ICAS research publications
ICAS is committed to promoting evidence-based policy making and therefore commissions research in key areas to support the development of policy.
For queries regarding our publications or research funding, please contact the ICAS Research Centre on 0131 347 0100 or research@icas.com
Audit and assurance
Unlocking the black box in fair value measurement (FVM): Examining how valuation specialists prepare and evaluate FVMs (2019)
Dereck Barr-Pulliam, Jennifer R. Joe, Stephani A. Mason and Kerri-Ann Sanderson
Auditor skills in a changing business world (2016)
ICAS/FRC Steering Committee
This joint ICAS/FRC report calls for action to prevent a potential audit skills gap in the future. It calls for a constructive debate on the future of audit, the skill set needed to deliver this vision and how to overcome the barriers to change. The report produced by a joint ICAS and FRC Steering Committee assesses the findings of the two independent research projects commissioned and published by ICAS and FRC (see below) and builds on those research findings to identify the key themes emerging and to recommend where changes are required to enable the audit to serve the perceived needs of society in the future.
The capability and competency requirements of auditors in today’s complex global business environment (2016)
Karin Barac, Elizabeth Gammie, Bryan Howieson and Marianne van Staden
Various factors have changed the business environment in which today’s auditors operate. This has resulted in a worldwide challenge to align the capabilities of auditors to the requirements of this new environment. Have auditors adequately responded to this challenge? This report investigates this question by looking at the current and future capability requirements of auditors performing complex financial statement audits.
This report is based on 84 interviews with auditors, corporate managers and members of corporate audit committees in some of the largest listed companies in Australia, South Africa and the United Kingdom and other stakeholders who have some oversight, public policy or educative role in audit.
Skills, competencies and the sustainability of the modern audit (2016)
Stuart Turley, Christopher Humphrey, Anna Samsonova-Taddei, Javed Siddiqui, Margaret Woods, Ilias Basioudis and Chrystelle Richard
This report investigates the perceptions of different groups connected to the audit function regarding the key skills and competencies required for auditing; to consider how these may have changed over time; and, in so doing, to examine differing practice-based understandings of the operation and significance of auditing. Views of audit partners in public practice, audit committee members, users of financial statements,
regulators and audit quality inspectors, academics, and early career chartered accountants in audit practice were captured through focus groups discussions held in several European cities. The report identifies eleven significant ‘pressure points’ for auditor skills and competencies in
the current and likely future environment.
Fair, balanced and understandable: Enhancing corporate reporting and assurance? (2016)
Ian Fraser and Boram Lee
Effective corporate reporting is essential to the efficiency of the capital markets but in recent years there have been significant concerns as to whether corporate reporting and the current levels of assurance are meeting the needs of investors. This report investigates the impact of the UK fair, balanced and understandable (FBU) requirement on both corporate reporting and assurance and to consider whether it is feasible and desirable to upgrade the assurance provided on the ‘front-half’ from an exception-based to a positive opinion.
Auditors, supervisors and risk in financial services (2015)
Ian Dewing and Peter Russell
The recent financial crisis has called into question the role of auditors, supervisors and the nature of financial risk. This report explains the evolution of these complex roles and provides policy recommendations. In particular, it focuses on four areas: liaison between auditors and supervisors; accounting and auditing judgements in financial services audit; monitoring and reporting of risk; and implications of European and international regulations for auditors of financial services firms.
What do we know about mandatory audit firm rotation? (2012)
Corinna Ewelt-Knauer, Anna Gold and Christiane Pott
The aim of this review is to identify, consider and evaluate the existing evidence on mandatory audit firm rotation to inform future policy making, highlight any deficiencies in the existing literature, identify opportunities for further research and make recommendations for policy makers.
The review covers research from the major international markets and jurisdictions with experience of mandatory audit firm rotation. Issues considered include the impact, if any, of mandatory audit firm rotation on: audit quality, auditor independence, audit costs and audit market concentration.
What do we know about joint audit? (2012)
Nicole Ratzinger-Sakel, Sophie Audousset-Coulier, Jaana Kettunen and Cédric Lesage
The aim of this review is to identify, consider and evaluate the existing evidence on joint audit to inform future policy making, highlight any
deficiencies in the existing literature, identify opportunities for further research and make recommendations for policy makers. The review covers research from the major international markets and jurisdictions with experience of joint audit. Issues considered include the impact, if any, of joint audit on: audit quality, independence, audit costs and audit market concentration.
Can we meet the needs? Auditor views on external assurance and management commentary (2011)
Ian Fraser and Jacqueline Pierpoint
This report identifies auditors’ views on the importance and feasibility of external assurance on management commentary and the forms of assurance and reporting which might be applied. Auditors’ views on more general assurance issues are also explored, including views on: the robustness of the external audit process; the usefulness of current audit reports and how they might be enhanced; and other means of enhancing auditor-user communication.
The contrasting role of auditors in UK and Swiss banking supervision (2010)
Ian Dewing and Peter Russell
Following the financial crisis, the role of financial regulation and audit is being questioned like never before. It is clear that in the UK, the role
of auditors in financial regulation is likely to increase. How this will be achieved is still a matter for debate. This report provides a useful comparison of the role played by auditors in UK and Swiss banking supervision and highlights features of the Swiss system which are worthy of consideration in the UK.
Meeting the needs? User views on external assurance and management commentary (2010)
Ian Fraser, Jacqueline Pierpoint, William Henry and Bill Collins
This project investigates views on the value and importance of management commentary and whether there is a demand by corporate report users for external assurance on management commentary. Whilst asking users about these issues attention also naturally turns to more general views on the scope and value of the current statutory audit.
Competition, choice and governance in the UK audit market: Interview evidence (2009)
Kevin McMeeking
The large listed audit market is dominated by the Big 4 accounting firms; this has led to concerns about the lack of competition and choice in the
audit market and the establishment by the FRC of the Market Participants Group. Most stakeholders agree that additional choice in the audit market would be beneficial but should this be left to market forces or should regulatory measures be adopted? This interview based study investigates.
The role of auditors, reporting accountants and skilled persons in UK financial services supervision (2005)
Ian Dewing and Peter O Russell
The Financial Services and Markets Act 2000 unified the regulation of the financial services industry under one regulator, the Financial Services Authority. Statutory auditors of firms in the financial services industry have additional responsibilities over and above those contained in the Companies Act. This report investigates the dual roles and perceptions of key interested parties.
A comparative analysis of auditor independence in economies in transition (2004)
Katarzyna Kosmala MacLullich and Pat Sucher
Auditor independence has for many years been seen as a crucial aspect of the credibility of the external audit function, This project has been undertaken to investigate how the concept of auditor independence is perceived, and has been implemented, in two economies in transition - the Czech Republic and Poland.
Audit expectation-performance gap in the UK in 1999 and comparison with the gap in New Zealand in 1989 and in 1999 (2004)
Brenda Porter and Catherine Gowthorpe
Since the early 1970s, external auditors have increasingly been the target of criticism and litigation. The findings reported in this research report provide some insight into society’s expectations of auditors, the perceived standard of their work, and the extent to which these expectations are not being fulfilled.
AUDITQUAL: Dimensions of audit quality (2004)
Angus Duff
The sudden collapse of Enron in the United States in 2001, followed by a number of other high-profile US companies reporting financial difficulties, created a crisis of public confidence concerning the corporate governance and auditing of publicly-quoted companies in the US. This investigation develops a broad-based model of audit quality and an analysis of the external communications of the 20 largest audit firms in the UK.
