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So far Laura Bini has created 36 blog entries.

Call for paper “Beyond Financial Reporting Disclosures”

By | 2018-11-27T11:28:58+01:00 November 27th, 2018|

A Special Issue of Financial Reporting

Guest Editors

Bruce K. Behn, University of Tennessee

Francesca Rossignoli, University of Verona

Silvano Corbella, University of Verona


About the special issue

This Special Issue aims to investigate new venues of corporate disclosure, such as non-financial reporting and non-GAAP measures, focusing on their contents, their relevance for capital markets, and their impact on organizations and users’ behaviours.

Empirical research papers are welcome, both using quantitative and qualitative methods, focusing on the empirics of practice, cases, and experiences. Covered topics include, but are not limited to, the following:

  • Financial reporting beyond accounting standards (i.e. non-GAAP measures and street earnings);
  • Non-financial communication to stakeholders (i.e. integrated reporting, corporate and social reporting, and ESG measures);
  • Accounting regulation: regulators’ role in avoiding misrepresentation while satisfying stakeholders’ call for information;
  • Monitoring duties and audit impacts on corporate reporting beyond accounting standards;
  • Managerial and cost accounting enhancing non-financial and non-GAAP reporting.


Submission Procedure

The Special Issue will welcome papers focused on “New frontiers of the reporting”, as described above, including those presented at the SIDREA Conference 2018, held in Verona, on 13-14 September 2018. Manuscripts should be submitted electronically, using https://www.francoangeli.it/riviste/sommario.asp?IDRivista= 163&lingua=en&anno=2018

All invited submissions will be subjected to double-blind reviews. No fees are collected for manuscripts that are accepted/not accepted for publication.


Important dates

Submission deadline: February 15th 2019

Notification of acceptance / rejection: 15 th March 2019

Final acceptance (notification of DOI): 31st August 2019


For further information please contact info@frjournal.eu


Dialogue with standard setters

By | 2018-05-28T18:41:06+01:00 May 28th, 2018|

Monda Mario, Fiume Raffaele / Financial Reporting / 1-2018

There had been several international accounting principles about the accounting treatment for business combinations, over the past years. Last June 2016, the International Accounting Standards Board proposed to amend IFRS 3 Business Combinations with the aim of clarifying the definition of a business. The motivation that pushed the Board to propose the Exposure Draft was to inform that there is a diversity in practice in accounting for previously held interests in the assets and liabilities of a joint operation in two kinds of transaction, those in which an entity obtains control of a business that is a joint operation and those in which it obtains joint control of a business that is a join operation. The purpose of the following review is to identify whether the board has reached the desired objective, and leads through the historical analysis of the accounting standards concerning business combinations, the analysis of the Exposure Draft and especially the analysis of the comments letters.

Business combinations, IFRS3, Exposure Draft, Purchase Method, Screening test

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Conceptual shifts in accounting: Transplanting the notion of boundary from financial to non-financial reporting

By | 2018-05-28T18:38:39+01:00 May 28th, 2018|

Girella Laura, Abela Mario, Ferrari Elisa Rita / Financial Reporting / 1-2018

In 1998 Miller, in his paper titled “The margins of accounting” observed that “By looking at the margins of accounting, we can understand how this influential body of expertise is formed and transformed” (Miller, 1998: 618). Drawing on this analogy, the boundaries of reporting and the ways these are defined and re-defined, as a consequence of the relationships organisations form with other entities from time to time, and their substantive nature provide insights about the business and its business model. Accordingly, an examination of reporting boundaries helps to better understand and appreciate the objective of an organisation, the logic that underlies its business model and how that is ‘reflected’ and communicated through the reporting entity’s financial statements – which may or may not align with the boundaries of the ‘organisation’. Despite the relevance of reporting boundaries as a critical aspect of the accounting discipline, it remains a relatively unexplored area in the literature. Accordingly, the aim of this work is to offer an initial overview on how the boundaries of reporting have (not) changed in response to the broadening scope of reporting to address both financial and ‘non-financial’ information (e.g. sustainability, governance and intangibles) and attempts to promote greater integration between both sets of information (IIRC, 2013). In particular, the analysis draws on the interpretative schemes of Zambon (1996) and Zambon and Zan (2000) and is combined with the concept of ‘transplantation’. The manner in which reporting boundaries are defined for both financial and non-financial reporting is investigated and compared. This comparison enables similarities and differences between the definition of the ‘reporting boundary’ to be problematised and explored for both financial and non-financial reporting.

Reporting boundaries, Financial reporting, Non-financial reporting, Transplantation

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Potential of IFRS 8: Managerial “customization”, relevance of subsidiaries and separate financial statements

By | 2018-05-28T18:32:40+01:00 May 28th, 2018|

Cuccia Andrea / Financial Reporting / 1-2018

Nowadays companies are engaged in an increasingly competitive and global arena, where informational imbalances between companies and investors might be seen as a constraint to the correct functioning of markets. Breakdown of infor-mation by segments might be seen as an attempt to intercept different information needs about each circumscribed area of economic activities individually identified within entity-group. This paper is first intended to figure out, by resorting to practical examples, the effects of full management approach on IFRS 8 segment reporting structure. Then, in the light of the state of art arising from IFRS 8 Post-Implementation Review and the latest criticisms, in order to guarantee its useful-ness, it calls for a more awareness of the multi-faceted nature of segment reporting as a planning and control tool. Besides, merit of segment reporting is to recovery subsidiaries data elided within the consolidated financial statements. Following this perspective, separate financial statements, depicting subsidiaries in terms of in-vestments and profits and losses flowing respectively into balance sheet and in-come statements, is bound to provide a synthetic overview of all the business areas occupied by entity-group.

