Article Abstract:
The Wallis Inquiry, recently completed, is the third major national report on the Australian financial system. Of the 115 recommendations, 114 have been accepted by the government. Common threads related to how to deal with the competitive position of banks run through this inquiry and the previous inquiries of 1936 and 1981. For the current inquiry, the problem is no longer banking decline, but the power of the banks. The solution is being looked for in private competition, not regulation. Banks may now be taken over by foreign banks as they lose their monopoly of the payments system.
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Article Abstract:
Issues concerning the accounting of ingantible assets are examined, focusing on whether a right to act, or the permission to act, can be considered an intangible asset. Topics include the conclusion that resource consents, such as those issued in New Zealand's 1991 Resource Management Act, should be listed in annual reports under the spirit of fair accounting although they are not strictly required under international accounting standards.
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Article Abstract:
Issues concerning the Islamic imperative that religious ethics determine the practice of all aspects of life, including the economic and, especially, the practice of accounting, are examined. Topics include Islamic law, lack of distinction between the secular and the sacred in Muslim thought, business principles and organization, and the manner in which accounting principles are tested against Islamic law.
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