The analysis assumes a single ﬁrm with a given investment project and offers thereby insights into the design of covenants in debt contracts. To gain insights into characteristics of accounting standards, we would need to extend the analysis to an ex ante perspective. This problem can be addressed within our model structure by assuming that the ﬁrm implements the accounting system before it learns the proﬁtability of the investment project (see again Fig. 1 ). One simple representation of this scenario would assume that all projects have the same cash ﬂow structure and differ only in their required amounts of investment I, which are drawn from a commonly known distribution. Then the ﬁrm selects an accounting system that maximizes its expected proﬁt over this range. Since linearity prevails, the properties of the optimal accounting system are not affected by this change. The uncertainty of I only affects the boundary condition of ^A and, consequently, the conditions for the value of the accounting system and the strictness of the impairmentrule. In a similar manner, the analysis extends to a continuum of ﬁrms with several investment projects of the same type. Thus, while we do not explicitly model accounting regulation, our results are also relevant for the design of accounting standards.
2. Performing the annual impairment test by comparing the carrying amount of good- will with its recoverable amount (maximum of value in use and net selling price). If necessary, an impairment loss shall be recognized.
How can the replacement of amortization by an annual impairment test be assessed in the context of our model? Two consequences follow immediately: First, without an ex ante determined amortization schedule, there are incentives for overinvestment if the goodwill’s useful life is finite. However, since the depreciation charge becomes very small, if the goodwill can be used for a very long time, this effect becomes less important. On the other hand, if the carrying amount of goodwill is not decreased by periodic depreciation charges, it is more likely to get informative signals about the success of an aquisition in future periods via possible impairment losses. Thus, at first view the new rules for revaluating goodwill look favorably.
One patient in the tokishakuyaku arm withdrew because of numbness in his limbs, which was not attributable to tokishakusyakusan.
11. Abstractor’s comments
This protocol of post-stroke tokishakusakusan administration was not expected (from the Kampo way of thinking) to prevent impairment. Suffice it to say that tokishakusakusan administration might reduce
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程情況調整場次主題與所含論文篇數。我們將於 6 月 13 日當週透過電子郵件方式逐一發送接受函與與會確認回函，並於近日公告年會
NO T E : T he organizer will sort the paper into panels by theme shortly. In order to ensure even distribution of papers and thematic coherency of
panels, we reserve the right to individual paper into another panel at any time. A notification of acceptance will be sent by e-mail by next week.