【正文】 al Expenses (TE) = Selling and administration expenses + distribution expenses + other operating expenses + finance cost A major difficulty in determining the total expenses are cost of ambiguous nature of certain expense item disclosure. For example, depreciation expense is not clearly identified as to whether it is in the cost of goods sold, selling and administration expenses and many others. In addition, the cost of sales may also lead to bias for nonmanufacturing and trading panies, that is the service industries. 武漢科技大學城市學院專業(yè)論文 21 Therefore, the item cost of sales or cost of goods sold is excluded from the total expenses (the denominator of the index) figure. Admittedly, this is a major limitation of the ine statements transparency index but is unavoidable given the existing ine statement disclosures of the panies. In addition, excluding a cost of sales or cost of goods sold avoids the problems of double counting, as panies are required to disclose depreciation expenses. This method of determining total expenses is applied consistently through all the sample firms. As for the numerator of the index, the total expense disclosed (the numerator) represents the detailed expenses disclosed in the notes to the accounts. In the notes to the account, the most relevant note will be the notes regarding the calculation of profit or loss from operations. The detailed expense item will then be used in calculating the index. In addition to the note regarding profit or loss from operations, other expenses are disclosed elsewhere in the financial statements, for example staff costs, in order to avoid double counting specifically regarding directors remuneration. Details of the staff costs have to be examined and necessary adjustment will then be made. One difference relating to the determination of detailed expenses item disclosed is with regard to the adjustment for stock and debtors. These items are carefully examined to avoid double counting. The above procedure is used to construct the ine statement transparency index for all panies in the sample. Thus, this is totally different with other measurements of transparency index that are used in the study done by Thompson Corporate Transparency Index (CTI) that measured transparency by looking at the efficiency of process of information dissemination to public. All these variables are tested based on the hypothesis whether it is a significant factor to the level of ine statement transparency. Pauline and Mathews suggested that log transformed data should be applied for skewed data set, namely for total assets. Natural log was also applied in this study to the number of shareholders variable, The other reason why the variable are logged is to eliminate outliers that exist within the huge data range from the larger to smaller firm and number of shareholder size. 武漢科技大學城市學院專業(yè)論文 22 Multi co linearity problem is reduced between highly correlated variables by included only one of them in the equation. Once the first variable is included, the added explanatory power of the second variable will be minimal and its Fst。s financial daily) to see the level of transparency of 290 Singapore listed panies. Equal weighting to content and context were then analyzed. Multiple regression models were used to measure the association between selected pany characteristics (size and profitability) and the transparency index. Pauline and Mathew (18) suggested that for study done for Malaysian panies, development of disclosure index has to consider the influenced by the approved accounting standards, national laws and other requirements. SC, Bursa Malaysia, Companies Act, 1965 and Malaysian Accounting Standard Board (MASB) were namely the regulatory bodies to encourage panies to provide more information that required and to enhance understandability of the items disclose in notes to the accounts. In Malaysia, Haifa and Cooke, Husain et al. and Thompson suggested that the prehensiveness of disclosed information may closely associate with the conservativeness of accounting methods and full financial disclosure. Since many studies criticized on grading as weighted to the items disclosed Cooke and this study follow alternatively. This objective is based on assuming that there will be a biased towards all items disclosed. UN weighted scoring approach was preferred in study done by. 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