https://www.um.edu.mt/library/oar/handle/123456789/7948 2026-05-31T04:41:57Z https://www.um.edu.mt/library/oar/handle/123456789/115191 Title: The financial implications of second pillar pensions : a listed company case study Abstract: Purpose: The objectives of this study are to evaluate the accounting treatment required by IAS 19 for post-employment benefits while also to assess the financial implications of a second pillar pension. Particular attention is given to the latest developments of IAS 19 and the effects that the introduction of a Defined Benefit or a Defined Contribution plan could have on the financial statements of one of the listed entities in Malta under a number of different scenarios. Design: A qualitative case study approach was deemed to be the most appropriate methodology for this dissertation whereby employee data was provided by the selected listed entity. Such data was used to compute the pension assets and liabilities as required by IAS 19. Findings: The findings of this dissertation revealed that under all the scenarios presented, in a Defined Benefit scheme, the pension obligation had a material impact on the financial statements of the company while the decrease in profits ranged from €0.4m to €1.7m. As with respect to the Defined Contribution scheme, the decrease in profits ranged from €0.2m to €0.7m while the increase in liabilities amounted to between 1% and 3%. Conclusion: This study concludes that Defined Benefit schemes could prove to be a burden on this listed entity due to the material change in the company’s liabilities and the volatility caused by Fair Value accounting. On the other hand, Defined Contribution schemes can be manageable, although the impact on profits cannot be ignored. Implications: This study therefore implies that caution should prevail in the implementation of occupational pensions in Malta. Predominantly, there should be an understanding of the financial implications on Maltese entities while also establishing a rigorous legal framework. Description: M.ACCTY. 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/11356 Title: The challenges affecting Maltese sole practitioners : an overview Abstract: Purpose: The purpose of this study is to identify the challenges that sole practitioners are facing in today’s turbulent economic environment in Malta, and to assess whether these challenges have been ranked in a similar manner in foreign jurisdictions. Design: The objectives of this study were achieved through vast amounts of research on the topic and through questionnaires sent to sole practitioners in order to obtain an indepth view of the subject. Findings: Keeping up with the rapid pace of regulatory changes and increased complexities is by far the most challenging aspect of working as a sole practitioner, with fee pressures likely linked to the lower market prices charged for services ranking almost as high. The challenges were ranked similarly to those ranked in studies by foreign accountancy associations which collected data from sole practitioners all over the world. Value: The results of this study have emphasised the need to focus on developing educational material in terms of CPE sessions as well as establishing platforms for sole practitioners to use in an attempt to keep up with regulation changes and other challenges. A number of studies on an international scale have been conducted in recent years and are growing in popularity. This is the first time that such a study has been conducted in Malta, making the information provided a good benchmark to be compared with in future similar studies, where the impact of any measures taken, as well as any trends, will be visible. Description: M.ACCTY. 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/9852 Title: The effectiveness of internal audit planning in Maltese companies : an assessment Abstract: PURPOSE: The objectives of this study were to determine the extent to which the planning process is carried out in Maltese organisations, to evaluate the assessment of long term risks when planning and to examine the effectiveness of the planning process through the establishment of performance measures. DESIGN: The objectives of this study were achieved through forty-six emailed questionnaires, eleven of which were backed up by semi-structured interviews. The participants in this study were representatives from the internal audit function and the user departments (auditees). FINDINGS: Findings indicate that the effectiveness and efficiency of the internal audit functions is reflected through the planning stage. However, there is lack of strategic internal audit planning and the need to increase the staff complement within the internal audit functions. More awareness with respect to the benefits of quality assessments and performance measures is required. CONCLUSIONS: This study concludes that sufficient time is devoted for the internal audit plan, particularly with respect to individual audit engagement planning. Internal auditors however, emphasise the need that they are required to achieve more in the limited time available. The rationale behind in-house resources was stressed because of insightful knowledge and understanding of the organisation which will affect the internal audit function’s perceived effectiveness and performance, even though external service providers are engaged if gaps are highlighted. VALUE: It is hoped that the study provides insight on the effectiveness of internal audit planning. Recommendations include the setting up of a risk management department, the regulation of external independent reviews on the internal audit function and greater utilisation of performance measures. Description: M.ACCTY. 2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/8491 Title: Recent developments in environmental reporting : a European and Maltese perspective Abstract: Purpose: This study seeks to understand the developments being made with regards to environmental reporting, principally on a European level. It gives an insight into the European directive on non-­‐financial disclosure and considers the issue of the relevance of such reporting in a country like Malta. Design: A qualitative approach was taken to achieve the objectives of this study. In depth interviews were carried out with key market participants, both local and European, to be able to gather well-­‐rounded information and an analysis of the major developments in this field was made. Findings: This study demonstrated that several major developments are in fact being made, both by individual countries and by the European Union, with the directive being one of principal advancements. It was found that environmental reporting is still in its infancy in Malta, and perceived as a threat. This contrasts with international scene that views reporting as an opportunity. A culture shift is needed in Malta to convert this possible ominous perception into an opportunity. Conclusions: Despite our size, environmental reporting can be of relevance for local firms particularly when it is entrenched into the reporting process and used beyond its marketing capacity. Several leaps forward have been made in environmental reporting, with the European directive being simply one of many more to come. Implications: This study reveals that the non-­‐financial side of accounting is gaining a lot of importance, especially when it comes to the environment. Major developments have been made with more ahead, making it imperative for industries and the accountancy profession to accept and take on these changes. Description: M.ACCTY. 2015-01-01T00:00:00Z