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Li Yu (Colly) He

Photo of Colly He
  • Title: Ms
  • Position: Lecturer - Department of Accounting and Corporate Governance
  • Qualifications: BCom Accg (Hons)

Contact Details

Areas of Expertise

  • Financial accounting


Colly He is a lecturer in the Department of Accounting and Corporate Governance, teaching in both undergraduate and postgraduate financial accounting units. She also undertakes research in areas of fair value accounting, corporate governance, executive compensation scheme, prediction of future cash flows, segment reporting and analysts' earnings forecasts.


  • Bachelor of Commerce - Professional Accounting (Hons): Accounting (Macquarie University)
  • Diploma of Commerce: Accounting (Sydney Institute of Business and Technology (SIBT))

Research grants

  • 2011 - Received a Research Grant of $6,857.15 from the International Governance and Performance Research Centre (IGAP) for a research project titled "Fair value accounting and corporate governance in the agricultural sector in Australia".
  • 2008 - Received a Research Grant of $6,153 from the Organizational Governance and Performance Research Network (OGPRN) to the project titled "What Makes a Board Independent? Australian Evidence". The paper was published in 2009 in the Australian Research Journal.

Research awards

  • 2009 - Research Student Prize from the Accounting Research Journal for the paper titled "What makes a board independent? Australian evidence".

Current projects

  • He, L., S. Wright, E. Evans. "The decision usefulness of fair value for future cash flows".
  • He, L., S. Wright, E. Evans. "The opportunistic use of fair value accounting and corporate governance in the agricultural sector in Australia".

Research areas

Research Interests

  • Corporate governance
  • Earnings management
  • Fair value accounting (value relevance, predictive ability)
  • Segment reporting
  • Analysts' earnings forecast
  • Executive remuneration scheme


journal toggle icon open Refereed Journal Articles

  • He, L., S. Wright, E. Evans and S. Crowe (2009). “What Makes a Board Independent? Australian Evidence”, Accounting Research Journal 22 (2): 144- 166.

publications toggle icon open Industry Publications

  • He, L., S. Wright and E. Evans (2007). "Does Better Corporate Governance Result in Lower Earnings management?" Keeping Good Companies, CSA 59 (6): 330-334. 

conference toggle icon open Conferences and Presentations

  • He, L., S. Wright and E. Evans (2011). Fair Value Accounting and the Objective of General Purpose Financial Reporting: the Case of Agriculture in Australia 2011 EAA Conference Proceeding, Rome, Italy, 20-22 April, 2011.
  • He, L., S. Wright and E. Evans (2007). Earnings Management in Australia under New ASX Corporate Governance Guidelines 2007 AFAANZ Conference Proceedings, Gold Coast, Australia, 1-4 July, 2007.
  • He, L., S. Wright and E. Evans (2007). Earnings Management in Australia under New ASX Corporate Governance Guidelines 30th Annual Congress European Accounting Association Conference Proceedings, Lisbon, Portugal, 25-27 April, 2007.

Professional Membership

  • Member of: CPA Australia, Sydney Australia
  • Member of: Accounting and Finance Association of Australia and New Zealand, Sydney Australia
  • Member of: European Accounting Association, Brussels Belgium

Community engagement

Community Outreach

  • Member of CPA

Student information

  • Load: PhD Student Part Time
  • Principal supervisor: Dr Susan Wright
  • Associate supervisor: Dr Elaine Rose Evans
  • Date of submission: 01/03/2016
  • Thesis title: The Usefulness of Fair Value Accounting: Evidence from the Agricultural Sector
  • Abstract: Fair Value Accounting (FVA) is an integral part of International Financial Reporting Standards (IFRS). Opinions on its appropriateness differ widely among academics and practitioners. This project is to examine the problems of implementing FVA in the agricultural sector thereby contributes to the debate on FVA. The first stage of the project investigates whether the use of FVA in the agricultural sector (i.e. AASB 141) is consistent with the objective of general purpose financial reporting, by assessing the ability of fair values to explain and to forecast future cash flows. The second stage of the project examines whether managers in agricultural industries in Australia use the flexibility and discretion provided by FVA (i.e. AASB 141) to smooth earnings, in order to achieve managerial or personal goals.
  • Purpose: The study examines whether managers use the discretion and flexibility available under fair value accounting provided in AASB 141 Agriculture, to report higher profits. Is executive pay sensitive to fair value agriculture gains? What is the role of corporate governance in monitoring the size of reported fair value gains or executive pay-sensitivity to the gains?
  • Key Literature/theoretical perspective: Research suggests that firms are rewarded for reporting positive earnings while managers provide earnings comparisons which emphasize improvement. Further, managers exercise the discretion in accounting standards when their compensation is linked to the reported number. Firm size, board independence, executive tenure and ownership concentration and other corporate governance mechanisms are found in the literature to have an impact on executive compensation and earnings management behaviour.
  • Design/methodology/approach: Regression analyses are undertaken to examine data for 277 company/years which applied AASB 141 for the period 2001-2011.
  • Findings: Management reports higher gains from biological assets when non-fair value earnings is (1) below target earnings; (2) lower than the prior year. Analyses for compensation incentives and corporate governance are under development.
  • Practical and social implications: The findings may inform future legislation and regulation of reporting and corporate governance in Australia, in terms of how much flexibility should be provided in accounting standards requiring the use of FVA.
  • Keywords: Fair value, Earnings management, Executive compensation, Corporate governance

Current teaching

  • ACCG 611 – Principles of Accounting
  • ACCG 308 – Corporate Accounting and Reporting
  • ACCG 100 – Accounting 1A
  • ACCG 101 – Accounting 1B