and repairs. The section on intangible noncurrent assets pays special attention to research and development costs, ... More information

Accounts Receivable Valuation 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note Accounts receivable (or trade receivable) are amounts owed by a firm's customers as a result of credit sales or services on account. Receivables are also originated by financial transactions such as the granting of loans. For example, most of the receivables on banks' balance sheets are loans receivable and interest receivable. Receivables are assets ... More information

Accounting for Inventories 

Date: 02/05/2016 Author(s): Peñalva, Fernando; Badia, Marc Document type: Technical Note Inventories are among the basic investments a business needs to undertake. Companies that sell tangible products ordinarily need to keep some units in store to fulfill customers' orders. These units will be sold at a price higher than the original purchase or production cost, generating a profit. Obviously, financial accounting should reflect such ... More information
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