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- Are the first Gray’s shreds of light still bright? An almost forty years of bibliometric and systematic literature review on Hofstede-Gray’s cultural model in accountingPublication . da Silva Maocha, A.; Albuquerque, FábioA nation's cultural values influence every aspect of its environment. As a subculture, accounting is not exempt from this influence. From this perspective, Gray proposed a model based on Hofstede’s cultural dimensions, identifying four accounting cultural values that have served as the theoretical foundation for subsequent research. This study presents a systematic and bibliometric literature review on the application of Hofstede-Gray’s model in accounting, based on the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) 2020 framework. It examines the model’s impact and scope as well as the key findings of various studies. A total of seventy articles, published between 1988 and 2024 in journals indexed in the Scopus and Web of Science databases, were identified and analyzed. The collected data were assessed using the tools available in VOSviewer and Bibliometrix. The findings indicate that Hofstede-Gray’s model has been widely used as a theoretical framework for numerous studies, has been progressively adapted to various contexts, and has been applied to explain several accounting-related phenomena. The model remains a subject of critique and proposals for revision. This study aims to contribute to academia by providing a state-of-the-art review of a model proposed nearly forty years ago, from which future research can build upon the identified gaps, potentially leading to both social and practical implications arising from new investigations.
- Are the separate financial accounts also relevant? Assessing those accounts reported by listed European entitiesPublication . Ribeiro, M. C.; Albuquerque, F.; Gomes dos Santos, P.The International Accounting Standard (IAS) 27 should be used in the preparation of separate financial statements (SFS) for entities with securities traded on regulated markets within the European Union (EU) that adopt International Financial Reporting Standards (IFRS). This research aims to assess the value relevance of SFS. Additionally, it also analyses the value relevance of the interests under IAS 27 reported therein. It uses documental analysis as a technique and archival research as a method, with entities from the major indices of EU countries as a research sample. Linear regression models are used for data analysis. The findings indicate that both the SFS and those interests influence the entities’ share prices. As far as the authors’ knowledge, this research solves a gap in the literature by assessing the value relevance of interests reported in the SFS and the SFS itself, which have not been reaching the same attention by researchers compared to studies with similar purposes but focusing on the consolidated financial statements. As a contribution, this study can benefit standard-setter bodies and local regulators in understanding the usefulness of SFS for stakeholders’ decision-making by stressing the relevance of those accounts, and the material items reported therein.
- Can ChatGPT be a certified accountant? Assessing the responses of ChatGPT for the professional access exam in PortugalPublication . Albuquerque, F.; Gomes dos Santos, P; Administrative SciencesPurpose: From an exploratory perspective, this paper aims to assess how well ChatGPT scores on an accounting proficiency exam in Portugal, as well as its overall understanding of the issues, purpose, and context underlying the questions under assessment. Design/methodology/approach: A quasi-experimental method is used in this study. The questions from an exam by the Portuguese Order of Chartered Accountants (OCC, in the Portuguese acronym) served as input queries, while the responses (outputs) from ChatGPT were compared with those from the OCC. Findings: The findings indicate that ChatGPT’s responses were able to deduce the primary issue underlying the matters assessed, although some responses were inaccurate or imprecise. Also, the tool did not have the same score in all matters, being less accurate in those requiring more professional judgment. The findings also show that ChatGPT did not pass the exam, although it was close to doing so. Originality: To the best of the authors’ knowledge, there is little research on ChatGPT accuracy in accounting proficiency exams; this being the first such study in Portugal. Practical implications: The findings from this research can be useful to accounting professionals to understand how ChatGPT may be used for practitioners, stressing that it could assist them and improve efficiency, but cannot, at least for now, replace the human professional. It also highlights the potential use of ChatGPT as an additional resource in the classroom, encouraging students to engage in critical thinking and facilitating open discussion with the guidance of teachers. Consequently, it can also prove beneficial for academic purposes, aiding in the learning process.