Audit automation: The use of information technology in the planning, controlling and recording of audit work (1997)
Stuart Manson, Sean McCartney and Michael Sherer
This research reports on the impact of the implementation of IT within the audit process and provides an understanding of the related issues for accountancy firms which might be considering such a step.
Auditing into the twenty-first century (1993)
Edited by William McInnes
In this discussion document the Research Committee of ICAS explores the public’s expectations regarding the reassurances sought from the
external audit of listed companies as well as the public’s expectations regarding the independence, accountability and legal liability of external auditors within the present corporate governance framework.
Corporate and financial reporting
The production and consumption of information on intangibles: An empirical investigation of preparers and users (2023)
Stefano Zambon, Giuseppe Marzo, Stefano Bonnini (University of Ferrara) and Laura Girella (University of Modena & Reggio Emilia)
The debate over the valuation and reporting of intangibles, and whether a compelling case exists for a change in the way they are reflected in corporate reporting, is by no means a new issue. Indeed, as the importance of service-based organisations, driven largely by data, information and intellectual property, has grown within the global economy, an increasing focus has been placed on the intangible drivers of value within companies and how these act as indicators of the future prospects and underlying value of a business.
This large-scale and ambitious study used case-study based surveys and workshops to analyse the production processes and the disclosure approach for intangibles and investigate and understand the “consumption” processes of information on intangibles. The research, funded by ICAS and supported by EFRAG and EFFAS, aims to provide much-needed detailed empirical evidence on the preferences of users and preparers on the need for and decision-usefulness of information on intangibles, with a view to informing the continuing debate about how and where to provide more and better information on intangibles.
Download appendix 1, appendix 2 and appendix 3
Do companies disclose relevant information about intangibles? Insights from business model reporting and risk reporting (2022)
Chiara Crovini, Francesco Giunta, Christian Nielsen and Lorenzo Simoni
The debate over the valuation and reporting of intangibles, and whether a compelling case exists for a change in the way they are accounted for, is by no means a new issue. Indeed, as the importance of service-based organisations, driven by information and intellectual property, has grown within the global economy, an increasing focus has been placed on the intangible drivers of value within companies and how these act as indicators of the future prospects and underlying value of a business.
This research project, funded jointly by EFRAG and ICAS, sets out to investigate the role of intellectual capital (IC) in the value creation process and provide a baseline in Intangibles reporting for a sample of IC intensive high-tech companies.
Usefulness of real-time information: views of professional investors and analysts (2022)
Subhash Abhayawansa (Swinburne University of Technology), Mark Aleksanyan (University of Glasgow), Kenneth Lee (London School of Economics and Political Science) and Ioannis Tsalavoutas (University of Glasgow)
Advances in technology, an explosion in the volume and variety of information available and fundamental changes in the way in which we work and utilise data are transforming the landscape for accounting and reporting. This report aims to inform the debate specifically about the relevance of the current corporate reporting paradigm in the era of real-time/quick-time information. In this context ‘real-time’ will be understood as immediately available data, and ‘quick-time’ refers to data which is available well ahead of a company formally publishing it.
The Theory and Practice of Discounting in Financial Reporting under IFRS (2022)
Iain Clacher, Alan Duboisée de Ricquebourg, Mark C. Freeman, Con Keating
Discounting in financial statements is often perceived as a complex and somewhat academic topic. We believe it merits greater attention from standard setters, preparers and users of financial statements, amongst others.
Discounting is a requirement under several IFRS Standards. However, these requirements have different objectives and theoretical bases in different standards, and the way that discounting is to be applied differs. In spite of this inconsistency and its complexity and importance, discounting is, however, paid only limited attention by academic accounting research. Given the significant evidence gap therefore remaining, ICAS and EFRAG joined forces to fund this academic research project to critically evaluate and examine the use of discount rates in financial accounts.
Black Box Accounting: Discounting and disclosure practices of decommissioning liabilities (2020)
Giovanna Michelon, Mari Paananen and Thomas Schneider
This project focuses on discount rates used in accounting for decommissioning costs, clean-up costs, and other related environmental liabilities, as per IAS 37 - Provisions, Contingent Liabilities and Contingent Assets (IAS 37).
Evaluating the comparability and usefulness of disclosure of IFRS companies’ non-financial performance measures (2019)
Marvin Wee, Ann Tarca and Lyndie Bayne
Are non-financial performance indicators really “key”? An investigation of companies’ disclosure and analyst reports in the UK (2019)
Laura Bini, Lorenzo Simoni, Francesco Giunta and Francesco Dainelli
Professional investors and the decision usefulness of financial reporting (2016)
Stefano Cascino, Mark Clatworthy, Beatriz García Osma, Joachim Gassen, Shahed Imam and Thomas Jeanjean
Do investors assess financial reporting information differently depending on whether they wish to judge the stewardship of management or to value the firm? This publication reports on a large-scale survey of international professional investors undertaken to address this question and the findings suggest that the objectives of financial reporting do matter. The findings of the study have implications for standard setting in general and the current debate about the Conceptual Framework for Financial Reporting in particular.
Fair, balanced and understandable: Enhancing corporate reporting and assurance? (2016)
Ian Fraser and Boram Lee
Effective corporate reporting is essential to the efficiency of the capital markets but in recent years there have been significant concerns as to whether corporate reporting and the current levels of assurance are meeting the needs of investors. This report investigates the impact of the UK fair, balanced and understandable (FBU) requirement on both corporate reporting and assurance and to consider whether it is feasible and desirable to upgrade the assurance provided on the ‘front-half’ from an exception-based to a positive opinion.
Financial fair play: Implications for football club financial reporting (2014)
Stephen Morrow
The seemingly paradoxical situation in European football finance - increasing revenues but declining financial performance and position - has now directly influenced football policy; most visibly in the introduction by UEFA of Financial Fair Play regulations designed to encourage clubs to adopt a more economically rational and sustainable approach to their activities. This report considers the impact of these regulations and the usefulness of conventional financial reporting for professional football clubs.
The use of information by capital providers (2013)
Against a background of the dramatic changes taking place in international financial reporting and in capital markets in recent years, this report reviews the literature on the use of information by capital providers, who are primary recipients of financial statements. The review focuses on the role and importance of financial statements in both financial decisions and in the assessment of stewardship.
Operating segments: The usefulness of IFRS 8 (2012)
Louise Crawford, Heather Extance, Christine Helliar and Dave Power
This study investigates the issues surrounding the implementation of IFRS 8 Operating Segments, a somewhat contentious standard, as it requires companies to disclose information ‘through the eyes of management’. In addition to interviews with users, preparers and auditors, it involved a review of the annual reports of 150 UK companies in the year before and the year after IFRS 8 was implemented.
Small company abbreviated accounts: A regulatory burden or a vital requirement? (2011)
John Kitching, Robert Blackburn, Eva Kašperová and Jill Collis
This study investigates the value of small company abbreviated account users. The report highlights the tensions between preparers and users of small company accounts. It is hoped these findings will be useful in considering the UK Government’s recommendation, based on EC proposals, to abolish the accounts filing requirement for micro entities.
Implementing fair value accounting in the agricultural sector (2011)
Charles Elad and Kathleen Herbohn
This report investigates the implications of IAS 41 for international harmonisation of farm accounting practices and the issues and practical problems associated with implementation of IAS 41. The study is based on a survey and an analysis of annual reports in the UK, France and Australia.
The darkening glass: Issues for translation of IFRS (2011)
Rachel Baskerville and Lisa Evans
This report takes a European perspective: to identify specific issues which arise in the translation of accounting terminology; to explore the implications of these issues; and to make recommendations for stakeholders in IFRS adoption and translation. The project is based on the expert views of authors and translators of textbooks on financial reporting in European languages other than English.
