About Laura Bini

This author has not yet filled in any details.
So far Laura Bini has created 52 blog entries.

Greetings from the editor: Ten years of personal engagement in Financial Reporting

By | 2019-09-27T09:39:38+02:00 September 27th, 2019|

Quagli Alberto / Financial Reporting / 2-2018

This issue is the last of my editorship. After ten years (2009-2018), Financial Reporting changes editor, from me to Professor Giunta, University of Florence, and I will remain as associate editor of this journal. Let me say a few words on my engagement with this journal, just to keep the memory of our actions alive. We are getting old, you know…
I have served as the editor of Financial Reporting since its creation, founding the journal together with a group of dear colleagues in 2009. At that time, we intended to develop a new room for the scientific debate about the financial communication of companies to markets, investors, and stakeholders. Our aims were to create the first Italian ournal in financial accounting and communication with double blind reviewing process, to launch an annual workshop as a meeting point of our small but lively community, and to overcome some old bad practices of the academic life, where sometimes the name of the author counts more than the content of the paper. We strongly believe in the academia as an open community, collaboration and working groups as a way of life, even if all the public incentives reward essentially the individual and identifiable, contributions. We rapidly began to open the journal to foreign authors with the use of both Italian and English in published articles, and since 2013 we have decided to move to English as official language of the journal to promote the European ambitions of Financial Reporting. In 2011, we favoured the acquisition of the journal by FrancoAngeli, the current publisher, from IFAF. In this ten years, we promoted workshops and seminars together with the IAAER (Venice, 2013), the IASB (London, 2015), and parallel sessions during the annual congresses of AIDEA and SIDREA. We launched the website of the journal in 2012, and have just renewed it this year. FR counts now 10 annual congresses (Pisa, 2010; Firenze, 2011, Napoli Parthenope, 2012;
Roma LUISS e Sapienza, 2013, Verona, 2014; Grenoble, 2015; Genova, 2016; Parma, 2017, Bologna, 2018 and the next scheduled congress in Turin, 2019). We publish a quarterly newsletter and we recently created the promising ENLAAJ (European network of local academic accountancy journals) together with other 10 European academic journals. FR was ranked as a “C journal” in the last VQR (2011-2014), which is one of the best “Italian” journals of our discipline. We have devoted considerable efforts in promoting studies on the Italian context, both in public and
private companies, and we took very seriously the scope of the journal, focused on external communication to markets through financial reporting. Our scope have never included papers on management accounting or inspired by a purely historical perspective. Under my editorship, this journal published 27 issues. We contributed to the diffusion of the culture of reviewing in our Italian academy. The growth of the journal interested some relevant publishing groups such as Taylor & Francis and Wiley, which offered to include it their archives, and I hope that
in the next future Financial Reporting will succeed in including its issues in the most important databases of scientific articles, available in the worldwide academic libraries. Now Financial Reporting has all the conditions to ask for the inclusion in the Scopus list of journals. All the above results to the readers could seem satisfying for a new, greenfield journal. Actually, I do not feel completely satisfied. I am worried for the rush to the A journals. Obviously, you could say, FR is not an A journal, how can I be satisfied? Honestly, my main troubles come from this growing bibliometric trend, in which the venue of publication seems more important than the concepts and theses developed in the papers. Thus, more conceptual approaches – maybe less quantitative but able to open new perspectives – are more and more penalized, not to mention the limited number of studies on national or European contexts compared to those on international or American settings. There is a great need of original ideas, close to the practice, even if not completely mature. I hope that the new editor will see all those things getting better.
I want to thank all assistant editors of these years: Giovanna Michelon, Claudia Gabbioneta, Monica Veneziani, and Michela Cordazzo. FR has seen the growth of their careers along the years. They are all professors. Very
See you around, somewhere; we are living in a small world.

Read Article

The role of institutions in the process of global convergence to IFRS

By | 2019-09-27T09:28:10+02:00 September 27th, 2019|

Aprile Roberto, Bini Laura / Financial Reporting / 2-2018

This paper uses some major contributions from accounting institutional theory to discuss the process of convergence toward IFRS. Our analysis identifies the most influential institutions and the complex networks of relationships among institutions, offering a valuable contribution to a better understanding of the current state of diffusion of IFRS around the world and the current progress of the convergence process. We identify the different roles of some main institutions, grouping them into three categories and highlighting their main interactions in different contexts. We place global and international institutions such as IOSCO, EU and other international agencies such as the World Bank into the first category, since they have fostered the initial phase of the convergence process. Secondly, we find that the presence of institutions such as local government and standard setters, which play an intermediary role, mediates between the need to guarantee the implementation of the standards and the need to preserve pre-existing equilibria. Finally, we discuss the role played by the end-users of the standards. Our analysis shows that these institutions are the most critical forces. In fact, in the abscence of a structured, led program that orients these forces towards IFRS, the convergence process could result in the proliferation of local systems of standards, increasing the risk that harmonisation is achieved only in name.

