• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.77
• /
• pp.69-89
• /
• 2018

The United States of America is one of the most favoring countries in which mandatory pre-arbitration clauses in the form of adhesion contract have been widely recognized and supported by courts and the Federal Arbitration Act. However, after the financial crisis in 2008 and the National Arbitration Forum scandal in 2009, in enacting the Dodd-Frank Wall Street Reform and Consumer Protection Act ('Dodd-Frank Act'), Section 1028(a) of the Act requires the newly created Consumer Financial Protection Bureau (CFPB) to provide Congress with a report on "the use of agreements providing for arbitration of any future dispute between covered persons and consumers". Section 1028(b) also grants the CFPB the authority to "prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers." Pursuant to the Dodd-Frank Act, the CFPB issued a report entitled "2015 Arbitration Study: Report to Congress 2015 (Report)" in March 2015. This paper examines some major legal issues of the Report and makes a few recommendations for Korean financial institutions which entered into the U.S. financial market or has a plan to do so in the near future.

• Journal of the Korea Institute of Information and Communication Engineering
• /
• v.24 no.5
• /
• pp.670-673
• /
• 2020

Recent advances in artificial intelligence have allowed for easier sentiment analysis (e.g. positive or negative forecast) of documents such as a finance reports. In this paper, we investigate a method to apply text mining techniques to extract in the financial report using deep learning, and propose an accounting model for the effects of sentiment values in financial information. For sentiment analysis with keyword detection in the financial report, we suggest the input layer with extracted keywords, hidden layers by learned weights, and the output layer in terms of sentiment scores. Our approaches can help more effective strategy for potential investors as a professional guideline using sentiment values.

• Journal of Distribution Science
• /
• v.21 no.6
• /
• pp.91-97
• /
• 2023

Purpose: Interim financial statements provide timely and qualified financial information for users. Hence, the importance of the interim financial statement is increasingly noticeable among information users. This research studies determinants of interim financial statements disclosure in Vietnamese-listed enterprises. Research design, data and methodology: The sample is 55 enterprises listed in VNIndex and is in the list of Forbes top 100 largest companies in 2020. Data was collected from interim financial statements for four years, from 2018 to 2021. GMM is used in this study. Results: The regression analysis results show that reporting lag has a positive impact on the level of information distribution of interim financial reporting; companies audited by BIG4 tend to have a higher level of information disclosure. The higher the return on assets, the more disclosure is made; the larger the company size, the greater the disclosure level. Owner equity structure and Leverage do not affect the disclosure level of interim financial reporting. Conclusions: The information disclosure level on the interim financial statement should be improved to increase transparency. In addition to continuing to encourage these companies to provide more information voluntarily, government authorities should have effective regulations to require sufficient information disclosure from other listed companies.

• Management & Information Systems Review
• /
• v.8
• /
• pp.167-186
• /
• 2002

Since first introduced on July 1974, consolidated financial statements had been concluded or not depending on decision-makings by companies. But the Securities and Exchange Law as revised on April 1992 specified that any listed corporation must add consolidated financial statements and their auditor's opinion to its business report. foreign-based corporations became subject to the conclusion of the sheets and equity method from the time of business closing on Dec. 1995. Now all of domestic and foreign-based corporations, whether they are controlling or controlled businesses, are subject to consolidated financial statements. Business bankruptcies and restructuring under the economic crisis since the late 1997 raised the necessity of the increased reliability and transparency of consolidated accounting information and significantly changed contents of consolidated audit report. An analysis over the past three years shows that auditor's opinions about consolidated financial sheets are mostly qualified opinions whose proportion is being gradually decreased, while rejected opinions are annually increasing in proportion. When compared to the year of 1998, the numbers of those controlled businesses, and companies under the equity method were all decreased, but rather increased when determined on the basis of such numbers per a corporation. This suggests that corporations are promoting business diversification through business separation and share acquisition and advancing into foreign markets as well as domestic ones. Especially, special contents included in consolidated auditing report show a tendency to increase annually. Based on all these findings, the strengthening of accounting regulation will lead to providing more reliable information related to auditor's opinion about consolidated financial statements and raising the information effectiveness and validity of the statements as publicly notified.

• Knowledge Management Research
• /
• v.9 no.3
• /
• pp.173-194
• /
• 2008

Conventional financial accounting system has overseen the significant roles of the non-financial facets of the activities of the company, especially whose value creating abilities are based on knowledge assets. In the knowledge-based economy, telecommunication service companies must recognize the changes from the tangible assets to the knowledge assets as value creating resources, understand the dynamic processes in which the knowledge is converted to financial profits and seek the method to measure and report knowledge assets to sustain the competitive advantage continuously. This study proposes the indicators and measures of knowledge assets of Korea Telecom. Through the analysis and application of tile knowledge assets report of the Korea Telecom, this study shows the usefulness of the knowledge assets report.

