Announcement

CONTENTS OF ACCOUNTING RESEARCH JOURNALS
ABACUS A Journal of Accounting and Business Studies
VOLUME 23 NUMBER 1 MARCH 1987

CONTENTS

Value to the Owner: A Review and Critique R. K. Ashton
Financial Reporting and the Austrian Theory S. David Young
of Enterpreneurship
The Methodology of Early Accounting Theorists M. J. R. Gaffikin
Accounting for Shrinkage in Continuous Flow Yam M. Mensah and
Industries: An Expository Note Gurprit S. Chhatwal
A New Approach to Depreciation John R. Grinyer
Some History of the Debate on Educational Policy of J. A. Marsh and
Accountants in Australia G. R. Henning
Accounting: The Structure of a Growing Profession Benzion Barlev and
Yoram C. Peles
A Medieval Controversy About Profit and Jeffrey L. Callen

Loss Allocations

Boussard’s ‘Effectiveness of Inflation Accounting Philip W. Bell Adjustments’: A Comment
Two parts, making one volume, will be published each year, and the annual subscription for 1984 is: individuals A$20.00; institutions, libraries and firms A$37.50. Some back issues are still available. Subscriptions should be sent to the publishers.
SYDNEY UNIVERSITY PRESS, Press Building, University of Sydney, N.S.W. 2006, Australia.

Announcement
ACCOUNTING AND BUSINESS RESEARCH

Number 64 Autumn 1986
A research quarterly published by the
Institute of Chartered Accountants
in England and Wales
Editor: R. H. Parker, University of Exeter

CONTENTS

Year-End Heterogeneity in Calculations of Industry and Economy Averages of Accounting Numbers
An Investigation into Annual Report Readibility and Corporate Risk-Return Relationships
The Use of Annual Reports by UK Investment Analysts
Overhead Allocations and ‘Optimal’ Pricing Rules of Thumb in Oligopolistic Markets
An Alternative to Maximisation of Shareholders’ Wealth
The Theory and Development of a Matrix-Based Accounting System
Reliance on Other Auditors: A UK Study
The Export of British Accounting Legislation to Commonwealth Countries
The Application of the Incremental Principle in Capital Investment Project Evaluation
Book Reviews

Michael Barron J. K. Courtis
Judith F. S. Day Neil Dorward John R. Grinyer Stewart A. Leech
Peter Moizer Stuart Turley David Walker Peter Walton
N. J. Coulthurst

Subscriptions should be sent to 40 Bernard Street, London WC1N 1LD, England. Subscription rates are:

UK Overseas Overseas Airmail
Individual £22 £24 £29
Student £ 11 £12 £17
Corporate/institutional £32 £33 £38
All subscriptions can be paid in US dollars at current rates of exchange.

Announcement
ACCOUNTING AND FINANCE

Vol. 26 No. 2 November 1986
INFLATION ACCOUNTING DISCLOSURES AND STOCK
PRICE ADJUSTMENTS: SOME CANADIAN RESULTS
Joseph K. Cheung 1
ACCOUNTING INFORMATION IN THE
MARKET FOR DEBT
Greg Whittred and Ian Zimmer 19
THE NON-STATIONARITY OF SHARE
PRICE VOLATILITY
Neville Hathaway 35
THE INVESTMENT PERFORMANCE OF UNIT TRUSTS AND MUTUAL FUNDS IN AUSTRALIA FOR THE PERIOD 1969 TO 1978
G. N. Robson 55
THE DURATION OF A MIXED STREAM COMPRISING
POSITIVE AND NEGATIVE FLOWS
Ronald Ma and Tony van Zijl 81
BOOK REVIEWS 91

ACCOUNTING AND FINANCE is published twice yearly in May and November by the Accounting Association of Australia and New Zealand. The membership fee is $25 per year and members receive the journal and any published supplement. Non mem¬bers, i.e. libraries ect., can take out a subscription for the journal for $25 per year. Editorial correspondence should be addressed to Professor F. J. Finn, Editor, Department of Commerce, University of Queensland, St. Lucia, Queensland, 4067, Australia. Applica¬tions for membership should be addressed to the A.A.A.N.Z., c/o Department of Commerce, University of Queensland, St. Lucia, Queensland, 4067. ISSN: 0810-5391

Announcement
the Editor
ACCOUNTING GARY L. SUNDEM
REVIEW University of Washington

