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Suttle, John C. Jr. "The Wrong Solution to Fair Value Accounting: Does the Relaxation of Fair Value Accounting Improve Financial Reporting for Banks?" Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/547.
Повний текст джерелаValentinis, Edi. "Variable interest consolidation (FASB,FIN 46/R) : valve relevance and empirical consequences on financial reporting." Doctoral thesis, Università degli studi di Trieste, 2008. http://hdl.handle.net/10077/3094.
Повний текст джерелаFASB introduction of FIN 46/R variable interest consolidation model proved revolutionary as it ties up the accounting to the economic/financial frameworks and the judicial one. Legal structures and agreements among stakeholders of entities, creating net assets’ variability, have from now on to be compared with expected losses and expected returns distribution, prior to identify which stakeholder will need to consolidate pursuant this Interpretation. As a result, return variability gains weight in the definition of variable interest entity with consequences still to be completely digested by practitioners and reporting enterprises. Because of the implementation of this Interpretation, consolidation by a party that absorbs most of the entity expected losses will have precedence even over stock-ownership’s control by the parent company (voting rights driven). The revolution though is only meant for a wide, yet selected, subset of entities' classes being securitisations, life and health insurances and governmental organisations aimed for profit, left outside the scope of this Interpretation. Consolidation through variable interest model is the result of four major steps. First alone is the definition of entity, being any legal structure to conduct activities and hold assets. Second, the identification of the variable interests in it, deriving from recognition of the aggregate which fair value changes with changes in fair value of net assets, exclusive of variable interests. These changes in fair value are considered regardless of embedded voting rights; hence, mezzanine finance, preferred stock and any hybrid equity instrument in general need to be detailed in their features prior to taking further decision. Third, the estimate of expected losses and residual returns whose value relevance has been given vast insight in this paper. Fourth and last step, the recognition of the primary beneficiary, when it exists, which is the party that absorbs the greatest share of expected losses and/or that benefits the most from expected residual returns and ultimately, the party that will consolidate the variable interest in object. Throughout the variable interest consolidation process, the concept of ‘equity at risk’ is introduced by FASB to define which is the effective portion of equity that absorbs variability created by net assets of the variable interest entity. Notwithstanding an introduced sufficiency test, aimed at deducting from US GAAP equity, all components that are not legal obligations to capitalise the entity, still difficulties exist. This is due to a series of exclusions namely; legal equity is to be deducted of fees, loans or guarantees thereof, shares issued in exchange of subordinated interests in other VIEs shall be subtracted as well from equity at risk, in the end also investments to be considered non significant shall be deducted. In this regard, valuations are either explicitly or implicitly to be done at fair value, hence book values need to make room for financial analysis giving in this respect value relevance to the Interpretation. The ‘equity at risk’ concept is the result of deductions that run through both sides of the balance sheet. Particular judgment shall be used in evaluating guarantees and other off-balance sheet obligations. This paper takes also in consideration the test proposed by FASB for ‘non significant investments’ proposing a refined method to reduce variability in interpretative judgment by the reporting entity. Furthermore, FASB identifies a new category of VIEs: variable interests in specified subset of assets of a VIE (i.e. a guarantee) which can be treated as distinctive VIEs by FASB only if the fair value of the same assets is greater than 50% of the whole fair value of the entity. If so happens, then equity at risk is to be deducted accordingly and expected losses/residual returns (EXLS/EXRR) of this subset of assets is not considered for sake of determining the primary beneficiary. The distinct VIE, which in accounting goes also under the name of Silo, will have to be treated separately as another VIE. From this analysis on assets and financial structure, which is derived from CON 6, FASB correctly deconstructs the accountancy legacy notion of control by segregating the decision making ability on the VIE from the variability absorption rights and obligations. The former, given by the financial decisions on VIE’s financial structure and by investment on net assets, the latter dictated by obligation to fund losses and to receive residual returns, i.e. by assigning the right to receive future residual returns and the obligation to make future capital contributions. Under a valuation viewpoint, assets and liabilities of newly consolidated VIE are measured at fair value while the ones already pertaining to a primary beneficiary, which is already a parent, remain reported at carrying value being already in the consolidated balance sheet of the controlling company. FIN 46/R in this way allows goodwill to be recognised for acquisitions of VIEs, which constitute businesses for use in this Interpretation. If the consideration paid for the VIE interest (carrying value plus premium/discount) is instead lower than the fair value of its net assets at consolidation, then a decrease in value of the newly consolidated assets shall be reported. Exception is made by cash & marketable securities, tax assets, post retirement plans and the likes. In this regard VIEs, which are not businesses will originate extraordinary gains or losses accordingly, in case of extraordinary gains, the value of the newly acquired assets is stepped-up pro quota. While FIN 46/R valuation principles of expected losses, expected residual returns and definition of balance sheets arising from VIE consolidation, resides on fair values, practitioners and reporting enterprises alike base their forecast from use of private information. This in turn, gives birth to entity-specific values, which take into account private information comprising of entity plans and current competitive strategy, which are a function of present industry positioning. Part of the process in determining EXLS/EXRR and the existence or not of a primary beneficiary, in line with the variable interest consolidation model, is to go through a profit variability analysis to be done through discounted cash flow models. To try to shed some more light on this regard we have first refreshed the mathematics of series of random variables with the objective to estimate VIEs’ expected cash flows of income. VIEs are generally modelled as a random variable with statistic mean different from statistic mode, a fact omitted in some passages of FIN 46/R exposition. Subsequently we have underlined that the variability of returns is directly related with the interval of confidence set for distribution functions representing random variables when computing the reporting entity forecast of expected variability. The potential deadlock could be widening when different interest holders are implementing different modelling of the reporting entity which yield to different results, but still acceptable under the Interpretation prescriptions. FASB introduction of non-previous US GAAP measures like EXLS/EXRR are, as we believe, in need to be backed up by a more robust theoretical framework. To do so, we needed to characterise the choice of the discount rate. In this framework, we have once again taken the theoretical basis of cost of capital, highlighting the equivalence of the results of other methods; including pros and cons of the utility functions and certainty equivalence method and the risk adjusted probability method. We have then given evidence on why FASB should use the cost of capital method as the discount rate to compute income variability together with income streams. In fact, by using the cost of capital method, and the WACC deriving from CAPM, all financial risk is embedded in the discount rate leaving the reporting enterprise free to express in the books the operational risks known or of most suitable estimation. Nowadays marginal cost of debt and market value of equity are used in common practice, according with CAPM theory, and have their use extended to private businesses. The cost of capital for private enterprises make use of sensitivity correlation coefficient of the enterprise return over the market return (beta coefficient) are of difficult estimate for private entities although betas can be computed in a number of ways using assumptions which are proper of the enterprise and its industry peers. To close the chapter related to valuation, finally