Pension risk disclosures by FTSE 100 companies (2010)
Christopher O’Brien, Margaret Woods and Mark Billings
There is an increasing recognition that annual reports need to better disclose the risks facing a company. Provision of a defined benefit scheme poses one of these risks as companies take on uncertain long term obligations to make future pension payments. This report addresses the issue of how companies should report this risk so that stakeholders can understand a company’s exposure to pension risk.
Intellectual capital reporting: Academic utopia or corporate reality in a brave new world (2010)
Vivien Beattie and Sarah Jane Thomson
This report investigates the views of finance, HR and marketing specialists on: the importance of intellectual capital (IC) components to company value; the level of internal use versus external disclosure of IC; the incentives and disincentives for disclosure; and the effectiveness of various forms of corporate communication for the disclosure of IC.
Intellectual capital disclosure practices and effects on the cost of equity capital: UK evidence (2010)
Musa Mangena, Richard Pike and Jing Li
It is argued that one reason for disclosing intellectual capital information is to reduce the information gap between companies and investors and thus reduce the cost of capital. This report investigates the relationship between intellectual capital disclosure and the cost of equity capital.
Recognising workforce health as a key organisational asset: A study of current thinking and practice (2009)
Robin Roslender, Howard Kahn and Joanna Stevenson
Everyone would recognise that a healthy workforce can only be good for business, but is a healthy workforce an ‘asset’ and can or how should it be ‘valued’ or ‘accounted’ for? This report compares and contrasts the views of finance directors and human resource directors on these issues, as well as investigating three large organisations which are implementing measures to improve and monitor workforce health.
The influence of the business review on reporting key performance indicators in the UK media sector (2009)
Venancio Tauringana and Musa Mangena
This paper looks at the reporting of financial and non-financial KPIs in listed media companies. The findings raise questions with regard to the usefulness of KPI reporting and why companies are choosing not to comply with the disclosure requirements of the Companies Act.
The implementation of IFRS in the UK, Italy & Ireland (2008)
Theresa Dunne, Suzanne Fifield, Gary Finningham, Alison Fox, Gwen Hannah, Christine Helliar, David Power and Monica Veneziani
The move to International Financial Reporting Standards (IFRS) for many listed companies in Europe, and elsewhere, has been the biggest change to corporate financial reporting of recent times. This comparative study investigates the implementation of IFRS in the UK, Italy, and Ireland.
The boys in the bubble: Searching for intangible value in internet stocks (2008)
William Forbes
This report studies the internet boom in the late 1990s and its subsequent collapse in 2000. The report studies two possible sources of intangible value for Internet firms – host site visibility and the retention of the founding entrepreneur.
Intellectual capital reporting: Lessons from Hong Kong and Australia (2007)
James Guthrie, Richard Petty and Federica Ricceri
‘Knowledge-based’ industries need to find a way of communicating their intellectual capital to their stakeholders and the capital markets but in the absence of balance sheet recognition, how can this be done? This report addresses this question by furthering the understanding of when, and how, organisations voluntarily report their intellectual capital.
Words, pictures and intangibles in the corporate report (2007)
Jane Davison and Len Skerratt
With the increase in complexity of corporate reporting, the issue of how companies communicate with stakeholders is becoming ever more important. This increase in complexity has come at the same time as intangible assets have become increasingly important to business. The authors argue that since, traditional accounting communicates the existence of intangible assets inadequately, companies have apparently sought to use other means, such as words and pictures.
The evolution of reserve and provision accounting in the UK, 1938-50 (2007)
Tony Arnold and Paul Collier
This research project reports on the evolution of accounting approaches to reserve and provision accounting across the period 1938-50. Many of these developments are still evident in today’s financial statements. The report provides an insight into voluntary self-regulation compared to a mandatory regulatory approach.
Regulating accounting in foreign invested firms in China: From Mao to Deng (2007)
Mahmoud Ezzamel and Jason Zezhong Xiao
The report aims to provide a better understanding of the extent to which political changes and the development of foreign invested firms have impacted upon accounting regulation in China and the implications for international accounting harmonisation.
The business of football: Image management in narrative communication (2005)
Stephen Morrow
Football at club level has changed markedly in the last decade or so. Indisputably, major football clubs are now complex businesses, intrinsically concerned with financial matters. How football, or more accurately, football constituencies or stakeholders, should respond to this economic transformation remains a contested area.
The management of intellectual capital and its implications for business reporting (2003)
Robin Fincham and Robin Roslender
In recent years there has been a growing realisation that a company’s stock of intangible assets is a key contributor to its capacity to secure a sustainable competitive advantage. Successfully managing intellectual capital has emerged as a significant challenge to management, and is intimately related to another contemporary development, knowledge management, the management of knowledge-based assets in the pursuit of competitive advantage.
The case for deprival value (2003)
William T Baxter
Deprival value (often as ‘value to the owner’ or ‘value to the business’) provides a coherent principle for selecting the most defensible type of current value for each kind of asset and liability, and for finding the value’s size. Its general use would make accounts more consistent and comprehensible.
Voluntary annual report disclosures: What users want (2002)
Vivien Beattie and Ken Pratt
During the last decade, the importance of narrative reporting in corporate annual reports has increased significantly. Given the intense level of international debate about narrative reporting, the findings of this study are very timely.
Reaction to company law review proposals on reporting and accounting (2000)
Vivien Beattie and Ken Pratt
This research report presents the results of a survey of interested parties’ reactions to key reporting and accounting proposals in the UK Department of Trade and Industry’s Company Law Review Steering Group’s Consultation Document. In particular, this report looks at views regarding what year-end reporting documents should be required, how the information should be disseminated and whether assurance should be provided on certain types of information.
Business reporting: The inevitable change? (1999)
Edited by Vivien Beattie
This discussion document reports the findings of a survey to investigate views regarding current financial reporting.
The valuation of assets and liabilities: Environmental law and the impact of the environmental agenda for business (1998)
Rob Gray, Jan Bebbington, David Collison, Reza Kouhy, Bob Lyon, Colin Reid, Alex Russell and Lorna Stevenson
This report assesses the extent to which financial statements are and should be reflecting environmental issues. Having identified a gap between current practice within financial statements and the pressures arising from the environmental agenda, the project explored why this gap existed, how it had arisen and what, if anything, the UK accounting profession ought to do about it.
Operating and Financial Review: Experiences and exploration (1996)
Pauline Weetman and Bill Collins
The report presents the findings of interviews with finance directors and their colleagues in a selection of FTSE-100 companies, where the focus of discussion was with the ‘spirit’ of the ASB OFR Statement. Based on the interviews, the OFRs of FTSE-100 companies are assessed for evidence of meeting that ‘spirit’ as perceived by the ASB and as interpreted by the preparers of the document.
Operating and Financial Review: A survey of compliance with the spirit of the ASB’s guidance (1995)
Pauline Weetman, Bill Collins, Elizabeth Davie and Ann MacNeill
This survey considers the question of how effective the OFR appears to be as a means of communication from company management to all users of the annual report. It reports the perceptions of a team of researchers in relation to how that ‘spirit’ has been demonstrated in the annual reports of the FTSE-100 companies.
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Operating and Financial Review: Views of analysts and institutional investors (1994)
Pauline Weetman, Bill Collins and Elizabeth Davie
This project focuses on the views of analysts and institutional investors of specific aspects of the content and presentation of the OFR, confirming that the OFR will meet the information needs of many users, but has gone further in drawing attention to wider issues of communication between companies and investors.
