Abstract: The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.
Abstract: Electricity prices have sophisticated features such as
high volatility, nonlinearity and high frequency that make forecasting
quite difficult. Electricity price has a volatile and non-random
character so that, it is possible to identify the patterns based on the
historical data. Intelligent decision-making requires accurate price
forecasting for market traders, retailers, and generation companies.
So far, many shallow-ANN (artificial neural networks) models have
been published in the literature and showed adequate forecasting
results. During the last years, neural networks with many hidden
layers, which are referred to as DNN (deep neural networks) have
been using in the machine learning community. The goal of this
study is to investigate electricity price forecasting performance of the
shallow-ANN and DNN models for the Turkish day-ahead electricity
market. The forecasting accuracy of the models has been evaluated
with publicly available data from the Turkish day-ahead electricity
market. Both shallow-ANN and DNN approach would give successful
result in forecasting problems. Historical load, price and weather
temperature data are used as the input variables for the models.
The data set includes power consumption measurements gathered
between January 2016 and December 2017 with one-hour resolution.
In this regard, forecasting studies have been carried out comparatively
with shallow-ANN and DNN models for Turkish electricity markets
in the related time period. The main contribution of this study
is the investigation of different shallow-ANN and DNN models
in the field of electricity price forecast. All models are compared
regarding their MAE (Mean Absolute Error) and MSE (Mean Square)
results. DNN models give better forecasting performance compare to
shallow-ANN. Best five MAE results for DNN models are 0.346,
0.372, 0.392, 0,402 and 0.409.
Abstract: How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.
Abstract: The purpose of the paper is to estimate the US small
wind turbines market potential and forecast the small wind turbines
sales in the US. The forecasting method is based on the application of
the Bass model and the generalized Bass model of innovations
diffusion under replacement purchases. In the work an exponential
distribution is used for modeling of replacement purchases. Only one
parameter of such distribution is determined by average lifetime of
small wind turbines. The identification of the model parameters is
based on nonlinear regression analysis on the basis of the annual
sales statistics which has been published by the American Wind
Energy Association (AWEA) since 2001 up to 2012. The estimation
of the US average market potential of small wind turbines (for
adoption purchases) without account of price changes is 57080
(confidence interval from 49294 to 64866 at P = 0.95) under average
lifetime of wind turbines 15 years, and 62402 (confidence interval
from 54154 to 70648 at P = 0.95) under average lifetime of wind
turbines 20 years. In the first case the explained variance is 90,7%,
while in the second - 91,8%. The effect of the wind turbines price
changes on their sales was estimated using generalized Bass model.
This required a price forecast. To do this, the polynomial regression
function, which is based on the Berkeley Lab statistics, was used. The
estimation of the US average market potential of small wind turbines
(for adoption purchases) in that case is 42542 (confidence interval
from 32863 to 52221 at P = 0.95) under average lifetime of wind
turbines 15 years, and 47426 (confidence interval from 36092 to
58760 at P = 0.95) under average lifetime of wind turbines 20 years.
In the first case the explained variance is 95,3%, while in the second
– 95,3%.
Abstract: Prediction of future research topics by using time series analysis either statistical or machine learning has been conducted previously by several researchers. Several methods have been proposed to combine the forecasting results into single forecast. These methods use fixed combination of individual forecast to get the final forecast result. In this paper, quite different approach is employed to select the forecasting methods, in which every point to forecast is calculated by using the best methods used by similar validation dataset. The dataset used in the experiment is time series derived from research report in Garuda, which is an online sites belongs to the Ministry of Education in Indonesia, over the past 20 years. The experimental result demonstrates that the proposed method may perform better compared to the fix combination of predictors. In addition, based on the prediction result, we can forecast emerging research topics for the next few years.
Abstract: Precipitation forecast is important in avoid incident of natural disaster which can cause loss in involved area. This review paper involves three techniques from artificial intelligence namely logistic regression, decisions tree, and random forest which used in making precipitation forecast. These combination techniques through VAR model in finding advantages and strength for every technique in forecast process. Data contains variables from rain domain. Adaptation of artificial intelligence techniques involved on rain domain enables the process to be easier and systematic for precipitation forecast.
Abstract: GMDH algorithm can well describe the internal structure of objects. In the process of modeling, automatic screening of model structure and variables ensure the convergence rate.This paper studied a new GMDH model based on polynomial spline stimation. The polynomial spline function was used to instead of the transfer function of GMDH to characterize the relationship between the input variables and output variables. It has proved that the algorithm has the optimal convergence rate under some conditions. The empirical results show that the algorithm can well forecast Consumer Price Index (CPI).
Abstract: The prediction of meteorological parameters at a
meteorological station is an interesting and open problem. A firstorder
linear dynamic model GM(1,1) is the main component of the
grey system theory. The grey model requires only a few previous data
points in order to make a real-time forecast. In this paper, we
consider the daily average ambient temperature as a time series and
the grey model GM(1,1) applied to local prediction (short-term
prediction) of the temperature. In the same case study we use a fuzzy
predictive model for global prediction. We conclude the paper with a
comparison between local and global prediction schemes.