we have focused on how these methodologies are being implemented by corporate America realising that the fears for value relevancy and hardship in tailoring the application to the single entities is a shared feeling and still a process far from crystallisation. In particular, FASB does not impose a clear conversion from book values to either fair values or value-in-use ones. It neither rules out the use of different valuation methods, if not for particular aspects treated within its FSP 46/R-S, in the exercise of computation of expected variability, which we have to recognise has not been proper of the accountancy function until lately. This thesis proposes an algorithm that goes in detail in the application of FIN 46/R for a reporting enterprise taking into account all possible interrelations among interest holders and distinct interest in subset of assets. The algorithm brings to light the weaknesses in application of the Interpretation caused by potential interrelations between expected losses assessment and variable interests in specified assets, wherever the fair value of these is more than 50% of net assets, i.e. distinctive VIEs. The algorithm, despite being in line with FIN 46/R prescriptions, does not cope with situations of cross default of related parties’ investors in the same VIE. However while the application of a cause and effect model is not always possible we think increased consolidation constraints would highly reduce these possibilities. In the process for determining if the reporting entity is a VIE, FASB develops also the ‘at risk’ test, highlighting once again the relevant weaknesses of the concepts of ‘previous ability to finance operations without subordinate financial support’ and ‘comparability with other similar entities which autonomously finance themselves without subordinated support’. We believe that the "at risk test" should only be a numeric test to iron out misinterpretations and gain relevance in consistency. FASB introduction of an exclusion sufficiency test to exclude variable interests for being classified as VIEs leaves, in our opinion, some uncertainties to the ‘participation in VIE design’ concept or to the ‘non significant interest’ one. This test, we believe, ought not to be a determinant factor, the level of polarisation of risk/reward of the consideration should instead be the sole paramount predictor for exclusion. As far as the conditions used to determine if the entity has sufficient equity to sustain its operations without financial support, the condition sine qua non of the minimum 10% of equity value over total assets, coupled with the triad of valuation methods proposed by FASB, should have been more stringent and concise in its ruling. In fact, these methods leave again interpretative flexibility about the inputs used to demonstrate sufficiency. From a thorough profit variability analysis the thesis compares how the responsibilities and efforts to cope with FIN 46/R requirements are distributed among VIE stakeholders, namely auditors, reporting enterprises, standard setters and regulators. This has been done comparing the use of CON 7 approach to the traditional cost of capital approach used in corporate finance. Furthermore, we have put in evidence that by implementing FIN 46/R VIEs entities tend naturally to overstate income variability valuations, being income streams discounted at Rf, heightening capital requirements. We would like to close by making a forecast on long-term developments that we envisage this Interpretation will bring forward, by starting to think on which are the VIEs stakeholders that are bound to be the most disadvantaged. This is again the class of primary beneficiaries of smaller sizes, which will have either to recourse to more lending to cover for capitalisation requirements and increased financial leverage, or face financial distress. Both cases are precursors to industry consolidation and forebears of globalisation, while the class most favoured will be the banking industry.
RIASSUNTO (ITALIAN): L’introduzione del FIN 46/R (FASB Interpretazione N. 46/R) da parte del FASB (Financial Accounting and Standards Board) si è dimostrata rivoluzionaria grazie al nuovo modello di consolidamento che si interpone tra il contesto economico finanziario e quello legale delle entità oggetto di questa interpretazione. Forma legale e relativi accordi tra stakeholders delle entità, definite come qualsiasi forma legale di impresa e veicolo finanziario, devono d’ora in poi essere confrontati con un’analisi della variabilità attesa degli utili prima di identificare quale stakeholder debba consolidare l’entità in oggetto (beneficiario primario). Di conseguenza il concetto di variabilità (varianza) dei redditi acquista un peso determinante nella definizione di variable interest entity (VIE) con conseguenze che devono essere ancora completamente digerite da professionisti e imprese che devono adeguarsi a questa interpretazione contabile. In virtù della stessa il consolidamento da parte del portatore di interessi che assorbe la maggioranza delle perdite attese ora avrà la precedenza perfino sull’azionista o sulla controllante che dovesse detenere la maggioranza assoluta dei diritti di voto. Questa rivoluzione è stata per ora intesa per un vasto, ma selezionato, insieme di classi di imprese, essendo ad esempio SPV di assicurazioni vita e veicoli finanziari di enti governativi a scopo di lucro lasciati (per ora) fuori dall’ambito di questa interpretazione. Il consolidamento attraverso il modello variable interest (VI) è il risultato di quattro passi. Innanzitutto, la definizione di entità comprendente qualsiasi forma legale intesa a compiere un’attività economica o a possedere degli attivi. Secondariamente l’identificazione dei cosiddetti interessi variabili nell’entità precedentemente definita; questi VI derivano dall’identificazione dell’aggregato dell’entità in analisi il cui fair value muta di valore al variare del valore dei net assets dell’entità al netto degli stessi interessi variabili. Le variazioni del fair value di questi asset sono considerate indipendentemente dai diritti di voto a loro associati, quindi forme ibride di capitale azionario quali azioni privilegiate, mezzanini e altri strumenti affini devono avere chiaramente dettagliate le loro caratteristiche prima di poter analizzare il loro comportamento e poter prendere una decisione. Terzo punto, la stima della variabilità attesa degli utili (perdite potenziali attese e utili residui attesi) della VIE la cui rilevanza ai fini della teoria del valore è stata data ampia trattazione in questa tesi. Quarto e ultimo passo, l’identificazione del beneficiario primario, quando questo esista, definito come la parte che assorbe la porzione maggiore di perdite e/o beneficia maggiormente degli utili residui e che, in ultima analisi, deve consolidare l’entità a interesse variabile in oggetto. Altrimenti la VIE è considerata tale da distribuire sufficientemente il rischio tra gli stakeholder. Attraverso il processo di consolidamento il concetto di ‘capitale azionario a rischio’ (Equity at risk) è introdotto da FASB per definire la frazione del capitale azionario che assorbe effettivamente la variabilità creata dal capitale investito netto (Net Assets) della VIE. Nonostante un apposito test (condizione sufficiente) sia stato proposto da FASB alcune difficoltà interpretative sono ancora presenti. Queste sono dovute ad una serie di deduzioni dal capitale legale che deve essere dedotto di pagamenti per servizi, prestiti o garanzie degli stessi. Azioni emesse in cambio di interessi subordinati in altre VIE dovranno altresì essere dedotti dal totale dell’Equity at Risk, così pure per gli investimenti di valore cosiddetto trascurabile (non-significant). Tutte le valutazioni al riguardo devono essere fatte al fair value, quindi i valori contabili dovranno sempre fare spazio all’analisi finanziaria dando rilevanza ai fini del valore a questa interpretazione. Il concetto di ‘equity at risk’ è il risultato di deduzioni prese da entrambi i lati dello stato patrimoniale. Particolare attenzione è richiesta nella valutazione delle garanzie e altri obblighi fuori bilancio. Questa tesi prende in considerazione anche il test proposto da FASB per valutare gli investimenti trascurabili (non-significant) proponendone uno alternativo che, secondo il nostro giudizio, ne riduce la varianza interpretativa in ambito di redazione del bilancio. Da questa analisi sugli asset e sulla struttura finanziaria, in accordo con i concetti CON 6, FASB correttamente smonta la nozione di controllo ereditata dall’attuale contabilità separando la capacità di prendere decisioni di gestione della VIE da obblighi e diritti di assorbimento della variabilità dei risultati economici della stessa. La prima è data dalle decisioni sulla struttura finanziaria e da quelle in merito agli investimenti nel capitale investito, la seconda dettata dagli obblighi di ricapitalizzare le perdite e di ricevere utili residui. All’atto del consolidamento gli elementi di stato patrimoniale della VIE vengono misurati al fair value mentre quelli che già sono di pertinenza del