فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 10-11 (تابستان 1384)

Companies going public in Iran include a forecast of next year's profit in their prospectuses. Investors use this information for their future decision. Accuracy of the forecast is crucial because it seems to be a credible signal for long-term performance of stocks. In this study we examine the accuracy of management profits forecasts contained in prospectuses of companies newly listing on the Tehran Stock Exchange. For that reason four different forecast error metrics, forecast error, absolute forecast error, squared forecast error and superiority of management forecast are considered. The interesting feature in this paper is the mandatory status of Tehran market for the disclosure of earning forecast in the prospectuses of the companies and the motivation is that there is no previous literature covering forecast earning accuracy. Data set consists of 81 IPOs, which were floated, in the Athens Stock Exchange during March 2000 to February of 2002. In order to test a number of company specific characteristics, for the accuracy of Tehran IPO management earnings forecasts we conduct a regression analysis. We apply a cross sectional model to explain variations in accuracies but it has very weak significant power. Our results suggest that investors are able to anticipate forecast errors at the time of listings. Investigation on independent variables, influencing the forecast accuracy show that three factors named horizon of the IPO' (HOR), Economic Condition (ECON), Age of Firm (AGE) are significant determinants.

The main purpose 'of this article is to present new and modem tax accounting system that is designed for state tax affairs organization. An organization's operating environment necessarily influences its financial accounting and reporting system. Understanding the fundamental nature of state tax organization as well significant characteristics of its environment was essential for designing a new and more informative tax accounting system. For this reason, the subject has been fully researched by a study group under conducting of the author of this article as the system designer.. Two significant characteristics of environment were identified in the process of state tax system. First, the taxation process interval that is long and time-consuming. Second, the nature of state tax revenues that is not eligible for using modified accrual basis of accounting became neither measurable nor available. These characteristics of environment highlight the need for providing information of state tax process; in order to provide this kind of information, state tax process was divided into two separated processes namely administration and financial process. The administration process begins at point of submitting tax return and finished at the time of tax payment. The financial process begins with receiving money and sending it to treasury. The new model of tax accounting system was designed based on fund theory and defined each stage of administration and financial processes as an individual accounting entity by using account group or fund, respectively. In this model of accounting also, accrual basis mechanism is used for recognizing tax receivables and cash basis is used for realizing tax revenues at the time of receiving taxes.

Audit quality is one of the fundamental discussions in auditing theory and practice. The goal of this research can be classified in five categories: Fist, identification of significant factors in audited quality through library research of survey. Second, collecting and analyzing identified factors among experts in the field and each factor place in auditing in IACPA by on Delphi survey. Third, analyzing of IACPA's actual audit quality by reviewing audit of financial statements of audited firms. Fourth, comparison of perceived audit quality with actual audit quality. Fifth, suggestion for important of the auditing to certified auditors. The result of the research shows that the seven variable: (I) specialization (2) efficiency (3) discover of misstatement (4) Regulatory Mechanism (5) conflict of interest (6) Free Market Approach (7) auditor size, arc agreed upon by most experts in the field. Also assessment of the expert in the research shows that the seven key items that are significant in audit quality are rarely adhered to in auditing by certificated auditors. Analyze of research in auditing reports of the financial statement belonging to 135 companies in the years 1381, 1383 done by IACPA shows that the experts are not efficiency.

In today's developed corporations, because of multiplicity of owners, direct monitoring of manager's performance is impossible, but this group only realizes the released benefits. Therefore, it is reasonable that they use governance mechanisms, for monitoring and optimal controlling behavior of hired managers. One means in reaching this purpose is rewarding managers based on their performance and motivating them, in accordance with the firm's purposes, in the manner discussed in the agency theory. The main purpose of this paper is to examine the agency theory implications to isolate market determinants of board of director's bonuses, on the basis of data collected from Tehran's Securities Exchange (TSE) market for 1378 to 1382. For this purpose, by utilizing a regression model, board of director's bonus for selected corporation, were related to some accounting and market-based performance measures as well as some fixed variables (with respect to performance) such as the firm's size and the ownership concentration. The results at the level of all corporations suggest that there is a significant relationship between Return on Assets (ROA) ratio and its changes, firm's size, ownership centralization, financial risk and board of director's bonus. At the industry level, both the firm's size and ROA ratio were used more than the other selected variables. By substituting "changes in bonus" for the bonus itself, the explanatory power of the model used, was weakened. In this stage, the only variable that is significantly related to changes in bonuses is the ROA ratio.

The fast moving pace of developments on the Information and Communication Technologies (ICT) and especially on the Internet, affects all aspects of society. In accounting, the Internet provides a new and revolutionary method of financial reporting. It is fast, cheap and increasingly accessible to shareholders and other stakeholders of the firms. Despite above mentioned evolution, there is a little attention toward such changes in Iran. The organization of this paper is as follows. It first provides a brief literature review of Internet Financial Reporting (IFR) and describes some theoretical approaches on i t. Thereafter the paper reports current situation of IFR and then predicts immediate and future trends of it. The last section reviews the current situation of IFR i n Iran and finally makes suggestions to improve the situation.