Quarterly Journal Associate Editors
of the DANIEL W. COLLINS
American Accounting Association The University of Iowa
JAMES JIAMBALVO University of Washington
ROBERT G. MAY University of Texas at Austin
ERIC W. NOREEN

University of Washington
GERALD L. SALAMON
Indiana University
Vol LXII January 1987 No. 1
Contents MAIN ARTICLES
An Examination of the Effects of Experience and Task Complexity on Audit
Judgements Mohammad Abdolmohammadi and Arnold Wright
Performance of Auditing Procedures by Governmental Auditors: Some
Preliminary Evidence Leonard Eugene Berry, Gordon B. Harwood and
Joseph L. Katz The Budgeting Games People Play
Frank Collins, Paul Munter and Don W. Finn Delegating Information Gathering Decisions
Robert M. Conroy and John S. Hughes A Reciprocal Service Cost Approximation
Frederic H. Jacobs and Ronald Marshall
An Empirical Examination of the Effects of Alternative Measurement Techniques
on Current Cost Data Keith A. Shriver
Materiality: A Case Study Using Expert Systems Paul J. Steinbart
An Analysis of ACRS During Inflationary Periods Charles W. Swenson

NOTES

The Properties of Sequential Regressions with Multiple Explanatory
Variables William H. Beaver

A Test of Audit Pricing in the Small-Client Segment of the U.S. Audit Market
Jere R. Francis and Daniel T. Simon

Associations Between Forecast Errors and Excess Returns Near to Earnings
Announcements John S. Hughes and Willaim E. Ricks
CUE Usage and Self-Insight of Financial Analysts
Ross Mear and Michael Firth

A Model of Auditors’ Preliminary Evaluations of Internal Control from Audit
Data Donald R. Nichols

EDITORAL Gary Sundem
EDUCATION RESEARCH, Frank Selto, Editor
Inference from Empirical Research David Burgstahler
An Evaluation of AICPA Tests for Predicting the Performance of Accounting
Majors Robert W. Ingram and Russell J. Petersen

Announcement

CONTEMPORARY Vol 3/No 2/Spring/printemps 1987
ACCOUNTING
RESEARCH / RECHERCHE
COMPTABLE
CONTEMPORAINE
Contents
Articles
Imperfect Information, Insurance, and Auditors’
Legal Ability B. V. Balachandran and N. J. Nagarajan 281
An Empirical Investigation of Audit Qualification Decisions in the
Presence of Going Concern Uncertainties
K. Menon and K. B. Schwartz 302
A Generalized Audit Simulation Tool for Evaluating the Reliability
of Internal Controls C. E. Wiggins, Jr. and L. M. Smith 316
Accounting as a Discipline for Study and Practice: 1986 . . . P. W. Bell 338 A Note on the Value of Information Given Asymmetric Information
and Self-Reporting M. Penno 368
Depreciation, Inflation and Capital Replacement G. Moore 375
L’amortissement, l’inflation et le remplacement d’actifs G. Moore 384
An Index of Growth Due to Depreciation . . . R. P. Brief and H. R. Anton 394 Economic Consequences: The Relationship Between Financial Reporting
and Strategic Planning, Management and Operating Control
Decisions M. A. Covaleski, M. W. Dirsmith and C. E. White 408
Tests of the Impact of Lifo Adoption on Stockholders: A Stochastic
Dominance Approach J. Aharony and S. Bar-Yosef 430
The Effect of Sales and Collection Disclosures on Cash Flow
Forecasting and Income Smoothing B. G. Dharan 445
The Effect of Information Announcements on Bid/Ask Spreads
in the Call Options Market J. H. Anthony 460
Book Reviews/Compte rendu de livres
R. C. Burke, Decision Making in Complex Times: The Contribution of a
Social Accounting Information System L. J. Brooks 477
L. D Etherington and I. M. Gordon, Internal Control in Canadian
Corporations: A Management Perspective
J. A. Lockhart and S. E. Sefcik 480
Local Government Financial Reporting: A Research
Study L. D. Etherington 484
Le contrôle interne dans la stratégie du vérificateur: Procédés de
verification L. Martel 488
L. Martel et J.-G. Rousseau, Simulation en vérification:
Guide de l’étudiant F. Adjaoud 490
D. H. Drury and V. R. Errunza, Managing Foreign Exchange
Exposure R. Y. W. Tang 491
T. J. Mock and I. Vertinsky, Risk Assessment in Accounting and
Auditing .W. M. Lemon 495
W. D. Darlington, K. R. Lavery and F. L. Meslin, Effective Inventory
Management T. Var 503
Manuscripts Accepted for Future Publication 505
Book Reviews Accepted for Future Publication 506