beneficiario primario con precedente ruolo di controllante (Parent Company) rimangono iscritte a bilancio al valore di carico essendo già parte del bilancio. In questo modo FIN 46/R permette il riconoscimento di un avviamento (goodwill) all’acquisizione di una VIE che si possa considerare come un’impresa ai fini di questa interpretazione. Se invece il prezzo corrisposto per l’interesse acquisito (valore di carico +/- premium/discount) è inferiore al fair value dei suoi net assets per effetto del consolidamento si dovrà registrare una diminuzione di valore degli asset appena consolidati. Eccezion fatta per cassa, crediti di imposta, fondi TFR e simili. In questo caso VIE che non sono assimilabili ad imprese origineranno conseguentemente una perdita (o utile) straordinaria, in caso di utile straordinario il valore del nuovo asset acquisito è aumentato pro-quota. Mente i principi di valutazione del FIN 46/R che riguardano la definizione di valori di bilancio originatisi dal consolidamento della VIE, risiedono interamente nel fair value, a professionisti e imprese è richiesto invece di basare le loro previsioni di variabilità degli utili su informazioni private, che quindi danno origine a valori di tipo entity-specific, comprensive dei piani aziendali in accordo con la strategia industriale adottata, che sono funzione dell’attuale posizionamento competitivo di settore. Questo è causa di problemi legati alla divulgazione di informazioni e indirettamente alla tracciabilità dei risultati. Parte del processo utilizzato per l’applicazione del VIE model passa per la stima della variabilità degli utili (Expected Lossess, Expected Residual Returns, EXLS/EXRR) e per la verifica dell’esistenza o meno del beneficiario primario. La stima è il frutto di un’analisi di variabilità (varianza) dei redditi attraverso l’uso di DCF (discounted cash flow models). Per fare chiarezza su questo punto abbiamo prima rivisitato alcuni aspetti delle serie di variabili aleatorie con l’obiettivo di caratterizzare il contesto teorico a corredo della stima del reddito/utile atteso della VIE. VIE possono essere generalmente modellizzate come una variabile aleatoria con una media statistica in generale diversa dalla moda statistica, un fatto omesso in alcuni passaggi dell’esposizione del FIN 46/R che può portare ad incertezze in fase implementativa dell’interpretazione. Successivamente abbiamo sottolineato che la variabilità dei redditi è direttamente connessa all’intervallo di confidenza fissato per le funzioni di distribuzione rappresentanti variabili aleatorie durante il calcolo della variabilità attesa della VIE. Il potenziale impasse si potrebbe allargare qualora differenti stakeholders dovessero usare un modello di stima diverso della VIE che potrebbe portare a risultati, seppur diversi, ugualmente accettabili secondo le prescrizioni di questa interpretazione. L’introduzione di definizioni quali EXLS/EXRR, precedentemente non parte dei principi US GAAP, crediamo necessitino di una più robusta trattazione teorica. Per fare questo abbiamo caratterizzato anche la scelta del saggio di sconto che FASB indica come il tasso privo di rischio. In questo contesto abbiamo preso come base la teoria del costo del capitale per poi evidenziare i punti deboli e quelli di forza di alcuni metodi quali l’equivalente certo, il metodo del costo del capitale e quello della probabilità corretta per il rischio (risk adjusted probability). Abbiamo quindi dato evidenza alle ragioni per cui FASB dovrebbe usare il metodo del costo del capitale che è dato dal tasso di sconto impiegato per calcolare la variabilità del reddito derivante dall’attualizzazione dei flussi di reddito. Infatti, usando il metodo del costo del capitale, il WACC derivante dall’implementazione del CAPM sconta tutto il rischio finanziario nel tasso, lasciando all’impresa libertà di esprimere nei libri contabili, e quindi nei flussi di reddito corrispondenti, il rischio operativo che è invece affine all’attività di impresa e reporting. Al giorno d’oggi il costo marginale del debito e il valore di mercato del capitale azionario sono concetti consolidati nella pratica contabile e possono essere estesi a imprese private. Il costo del capitale per queste ultime deriva dall’uso del coefficiente di correlazione degli utili d’impresa su quelli di mercato (coefficiente beta) di difficile stima per aziende private, sebbene questo possa essere ricavato in più di un modo, implementando ipotesi che sono proprie del contesto dove l’impresa e i suoi concorrenti operano. Abbiamo riassunto i modelli emergenti dal modo come queste metodologie vengano correntemente impiegate dalle imprese americane, realizzando che i sentimenti connessi all’adattamento dell’interpretazione FIN 46/R alle caratteristiche proprie dell’impresa siano di timore e incertezza dati da una notevole difficoltà di applicazione compresa quella di estrapolare un sufficiente grado di rilevanza ai fini del valore dai propri eventi contabili. La situazione é prodroma di processo ancora lontano dalla cristallizzazione. In particolare FASB non impone una chiara conversione dei valori contabili in fair value oppure in value in use. Nemmeno sono esclusi metodi alternativi di valutazione a quelli menzionati di sopra se non fosse per alcuni aspetti trattati dall’FSP 46/R-S nell’esercizio di determinare la variabilità attesa degli utili che dobbiamo riconoscere non è stata propria della contabilità fino a poco tempo fa. Per entrare in dettaglio nel processo applicativo di identificazione di una VIE questa tesi propone un algoritmo che entra in dettaglio nell’applicazione del FIN 46/R da parte di un’impresa e tiene in considerazione tutte le possibili interrelazioni tra portatori di interessi nella VIE e/o solamente in specifici asset della stessa. L’algorimo pone in luce le debolezze sul piano applicativo causate da possibili interrelazioni tra la stima delle perdite attese e interessi in asset specifici, laddove il fair value di questi sia superiore al 50% del capitale investito netto. L’algoritmo, nonostante sia in accordo con le prescrizioni dettate dal FIN 46/R, essendo di tipo causa-effetto non affronta situazioni di cross-default di parti correlate con investimenti nella stessa VIE. Benchè l’applicazione di un modello causa-effetto non sia sempre possibile, pensiamo che un aumento dei vincoli che portano al consolidamento riduca ampiamente queste possibilità di difficile modellizzazione. Nel processo per la determinazione se l’impresa sia o meno una VIE, FASB sviluppa un test ‘at-risk’ che contiene a nostro avviso alcuni passi nella propria trattazione di relativa debolezza quali ‘precedente abilita a finanziare le attività senza supporto finanziario subordinato’ e ‘ confrontabilità con simili entità che autonomamente si finanziano senza supporto finanziario subordinato’. Crediamo che questo test ‘at-risk’ dovrebbe essere solamente un test di tipo numerico per appianare qualsiasi fonte di erronea interpretazione ed incrementarne quindi la rilevanza e consistenza. L’introduzione di FASB di una condizione sufficiente da applicare ad una entità per la sua esclusione dalla categoria delle VIE lascia a nostro avviso alcune incertezze nell’interpretazione del concetto di ‘partecipazione nella definizione della VIE’ o in quella di ‘interesse trascurabile’. Questo test crediamo non debba essere trattato come un fattore determinante; la polarizzazione tra rischio e rendimento invece crediamo debba essere il fattore primario per l’esclusione o meno. Per quanto riguarda le condizioni in uso per determinare se l’entità ha sufficiente capitale per sostenere le proprie attività senza sostegno finanziario, conditio sine qua non del 10% di equity sul capitale investito netto, accoppiata ad una triade di metodi valutativi sempre proposti da FASB, pensiamo avesse dovuto essere maggiormente concisa e vincolante nelle sue pronunciazioni. Infatti siamo dell’opinione che questi metodi lascino troppa flessibilità interpretativa circa l’uso delle ipotesi concesse per dimostrare la sufficienza del capitale investito. Questi temi sono stati trattati dal punto di vista operativo con una serie di esempi creati ad hoc per illustrare i passi più significativi, dal punto di vista finanziario, nell’applicazione del VIE model e sollevare potenziali criticità proponendone una loro soluzione. Infine, questa tesi confronta come le responsabilità e gli sforzi nell’affrontare le disposizioni del FIN 46/R siano distribuite tra gli stakeholders di una VIE, cioè imprese che redigono il bilancio, parti correlate, revisori, standard setters ed enti di controllo. Abbiamo messo in evidenza come l’implementazione del FIN 46/R spinga naturalmente ad una sovrastima della variabilità stimata degli utili, innalzando i requisiti di capitalizzazione in accordo con questo modello di rischio/rendimento. Questo a svantaggio di beneficiari primari di modeste capitalizzazioni, che dovranno affrontare sia il rischio di essere acquisiti che quello di un maggiore ricorso al debito. Le classi più avvantaggiate saranno invece il settore del credito, seppure lo stesso sarà portato internamente verso il consolidamento.
