2244 ŞŞUUBBAATT ÇÇAARRŞŞAAMBBAA SSAAYYI II: : 775511 Bilgiye Erişim Merkezi ne Yeni Gelen Yayınlar Arıkan, Yahya. İşçi özlük dosyası 2010. İstanbul: İSMMMO, 2010. İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 1
Resmi Gazete YASAMA BÖLÜMÜ TBMM KARARLARI 958 Kayıp Çocuklar Başta Olmak Üzere Çocukların Mağdur Olduğu Sorunların Araştırılarak Alınması Gereken Önlemlerin Belirlenmesi Amacıyla Bir Meclis Araştırması Komisyonu Kurulmasına İlişkin Karar 959 Sivas Milletvekili ve Büyük Birlik Partisi Genel Başkanı Muhsin Yazıcıoğlu ve 5 Kişinin Hayatını Kaybettiği Helikopter Kazası ve Kurtarma Çalışmalarının Tüm Yönleriyle Araştırılarak Benzer Durumların Yaşanmaması İçin Alınması Gereken Önlemlerin Belirlenmesi Amacıyla Yeniden Kurulan Meclis Araştırması Komisyonuna Üye Seçimine İlişkin Karar YÜRÜTME VE İDARE BÖLÜMÜ MİLLETLERARASI ANDLAŞMALAR 2010/58 Türkiye Cumhuriyeti ile Libya Arap Halk Sosyalist Büyük Cemahiriyesi Arasında İmzalanan Vizenin Karşılıklı Olarak Kaldırılmasına Dair Mutabakat Zaptı nın Onaylanması Hakkında Karar 2010/81 Türkiye Cumhuriyeti Hükümeti (Donör) ile Birleşmiş Milletler Kalkınma Programı (UNDP) Arasında İmzalanan Üçüncü Tarafların Maliyetlerini Paylaşım Anlaşması nın Onaylanması Hakkında Karar BAKANLIKLARA VEKÂLET ETME İŞLEMİ Devlet Bakanı Mehmet Zafer ÇAĞLAYAN a, Ulaştırma Bakanı Binali YILDIRIM ın Vekâlet Etmesine Dair Tezkere Devlet Bakanı Egemen BAĞIŞ a, Devlet Bakanı Mehmet AYDIN ın Vekâlet Etmesine Dair Tezkere YÖNETMELİKLER Maliye Bakanlığı Milli Emlak Genel Müdürlüğü Milli Emlak Denetmenleri Görev ve Çalışma Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik Profesyonel Turist Rehberliği Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik Çevre Kanununca Alınması Gereken İzin ve Lisanslar Hakkında Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik Radyo ve Televizyon Üst Kurulu Personel Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik Radyo ve Televizyon Üst Kurulu Uzman Yardımcılığı Giriş ve Yeterlik Sınavları ile Uzmanlığa Atanma, Yetiştirilme, Görev, Yetki ve Çalışma Usul ve Esasları Hakkında Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik Radyo ve Televizyon Kuruluşları Kanal veya Frekans Tahsisi Şartları ve Bunlara İlişkin İhale Usulleri ile Yayın Lisansı ve İzni Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik Hava Trafik Emniyeti Elektronik Personeli Sertifika ve Lisans Yönetmeliği (SYH-5) Adıyaman Üniversitesi Devlet Konservatuvarı Lisans Eğitim-Öğretim ve Sınav Yönetmeliği Dokuz Eylül Üniversitesi Sağlık Uygulama ve Araştırma Merkezi Yönetmeliği TEBLİĞ Özelleştirme İdaresi Başkanlığının 22/2/2010 Tarihli ve 2010/ÖİB-K-01 Sayılı Kararı KURUL KARARLARI Bankacılık Düzenleme ve Denetleme Kurulunun 18/2/2010 Tarihli ve 3537 Sayılı Kararı Bankacılık Düzenleme ve Denetleme Kurulunun 18/2/2010 Tarihli ve 3538 Sayılı Kararı Bankacılık Düzenleme ve Denetleme Kurulunun 18/2/2010 Tarihli ve 3541 Sayılı Kararı Bankacılık Düzenleme ve Denetleme Kurulunun 18/2/2010 Tarihli ve 3549 Sayılı Kararı Yabancı Süreli Yayınlar The International Journal of Accounting Volume 43, Issue 4, Pages 339-482 (December 2008) Analyzing the German accounting triad Accounting Premium for IAS/IFRS and U.S. GAAP vis-à-vis German GAAP? Pages 339-386 Jürgen Ernstberger, Oliver Vogler İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 2
This paper critically examines the impact of voluntary adoption of Internationally Accepted Accounting Principles (IAAP, i.e., IAS/IFRS and U.S. GAAP) on the cost of equity capital in Germany. We find that (1) overall cost of equity-capital estimates in the Capital Asset Pricing Model (CAPM) for companies applying IAAP are significantly lower compared to those applying German GAAP, (2) an enhanced multi-factor model which incorporates the accounting-regime differences (called GM model ) absorbs the cost of equity-capital differences, and (3) changes of the institutional background in Germany and of the accounting standards lead to different cost of equity capital effects for subperiods of the 1998 2004 voluntary-adoption period, while particularly controlling for effects like self-selection, cross-listing, and New Market (Neuer Markt) listing. The central thesis advanced in this paper is that changes in the accounting standards and the institutional infrastructure can influence the impact of applying IAAP. Therefore, we suggest incorporating an accounting factor into the cost of equity-capital analysis. 