Abstract: This study investigates the performance of radial basis function networks (RBFN) in forecasting the monthly CO2 emissions of an electric power utility. We also propose a method for input variable selection. This method is based on identifying the general relationships between groups of input candidates and the output. The effect that each input has on the forecasting error is examined by removing all inputs except the variable to be investigated from its group, calculating the networks parameter and performing the forecast. Finally, the new forecasting error is compared with the reference model. Eight input variables were identified as the most relevant, which is significantly less than our reference model with 30 input variables. The simulation results demonstrate that the model with the 8 inputs selected using the method introduced in this study performs as accurate as the reference model, while also being the most parsimonious.
Abstract: Fuzzy Load forecasting plays a paramount role in the operation and management of power systems. Accurate estimation of future power demands for various lead times facilitates the task of generating power reliably and economically. The forecasting of future loads for a relatively large lead time (months to few years) is studied here (long term load forecasting). Among the various techniques used in forecasting load, artificial intelligence techniques provide greater accuracy to the forecasts as compared to conventional techniques. Fuzzy Logic, a very robust artificial intelligent technique, is described in this paper to forecast load on long term basis. The paper gives a general algorithm to forecast long term load. The algorithm is an Extension of Short term load forecasting method to Long term load forecasting and concentrates not only on the forecast values of load but also on the errors incorporated into the forecast. Hence, by correcting the errors in the forecast, forecasts with very high accuracy have been achieved. The algorithm, in the paper, is demonstrated with the help of data collected for residential sector (LT2 (a) type load: Domestic consumers). Load, is determined for three consecutive years (from April-06 to March-09) in order to demonstrate the efficiency of the algorithm and to forecast for the next two years (from April-09 to March-11).
Abstract: A concern that researchers usually face in different
applications of Artificial Neural Network (ANN) is determination of
the size of effective domain in time series. In this paper, trial and
error method was used on groundwater depth time series to determine
the size of effective domain in the series in an observation well in
Union County, New Jersey, U.S. different domains of 20, 40, 60, 80,
100, and 120 preceding day were examined and the 80 days was
considered as effective length of the domain. Data sets in different
domains were fed to a Feed Forward Back Propagation ANN with
one hidden layer and the groundwater depths were forecasted. Root
Mean Square Error (RMSE) and the correlation factor (R2) of
estimated and observed groundwater depths for all domains were
determined. In general, groundwater depth forecast improved, as
evidenced by lower RMSEs and higher R2s, when the domain length
increased from 20 to 120. However, 80 days was selected as the
effective domain because the improvement was less than 1% beyond
that. Forecasted ground water depths utilizing measured daily data
(set #1) and data averaged over the effective domain (set #2) were
compared. It was postulated that more accurate nature of measured
daily data was the reason for a better forecast with lower RMSE
(0.1027 m compared to 0.255 m) in set #1. However, the size of input
data in this set was 80 times the size of input data in set #2; a factor
that may increase the computational effort unpredictably. It was
concluded that 80 daily data may be successfully utilized to lower the
size of input data sets considerably, while maintaining the effective
information in the data set.
Abstract: A multi-agent system is developed here to predict
monthly details of the upcoming peak of the 24th solar magnetic
cycle. While studies typically predict the timing and magnitude of
cycle peaks using annual data, this one utilizes the unsmoothed
monthly sunspot number instead. Monthly numbers display more
pronounced fluctuations during periods of strong solar magnetic
activity than the annual sunspot numbers. Because strong magnetic
activities may cause significant economic damages, predicting
monthly variations should provide different and perhaps helpful
information for decision-making purposes. The multi-agent system
developed here operates in two stages. In the first, it produces twelve
predictions of the monthly numbers. In the second, it uses those
predictions to deliver a final forecast. Acting as expert agents, genetic
programming and neural networks produce the twelve fits and
forecasts as well as the final forecast. According to the results
obtained, the next peak is predicted to be 156 and is expected to
occur in October 2011- with an average of 136 for that year.
Abstract: The article deals with the relation between rainfall in selected months and subsequent weed infestation of spring barley. The field experiment was performed at Mendel University agricultural enterprise in Žabčice, Czech Republic. Weed infestation was measured in spring barley vegetation in years 2004 to 2012. Barley was grown in three tillage variants: conventional tillage technology (CT), minimization tillage technology (MT), and no tillage (NT). Precipitation was recorded in one-day intervals. Monthly precipitation was calculated from the measured values in the months of October through to April. The technique of canonical correspondence analysis was applied for further statistical processing. 41 different species of weeds were found in the course of the 9-year monitoring period. The results clearly show that precipitation affects the incidence of most weed species in the selected months, but acts differently in the monitored variants of tillage technologies.