XXI Ciclo
1972
Bischof, Jannis. "Issues in fair value accounting under IFRS." [S.l. : s.n.], 2008. http://nbn-resolving.de/urn:nbn:de:bsz:180-madoc-21637.
Повний текст джерелаBieker, Markus. "Ökonomische Analyse des Fair Value Accounting /." Frankfurt Main [u.a.] : Lang, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014754802&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Повний текст джерелаCrisci, Roberto. "Probleme der Fair Value-Bewertung gemäss IFRS 4." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01649458002/$FILE/01649458002.pdf.
Повний текст джерелаFigueira, Laís Manfiolli. "Impacto do reconhecimento e mensuração a valor justo de instrumentos financeiros sobre a volatilidade do resultado." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-28032018-160459/.
Повний текст джерелаOne of the criticisms that supports the non-convergence between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) is based on disagreement with the measurement at fair value of certain types of financial instruments, because it is argued that this practice can measure volatility to earnings, which would impact the performance of its shares in the capital market. Thus, this study aims to verify whether the adoption of standards International Financial Reporting Standards (IFRS) regarding the measurement and recognition of financial instruments, specifically for the group classified as \"Financial Asset or Financial Liability at Fair Value through Profit or Loss\" or \"Held for Trading\", caused greater volatility of earnings. For this, we chose to analyze the Brazilian case, because that country passed through the Full Adoption of IFRS process. Accordingly, it adopted statistical tests that analyzes the difference between the variances of the net incomes that consider financial instruments measured at fair value and amortized historical cost of Brazilian publicly traded non-financial companies and banks, with a greater Presence on the Stock Market, during the period between 2010 and 2016. After analyzing the effect of the unrealized gain and loss, resulting from the adjustment to fair value, of financial instruments recognized in net income, there was a tendency to income smoothing, reduce volatility, both for non-financial companies and for banks, rather than increased volatility as some critics argued the adoption of fair value. Based on the analysis of the non-financial companies sample, the recognition of the fair value adjustment of financial instruments in the result significantly affected the volatility of the accounting profit, however, according to these analyzes, it cannot be stated as to the effect of this impact, if there was a trend increasing volatility or smoothing profits. When conducting the descriptive analyzes of this sample, a smoothing effect was observed in the mean, since the standard deviation of the net profit that considers financial instruments evaluated at fair value presented a mean and a standard deviation lower than the standard deviation of the net profit that considers them at historical cost. The analysis of the banks sample showed that the recognition of the adjustment to fair value of financial instruments in the result tended to significantly reduce the volatility, observing, on average, a smoothing of the accounting profit. This trend to reduce volatility can be derived from: responsible risk management; use of financial instruments predominantly for hedge purposes; a probable shortfall in the use of the classification of \"financial instruments measured at fair value through profit or loss\"; or, cherry-pincking choices. In addition, one of the applied models identified, in both samples, indications of the practice of cherry-pincking, a type of result management based on advantageous and opportunistic operational choices that have consequences in accounting assignment. Furthermore, this trend of reducing volatilitymay have a positive impact on the valuation of these companies by the stock markets and by their creditors, since such primary users of accounting information show a preference for consistent profits over time due to their risk aversion
Yao, Daifei (Troy). "Determinants and Consequences of Fair Value Measurements: International Evidence." Thesis, Griffith University, 2016. http://hdl.handle.net/10072/367159.
Повний текст джерелаThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Busines School
Griffith Business School
Full Text
Račková, Lucia. "Zhodnocení implementace IFRS 13 Fair Value Measurement ve vybrané účetní jednotce." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-399667.
Повний текст джерелаRehhaut, Jason M. "Past Financial Reporting Credibility: Does it Influence Market Perceptions of Fair Value Assets?" Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/287.
Повний текст джерелаAvci, Ali. "Fair-Value-Bilanzierung vor dem Hintergrund der Subprime-Krise." St. Gallen, 2009. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02602100002/$FILE/02602100002.pdf.
Повний текст джерелаAraújo, Catarina Sofia Correia. "Financial reporting about investment properties: evidence from Portuguese listed companies." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9806.
Повний текст джерелаCompanies are increasing their investment properties; however they are not disclosing the information that is required by the IAS 40. It regulates the financial reporting of those assets, it defines the scope and the models that companies may use when measuring their investments properties. This research provides insights to understand which model the companies choose (fair value or the cost model) and why. The findings suggest that the Portuguese listed companies do not provide satisfying information about investment properties, as increases the financial leverage or the age of a company, it is more likely to adopt the fair value model.
Bu, Alfred. "The role of valuation specialists in determining the reporting quality of level 3 fair value measurement." Thesis, Queensland University of Technology, 2022. https://eprints.qut.edu.au/235058/1/Chen_Bu_Thesis.pdf.
Повний текст джерелаJenny, Michael. "Bewertung von Rückstellungen in der Versicherungsbranche Einfluss von IFRS, Methoden und Fair Value auf die Rechnungslegung /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01651330002/$FILE/01651330002.pdf.
Повний текст джерелаRohlfs, Torsten J. W. "Fair Value von versicherungstechnischen Verpflichtungen in der Schaden-,Unfallversicherung Einfluss der unternehmensspezifischen Bonität auf die Zeitwert-Bilanzierung." Lohmar Köln Eul, 2008. http://d-nb.info/989623386/04.
Повний текст джерелаKuhn, Steffen. "Die bilanzielle Abbildung von Finanzinstrumenten in der Rechnungslegung nach IFRS : Vergleich des Mixed-Model-Ansatzes (IASB) mit dem Fair Value-Model-Ansatz (JWG) /." Düsseldorf : IDW, 2007. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=015582871&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Повний текст джерелаSchneider, Felix [Verfasser], and Christoph [Akademischer Betreuer] Kuhner. "Essays on the economic benefits and costs of fair value accounting in European banks' financial reporting / Felix Schneider. Gutachter: Christoph Kuhner." Köln : Universitäts- und Stadtbibliothek Köln, 2013. http://d-nb.info/1047666499/34.