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MCRV: A feasibility study - The Post Office (1993)
Stuart MacDonald and Pauline Weetman
This discussion document is the result of further research into the ideas contained in MCRV. It demonstrates that the MCRV proposals for the reform of corporate reporting could be applied in practice and would be relevant to any commercial enterprise, operating in either the private or public sector.
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Orchestra plc (1993)
Paul Gordon and Pauline Weetman
This study extends the feasibility testing of the MCRV proposals to a group of companies.
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SSAP 15: Accounting for deferred taxation (1992)
Pauline Weetman
This publication reports the results of an investigation into the experiences and problems involved in accounting for deferred tax in accordance with Statement of Standard Accounting Practice 15 and makes recommendations in the light of the research findings.
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SSAP 19: Accounting for investment properties (1992)
Pauline Weetman and Sidney Gray
This publication reports the results of an investigation into the experiences and problems involved in accounting for investment properties in accordance with Statement of Standard Accounting Practice 19 and makes recommendations in the light of the research findings.
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MCRV: A survey of corporate reporting practices by major UK companies: Vol 1: The report; Vol 2: The exhibits (1991)
Sidney Gray, Paul Gordon and Clare Roberts
This research project investigates the extent to which companies already make disclosure of the type sought by MCRV in their annual reports. The results show that progressive companies do recognise the need for more informative disclosures.
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EC financial reporting harmonisation: The mask of comparability (1991)
Catriona Paisey
This monograph provides an interesting introduction to some of the major themes which characterise financial reporting harmonisation within the European Community.
Melody plc: Annual Report (1990)
ICAS
A specimen annual report based on the actual results of a trading company.
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Accounting for brands (1989)
Les G. Campbell
How, if at all, should a company account for the value of brand names that it owns? Should all brands by a company be brought onto the balance sheet, or only the brands that it has acquired? Alternatively, should information about brands be set out in the notes to the accounts?
Making corporate reports valuable (MCRV) (1988)
Edited by Peter McMonnies
This report re-examines the principles of corporate reporting and puts forward a blueprint for meeting the information needs of their users at all levels. It considers the management information requirements of corporate report users in a way which will stimulate debate and action on the problems of corporate reporting.
A true and fair view in company accounts (1982)
David Flint
Although this monograph is now over 25 years old, the Institute has decided to make it available, as it has been regarded as the definitive
work on this subject. It is also expected that the original, historical perspectives contained therein will be helpful to current considerations of the use and meaning of ‘a true and fair view’.
Corporate communications
Risk reporting: Clarity, relevance and location (2012)
Santhosh Abraham, Claire Marston and Phil Darby
This study explores the views of users and preparers of risk information. The interviews cover three broad themes: the sources of risk information; the impact of regulatory initiatives on risk disclosure; and the types of risk information disclosed and the constraints on disclosure. An analysis of risk disclosure in the annual reports of companies in the food and beverage sector of the FTSE is also undertaken.
Measuring and assessing tone at the top using annual report CEO letters (2010)
Joel Amernic, Russell Craig and Dennis Tourish
CEOs have a strong influence on the tone at the top of companies. How they exercise this influence has the potential to affect the quality of financial reporting. The authors argue and demonstrate that by analysing the text of CEO letters, auditors and other interested parties may gain insight into the tone at the top of major corporations.
A model of corporate financial communications (2006)
John Holland
Managers face disclosure choices in their value-creation story between public and private disclosure and secrecy. These decision choices
are subject to constraints arising from reporting standards and stock exchange rules and informal costs and benefits associated with each choice. This report identifies broad categories of value-relevant information for disclosure to analysts and fund managers.
A survey of European investor relations (2004)
Claire Marston
Investor relations is a multi-disciplinary management function that has become increasingly prominent in the latter part of the 20th century and the beginning of the 21st century. It is part of a company’s financial reporting and business communication strategy. This project sought to find out the extent to which investor relations has become established within leading companies in Europe.
Corporate intangibles, value relevance and disclosure content (2004)
John Holland
This report seeks to understand how the content of corporate disclosure has been influenced by corporate perceptions of: major changes in the operations of companies, from purchasing raw materials and production to selling finished goods; and changes in financial markets.
The development of corporate websites and implications for ethical, social and environmental reporting through these media (2004)
Carol Adams and Geoff Frost
This research identifies best practice in the use of the Internet as a reporting medium by documenting, within an international context, the processes of how companies are preparing to take advantage of the Internet as an alternative and enhanced means of communicating with their stakeholders.
Institutional investors, accounting information and the ASB (2001)
Richard Barker
While the ASB is responsible for designing accounting standards, and companies and auditors are responsible for implementing them, there exist few feedback mechanisms whereby the effectiveness of the standards can be assessed. In other words, if institutional investors are the ‘customers’ of the ASB, then it is difficult to know whether or not the customer is satisfied. This research report aims to provide some feedback.
Business reporting: Harnessing the power of the internet for users (2001)
Vivien Beattie and Ken Pratt
This study represents the first study of users’ attitudes to web-based reporting, thereby complementing the many studies of web-reporting practices. A major feature of the study is that it allows the views and attitudes of the main interest groups in business reporting to be systematically compared, so that points of general agreement and points of major disagreement can be identified.
Corporate communications: Views of institutional investors and lenders (1999)
Pauline Weetman and Aileen Beattie
The research report, presents the outcome of an investigation of the needs and expectations of expert users regarding business information. The report contains the results of interviews with 14 expert users of business information, namely institutional investors, brokers’ analysts and bank lenders, all selected on the basis of their leadership in the field.
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Investor relations meetings: Views of companies, institutional investors and analysts (1999)
Claire Marston
This research report is based on the findings of interviews with finance directors or investor relations officers of FTSE100 companies, with institutional investors and sell-side analysts. The report provides insight into the current practice of investor relations meetings.
Disclosure of profit forecasts during takeovers: Evidence from directors and advisors (1998)
Niamh Brennan
This research report, examines the motivations and reasons why some UK companies include voluntarily a profit forecast in offer or defence documents issued during takeover bids whilst others do not. Findings are based on 11 in-depth interviews which were conducted with a variety of participants in the disclosure process.
Corporate communications with institutional shareholders (1997)
John Holland
The report presents the findings of interviews with finance directors and senior personnel in a selection of large UK listed companies. The focus of discussion was the disclosure process, and in particular, private disclosure with institutional shareholders.
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Investor relations: Meeting the analysts (1996)
Claire Marston
This report contains the findings from a survey of companies’ perceptions of meetings held for analysts and fund managers. The findings draw attention to the wider issues regarding corporate communications to investors and the need to continue questioning whether revised regulation of corporate communications has achieved the desired aims.
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Efficient markets and financial reporting (1987)
Simon M Keane
It is commonly assumed that stock exchange prices cannot be relied upon to reflect the value of the underlying securities, and that it is in the interests of investors to attempt to assess the value of the securities before making buy-hold-sell decisions. This monograph examines that view and assesses the consequences both for investment strategy and for financial reporting policy.
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Corporate governance
Corporate governance and corporate performance: UK FTSE 350 companies (2009)
Azizah Abdullah and Michael Page
In the wake of the recent financial crisis, attention has once again turned to corporate governance. One key question may relate to the purpose of corporate governance - is it about the control of risks, the improvement of performance, or both? This research investigates whether companies with particular corporate governance characteristics outperform other companies and have lower levels of risk.
