True and fair view override disclosures

Article Abstract:

The revised Companies Act of 1985 compels directors to provide a true and fair view of corporate accounts in cases when financial reports fail to meet requirements provided on disclosures. The override rule applies to both individual company accounts and group accounts. The particulars, justifications and the effects of overriding financial disclosures should be attached to the directors' reports. Statements of true and fair overrides should be done in a clear and unambiguous manner. These disclosures should either be provided or crossreferenced in the note required under Schedule 4 paragraph 36A. The amendments should be applied to financial statements for accounting periods that end on or after Dec 23, 1993.

Laws, regulations and rules, Financial disclosure

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Tax-Efficient Leasing - More Pitfalls than One

Article Abstract:

Leasing is a complex industry. A company should not enter into it for tax-sheltering purposes without financial advice because there are many pitfalls. Seven common assumptions usually made with lease plans are listed. Two issues, particularly, are considered when pitfalls are described. These assumptions are: that purchase of equipment will secure a 100 per cent allowance, and that these first year purchases will assure a tax relief of 100 per cent. The timing of the expenditure is dealt with as well as interest rate changes. A variety of options and effects are considered.

Risk (Economics), Contracts, Tax shelters

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The efficient market: an alternative view

Article Abstract:

Financial markets can be influenced by sentiments, and actors in those markets do not always comprehend financial information when they receive it. It is suggested that efficient market theory is inadequate for assessing market behavior such as the global fall in stock exchange prices in Oct 1987. The efficient market theory holds that stock price movements reflect a rapid and rational response to data on the intrinsic value of firms.

Analysis, Capital market, Capital markets, Efficient market theory, Stock Market Crash, 1987

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