Повний текст джерелаHuschke, Christian. "Immobilienbewertung im Kontext der IFRS : eine deduktive und empirische Untersuchung der Vorziehenswürdigkeit alternativer Heuristiken hinsichtlich Relevanz und Zuverlässigkeit bei der Fair-value-Ermittlung von Investment properties /." Wiesbaden : Dt. Univ.-Verl, 2007. http://d-nb.info/985976004/04.
Повний текст джерелаJüttner-Nauroth, Beate Elisabeth. "Definition, Verständnis und Relevanz des fair value von Aktienoptionsrechten in der internationalen Rechnungslegung : eine theoretische und empirische Analyse /." Frankfurt am Main [u.a.] : Lang, 2002. http://www.gbv.de/dms/zbw/348522797.pdf.
Повний текст джерелаPires, Jorge Manuel Rodrigues. "SNC - interligação entre a contabilidade e as finanças empresariais." Master's thesis, Universidade de Évora, 2013. http://hdl.handle.net/10174/12116.
Повний текст джерелаKalk, Ulrich. "Fair Value Accounting von Finanzinstrumenten in der internationalen Rechnungslegung : bilanztheoretische Zielsetzung und deren Umsetzung in der regulatorischen Praxis nach IAS/IFRS /." Lohmar ; Köln : Eul, 2008. http://www.gbv.de/dms/zbw/583232760.pd.
Повний текст джерелаDetzen, Dominic. "Conceptual and historical underpinnings of accounting." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2013. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-119374.
Повний текст джерелаThis cumulative dissertation covers the conceptual foundations and historical evolution of various aspects in accounting. The first article discusses the conceptual framework of the U.S. standard setter FASB and shows that the evolution of the U.S. GAAP conceptual framework in the 1970s and 1980s was considerably influenced by economic factors. The second manuscript employs a conditional-normative approach to analyze the 2010 joint conceptual framework of the international and the U.S. standard setter, in particular the qualitative characteristics of useful financial information. The paper shows that the qualitative characteristics are not a sufficient basis for developing accounting standards. The third article focuses on the regulatory history of asset valuation in Germany and explains regulatory changes by socio-economic and political events. The fourth and final article contains a historical-critical analysis of the concept of accountability, which forms the basis of accounting. The article analyzes accountability at a German university during the Nazi regime and illustrates the limits of the concept
Naimi, Abyaneh Ali. "Trois études sur le reporting et la réglementation bancaire." Thesis, Université Grenoble Alpes (ComUE), 2015. http://www.theses.fr/2015GREAG005.
Повний текст джерелаThis dissertation consist three distinct essays that study the effectiveness of financial disclosure regulations. The first essay studies the effectiveness of EU regulatory changes aimed to harmonize and enhance EU financial information environment. Unlike literatures that study the adoption of a single regulation, we consider a set of EU regulations that have common objectives. We find that the adoption of these regulation have decreased information asymmetry in financial markets. We also show that the effectiveness of regulatory changes varies across counties. We find that firms that needed the improvement in financial information environment the most benefited the least from implementation of regulations under study. We argue that EU capital market impacts generally attributed to the adoption of IFRS are likely to come from regulatory changes concomitant to IFRS. We then focus on banks and find that EU regulatory changes had a more significant impact on banks than other firms. The second essay studies the effectiveness of fair value accounting in providing more value-relevant information. The value relevance studies have been conducted in four stages. First, we compare the value relevance of assets and liabilities as they are carried in balance sheets and find that assets and liabilities carried at fair value are more value-relevant than those carried at cost. Furthermore, we illustrate that the 2008 financial crisis had no significant impact on the value relevance of FV assets and liabilities. Also high audit quality improves the value relevance of assets carried at FV. Second, we focus on fair value measurement levels and find marked-to-marked fair values to be more value-relevant than marked-to-model fair value assets and high audit quality has a positive impact on value relevance of assets carries at FV levels 1 and 2. Third, we focus on the incremental value relevance of fair values, where we study the value relevance of fair value information over those conveyed by costs data. Finally, we compare the relative value relevance of a full fair value versus full cost accounting. The third essay looks at the risk relevance of fair value accounting. We compare the accounting-based debt ratio with fair values, cost and US GAAP data for explaining market assessments of bank risk. We find that although in overall US GAAP information and cost accounting are more risk relevant than fair values, relative value-relevance of the ratios depends on bank size and general economic condition. During financial crisis and for large banks fair values are more risk-relevant than HC and GAAP. Overall, this dissertation sheds light on the effectiveness of financial regulations regarding information disclosure and the impact of influential factors with an emphasis on banks
Cretté, Olivier. "L’incidence des facteurs socioculturels dans le reporting financier et le reporting sociétal : Un essai de comparaison entre la France et l’Allemagne." Thesis, Paris, CNAM, 2012. http://www.theses.fr/2012CNAM0819/document.
Повний текст джерелаThis study, in the extension of researches aimed at harmonising accounting internationally (IAS/IFRS) and implementing Corporate Social Responsibility (CSR) indicators from a processual and “historical evolutional” angle, tends to differ from them by focusing on the means to analyse the information issued from financial (IAS/IFRS) and extra-financial (CSR) reporting released during the 2006-2010 period by the listed companies which compose the French and German stock market indexes respectively CAC40/SBF120 and DAX30/DAX100, and replacing an oftentimes inductive approach in this field with a hypothetical and deductive process. It compares the collected data on the one hand, and the needs of shareholders/investors and third parties as a whole on the other hand, on either side of the Rhine, on the basis of the theoretical frame of the agency theory and the stakeholder theory.The method employed, which is both quantitative and qualitative, aims to do as follows. First use of tools for measuring based on averages, medians and regression studies combining many variables essentially expressed in the form of accounting and financial ratios (IAS/IFRS); this measure extends to the listing of words occurrence in the extra-financial information supports (CSR and sustainability reports). Then question the administrative and financial managers in charge of the application of the IAS/IFRS referential and the managers responsible for the CSR and sustainability communication within these companies we selected with reference to matrixes based on the “fuzzy logic” theory tools. We do not investigate the influence of IAS/IFRS standards/CSR indicators neither on financial performance nor in terms of expected return on the capital asset. We can observe that our results show nuances of perception of IAS/IFRS standards and CSR goals in the financial and extra-financial reporting that are likely to be attributed to socio-cultural factors, and reflecting a governance much more aimed at shareholders in France than in Germany
Wiederhold, Philipp. "Segmentberichterstattung und Corporate Governance : Grenzen des Management Approach /." Wiesbaden : Gabler, 2008. http://www.gbv.de/dms/zbw/543320022.pdf.
Повний текст джерелаDobler, Michael. "Rethinking revenue recognition." Inderscience Publishers, 2008. https://tud.qucosa.de/id/qucosa%3A36452.
Повний текст джерелаBjörk, Rebecca, and Malin Nilsson. "K3 versus frivilligt antagande av IFRS : Konsekvenserna på de finansiella rapporterna utifrån ett intressentperspektiv." Thesis, Högskolan i Borås, Akademin för textil, teknik och ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-12611.