Reporting on internal control in the UK and the US: Insights from the Turnbull and Sarbanes-Oxley consultations (2008)
Laura Spira and Catherine Gowthorpe
This report reviews the two different approaches to internal control reporting in the US and UK, before contrasting the responses of respondents to the Sarbanes-Oxley section 404 consultation and the Turnbull review consultation in 2004/5. These contrasting views provide a novel insight into the role of consultation in regulatory change in two important regimes.
Corporate governance in AIM companies (2008)
Chris Mallin and Kean Ow-Yong
AIM is the leading market for smaller, growing companies from all over the world. Creating a unique community of innovative and entrepreneurial
companies, one of AIM’s key features is its simplified regulatory environment specifically designed for the needs of smaller companies. But is this light touch approach to corporate governance working and what are the views of AIM company directors, AIM investors and AIM nominated advisors (NOMADs)?
The Turnbull report, internal control and risk management: The developing role of internal audit (2004)
Michael Page and Laura Spira
The Turnbull Report’s guidance required companies to report whether the board had reviewed the system of ‘internal control and risk management’, and encouraged, but did not require, the board to express an opinion on the effectiveness of the system. This study explores the range of activities undertaken by internal audit departments, their role within companies and the impact of the Turnbull guidance on internal audit.
Opinion shopping and the role of audit committees when audit firms are dismissed: The US experience (2003)
Clive Lennox
Enron and other recent corporate scandals have fuelled concerns about standards of financial reporting. Such scandals, inevitably result
in a search for culprits. This report provides timely evidence on the relationships among senior management, auditors and audit committees, using US data. The research focuses on the audit committee’s role when companies change auditors, and the effect of this role on senior management’s ability to engage in opinion shopping.
The future of corporate governance: Insights from the UK (2003)
Ian Fraser and William Henry
The first stage of this project was set up as a collaborative venture between ICAS and NIvRA in the Netherlands and the results were
published in The Future of Corporate Governance: Insights from the Netherlands. The final stage of the research is concerned with audit and corporate governance in the UK and relates to the feasibility and desirability of implementing the revised proposals for external audit and corporate governance arrangements made in the earlier ICAS report.
Attitudes of UK managers to risk and uncertainty (2001)
Christine Helliar, David Power, Donald Sinclair and Alasdair Lonie
In today’s fast-changing world, business must be flexible to survive and risks and opportunities must be accurately identified and evaluated if they are to be managed successfully. This report concentrates on the attitudes to risk of employees within firms.
The future of corporate governance: Insights from the Netherlands (2000)
Ian Fraser, William Henry and Philip Wallage
This publication represents the first stage of an investigation into the future of the external audit function and corporate governance more
generally. The research is centred on the proposals contained in Auditing into the Twenty-first Century and, because of the close parallels with Dutch practice, was set up as a collaborative project between ICAS and NIvRA in the Netherlands.
Audit committees (1988)
Ian Marrian
The project involved interviews in the mid-1980s with over 60 companies with established audit committees. In this book the author examines the
style, content and remit of the committees and highlights points to watch for companies considering the formation of an audit committee. The author also includes a suggested audit committee constitution.
Development of the profession
Diversity: The role of individual choice in explaining gender disparity at partnership level (2017)
Elizabeth Gammie, Kathleen Herbohn and Rosalind Whiting
Women continue to be under-represented at senior levels in the workplace and there have been a number of policy initiatives aimed at
addressing this imbalance. Despite the large number of women entering the accounting profession, there is still significant disparity between the number of men and women at partnership level in professional accounting firms. This interview based study of both male and female senior managers and directors within Big 4 and large professional accounting firms investigates this issue. Interviews were undertaken in the UK, Australia and New Zealand.
Today’s PhD students – Is there a future generation of accounting academics or are they a dying breed? (2012)
Vivien Beattie and Sarah Jane Smith
Are accounting and finance academics a dying breed? Or will today’s PhD students secure the next generation? This study attempts to answer
these important questions by investigating: the current state of the market for PhD studies in the UK; the level of satisfaction with current supervisory processes; and the implications for accounting education and training in the UK, for the academic profession and for the public accounting profession.
Teaching and research: Partners or competitors? (2012)
Angus Duff and Neil Marriott
Universities are centres of both teaching and academic research but how do these two activities interact within the field of accounting in universities? This project involved interviews with accounting academics and education and technical representatives of professional accountancy bodies in the UK and Ireland. A survey was also administered to accounting academics in the UK.
Major contributors to the British accountancy profession: A biographical sourcebook (2012)
Robert Parker, Stephen Zeff and Malcolm Anderson
As the accountancy profession continues to grow and develop it is important to look back and see how and why the profession is where it is today and recognise the significance of the individuals who contributed to its development. This book brings together biographies of some 37 twentieth century leaders of the British accountancy profession.
Women’s voices: Work-life balance of female Scottish Chartered Accountants (2011)
Sonja Gallhofer and Catriona Paisey
In a profession often characterised by long hours, achieving a work-life balance has always been an issue. But what does work-life balance actually mean and how do we achieve this? This research project investigates the views of female members of ICAS to explore: the conceptions of work-life balance; the solutions proposed to help women achieve work-life balance; the impediments to work-life balance; and the choices made by women.
An analysis of the role of the textbook in the construction of accounting knowledge (2008)
John Ferguson, David Collison, David Power and Lorna Stevenson
The education of future generations of accountants is critical to ensure the quality and reputation of the accounting profession. This report examines to what extent textbooks and training manuals used in university and professional education encourage independent learning and ethical awareness among students and enable future accounting professionals to engage in critical thinking.
Their own accounts: Views of prominent 20th century accountants (2007)
Michael Mumford
This book records interviews with four highly regarded CAs, namely: E. Kenneth Wright; Jack Clayton; Sir Basil Smallpeice; and Bruce
Sutherland. The interviewees provide an insight into how the profession developed in this period of significant change and acts as a historical context for current day accounting issues. A further eight interviews are available on the ICAS website: Lawrence W. Robson; Stanley Dixon; Eric
Hay Davison; Norman G. Lancaster; William W. Fea; William T. Baxter; Harry Norris; and Godfrey Judd.
The accounting profession in British West Africa (2007)
Chibuike U Uche
This report traces the development of the accounting profession in Ghana, Nigeria and Sierra Leone. The report raises important questions about the role of professional bodies in enhancing or possibly inhibiting economic development in developing countries. In particular, to what extent do the professional accounting qualifications, both of indigenous and international bodies, meet the needs of developing nations?
Women of ICAS reaching the top: The demise of the glass ceiling (2007)
Elizabeth Gammie, Bob Gammie, Morag Matson and Fiona Duncan
Despite the considerable increase in women joining the accountancy profession, there is still a discrepancy in the number of women reaching the top, compared to their male counterparts. This report seeks to address to what extent the ‘glass ceiling’ remains in force in professional accounting firms and makes recommendations on how any inequality could be removed.
The development of an audit learning package: SCAM (2007)
Christine Helliar, Elizabeth Monk, Lorna Stevenson and Colin Allison
Auditing is a difficult subject to teach, as practical experience is often required to ensure a complete understanding of the subject matter. This research was undertaken to develop an audit teaching resource which would enable university students to put their technical knowledge into practice, and expose them to both the technical issues and the sort of critical scepticism and ethical awareness required in modern auditing.
Giving an account: Life histories of four CAs (2005)
Edited by Stephen Walker
Oral history is often employed as a means of rendering audible the lives of those who leave little documentary trace of their experiences. This project originated from a recognition by the ICAS Research Committee that the life histories of some of the most influential figures in the Scottish profession might be lost if their experiences were not recorded. The CAs interviewed William Baxter, David Flint, Ian Morrow and Jack Shaw informed and observed those changes.