1. Introduction 2. Related literature 2.1. Information quality and cost of equity capital 2.2. Determinants and impacts of the adoption of internationally accepted accounting principles 2.3. Measurement of cost of equity capital 3. Institutional background 3.1. German financial reporting requirements 3.2. Accounting standards under investigation 3.3. German corporate governance and enforcement system 3.4. Germany's capital market 4. Hypotheses development 4.1. Overall impact of adopting IAAP 4.2. Impact of adopting IAAP in subperiods 5. Research design 5.1. Portfolio analyses 5.2. Firm-level analyses 6. Sample selection and descriptive statistics 6.1. Portfolio analyses 6.2. Firm-level analyses 7. Regression results 7.1. Portfolio analyses 7.2. Firm-level analyses İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 3
8. Conclusions Discussion of Accounting Premium for IAS/IFRS and U.S. GAAP Vis-à-vis German GAAP Pages 387-393 William M. Cready Ernstberger and Vogler [Ernstberger, J. & Vogler, O. (2008-this issue). Analyzing the German Accounting Triad with an Enhanced Multifactor Model Accounting Premium for IAS/IFRS and U.S. GAAP Vis-à-vis German GAAP. International Journal of Accounting.] employ the concurrent use of three distinct accounting-standard regimes (German GAAP; U.S. GAAP; and IAS/IFRS GAAP) in Germany as a foundation for evaluating the relation between accounting standard regime and equity-return attributes. They find that firms using U.S. or IAS/IFRS GAAP have higher betas but yield lower returns (cost of capital) relative to firms employing German GAAP. They also find that portfolios designed to isolate the return impacts of U.S. and IAS/IFRS GAAP relative to German GAAP are priced in a risk-factor-like fashion. In this discussion I suggest that a good bit of this empirical evidence is problematic. I also discuss the implausibility of information quality being priced in a Fama and French [Fama, E.F. & French, K.R. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance 47 (2): 427 465.] factor-like fashion. Finally, I introduce the importance of conditioning analyses of the relation between firm-level information quality and equitymarket return (cost of capital) on the degree to which the shareholder base of a firm holds diversified portfolios. 1. GAAP choice and beta 2. GAAP as a priced risk factor 2.1. Conceptualizing GAAP as a risk factor 2.2. Implementing GAAP as a risk factor 3. GAAP and cost of capital 4. Conclusion Reply to the discussion of Analyzing the German Accounting Triad Accounting Premium for IAS/IFRS and U.S. GAAP Vis-à-vis German GAAP? Pages 394-397 Jürgen Ernstberger, Oliver Vogler İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 4
1. Introduction 2. GAAP as a priced risk factor 3. Methodological setup in Ernstberger and Vogler (2008) 4. Conclusion Industry upheaval and valuation: Empirical evidence from the international oil and gas industry Pages 398-424 Bård Misund, Frank Asche, Petter Osmundsen Accounting literature suggests that contemporaneous earnings are more useful than current operating cash flow in predicting future cash flows and, therefore, also more relevant for company valuation. However, recent research indicates that elevated levels of merger and acquisition activity or a changing economic environment may reduce the value relevance of earnings. Using the oil and gas industry as a case, this paper examines how the oil industry upheaval in the late 1990s influenced the value relevance of financial statement information. We extend the literature by testing for a structural shift in the equity market valuation process. Our results provide evidence of a structural break in the value relevance of accounting information. In contrast to prior research, we find that the value relevance of cash flows actually decreased in the recent oil industry upheaval. On the other hand, the value relevance of book equity increased. Furthermore, we find that accounting-method choice (full cost versus successful efforts) affects the value relevance of accounting information. 1. Introduction 2. Literature review 2.1. Industry affiliations and the value relevance of accounting information 2.2. Merger waves and the value relevance of accounting information 2.3. Changing economic conditions (financial crisis) and the value relevance of accounting information 3. The oil and gas industry upheaval 1998 2002 4. Research design and econometric specification 4.1. The value relevance of accounting information 4.2. Econometric issues 4.2.1. Scale 4.2.2. Omitted variables 4.2.3. Other information 4.3. Controlling for accounting method choice İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 5