Повний текст джерелаDue to expanding globalization of accounting, the international accounting principles and regulations are currently in a process of harmonization. The K-project of the Swedish accounting authority Bokföringsnämnden, indicates that Sweden is a part of this process. According to EU-regulation listed companies are obligated to prepare financial statements in accordance with IFRS since 2005, but for unlisted Swedish companies there is an option of applying local Swedish regulations. The arguments in favor of a voluntary adoption of IFRS rest on promises of improved quality, transparency and comparability of financial statements, which further will increase its usefulness to stakeholders. In 2012, the IASB initiated a project regarding a revised Conceptual Framework, which is expected to be completed during 2017. The revised Conceptual Framework highlights the importance of three primary stakeholders, consisting of investors, lenders and other creditors.The objective of this study is to examine how unlisted Swedish parent companies’ choice of adopting IFRS voluntarily, instead of applying K3, affects the financial reports and primary stakeholders based on an information need perspective. This is illustrated by four hypothetical scenarios. In order to achieve the objective of this study, the existing differences of reporting under IFRS and K3 regarding financial instruments, goodwill in business combinations, R&D expenses and investment properties focusing on disclosures, are examined. The method used in the study is a descriptive analysis with an abductive approach within the frames of qualitative research.The findings indicate that there are major differences between IFRS and K3, which results in companies reporting according to IFRS appear to be more profitable and less of a risk. A voluntary adoption of IFRS contributes to more useful information in the financial statements and a better reflection of the company's financial reality. Overall, financial reporting according to IFRS appears more favorable than reporting under K3, based on the information need of the primary stakeholder.This paper is written in Swedish.
Buys, Pieter Willem. "The legitimacy predicament of current day accounting theory / Pieter Willem Buys." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4578.
Повний текст джерелаThesis (Ph.D. (Accounting))--North-West University, Potchefstroom Campus, 2011.
Witzky, Marcus. "Three essays on accounting standard setting, corporate governance and investor behavior." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17358.
Повний текст джерелаThis cumulative doctoral thesis consists of three papers within the field of empirical financial accounting research. The first paper examines the role of personal characteristics of accounting standard setters in the development of the International Financial Reporting Standards (IFRS). It documents that the full set of IFRS exhibited a decrease in the importance of principles relative to rules and an increase in its fair value orientation over time. Changes in IFRS properties are found to be associated with the professional and cultural background of International Accounting Standards Board (IASB) members. The second paper investigates determinants and consequences of erroneous financial reporting under the German financial reporting enforcement regime. The corporate governance of firms detected with erroneous financial reporting is found to differ systematically from that of control firms. Further results suggest that error detection might trigger improvements in firm-level accounting oversight. The third paper uses large-scale survey evidence from German individual investors to explore the determinants of their monitoring behavior. Investors who are less trusting in their fellow stakeholders are found to engage in less monitoring. Furthermore, trust and monitoring are documented to be associated with the stock market exposure and the educational background of investors.
Choudhary, Preeti. "Effects of Recognition versus Disclosure on the Structure and Financial Reporting of Share Based Payments." Diss., 2008. http://hdl.handle.net/10161/663.
Повний текст джерелаI examine whether financial statement preparers (managers and auditors) treat recognized versus disclosed fair value of option compensation differently. Recognition refers to items that appear on the face of financial statements and that are included in subtotal figures that appear in the summary accounts; disclosure refers to items that appear in words and amounts in only the financial statement footnotes. I find that fair value recognition of option compensation is likely to have a significant impact on net income. Firms in my sample granted options amounting to a median fair value of 7% of profits in 1996 and 11% of profits in 2004. I compare the terms of option grants and the properties of fair value estimation under a disclosure reporting regime to terms and properties under a recognition regime. Under a fair value recognition regime, I find firms reduce/eliminate option grants across all levels of employees, reduce the statutory length of options, and substitute restricted stock and bonuses for option compensation. The fair value reduction in option grants is on average 9% (0.4%) of absolute net income. In contrast, under a fair value disclosure regime, option compensation was not reduced. I also find that firms increase the bias in three inputs to fair value option estimation: volatility, dividend, and interest. This increase amounts to 4%, 2%, and 0.3% of fair value cost. Mandatory recognition firms also display increased dividend and interest input accuracy. Combined, these results suggest that financial statements reflect differences in behavior between recognition and disclosure reporting regimes, such that both real actions and fair value estimation are used to reduce recognized values.
Dissertation
Tseng, Mei-Chieh, and 曾玫潔. "Fair Value Measurement of International Financial Reporting Standard 13." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/63168981609972546634.
Повний текст джерела國立臺灣大學
會計學研究所
104
In order to set out in a single IFRS a framework for measuring fair value, International Accounting Standards Board(IASB) issued IFRS13 Fair Value Measurement in May 2011, which is applied for annual periods beginning on or after 1 January 2013, and earlier application is permitted. IFRS13 redefines fair value, and makes overall standards of fair value measurement and regarding disclosures. This thesis including five chapters makes a further discussion on the standards and examples in IFRS13, and aims at helping regarding professionals to realize IFRS13, also reducing the difficulties in application. Chapter 2 includes comparison between new and old definitions of fair value as well as valuation methods of unquoted equity instruments. Chapter 3&4 are the main portion of this thesis. Chapter 3 is the framework of IFRS 13 brought up by author, which departs into two sections–fair value measurement of financial assets and nonfinancial assets; Chapter 4 deeply explores the standards of special issues of fair value measurement in IFRS13, including regarding disclosures. The result of this thesis explains that each part of issues in IFRS13 seem scattered in the whole standard because it lacks of overall framework. Besides, the extents and explanations of those examples in IFRS13 are simple and without detailed illustrations. Author sincerely hope IFRS13 will be more completely modified in the future.
Tu, Kuan-Ting, and 涂冠婷. "A Study of Financial Reporting measured at Fair Value in Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/85194800460565826682.