In time past many ratios such as current ratio and quick ratio had bee11 used for evaluations of corporation liquidity and ability in debt repayment. But in recent years because of some deficiency and defection of these two ratios some other ratios such as liquidity index, cash comprehensive liquidity index, net liquidity index, cash conversion cycle, lambda and etc have been presented. In this essay in addition to presentation of these modem ratios via calculation of modem ratio correlation with traditional ratios, we will discuss to some extent the in formational identify of them. For this reason all active corporation i n cement industry from Tehran exchange have been chosen and ratios for a period of 5 year (1379-1383) have been calculated and the correlation of them have been calculated by SPSS (a software). The results of this research show that although the modem ratios have a near relationship with traditional ratios but they are some differences that can play an important role on decision and they contain various and more information than traditional ratios and can help users to make their decision better than before.

The duty of an accountant is more than measurement, classification and simple summarizing of data of financial reports which is used by others and the main purpose of accounting reports is to force an effect on behaviors in term of useful applications. Subjects such as improvement in relationships increase the human body's accuracy in judgments and information processing. Simplification of financial decision making is considered by lots of accountant investigators. This made some studies for modification of information from financial data. The current research was done considering the fact that "Use of graphical color symbols as a tool for data show, is very effective and familiar" and tested the effects of valuable color charts. Studies showed that all of factors of sexuality, individual characteristics and their psychology, difficulty and kind of decision making are entered in effectiveness of colors. So the current research is pay attention to the effects of uses of color" charts to show the data and accounting information in conditions of difficult problems against simple ones and also tries the carefulness of decisions for ladies against gentlemen. This tends to reach to the main target which is preparation of the information with higher degrees of quality in term of subject, decision environment and decision maker's characteristics. Decision making in current research was in type of prediction of continuity in the works of companies using test samples of gathered information and financial ratios i n t he shape of column charts. Results of this research showed that the decision faults is reduced when color charts of financial information of the companies is used for difficult information processing and also made a better accuracy in predictions. Meanwhile, in comparison of the gentlemen, ladies did their judgments better with lower faults when color charts were used.

In this research the investigator tries to predict the companies’ EPS by comparing the most famous forecast with management foresees companies’ budget. For this goal, among different types of forecasting methods, the most famous of them (Box-Jenkins method) is chosen and based on economic evaluation methods, appropriate model will be suited. It is clear that as per correctness test methods and evaluation tests the above mentioned model should be confirmed. In this manner a suitable forecasting model shall be obtained. Then, by Wilkinson rank sum test, the suited forecast model with management forecast will be situated along each other and by calculating their deviation from real EPS from the point of closing to the reality will be judged. The result of this research shows that the EPS mentioned by management in the companies’ budget is closer to reality than the EPS foresee by Box­ Jenkins time series model. In more clear word, the declared EPS by manager is more real compare to the best time series forecast models.

In view of the expanding capital market, it is of great significance to recognize the variables affecting stock return and its price. There exist different methods for the prediction of stock return such as the Capital Assets Pricing Model, the so-called CAPM, Market Model, Arbitrage Pricing Theory and Factorial Model. According to CAPM, β (Beta) is the only variable capable of predicting the return. The studies and researches carried out with respect to predictability potential of CAPM model and application of other variables; demonstrate that there exist other variables which outperform stock return predictability potential of the β (Beta). Included among such variables are the size, debt to equity, Book to Market, earnings to price and sale to price ratios. The present research was aimed at testing the above-mentioned variables and the β (Beta) for the prediction of stock return in order to recognize the variables which are better capable of predicting the stock return in Tehran Stock Exchange (TSE). Independent variable were tested against the dependent variable (return) on an annual basis for the years 1 376- 1382 (1997- 2003). Further, multi­variable models were tested, both annually and pooled cross-sectionally. The pooled cross-sectional test results demonstrated that the model was statistically significant. However when the model was compared with single variable models, the increase in pred1ctabiltty potential was accepted. In single variable tests, no significant relationship was observed between debt to equity ratio and the stock return. Furthermore, no significant relation was observed between Beta and the Stock return, as predicted in CA PM model, and the results were dispersed and scattered. No significant relation was observed between magnitude of the total assets (logarithm) as size variable and the stock return in 4 consecutive years; however, when the size was defined in terms of stock market value, a significant relation was observed between the size so defined and the stock return in 4 consecutive years. There existed a significant rela1ion between the sale to price and the earnings to price ratios with the stock return in 4 consecutive years. However the Book to Markel ratio demonstrated great dispersion in results, indicating that there was no significant and stable relation. Considering the potential effect of the statistical models on the research findings, complementary tests were carried out on the basis of formation of portfolio based on Beta (β) and Book to Market ratio variables. Three portfolios were formed, taking into consideration the magnitude of each and every variable. The findings of such test substantiated that, during the years 1379-1380, portfolios with high beta (β) proved to have higher return compared to the ones with low Beta (β). With respect to the portfolios formed on the basis of Book to Market ratio, the findings proved compatible with the regression models.