ICAS: 150 years and still counting - A celebration (2004)
Edited by Robert Bruce
This book celebrates not just the 150th anniversary of ICAS but also the character of the institution and its members.
Towards the ‘great desideratum’: The unification of the accountancy bodies in England, 1870-1880 (2004)
Stephen Walker
This monograph reports the results of a third ICAS sponsored project on the history of the organisation of the accountancy profession in the UK. Whereas previous studies in the series examined the reasons why rationalisation schemes failed, this monograph reports on the factors which contributed to a successful unification.
The professional accountancy bodies and the provision of education and training in relation to environmental issues (2001)
Rob Gray, David Collison, John French, Ken McPhail and Lorna Stevenson
With the steady growth in the awareness of and importance attached to environmental issues during the 1990s. It is highly appropriate for professional bodies and institutions to start the process of examining how environmental matters might most efficiently and effectively be embedded into their educational and training structures.
A future for the accountancy profession: The quest for closure and integration 1957-1970 (2001)
Ken Shackleton and Stephen Walker
Attempts at rationalisation have featured large in the history of the accountancy profession in the UK. This report illustrates how attempts to close off public practice through state registration failed because of destructive quarrels between the multiplicity of competing organisations.
27 Queen Street: Home of Scottish chartered accountants 1891-2000 (2000)
Sam McKinstry
Fancy a marvellous story, forthrightly told and lavishly illustrated with the aid of glorious colour? A tale of rampant capitalism, political stringpulling, elegant parties, notable enlightenment figures in wigs and tricorn hats, true love and famous artists, reckless entrepreneurs, Victorian piety, philanthropy and much more, all set in the classical elegance of New Town Edinburgh from 1790 to 2000? And with accountants involved as property developers, residents, guests, arriviste professional men and latterly as the high priests of business in the headquarters of the world’s first accountancy body. Surprisingly, this is only a small part of the true story of 27 Queen Street, Edinburgh, the previous headquarters of ICAS.
Contact research@icas.com for copy.
A comparative study of undergraduate and professional education in the professions of accountancy, law & architecture (2000)
Catriona Paisey and Nicholas J Paisey
This research report takes the form of a review of current issues relating to the undergraduate and professional education of accountants, doctors, lawyers and architects. Its overall aim is to explore a variety of models of education and training for the professions, with specific reference to the four professions mentioned earlier.
Pre-selecting graduates who succeed in passing chartered accountancy examinations: Evaluation of the process (1999)
Elizabeth Gammie
This report aims to assist training providers to select graduates who are likely to succeed at the first attempt to pass the ICAS examinations. The investigation is based on the profiles of trainees who passed the ICAS examinations in the late 1980s and early 1990s.
Professional reconstruction: The coordination of the accountancy bodies 1930-1957 (1998)
Ken Shackleton and Stephen Walker
This monograph analyses the relationship between the accountancy profession and the state and the attempt to coordinate the profession during the periods of ‘total war’ and post-war reconstruction.
The flaming torch (1994)
Fenton Robb, Franz Volmer and Stephen Walker
As accountants, we should have an understanding of the history of our profession and of the challenges which face us today so that we can prepare ourselves better for the twenty-first century. This book has three chapters, each by a different author. Franz Volmer describes Pacioli’s life and work. Then Stephen Walker takes us through highlights from the history of the accountancy profession. In the final chapter, Fenton Robb reviews aspects of the interaction between information technology and the accountancy profession.
A survey of the valuation practices of professional accounting firms (1992)
Simon M Keane
This monograph reports the results of a survey of the valuation methods of accounting firms in Scotland.
Accounting research - Academic trends versus practical needs (1988)
William T Baxter
Accounting has burgeoned as an academic discipline. Growth in teaching has been paralleled by growth in output of research articles. Baxter suggests that it would not be unreasonable to suppose that the research would centre on various practical aspects of an accountant’s daily work; and that the spate of papers would cast a fresh and helpful light on such work. This picture would seem far from accurate.
Ethics and integrity
Speak up? Listen up? Whistleblow? A survey of ICAS members (2019)
Catriona Paisey, Nicholas Paisey and Ioannis Tsalavoutas
As far as the accounting profession is concerned, CAs have become trusted business advisers, over and above solely operating the mechanics of financial management and reporting. As such, they are often privy to, and assessors of, closely guarded information. Most of this information will be legal and legitimate, but some will also indicate fraud and other unethical practices.
When this is the case, as stated by ICAS The Power of One2 business ethics initiative, “individuals, and particularly CAs, should have the confidence to speak out and influence the culture of organisations in which they work.” If raising issues internally is not appropriate, maybe due to the fact that senior management are those perpetrating the fraud, then whistleblowing becomes of the essence.
This ICAS research publication is the first of two papers documenting the results of a two-stage research project and consists of a review of academic literature on speaking up, listening up, and whistleblowing, ethics and organisational culture, which then formed the basis of a questionnaire survey of ICAS members.
Speak up? Listen up? Whistleblow? In their own words – insights into the ethical dilemmas of ICAS members
Catriona Paisey
Following from a survey of ICAS members (Paisey et al., 2019), this research project investigates in depth the ethical dilemmas and actions of ICAS members in order to gain deeper understanding of the speak up, listen up and whistleblowing responses of ICAS members to ethical dilemmas
Shades of Grey: Directors' Dilemmas (2016)
Niamh Brennan
This book builds on previous ICAS case study publications, but turns the attention to dilemmas facing company directors. The dilemmas address serious issues that could arise for boards of directors. The intention is that dilemmas are used for discussion and debate either in a training or business setting. the value is in the discussion and debate the dilemmas prompt. The dilemmas may be useful to individual organisations, for example, as part of an agenda for an away-day style board meeting.
Ethical Issues Encountered by Chartered Accountants (2008)
David Molyneaux
How often do we ask ourselves 'what should I do'? This report collates 28 true life ethical dilemmas faced by accountants either in practice or in business. The objective of the report is to bring ethical problems to life and to encourage debate and understanding of such issues rather than providing definite answers.
Ethics and the professional accounting firm: A literature review (2007)
Aileen Pierce
High profile corporate collapses, with which accountants have been associated, have raised questions as to the integrity of the professional accountants involved. This report reviews the literature on professions and professionalism in general, with the objective of gaining insights into the evolution of, and ethos inherent in, contemporary accounting firms.
Ethics and the individual professional accountant: A literature review (2006)
Ken McPhail
This report reviews the literature on 'ethics and the individual professional accountant'. The study draws on a broad range of literature in an attempt to begin to model the complexity of individual ethical behaviour.
Ethics in business: A literature review (2005)
Alan Lovell
This literature review considers ethics in business from both an historical and contemporary perspective. The research considers the impact of globalisation and the respective responsibilities of corporations, consumers, communities and societies.
Taking ethics to heart (2004)
Edited by Christine Helliar and Jan Bebbington
The Research Committee of ICAS has undertaken this investigation into the ethical standing of accountants. It explores ways in which pressures on ethical decision making can affect accountants and examines some potential remedies.
Not-for-profit sector
Charity Impact Reporting: Informing the Forthcoming SORP (2022-2024)
Penny Chaidali, Alpa Dhanani, Evangelia Varoutsa, Julian Woodward (Cardiff University) and Carolyn Cordery (Victoria University of Wellington, New Zealand)
This two-part project aims to provide evidence and recommendations to the SORP committee, as well as support to the charity sector and its stakeholders.