Повний текст джерела淡江大學
會計學系碩士在職專班
98
In recent years, fair value accounting has gradually become the mainstream. Accounting Research and Development Foundation in Taiwan releases fair value based accounting standards successively. In order to understand the implementation effect of fair value evaluation of financial instrument without quoted market price in active market, non-financial assets (such as fixed assets and intangible assets) and employee stock option, the research is to discuss the current status, difficulty and incremental cost of fair value measurement accounting and further viewpoints. This study provides detail practical fair value information for the companies and the authorities and would be helpful for the full adoption of IFRS. This study gets the summarized conclusion by issuing not only 1,217 copies of questionnaires to the accounting manager and related personnel of domestic listed companies but also 920 copies of questionnaires to the practicing Certified Public Accountants and related staffs of CPA firms. Finally, 155 copies and 114 copies of questionnaires were received from the companies and CPA firms, respectively. The corresponding receiving rates are 13% and 12%. The analysis result are as follows: 1. The fair value measurement (1)Valuation of unlisting “Equity” financial instrument Most respondents reply in this item give more reliance on fair value valuation from “adjusting net assets value of investee company''s most recent financial statements” and “valuation report of specialist”. But the companies prefer the former and the CPA firms prefer the latter instead. (2) Valuation of unlisting “Debt” financial instrument In practice, under the companies use the recent transaction price from quoted platform and adjust of the conditions of issuance and the CPA firms would rely more on specialist’s valuation report. (3) Valuation of Derivative instruments Both the companies and the CPA firms confirm the transaction price provided by counterparty. Because the implied profit of the counterparty and the further reasonable analysis request, the transaction price might need to be verified by specialist and adjusted quoted market price of similar financial instruments. (4) Valuation of non-financial assets (such as fixed assets and intangible assets) The companies and the CPA firms rely on the valuation result from “the specialists’ report” and “quoted prices for similar assets in secondary markets adjusted the usage of the asset” in sequence. (5) Valuation of employee stock option Exclude of the disclaimer of opinion, most respondents trust the stock option value results from “the reports of professional organizations” or “Black-Scholes model”. 2. The difficulty of fair value measurement (1) Valuation of financial instrument in inactive markets (as Derivatives and Unlisting Debt/Equity instrument) The major three difficult points of the impair valuation of the financial instruments in an inactive market are as follows: (a) There is no recent quoted market price or the volatility of the market price due to the economic influence. (b) The actual influence of limitation on financial instrument. (c) There is no quoted price of essentially the same financial instruments. (2) Valuation of non-financial assets (such as fixed assets and intangible assets) The primary difficulty on measuring the fair value of non-financial assets are: (a) The lack of publicly traded market for comparison. (b) There is no transaction price of similar assets. (3) Valuation of employee stock option The main difficulty of measuring stock option is that the parameters of valuation model are not easy to obtain. Furthermore, the complex of the valuation methods and lack of knowledge of the accountants are also the difficulties. (4) The additional coordination costs In order to obtain objective fair value of financial instruments, the companies may need to increase the training costs for accountants, accounting operation cost, CPA auditing cost and expert valuation charges. 3. The opinion for fair value measurement. (1) The strengths and weaknesses of fair value measurement Strengths of fair value measurement: (a) Increasing of the transparency of the financial reports although it also has volatility addition. (b) The instant information for management decision. Weaknesses of fair value measurement: (a) Addition cost to offset the benefit. (b) Too much subjective judgment and too little reliability of financial information. (2) Level of acceptance of ROC SFAS No. 34 Second Amendments on October 17, 2008 The divergent attitudes between the companies and the CPA firms so there is no obvious opinion of this amendments. (3) The relative opinion between preparers and users of financial reports Overall, the users of financial reports are more supportive of fair value measurement than the preparers of financial reports. (4) Assorted procedures In order to more successfully into the financial statements measured at fair value, the authorities should provide verified valuation technical and more practical guidance to enterprise and CPA firms to strengthen education training and reduce trial and error cost and time. Especially when the market price biased by the economic environment, the authorities should provide more timely and appropriate fair value measurement criterion to assist enterprises to make accurate impairment judgments.
Maina, Peter Njuguna. "Fair value reporting challenges facing small and medium-sized entities in the agricultural sector in Kenya." Diss., 2010. http://hdl.handle.net/10500/4093.
Повний текст джерелаMthembu, Sbusiso. "The potential impact of applying a fair value model to employee share options on the reporting entity financial statements." Thesis, 2013. http://hdl.handle.net/10210/8755.
Повний текст джерелаThe study investigates the potential effect of applying a fair value model after the grant date to employee share options. The research assesses the appropriateness of the requirements of IFRS2 Share-Based Payment transactions with a specific focus on equity-settled Employee Share Options. The researcher has calculated the percentage movements or changes of fair value between each financial year including the overall percentage change. The study was mainly triggered by the IFRS2 Share-Based Payment rules and various arguments from different authors challenging the appropriateness of IFRS2 Share-Based Payment on employee share options (ESOs) transactions in capturing the full economic value transferred to the option holder at exercise date when applying a grant date accounting model. The study provides insights into whether a grant date accounting model is appropriate in measuring ESOs and capturing the full economic value transferred to the option holder. The application of a static fair value model in measuring the value of ESOs has the potential for both positive and negative effects on the compensation cost recognised in the financial statements over the vesting period. After analysing the descriptive financial data on fair value per option over the six year period included in the sample selection, a conclusion was reached that, IASB should consider to true-up or make a restatement of the opening balance of the fair value reserves account in order to minimise the potential permanent error in equity accounts and to minimise the potential effect of understating or overstating the compensation cost. The IASB should further consider the proper classification of equity instruments issued to employee ESOs which comply with other financial instrument accounting standards such as the IAS32 – Financial Instruments: Presentation, and IFRS9 Financial Instruments. This will ensure that transactions viewed as economic equivalents of each other are treated in the same way from an accounting perspective, and the correct measurement basis of ESOs may be achieved.
Lin, Darren, and 林岱融. "The Value Relevance of Alternative Reporting Regimes for Fair Value Information of Financial Instruments-The Case of Taiwan Electronic listed Companies." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/08416121133468240146.
Повний текст джерела輔仁大學
會計學系碩士班
95
This study uses the Taiwan electronic listed companies as the samples to investigate the value relevance of alternative reporting regimes for fair value information of financial instruments. I will provide the evidence on how investor valuation of derivative instruments differs depending upon whether the fair value of these instruments is recognized or disclosure, using the samples that only disclosure before SFAS No.34, which are recognized after SFAS No.34. Further, I also compare the unrealized valuation of the financial instruments under the Income Statement, compared with which under Statement of Shareholders’ Equity, the unrealized valuation items have higher value relevance. The main findings are as follows: First, under the samples that only disclosure before SFAS No.34, which are recognized after SFAS No.34, this study can’t find which valuation coefficients have more value relevance.Second, the derivative instruments recognized after SFAS No.34, which recognized before SFAS No.34, have higher value relevance. Third, the unrealized valuation items in Income Statement have higher value relevance than items in Statement of Shareholders’ Equity. Expand to explain the unrealized valuation items, this study find the valuation coefficients of financial instruments and impaired longterm asset have higher value relevance.
Tsai, Ya-Chi, and 蔡雅琪. "The Effects for The Change of Reporting Regimes for Fair Value Information of Financial Instruments to Firm’s Value-Revelance—A Case of Banking Industry." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/75938665391856720677.
Повний текст джерела國立臺北大學
會計學系
97
Up to now, global finance and economy have still been attacked by financial storm caused by United States subprime mortgage crisis. Fair vale accounting is criticized as the main reason that worsened financial crisis and caused global financial chaos, it even appeared a trend that fair vale accounting is required to be modified or even be suspended. Facing present special economic atmosphere, accounting principle setters in the world compromised. FASB and IASB modified report content on present fair value accounting. The Financial Accounting Standards Board of our country also followed this trend, which prompted the study to discuss the change of financial instruments fair value information report mode and the impact on enterprise value relevance. The study referred to the research of Ahmed et al. (2006), and established multiple regression model. Listed banks from 2004 to 2007 and the banks owned by financial holding companies were used as objects to examine the explanatory capacity of financial instruments (including financial derivatives) fair vale expression mode on sampling bank equity market value before and after the implementation of our country’s SFAS No. 34 . According to the results of the study, it was not suggested that SFAS No. 34 forced financial instruments fair value to be recognized, which has more value relevance than disclosed before the implementation of the statement. But no matter before or after SFAS No. 34, the fair value information of derivative financial instruments and parts of non-derivative financial instruments of banking still has significant explanation for equity market value, which shows that for investors, financial instruments fair value has value relevance, so fair value approach is a quite appropriate accounting treatment for financial instruments.