- Can ChatGPT be a knowledgeable and accurate ethical accountant? Assessing the overall usefulness of ChatGPT’s answers to ethical dilemmasPublication . Albuquerque, F.; dos Santos, P. G.This paper aims to assess the overall usefulness of ChatGPT regarding ethical dilemmas in accounting by exploring the tool’s ability to produce accurate answers, as well as reliably and properly identify the relevant legal frameworks in its justification. This study employs a quasi-experimental method and an exploratory perspective to evaluate ChatGPT 4.0′s responses to questions from the Portuguese Order of Certified Accountants exams. Consistency and robustness tests were conducted by varying and repeating the prompts, and the outputs (ChatGPT responses) were assessed through a content analysis method by comparing them with official answer keys (accuracy) and their justification (legal frameworks). The findings indicate that, throughout the process, ChatGPT’s performance is influenced by prompt design and repetition, and it consistently lacks accuracy, namely when professional judgment is required. Besides, although it is generally capable of recognising the relevant legal frameworks, its justifications were usually vague. Moreover, whenever more precise answers were provided, evidence of hallucinations was commonly found. Therefore, while the responses are often persuasive and structured, their reliability is limited, raising concerns about the model’s epistemic soundness and reducing its overall usefulness, which highlights the need for users to exercise caution when relying on their outputs. To the best of the authors’ knowledge, this is the first research to analyse in depth the characteristics within ChatGPT responses, specifically regarding professional ethics in an accounting proficiency exam. This study offers empirical evidence on ChatGPT’s limitations and potential as a supplementary tool in accounting ethics. It contributes to ongoing debates about the role of generative AI in professional education and practice, providing insights for educators and practitioners regarding its responsible and cautious integration. While promising as a discussion aid, ChatGPT still cannot replace the critical thinking and contextual reasoning required for ethical decision-making.
- Can ChatGPT improve the readability of financial reporting by the public sector entities? The case of Lisbon municipalityPublication . Albuquerque, F.; Gomes dos Santos, P.The readability of financial reporting from the users’ perspective is an essential element to ensure its usefulness and, therefore, its relevance. Through the lens of Cognitive Load Theory and plain language principles, this quasi-experimental research aims to assess whether an artificial intelligence tool, specifically ChatGPT in its GPT-4 model, can be effective in enhancing the readability of the Lisbon municipality’s annual reports and accounts for the year ending in 2023. For this purpose, six surveys, each one including two versions of six different excerpts collected from that source (an original version and a modified one), were distributed among twelve (one survey by two of them) experts on public sector financial matters. The findings globally indicate higher readability levels of the modified version of the excerpts, that is, the one produced by ChatGPT from the original version and following a prompt proposed by researchers. Respondents argued that benefits mostly relate to the text’s form and content. Although exploratory, this study may contribute to the literature by highlighting the potential benefits of using ChatGPT to enhance the readability and overall usefulness of public financial reports for a broader audience, thereby benefiting various stakeholders, including preparers, users, regulators, policymakers, and auditors.
- Conservatism as a cultural accounting value: An empirical study from the perspective of chartered accountants and auditors in MozambiquePublication . Langa, E.; Albuquerque, F.The study aims to evaluate the potential influence of the cultural value of conservatism on the professional judgment of accountants and certified auditors of Mozambique, from the interpretation and application of the concepts underlying the International Accounting Standard (IAS) 37 of the International Accounting Standard Board (IASB). The study is supported by data from a questionnaire disseminated between July 2020 and February 2021. The answers of a sample of 364 professionals are analyzed. The McNemar and Chi-Square tests were used to analyze the results. The results allowed identifying the conservatism through the existence of significant differences in the interpretation and application of the concepts of assets and liabilities. Therefore, the study reasonably confirms the classification attributed by Gray (1988) to african countries where Mozambique is located. These results remained stable even after the analysis due to different demographic variables. Studies of this nature are not known in Portuguese-speaking African countries, where empirical research on the subject is still incipient.
- Do the European entities use impression management strategies in their messages on the Russia-Ukraine war?Publication . Rabaço, T.; Albuquerque, F.; Gomes dos Santos, P.; GCGThere may be an attempt by entities affected by the consequences of the Russia-Ukraine war to obfuscate or emphasize positive news when disclosing it, using impression management strategies. This paper aims to assess the use of those strategies for 212 listed European entities, using 2021 annual consolidated reports. The findings indicate that, within two-thirds of entities that disclosed this event, mainly in voluntary sources, reduced levels of readability were found. Furthermore, although neutrality prevailed, the entities expressed some uncertainty linked to their claim of being immune to the war’s effects. Finally, differences by country and industry were occasionally identified.