The first phase report analysed how UK charities develop and use impact reporting. The objective of the report was to understand the motives, processes, barriers and benefits of developing impact reporting, and ultimately assess whether it communicates charities’ achievements appropriately.
The second phase report considers the importance of charity impact information to funders, donors and supporters. It aims to improve understanding of the current charity impact disclosure practices, and consider how funders and donors use these reports to satisfy their accountability requirements and make future funding decisions.
Accounting, budgeting and performance management in central government (2015)
Noel Hyndman and Mariannunziata Liguori
Changes in accounting, budgeting and performance management are a fact of life in central government, especially when governments and policies change. But how can such changes be successfully imbedded into central government? This report provides recommendations to management based on a review of the changes to accounting, budgeting and performance management techniques used in the UK central government since the 1980s. It examines how accounting changes are argued for in political discussions, and how they are implemented, translated and legitimated. Differences between the Westminster government and the devolved Scottish government are explored and discussed.
Losing control in joint ventures: The case of Building Schools for the Future (2013)
Anne Stafford, Alice Shepherd, Jean Shaoul and Pam Stapleton
This research examines the governance, disclosure and accountability problems posed by the joint ownership form of Public Private Partnership (PPP) used to deliver the Labour government’s Building Schools for the Future (BSF) programme. The report adopts a case study method using four early schemes. The findings from this report suggest a number of recommendations for local and central government.
The implementation of IFRS in the UK devolved administrations (2013)
Ciaran Connolly and Tony Wall
This report investigates, through a survey and interviews, the implementation of IFRS in the central government departments of the three devolved administrations of Northern Ireland, Scotland and Wales. It seeks to examine the impact of reporting under IFRS, the merits and drawbacks of adopting IFRS, the impact on policy and decision-making and identifies lessons to be learnt for the future.
Public private partnership financiers’ perceptions of risks (2010)
Istemi Demirag, Iqbal Khadaroo, Pamela Stapleton and Caral Stevenson
Public private partnerships (PPP) are used extensively in the provision of public services but who bears the risk in such schemes. This new research report takes a new and different perspective on PPP schemes by examining the perceptions of risks from the perspective of the financiers and then comparing this to the perceptions of their public sector partners.
An exploration of Scottish charities’ governance and accountability (2009)
Louise Crawford, Theresa Dunne, Gwen Hannah and Lorna Stevenson
Significant regulatory change has taken place in the Scottish charity sector in recent years, following on from a number of high profile scandals in the late 1990s and early 2000s. This report examines whether these changes have been effective and whether they are considered worthwhile by those who are stakeholders in the charity sector.
Financial black holes: Accounting for privately financed roads in the UK (2008)
Jean Shaoul, Anne Stafford, Pam Stapleton and Peter MacDonald
Since the early 1990s, there has been a change in how public assets are financed with a move towards private financing, particularly in the transport, defence, health and education sectors. This report examines whether the current reporting and disclosure for privately financed projects in the road sector delivers accountability for public monies.
NHS resource accounting in Wales: Problems of implementation
Howard Mellett, Louise Macniven and Neil Marriott
The NHS is a capital intensive organisation, and the quality and maintenance of its assets are important to the delivery of a quality service. This report assesses how the NHS managed the process of accounting innovation relating to accounting and budgeting of capital assets in the NHS Wales.
Performance reporting by UK charities: Approaches, difficulties and current practice (2003)
Ciaran Connolly and Noel Hyndman
The charity sector is large and growing, and has substantial assets at its disposal. This research report argues that well-developed and appropriate performance measurement and performance reporting systems can help to discharge an important aspect of accountability of charities.
The transformation of the public sector: The role of accounting in sustaining change (2003)
Irvine Lapsley, Tom Brown, Audrey Jackson, Rosie Oldfield and Chris Pong
The UK public sector has been transformed over the past few decades. The intention of successive governments has been the creation of a ‘New
Public Sector’, which is more strategic and corporate in its thinking, with a customer/service user focus. This research is concerned with: the role of accounting in effecting such changes; and the actual and likely impact of such changes on public sector accountants themselves.
From bureaucracy to responsive management: A comparative study of local government change (2002)
Irvine Lapsley, June Pallot and Viviana Levy
This report poses fundamental questions of local authorities on how they organise, manage and determine the quality of the services, and the efficiency of the services they arrange or offer. The study examines the international aspect of developments by comparing the experiences of Scotland and New Zealand.
Inside hospital trusts: Management styles, accounting constraints (1998)
Irvine Lapsley, Sue Llewellyn and Gavin Burnett
The report examines the management of three hospitals in three different health boards in Scotland. It focuses on the effect of management in the new environment: the hospital in the market.
A question of trust: Regulators and the regulatory regime for privatised utilities (1997)
Irvine Lapsley and Kenneth Kilpatrick
This report studies the mechanisms of regulation of privatised UK industries by examining the role of the regulator. It explores and explains the differing approaches regulators have taken in performing their statutory functions.
GP fundholders: Agents of change (1997)
Irvine Lapsley, Sue Llewellyn and Judith Grant
This report evaluates the introduction of GP fundholding in Scotland by: examining GP fundholders’ views on their impact; assessing the views of
patients of a GP fundholding practice on how health care affects them; and considering the views of non fundholding GPs.
Local authority financial reporting: Communication, sophistry or obfuscation (1991)
Bill Collins, Debbie Keenan and Irvine Lapsley
This study examines the use made of local authority annual reports in Scotland and the possible need for reform.
Government accounting (1991)
Chris G A Fletcher
This report is an introductory text designed to explain to the nonspecialist reader the basics of central government financial planning, control and reporting.
Financial reporting by local authorities in Scotland (1998)
Linda Kilgour and Irvine Lapsley
The financial affairs of local authorities are of widespread concern yet the techniques of producing local authority accounts appear to be difficult to understand to all but those with a highly specialised knowledge of them.
Contact research@icas.com for copy.
Achieving economy, efficiency and effectiveness in the public sector (1987)
Cyril R Tomkins
Since the first oil crisis in 1974, there has been much more concern to exercise financial control over public sector expenditure. There is no area
of the public sector that has not felt this pressure as new methods and techniques have been introduced, often with a considerable increase in political tensions.
Contact research@icas.com for copy.
Other business issues
Balancing the board: Directors’ skills and diversity (2017)
Christine Mallin and Hisham Farag
In recent years there has been an increasing focus on the diversity of corporate boards. But diversity of boards is about more than just gender
or nationality; it is about directors’ skills, qualifications and experience.
How diverse are the boards of UK listed companies and is a diverse board a more effective board? This reports seeks to address these
questions by investigating directors’ skills and characteristics across UK listed companies, constructing a comprehensive board diversity index for the FTSE all share index and investigating the relationship between board diversity and performance over the period 2004-2013.
Reluctant borrowers? Examining the demand and supply of finance for high growth SMEs in the UK (2017)
Ross Brown and Neil Lee
High growth small and medium-sized entities (SMEs) are an important contributor to the economy and job creator in the UK. But is the demand and supply of finance to this section of the economy impeding growth? And if so, what can be done to improve access to finance and growth. Should funding initiatives be specifically targeted at high growth SMEs?
This report addresses these important questions by analysing the borrowing requirements of SMEs (high growth and non-high growth) and the factors that may deter or discourage such firms from borrowing. The research is based on a survey and interviews with high growth and non-high growth SMEs and interviews with banks, alternative financial providers and UK policy makers.