4.4. Controlling for scale the returns specification 4.5. The value relevance of accounting information: testing for a structural shift 4.6. Accruals vs cash flows 4.7. Research hypotheses 5. Sample data 6. Results and discussion 6.1. The timing of the structural break in valuation 6.2. Tests for structural breaks 6.2.1. The levels model 6.2.2. The Return Model 6.2.3. Controlling for accounting method 6.3. Discussion of the structural break in valuation 6.3.1. The Levels Model 6.3.2. The Return Model 7. Conclusion Acknowledgements An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states Pages 425-447 Bader Al-Shammari, Philip Brown, Ann Tarca This study investigates the extent of compliance with international accounting standards (IASs) by companies in the Gulf Co-Operation Council (GCC) member states (Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates). Based on a sample of 137 companies (436 companyyears) we find that compliance increased over time, from 68% in 1996 to 82% in 2002. Despite strong economic and cultural ties between the GCC states, there was significant between-country variation in compliance and among companies based on size, leverage, internationality, and industry. The study provides evidence of de jure but not de facto harmonization in the region. Noncompliance reflected some ineffectiveness in the functions of external auditors and enforcement bodies, which may be of interest to countries that have adopted IASs recently. 1. Introduction 2. Background and research question 2.1. Effect of regulatory framework on compliance İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 6
2.2. Company factors affecting compliance 3. Data and method 3.1. Sample selection 3.2. Descriptive statistics 3.3. Measuring compliance 3.4. Regression models 4. Results 4.1. Level of compliance 4.2. Regression results 4.3. Summary and limitations 5. Conclusions Appendix A. IASs included in compliance checklist (1). Standards not applicable in the GCC (2). Not applicable in the study period (3). Little within-sample variation Does Convergence of Accounting Standards Lead to the Convergence of Accounting Practices?: A Study from China Pages 448-468 Songlan Peng, Rasoul H. Tondkar, Joyce van der Laan Smith, David W. Harless In this empirical study we examine whether China's efforts to converge domestic accounting standards with International Financial Reporting Standards (IFRS) over the past 15 years have resulted in the successful convergence of Chinese listed firms. This study is unique in that we evaluate convergence of firms' accounting practices from three perspectives: (1) the level of compliance with Chinese GAAP and IFRS, (2) the consistency of accounting choices under Chinese GAAP and IFRS, and (3) identification of significant differences in the net incomes produced under Chinese GAAP and IFRS (earnings gap). Using the 1999 and 2002 annual reports of 79 Chinese listed firms we find improvement in both compliance with IFRS and in the consistency of the accounting methods used in annual reports prepared under Chinese GAAP and IFRS. We also find a reduction in the earnings gap from 1999 to 2002. However, interestingly we observed that Chinese listed firms' compliance with IFRS is significantly lower than their compliance with Chinese GAAP. Overall we believe that our findings suggest that in China the convergence of accounting standards has been a conduit to the convergence of accounting practices. İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 7
1. Introduction 2. Background 2.1. Chinese capital market development and market segmentation 2.1.1. Accounting regulations 3. Prior research and hypotheses development 4. Research design 4.1. Research instrument 4.2. Sample and data 4.3. Data analysis 5. Results 5.1. Descriptive statistics 5.2. Tests of the hypotheses 5.2.1. Univariate tests 5.2.2. Multivariate tests 6. Conclusion Appendix I. Research instrument İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 8