- Explanatory factors of the accounting choices for investments under IAS 27 of listed European Union entitiesPublication . Ribeiro, M.; Gomes Dos Santos, P.; Albuquerque, F.This study aims to analyze the explanatory factors of the accounting choices for investments of entities with securities traded on regulated markets in the European Union (EU) under International Accounting Standard (IAS) 27—Separate Financial Statements (SFS). According to IAS 27, investments in its scope can be accounted for by using the cost, equity method, or fair value, which represents alternative accounting methods commonly known in the literature as accounting choices. To identify the factors that may explain the accounting choices for investments under IAS 27, a logistic regression model is used. The research covers listed entities from 19 out of the 21 EU countries where IAS 27 is required or permitted. The findings highlight that the entities’ size and investment weight likely explain the adoption of the cost method, whereas the size of the board of directors negatively explains its use. Accounting choices for investments under SFS are not yet explored in the literature. Moreover, this research also proposes further explanatory factors in the scope of the literature on accounting choices. This paper can potentially benefit a diverse set of stakeholders, namely the accounting standard-setters, as they can draw attention to the comparability issues from the use of accounting choices, which may mitigate the financial information usefulness for decision-making. Furthermore, auditors, supervisors, as well as investors and other users, can have a more comprehensive perspective of the reasons behind the method chosen by entities for accounting for their financial investments.
- Explanatory factors of the NGM disclosure related to the cash flow by European listed entitiesPublication . Velez, A. R.; Albuquerque, F.; Pinto, V.This paper aims to assess the transparency of information on cash flows and its potential explanatory factors, using, for this purpose, the disclosures on non-generally accepted accounting principles (non-GAAP) measures (NGM) related to cash flows. The explanatory factors were assessed in light of different theories, namely the institutional theory, the theory of agency, and the positive theory of accounting. The data were based on the reports and accounts of 121 Euronext entities between 2018 and 2021. Based on the linear regression model, the findings identified that the disclosure of NGM on cash flows in the entities' reports, with emphasis on free cash flow (FCF), as well as the presentation of the NGM calculation formula and the possibility of reconciliation with the GAAP information disclosed. In addition, it was identified that location, industry, size, indebtedness, and corporate governance variables were explanatory factors for the disclosures around cash flows, and overall, providing support for the different theories. This research contributes to the discussion around NGM transparency, especially regarding cash flows. Furthermore, the paper contributes to the academic and business environment by assessing current references related to the statement of cash flows. It also assesses the potential explanatory factors for the disclosure of such information.
- Exploring ChatGPT’s capabilities in solving accounting standards problems: the case of IAS 37Publication . Albuquerque, F.; Gomes dos Santos, P.Using a quasi-experimental method and content analysis as a technique, this study tests ChatGPT, in its version 4, by assessing its textual characteristics and overall understanding regarding the recognition criteria of provisions under International Accounting Standards (IAS) 37, as issued by the International Accounting Standards Board (IASB). For this purpose, it uses a set of questions (input) from the IASB’s illustrative examples to compare the answers (output) from IASB and ChatGPT in two distinct strategies: with and without prompting. The findings indicate that ChatGPT’s answers are wordier, have higher magnitude levels, and are more predominantly inserted in Business and Finance. The no-prompting strategy is globally more negative and subjective, while the prompting one improves the answers’ focus and readability, also presenting more diverse tones in its textual characteristics, similar to what was found in the IASB’s answers. However, some answers were not globally accurate in both strategies. These findings provide insights into how ChatGPT, as one of the most disseminated artificial intelligence tools, can be used by accounting professionals and educators, being aware of the potential risks and benefits from both strategies underlying this experiment. Then, by considering those aspects, practitioners, including accountants and managers, but also investors can use it to understand the matters and issues under assessment in a given situation, as well as the sources to consider when preparing financial statements or making a decision. Academics can also use it to open up discussions and promote students’ critical thinking skills in a classroom environment.