Shades of grey: Directors’ dilemmas (2016)
Niamh Brennan
This book builds on previous ICAS case study publications, but turns the attention to dilemmas facing company directors. The dilemmas address
serious issues that could arise for boards of directors. The intention is that the dilemmas are used for discussion and debate either in a training or business setting. The value is in the discussion and debate the dilemmas prompt. The dilemmas may also be useful to individual organisations, for example, as part of an agenda for an away-day style board meeting.
Funding issues confronting high growth SMEs in the UK (2014)
Ross Brown and Neil Lee
In the wake of the financial crisis, there has been increased concern about the availability of external finance for SMEs and a growing
awareness that it is the so called ‘high growth firms’ which have a significant impact on economic growth. This report’s overriding aim is to investigate the funding constraints faced by high growth SMEs in the UK.
The tax implications of Scottish independence or further devolution (2014)
Jane Frecknall-Hughes, Rosemarie McIlwhan and Simon James
This report considers the practical implications of further devolution of tax powers in Scotland or an independent tax regime under independence. It is not the purpose of this report to recommend any course of action in respect of further devolution or independence, but to set out the implications and ramifications contingent on either decision being made.
Employing business improvement techniques to improve performance and reduce risk in services outsourcing (2013)
Ronan McIvor
Services outsourcing has become a common feature in the global economy. However, whilst outsourcing offers the potential to reduce costs and improve performance it is not without risk. This research project develops a practical framework in which business improvement techniques can be employed to improve performance and reduce risk in various stages of services outsourcing.
What do we know about services outsourcing? (2013)
Ronan McIvor
This review of existing outsourcing literature was undertaken as part of the above research project. The review provides a useful overview
of services outsourcing. It describes the types of services outsourcing arrangements available, discusses the drivers of the services outsourcing phenomenon, explains how services outsourcing may be used to improve organisational performance, considers the different types of outsourcing relationships, investigates how business improvement techniques can be used in services outsourcing and identifies areas for further academic
research. The report concludes with implications from both a client and vendor perspective.
The case study illustrations: Employing business improvement techniques to improve performance and reduce risk in services outsourcing (2013)
Ronan McIvor
These detailed case study illustrations are published to support the main ICAS research report Employing business improvement techniques to improve performance and reduce risk in services outsourcing. Whilst the main report includes selected case study analysis to demonstrate how a framework for employing business improvement techniques in outsourcing can work in practice, these detailed case study illustrations provide more in-depth analysis and highlight the benefits and challenges of applying business improvement techniques in a practical setting.
Asset rich cash poor in the economic downturn: The financial challenges facing retired older people (2013)
Sarah Hean, Louise Worswick, Lee-Ann Fenge, Charlie Wilkinson, Stella Fearnley and Steve Ersser
This report looks into the experiences of a specific group of retired home-owners (the so called “asset rich cash poor”) during the economic downturn. The project investigates: how this group managed their financial circumstances in such difficult times; the impact of the downturn on wellbeing and quality of life; and whether services and support available to this group and other older people could be improved.
The study involved gaining the perspectives of this group of retired home-owners as well as those of health and social care professionals, financial advisors and professionals from the not-for-profit sector.
UK bio-pharma: Innovation, re-invention and capital at risk (2011)
Colin Haslam, Nick Tsitsianis and Pauline Gleadle
We all rely upon medical and scientific advances but the results and associated funding are inherently risky. The study examines the UK SME bio-pharma sector. It tracks AIM listed bio-pharmas to investigate return on investment and the level of capital at risk, considers the impact of the financial crisis on the sector, and seeks the views of senior executives of private and publicly quoted bio-pharmas and industry representatives.
The good, the bad and the ugly: A discussion of the impact of regulatory reform on the UK credit union sector (2010)
Donal McKillop, Anne Marie Ward and John Wilson
This study investigates the extent to which regulatory and legislative amendments have impacted on the performance and stability of credit unions in two different jurisdictions – GB and NI. The project involves an analysis of financial data and semi-structured interviews with key stakeholders.
Corporate share repurchases: The perceptions and practices of UK financial managers and corporate investors (2009)
Alpa Dhanani and Roydon Roberts
This study investigates the motivations for share repurchases and the perceptions of their use by both the corporate and investor community.
The impact of financial incentives on decision making: Further evidence (2008)
Ian M Dobbs and Anthony D Miller
Do financial incentives improve decision making and motivate performance? The project takes a laboratory experiment approach to test the theory that formal performance related rewards increase the use made by decision-makers of valuable information and, in turn, lead to improved decision-making.
Credit rating agencies: Meeting the needs of the market? (2007)
Angus Duff and Sandra Einig
The recent turmoil in the international financial markets following the subprime mortgage crisis in the US has raised questions about the role of credit rating agencies in this crisis. Whether credit rating agencies are meeting the needs of the market and if there is a need for increased regulation have become ever more topical issues. This publication looks at the views of market participants before the crisis and provides an insight into the rapid development and practices of the agencies.
The impact of financial incentives on decision making (2006)
Ian M Dobbs and Anthony D Miller
This report looks at the impact of financial incentives on decision making. The authors used a laboratory experiment based on a previous publication by Geoffrey Sprinkle (2000) to test the hypothesis that performance related incentives significantly improved decision-making performance, with individuals assessing and making better use of available information. The report also identifies other factors and characteristics of participants which impact upon performance.
Contact research@icas.com for copy.
Recording an empire: An accounting history of Imperial Chemical Industries Ltd 1926-1976 (2001)
Jeff Pearcy
ICI was the outcome of the biggest UK merger when it was formed in 1926. This report traces its history for the fifty years from 1926 to 1976. The report focuses on ICI’s organisation and the accounting organisation and systems when they were first set up and it traces their development
over the period.
Management information and external reporting: Six case studies (1991)
John Innes and Jim Moyes
This report considers the financial and non-financial performance measures used by management and the information held by them on the company’s environment.
Sustainability and non-financial reporting
Implementing the UN Guiding Principles on Business and Human Rights into the Corporate Context (2023)
Marisa McVey
This study explores the corporate implementation of the United Nations Guiding Principles for Business and Human Rights (UNGPs). Since their unanimous endorsement by the Human Rights Council of the United Nations in 2011, the UNGPs have served as the central reference point for legislative and policy developments in the field of business and human rights. While a soft law initiative, the UNGPs are increasingly being assimilated into national laws, with key concepts such as human rights due diligence (HRDD), now forming the basis of recent national and international legislative initiatives. Despite these developments, little research has been undertaken into how the UNGPs are being implemented and internalised by corporations.
Technology
Big Data, big capabilities: Navigating Big Data journeys to develop the finance professionals of the future (2023)
Maureen Meadows and Alessandro Merendino (Coventry University)
The growth of Big Data (BD) has had a significant impact on what information accounting and financial professionals at all levels can access and use to inform their decision-making, and how they should do so. BD can lead to a variety of benefits for the professions. For instance, BD can provide real-time reporting, improve risk management, enhance understanding of customer behaviour and market patterns, and contribute to strategic decisions.
This project analyses the BD capabilities that senior finance and accounting professionals in medium-sized UK-based organisations require to maximise the benefits of BD; examines the main enablers and obstacles to the roll-out of BD capabilities; and proposes how senior finance and accounting professionals in such organisations can acquire and develop a portfolio of valuable BD capabilities.
The Impact of Technology on the Accountancy Profession (2020)
ICAS
This report seeks to put into focus the technology-related challenges and opportunities for the accountancy profession, as currently experienced and envisaged by accountants in practice and in business, and, for balance, technology specialists.
