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The study examines the changes in audit market concentration, auditor choice and audit quality in Russia following International Financial Reporting Standards (IFRS) adoption. Scholars have called for further examination of the effects of IFRS adoption on auditors, with an emphasis on the importance of analyzing emerging markets that are characterized by enforcement challenges and lack of proper infrastructure. It focuses on a unique feature of Russian companies – dual audits under Russian Accounting Standards (RAS) and IFRS – and investigates changes in audit concentration and audit quality for the two audit markets.

The authors rely on the audited financial statements of Russian public companies and perform pre-/post-IFRS adoption estimation using a logit regression to ascertain whether public firms change auditors from local firms with limited IFRS expertise to those with global reputation, namely Big 4 audit firms. Further, they examine whether the change in audit market concentration post-2012 affects audit quality as proxied by companies' propensity to receive a modified audit opinion and discretionary accruals. Auditor attributes were hand-collected from audited financial statements and matched with financial variables from Datastream.

The IFRS audit market was dominated by the Big 4 audit firms prior to 2012, and there is strong evidence that audit market share (concentration) increases for IFRS reports but not for RAS reports. In addition, companies are more likely to choose a Big 4 audit firm for an RAS audit, conditional upon a Big 4 firm conducting the IFRS audit. The authors do not find evidence of decrease in the probability of audit firms issuing a modified audit opinion under either RAS or IFRS, indicating that, in the Russian setting, increased auditor concentration post-IFRS adoption does not lead to enhanced risk or decline in audit quality. Moreover, they find that discretionary accruals decline post-2012. Overall, the findings indicate that the concern of global regulators regarding audit market concentration is not justified.

The Russian reporting environment is unique and generally characterized by significant agency problems, and the study’s estimation sample is not large, compared to prior studies conducted predominantly in Western jurisdictions. Nevertheless, the authors shed light on the audit concentration phenomenon within emerging markets, for which empirical evidence is scarce. Future research could explore the impact of other capital market events and exogenous shocks, not limited to IFRS adoption, on the characteristics of Russia's audit market.

The IFRS reporting regime is commonly associated with enhanced reporting quality and improved information transparency among public companies. Yet, impairment of audit quality as a result of IFRS-driven increase in audit market share of Big 4 can potentially negate these capital market effects. This study shows that the concerns of global regulators are not valid and that audit quality does not change with increased share of Big 4 post-IFRS adoption.

Dual audits, whereby companies must prepare two sets of financial statements per the IFRS mandate, are not unique to Russia, and the evidence of IFRS reporting on the structural changes in the audit market and implications for audit quality under a dual regime is scarce. Accordingly, the study's findings are important and timely and are expected to aid regulators of countries that have announced or are contemplating the adoption of IFRS for public reporting purposes.

This paper examines the influence of different types of political connections and political uncertainty on earnings credibility in Pakistan. Based on discernible differences, connected firms are grouped into civil connected and military connected firms.

The authors provide evidence concerning the earnings credibility incentives of groups of political connected firms and report that their incentives are significantly different. The findings remain robust to alternate methods of earnings credibility.

The findings evidence that civil (military) connected firms report less (more) credible earnings than the control group. High political uncertainty reduces the credibility of earnings. Results for the interaction of political connections and political uncertainty variables are not significant.

The paper investigates just one aspect of Pakistan's political economy, i.e. credibility of earnings; thus, it requires to be cautious on part of readers and policymakers. To reach a clearer conclusion, earnings credibility should be ex amined in the larger context, i.e. in conjunction with rent extractions, etc. A possible extension of the paper can be to investigate the channels of rent extractions used by the two types of connected firms.

The paper has contribution for policymakers as well as users of general purpose financial reports. The findings indicate that the users of general purpose financial reports should be more careful in the use of financial information during political uncertain periods and also of politically connected firms. Furthermore, policymakers should keep the larger context at the forefront while attempting to strengthen the enforcemnet regime.