IFRS, accounting convergence, institutional theory, isomorphism

Read Article

Do letters to shareholders inform or mislead? Insights from insider trading

By | 2019-09-27T09:13:24+02:00 September 27th, 2019|

Becalli Elena, Bozzolan Saverio, Laghi Enrico, Mattei Marco / Financial Reporting / 2-2018

Empirical studies consistently provide evidence that investors perceive quaitative disclosures as useful because they have significant effects on analysts’ forecast revisions and a firm’s share price. But these results leave unanswered the question of whether managers write qualitative disclosures to inform or mislead investors. Based on the signaling theory, we consider tw actions by the same manager: one (insider trading) is a costly signal whilst the other (qualitative disclosure) is the cheap signal. We then verify whether they are coherent. We investigate the content and the verbal tone of the Letter to Shareholders and the insider trading from its author before and after the letter’s date of release and find that the costly signal (the insider trading) is not coherent with the cheap signal (the disclosure). This finding indicates that managers do not use qualitative disclosures to offer incremental information but that they might use them to mislead investors.

signaling theory, impression management, insider trading, letter to shareholder, verbal tone

Read Article

Determining characteristics of boards adopting Integrated Reporting

By | 2019-09-27T09:13:59+02:00 September 26th, 2019|

Alfiero Simona, Cane Massimo, Doronzo Ruggiero, Esposito Alfredo / Financial Reporting / 2-2018

Nowadays, companies and markets are increasingly international and growing numbers of stakeholders are affected by the economic, social and environmental aspects of business, resulting in significant changes in how corporate information is both perceived and published. Over the last few years, this new scenario has led to many company boards voluntarily adopting an accounting and company performance tool, known as Integrated Reporting (IR), which is a single disclosure document that satisfies stakeholders’ increasing need for communication. This study’s objective is to contribute to existing literature on the relationship between financial reporting and corporate governance, investigating into whether certain characteristics of the board – including numbers, gender, nationality, average age – influence the decision to adopt IR or not. The analysis was carried out on a sample of 120 Italian listed companies in different sectors for the year 2014. These results showed a positive relationship between the decision to use IR and the size of the board and the presence of female boardmembers, whereas the presence of foreign and older boardmembers had a negative effect on adopting IR.

integrated reporting, board of directors, diversity, logit

Read Article

The value relevance of fair value hierarchy. Empirical evidence from the European Union

By | 2019-09-26T16:19:03+02:00 September 26th, 2019|

Mechelli Alessandro, Sforza Vincenzo, Stefanoni Alessandra, Cimini Riccardo / Financial Reporting / 2-2018

This paper investigates the value relevance of the fair valur hierarchy disclosed for financial instruments through a sample of 97 financial entities listed over the period 2011-2016 i the stock markets of 23 Eurpoean countries. Its main objectives are threefold. First, by analysing the European setting, the paper means to study the value relevance of the fair value hierarchy to judge the choice of the International Accounting Standard Board (IASB) to extend the disclosure of the hierarchy to all the assets and liabilities. Second, the paper aims to evaluate the choice of abandning management intent as a criterion for the classification and measurement of financial instruments investigating the effect that such an intent has on the value relevance of the fair value hierarchy. Finally, by studying the effect that exposure to risks has on the value relevance of the fair value hierarchical levels, the paper plans to investigate the implications that the disclosure of the hierarchy could have on the rules of Basel 3 capital adequacy. Forumulating three different research hypotheses, the findings validate them prviding evidence that the value relevance of fair value measurement depends on the source of inputs used to estimate fair value and that both management intent and the risk intensity of the asset book only affect the value relevance of the less reliable fair value estimates. These results are useful for standard setters and regulators. Actually, for the investors decisions, they suggest the importance of disclosing the fair value hierarchy for all the assets and liabilities as required by IFRS 13, as well as teh advantage of replacing in IFRS 9 the management intent criterion.

Read Article

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+02:00 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

Read Article

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

By | 2018-05-28T18:38:39+02:00 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

Read Article