Announcement

JOURNAL OF ACCOUNTING EDUCATION
Volume 5, No. 1 Spring, 1987
Editor Managing Editor
E. Kent St. Pierre Lamont F. Steedle

James Madison University James Madison University

Associate Editors

Richard E. Baker Albert H. Frankes

Northern Illinois University Washington State University

Bruce A. Baldwin Lawrence H. Hammer

Portland State University Oklahoma State University

Angelo E. DiAntonio William A. Raabe

Towson State University University of Wisconsin – Milwaukee

Statement of Policy

Main Section

Auditors’ Common Law Liability: What We Should Be Telling Our Students —

Thomas A. Gavin, Rebecca L. Hicks and James H. Schemer

Accounting Student Perceptions of the Nature and Significance of Extraordinary Items Data — David E. Stout, Donald E. Wygal and John J. Gorman ….

Moral Development and Accounting Education — Mary Beth Armstrong

Attitude Measurement and the Perceptions of Tax Accounting Faculty

Publication Outlets — William A. Raabe, Robert M. Kozub and Debra L. Sanders

Academic Accountants: A Study of Faculty Characteristics and Career Activities — Clifford T. Cox, Ken M. Boze and Lee Schwendig

Sequencing Exam Questions Relative to Topic Presentations — Robert A. Gruber

Student Ratings of Accounting Instructors: A Search for Important Determinants — Jerry G. Kreuze and Gale E. Newell

Survey of Undergraduate Auditing Education — Albert H. Frakes Teaching and Educational Notes Section

Putting the Cart Before the Horse — John K. Courtis

The Descriptive Case Project for Accounting Information Systems Courses — Arthur C. Joy

On the Interpretation of the Estimated Intercept in a Regression of Overhead Coston Volume — Steven C. Reimer

Incorporating Authoritative Pronouncements with Intermediate and Advanced Accounting Syllabi — Marilynn Collins

A Microcomputer Application for Attributable Sampling — Russell F. Briner, Diane T. Pearson and James E. Gauntt, Jr

Delphic Choice of Accounting Periodicals for University Libraries — E. Lewis Bryan, Alison L. Drews and G. Thomas Friedlob

Consulting Referees

The individuals listed below served as consulting referees for the Spring 1987 volume of The Journal. The listing includes individu¬als whose reviews were received by November 1, 1986.
Rick Antle, Yale University
Maureen Berry, University of Illinois
James L. Boockholdt, University of Houston
Robert Bricker, Case Western Reserve University
Lawrence Brown, State University of New York-Buffalo
David Correa Cano, Universidad De Antioquia, Columbia
Mary Finan, Arthur Young & Co.
Dale Flesher, University of Mississippi
Tonya Flesher, University of Mississippi
Robert J. Freeman, Texas Tech University
S. Paul Garner, University of Alabama [Emeritus]
Horace Givens, University of Maine at Orono
Louis Goldberg, University of Melbourne (Australia) [Emeritus]
Leon E. Hay, Univeristy of Arkansas
Emerson Henke, Baylor University
Pierre Jouanique, Paris, France
John L. Kramer, The University of Florida
Konrad Kubin, Virginia Polytechnic Institute and State University
Kermit Larson, University of Texas at Austin
Brian Laverty, Case Western Reserve University
Richard Macve, The University College of Wales (U.K.)
Harvey Mann, Concordia University
Adolph Matz, University of Pennsylvania [Emeritus]
Peter L. McMickle, Memphis State University
Barbara D. Merino, North Texas State University
Michael J. Mumford, University of Lancaster (U.K.)
Fred L. Neumann, University of Illinois
Lee D. Parker, Griffith University (Australia)
Edward Peragallo, University of the Holy Cross
Lawrence C. Phillips, University of Miami
Jean M. Reid, New York University
Aldo Romeo, Deloitte, Haskins & Sells
John Shank, Dartmouth College
Terry K. Sheldahl, Savannah State College
William Shenkir, University of Virginia
Mary Stone, University of Alabama
Kenneth Stringer, New York University
James M. Williams, Ernst & Whinney