Van, Biljon Marilene. "Clarifying fair value accounting challenges in the reporting of biological assets in the public sector by referring to ASGISA-EC." Diss., 2013. http://hdl.handle.net/10500/8771.
Повний текст джерелаBusiness Management
M. Accounting Science
Alharasis, Esraa Esam. "The Impact of Fair Value Disclosure on Audit Fees of Jordanian Listed firms." Thesis, 2021. https://vuir.vu.edu.au/42513/.
Повний текст джерелаGonçalves, Tiago. "Essays on financial reporting under financial crisis." Doctoral thesis, 2015. http://hdl.handle.net/10400.5/13541.
Повний текст джерелаThis dissertation aims to investigate the association between financial reporting (and related accounting choices and disclosure policies) with periods of economic and financial crises. In order to do that, a paper methodology was used. This approach allows focusing on a particular topic under that broad theme at each time, while allowing structuring the research and its dissemination to particular targets. On the first paper entitled “Financial Reporting and the Dynamics of Crises: a Literature Review”, we review extant literature on the role played by financial reporting (and broadly the accounting system) on periods of economic and financial crises. Previous literature, both theoretical and empirical, shows that financial reporting should have low importance in causing an economic crisis. Opportunities for future research are presented. To further understand this subject in higher detail, we then proceed on a paper that aims to answer the question: “Does Earnings Quality Mitigate Negative Shocks to Stock Markets?” Accounting quality proxied by earnings quality should mitigate uncertainty about firms’ value and prevent some of the dynamics associated with the negative shocks to the market. Results show that firms with lower accounting quality exhibit stock prices decreases larger than those of firms with better accounting quality during those events. This association is both statistically and economically significant. When the analysis is extended to market booms, results are not symmetric, suggesting earnings quality do not proxy for market betas. Lastly, in an article titled “The Impact of Measurement Criteria on Investors’ Judgement and Decisions”, we aim to extend our research of the impact of different measurement criteria on investors’ decisions and judgements, especially concerning historical cost vs fair value reporting. Results obtained in an experiment show that there are statistically significant effects on relevance judgements of the different criteria. Additional effects are detected for different levels of fair value judgement, (mark-to-market vs mark-to-model). Regarding investors’ earnings prediction we found a volatility effect as we move from historical cost to fair value measurement.
Esta dissertação tem como objetivo investigar a associação entre o relato financeiro (escolha de politicas contabilísticas e divulgação da informação financeira selecionadas) e a evolução dos períodos de crise económica e financeira. Na realização da dissertação optou-se por uma metodologia de artigos científicos individualizados. Esta metodologia permite focalizar num aspeto específico do tema geral em estudo, permitindo assim estruturar e divulgar as análises efetuadas para cada tópico, tendo em mente targets distintos. No primeiro artigo, intitulado “Financial Reporting and the Dynamics of Crises: a Literature Review”, é feita uma revisão da literatura relativa ao envolvimento da contabilidade em períodos de crise económica e financeira. A investigação existente, quer teórica quer empírica, não permite concluir que o reporte financeiro e o sistema contabilístico desempenham um papel primordial no despoletar das crises. Pistas para investigação futura são apresentadas. Em seguida, procuramos detalhar mais o tópico em estudo, tentando apresentar resposta à questão: “Does Earnings Quality Mitigate Negative Shocks to Stock Markets?”. A qualidade da informação financeira, aproximada pelo conceito de earnings quality, deverá mitigar a incerteza relativa ao valor da empresa e, consequentemente, aliviar os efeitos de choques negativos ao mercado de capitais. Os resultados obtidos permitem encontrar prova de que as empresas que divulgam informação contabilística de menor qualidade experienciam maiores quedas nos seus preços do que aquelas cuja III informação contabilística tem maior qualidade. Os resultados obtidos são robustos e significativos, quer estatisticamente, quer economicamente. Quando os mercados de capitais apresentam resultados anormalmente bons, o inverso não se verifica, pelo que podemos concluir que a qualidade da informação financeira não representa um fator de risco sistemático de mercado. Finalmente, no último artigo intitulado “The Impact of Measurement Criteria on Investors’ Judgement and Decisions”, pretendemos aprofundar a investigação relativa às consequências da escolha de um dado critério de mensuração, (em especial o contraste entre custo histórico e justo valor), nas decisões e julgamentos dos investidores. Os resultados, obtidos através de uma metodologia de experiência, permitem identificar um efeito estatisticamente significativo ao nível do julgamento relativo à relevância dos diferentes critérios de mensuração, em especial para os diferentes níveis de determinação do justo valor. Relativamente às decisões dos investidores na estimativa de uma previsão dos resultados a partir das demonstrações financeiras obtidas com mensuração ao custo histórico vs. justo valor verifica-se um efeito de volatilidade acrescida deste ultimo critério face ao primeiro.
N/A
Pandya, Anuradha. "Resistance to IFRS 13 - initial insights." Thesis, 2016. http://hdl.handle.net/10539/22364.
Повний текст джерелаThis paper explores the logics of resistance to fair value accounting, which entails the motivations to resist, as well as the mechanisms of resistance. It applies an interpretive approach to investigate this, using data collected from interviews with a sample of South African accounting professionals. The study demonstrates that while fair value accounting is being applied in the financial statements of organisations from a legalistic perspective, the application is superficial and ceremonious due to an established culture of compliance, and the need for funding, which engenders a ‘tick the box’ approach. The superficiality of application is complimented with a range of motivations to resist IFRS 13, which stem from practical concerns as well as theoretical, to create for a resistant attitude to fair value accounting. This resistance has been evidenced in this study, to manifest in various mechanisms that can be employed to avoid fair value accounting. These mechanisms are indicative of decoupling since they involve gaps being created between the purpose of financial statements, and the financial statements prepared, without blatant disregard of fair value accounting principles. These findings have been used to formulate recommendations which may be useful for preparers of financial statements, auditors and standard setters alike. While the aim of the study is not to identify deficiencies of fair value accounting principles, the consequence of exploring logics of resistance to fair value accounting is that it highlights areas that require further assessment in order to achieve the objectives of standards.
MT2017
Maina, Peter Njuguna. "Recognition, measurement and reporting for cap and trade schemes in the agricultural sector." Thesis, 2016. http://hdl.handle.net/10500/21522.
Повний текст джерелаColleges of Economic and Management Sciences
D. Phil. (Accounting Science)
Santos, Paula Gabriela Faria Rita dos. "O valor relevante do custo versus justo valor das propriedades de investimento." Master's thesis, 2010. http://hdl.handle.net/10071/3866.
Повний текст джерелаNowadays there is no international consensus about how investment property should be accounted after initial recognition in the balance sheet. This dissertation has for study object, the fair value to the investment properties, and so, the aim of this work is to study if the market percepts in the same way the investment property measured at cost from the investment property measures according fair value model. The sample is composed by European listed real estate companies subject to the mandatory adoptions of IFRS since 2005, and belonging of twelve European stock markets. The empirical results show that investors distinguish recognized fair value of investment property from recognized cost of investment property.