This paper adds to extant political connections literature by identifying two types of politically connected firms and report that both groups have divergent financial reporting incentives. Furthermore, political uncertainty reduces the credibility of earnings.

Almost all libraries collect fiction. Of course the nature, scope, and organization of the collection varies with the type of library and its clientele. In this column scholars, fans, and just plain readers of diverse fiction formats, types, and genres will explore their specialty with a view to the collection building needs of various types of libraries. In addition to lists of “good reads,” authors not to be missed, rising stars, and rediscovered geniuses, columnists will cover major critics, bibliographies, relevant journals and organizations, publishers, and trends. Each column will include a genre overview, a discussion of access to published works, and a core collection of recommended books and authors. Janice M. Bogstad leads off with a discussion of science fiction. In the next issue of Collection Building, Ian will focus her discussion on the growing body of feminist science fiction with an article entitled, “Redressing an Interval Balance: Women and Science Fiction, 1965–1983.” Issues to follow will feature Kathleen Heim on thrillers, and Rhea Rubin reviewing short story collection building. Should you care to suggest an area or aspect of fiction collection building for discussion or try your hand as a columnist contact the column editor through Neal‐Schuman Publishers.

The New Year will see Britain a member of the largest multi‐national free trade area in the world and there must be few who see it as anything less than the beginning of a new era, in trade, its trends, customs and usages and especially in the field of labour, relations, mobility, practices. Much can be foreseen but to some extent it is all very unpredictable. Optimists see it as a vast market of 250 millions, with a lot of money in their pockets, waiting for British exports; others, not quite so sure, fear the movement of trade may well be in reverse and if the increasing number of great articulated motor trucks, heavily laden with food and other goods, now spilling from the Channel ports into the roads of Kent are an indication, the last could well be true. They come from faraway places, not all in the European Economic Community; from Yugoslavia and Budapest, cities of the Rhineland, from Amsterdam, Stuttgart, Mulhouse and Milano. Kent has had its invasions before, with the Legions of Claudius and in 1940 when the battle roared through the Kentish skies. Hitherto quiet villagers are now in revolt against the pre‐juggernaut invasion; they, too, fear more will come with the enlarged EEC, thundering through their one‐street communities.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Mr E. J. Bradbury has been appointed General Manager of Publicity for International Nickel Ltd. He was previously Manager, Market Development (Europe and Overseas).

We argue that by conducting systematic research with communities rather than on communities, community-based research (CBR) methods can both advance the study of human interaction and strengthen public understanding and appreciation of social sciences. CBR, among other methods, can also address social scientists’ ethical and social commitments. We recap the history of calls by leading sociologists for rigorous, empirical, community-engaged research. We introduce CBR methods as empirically grounded methods for conducting social research with social actors. We define terms and describe the range of methods that we include in the umbrella term, “community-based research.” After providing exemplars of community-based research, we review CBR’s advantages and challenges. We, next, summarize an intervention that we undertook as members of the Publication Committee of the URBAN Research Network’s Sociology section in which the committee developed and disseminated guidelines for peer review of community-based research. We also share initial responses from journal editors. In the conclusion, we revisit the potential of community-based research and note the consequences of neglecting community-based research traditions.

The management of children′s literature is a search for value and suitability. Effective policies in library and educational work are based firmly on knowledge of materials, and on the bibliographical and critical frame within which the materials appear and might best be selected. Boundaries, like those between quality and popular books, and between children′s and adult materials, present important challenges for selection, and implicit in this process are professional acumen and judgement. Yet also there are attitudes and systems of values, which can powerfully influence selection on grounds of morality and good taste. To guard against undue subjectivity, the knowledge frame should acknowledge the relevance of social and experiential context for all reading materials, how readers think as well as how they read, and what explicit and implicit agendas the authors have. The good professional takes all these factors on board.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

AS J. L. Hobbs shows so clearly in his recent book, the interest in local history is growing enormously at present. The universities, training colleges and schools, as well as the institutions of further education, are all making more use of local studies—geographical, economic, social and historical—in their regular courses, in their advanced work, and in their publications.