Customization, Breakdown, Subsidiaries, Operating segments

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Global financial crisis and relevance of GRI disclosure in Italy. Insights from the stakeholder theory and the legitimacy theory

By | 2018-05-28T18:29:38+01:00 May 28th, 2018|

Fornaciari Luca, Pesci Caterina / Financial Reporting / 1-2018

In this study, we examine the effects of voluntary disclosure on the market value of Italian-listed companies adopting GRI guidelines, interpreting our results in the light of both stakeholder theory and legitimacy theory. From a methodological viewpoint, an index is used to measure the level of disclosure of human resources and environmental information. We consider a sample of firms listed on the Milan Stock Exchange for an eleven-year period (2004-2014). The period chosen gave us the opportunity to assess the value-relevance of environmental and social information before and during the Global Financial Crisis. We supplement the previous literature on the topic of the relationship between social and environmental disclosure and value-relevance by arguing that sustainability tools have to be evaluated, remembering that they express a notion of value in the long term and provide information to a large number of stakeholders. Our findings show that environmental information is only value-relevant during the crisis period, when the shareholder perspective comes more into line with other stakeholder perspectives because they are seeking a middle-to-long run notion of value. Finally, we find that a high level of GRI information disclosure is positively evaluated by investors; this result is important also because it was obtained in the Italian market which is largely considered inefficient, and thus it supports the urgent need to provide high-quality information in each type of market.

Social and environmental reports, Global financial crisis, Global reporting initiative guidelines, Stakeholder theory, Value relevance

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A theoretical contribution to 21st Century problems in financial reporting

By | 2018-05-29T10:08:22+01:00 May 28th, 2018|

Alexander David, Fasiello Roberta / Financial Reporting / 1-2018

The Italian tradition known as ‘Economia Aziendale’ is longstanding and well known in Italy. It broadly spans the 20th Century, with its apotheosis appearing in the 1920s with Gino Zappa. It is not very well-known elsewhere. Its logical conclusions for financial reporting are not applied in practice in Italy, and indeed never have been. They are not applied in the (very different) field of IFRS and European Directive requirements either. Our research question is to investigate the proposition that they significantly should be so applied. Our key area of study, therefore, is the complex and multi-faceted problem of income measurement and asset valuation, valuation issues in short. In order to properly investigate these considerations, we present a thorough survey of the theoretical development and arguments of the EA tradition, showing its logicality and usefulness, and contrasting these effects with the present-day regulatory systems. This forms the major theoretical element of the paper. In summary, therefore, the paper could be characterised as an analytical presentation of major theoretical arguments, with significant application to the real world of today and tomorrow. The EA tradition is not new. But we demonstrate its current relevance, and expose it to an international audience.

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Related parties disclosure: Is a risk based approach more effective?

By | 2018-05-28T18:22:36+01:00 May 28th, 2018|

Bava Fabrizio, Gromis di Trana Melchior, Busso Donatella, Pisoni Piero  / Financial Reporting / 1-2018

Following recent corporate scandals increased attention has been paid to Related Party Transactions (RPTs), since they have often played a central role in abuses and frauds. Regulators have consequently been obliged to strengthen current regulations, introducing new bans and requirements aimed at guaranteeing the substantial and economic fairness of RPTs and a proper level of transparency. This reaction is due to the high inherent risk of these transactions and because companies in crisis tend to resort to this type of operation. In Italy, the regulations on RPTs were completely revamped in 2010. The material RPTs that have to be disclosed through an ad hoc communication were defined by former regulations through qualitative criteria, whereas now a quantitative approach is used in order to reduce subjectivity. The initial results of the new regulations show that a higher number of RPTs has been disclosed to the market, thus improving transparency, but the effects of RPTs remain unreported in Income Statements. Through an online questionnaire this paper, starting from previous research, investigates potential improvements supported by independent directors involved in the RPT evaluation process. These independent Directors are uniquely placed to shed light on the experience of the initial years of application of the new Regulation, which may help lawmakers, after the lengthy initial consultation process, inevitably influenced by divergent (and non-independent) interests without the bene-fit of the hindsight that is now available. It is to be hoped that lawmakers will take note of these results and fine-tune the regulations accordingly, without necessarily abandoning the quantitative approach, in order to increase the transparency of the information made available on RPTs.

Related party transactions, Disclosure, IAS 24, Quantitative criteria

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Accounting research production and evaluation: The view of the professionals

By | 2018-02-16T13:12:32+01:00 February 16th, 2018|

Orazio Vagnozzi / Financial Reporting / 2-2017

The existence of a gap between accounting research and accounting practice has been extensively described in literature. In order to be able to publish a research in a high-ranked accounting journal, it seems that methodological issues are more important than those related to the relevance of the topics covered. To improve research and accounting practice and to avoid the risk of accounting research becoming self-referential, every effort should be made to bridge the current gap between research and accounting practice. To this end, the development of mutual knowledge of the agenda of researchers and practitioners on the one hand, and participation in joint projects on the other, could represent possible future solutions to be pursued.

Accounting profession, Accounting research, Research impact, Impact factor

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The usefulness of accounting research: A practitioner’s point of view

By | 2018-02-16T13:09:45+01:00 February 16th, 2018|

Giovanni Andrea Toselli / Financial Reporting / 2-2017

This paper represents a contribution from the point of view of a practitioner who strongly believes that it is essential to continue to invest in accounting research. The cooperation between chief financial officers, auditors and academic institutions is central not only for improving the process of accounting regulations but also for relaunching, at the same time, the industrial system (and not only it), by creating a strong feeling of trust in general economic and financial communication, thus fostering higher level of accountability.

Accounting profession, Accounting research, Research impact, Impact factor, Accountability

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