• Korea Journal of Hospital Management
• /
• v.6 no.2
• /
• pp.3-21
• /
• 2001

Although the accounting system is a very useful information system for manager, that of the National University Hospitals is not settled until now. Specially, when it will adapt the responsibility management system itself, it will more important tools for them. The purpose of this research is to make the standard accounting system for National University Hospital. It was surveyed the 7 National University Hospital's accounting system, and compared to that of Private University Hospital. The results are fellows; First, it must be match financial report with budgeting system. By comparing to each other, it can make to evaluate the performance of hospital. Second, it must make same format and contents in financial report among 7 hospitals. Specially, the cost information is needed to be made more details. This research suggest the new direction to make the basic information form. It was confirmed with financial manager in private university hospital. We hope it will contribute to make the new accounting system for National University Hospital.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.61-67
• /
• 2020

This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. Audit report lag is considered an important aspect of the financial reporting. The financial reports are the main source of information for shareholders through which they make their decisions and it assists in reducing the information asymmetry. As the internal control mechanisms substitute the external ones, the internal board committees formed by the board of directors can reduce the audit work and, consequently, reduces the audit report lag. A key committee is the risk management committee. This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. We posit that a combination of such functions in one committee refereed as audit committee affects the audit report delay. Data were obtained from 198 manufacturing companies listed on the Saudi Stock Exchange (Tadawul) for the years 2016-2018. A pooled OLS regression analysis shows that a combination of risk management and audit committee functions in a stand-alone committee named "audit committee" is associated with longer audit report lag. The outcomes suggest companies should prioritize the establishment of standalone risk management committee with activities separated from those of audit committees.

• Asia-Pacific Journal of Business
• /
• v.8 no.2
• /
• pp.31-39
• /
• 2017

Countries around the world have been engaging in automatic exchange of information to tackle tax evasion. The same goal became the basis of the enactment of the Foreign Account Tax Compliance Act (FATCA) by the United States Congress. In order to establish a common approach to counter tax evasion among different countries, the Organization of Economic Cooperation and Development (OECD) released the Standard for Automatic Exchange of Financial Account Information in Tax Matters which consists of the Competent Authority Agreement (CAA) and the Common Reporting Standard (CRS). Specifically, the automatic exchange of information is the exchange of financial account information between Tax Authorities in relevant countries. The law requires this information to be collected by financial institutions around the world for reporting to Tax Authorities. Automatic exchange of Information is made up of two information sharing frameworks: The Foreign Account Tax Compliance Act (FATCA) and The Common Reporting Standard (CRS). Under the automatic exchange of information, all financial institutions must identify accounts held by customers who are foreign tax residents or entities connected to foreign tax residents. Financial institutions must report these to the relevant Tax Authority who will then automatically exchange the account information with the relevant foreign Tax Authorities. Korean government has enacted domestic laws to require financial institutions to collect and report this information and has entered into international agreements to exchange the information with other governments. This paper analyzed the FATCA and CRS rules overall and proposed solutions for the legal and practical issues. This paper contributes to the existing literature on the automatic exchange of information by considering two information sharing frameworks.

• Industrial Engineering and Management Systems
• /
• v.12 no.4
• /
• pp.406-415
• /
• 2013

The present study examines a set of financial ratios in predicting the up or down movements of stock prices in the context of a securities law, the Sarbanes-Oxley Act of 2002 (SOA), controlling for macroeconomic variables. Using the logistic regression with proxy betas to alleviate the incompatibility problem between the firm-specific financial ratios and macroeconomic indicators, we report evidence that financial ratios are meaningful predictors of stock price changes, which subdue the influence of macroeconomic indicators on stock returns, and more importantly that the SOA truly improves the stock price predictability of financial ratios for the markup sample. The empirical results further suggest that industry and time effects exist and that for the markdown sample the SOA actually deteriorates the predictive power of financial ratios.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.4
• /
• pp.261-272
• /
• 2022

This study examined the association between key audit matters (KAM) and the cost of debt. Financial records and auditors' reports were used to collect data for the fiscal years 2016 and 2017, which were the first two years after KAM was implemented in Thailand. Samples are listed companies in Thailand, where the financial system is primarily debt-based and external auditors play an important role in maintaining financial reporting quality. The final samples for the two-year period consist of 770 observations. The KAM is measured in three aspects: the number of issues, the number of words, and the readability, while the cost of debt is measured by the ratio of interest expense to total debt. The research finds that the KAM readability is significantly and negatively related to the cost of debt. Meanwhile, the number of issues and words have no significant effect on the cost of debt. The finding suggests that auditors' writing skills play a crucial role in the lending decisions of creditors.