Historien om betalningsmedel vänder under 2010-talet blad och börjar på ett nyttkapitel. Nästa steg i den monetära utvecklingen sker när de virtuella valutorna ökar ianvändning. Den virtuella valutan Bitcoin introducerades av Satoshi Nakamato år2009 och är en digital valuta, vilket innebär att den inte är kopplad till någon fysisktillgång med rättslig innebörd. När ett nytt betalningsmedel introduceras ärfundamentala faktorer gällande samhällets acceptans och nyttjande ett ekonomisktpussel. Hur kommer det sig att individer byter verkliga varor mot en papperssedel, ettmynt eller en elektronisk signal? Att inneha och aktivt använda nya betalningsmedelsom virtuella valutor medför risker som många inte är bekanta vid. Organisationeroch konsumenter som öppnar upp portarna för nya betalningsmedel måste ha kunskapom dess konsekvenser, både positiva och negativa. Studien syftar till att belysa derisker som uppstår när nya betalningsmedel som Bitcoin gör entré. Forskningsfrågankring vilka risker innehav och nyttjande av virtuella valutor medför besvaras genomen kvalitativ analys av främst forskningsartiklar. Vår studie tyder på att riskerna kringvirtuella valutor som Bitcoin relaterar till förtroende för betalningsmedlet. De flestariskerna uppstår vid innehav av Bitcoin och relaterar inte till tekniska faktorer. / The history of means of payment is taking new shape during the 2010:th decade andstarts on a new chapter. The next step in the monetary evolution will take place oncevirtual currencies become more frequently used. The virtual currency called Bitcoinwas introduced by Satoshi Nakamoto in the year of 2009 and is a digital currency,which means that it is not connected to a physical good with a forensic purpose.When a new mean of payment is introduced fundamental factors regarding theacceptance of society and utilization becomes a financial puzzle. How can it be thatindividuals exchange physical goods for a paper bill, a coin or just somethingelectronic? To possess Bitcoin and to use new means of payment on a frequent basisbring risks many users are not familiar with. Organizations and consumers whomopen up their gates to new means of payment need to gain knowledge ofconsequences both positive and negative. The purpose of this study is to highlight theaforementioned risks, which arise from the fact that new means of payment likeBitcoin is introduced. The research issue regarding which risks may arise frompossession and usage of virtual currencies are concluded by a qualitative analysisresearch containing mostly scientific articles. Our study depicts that the risksassociated with virtual currencies like Bitcoin, are all somehow related to the trust forthe specific mean of payment. Most risks arise from actually possessing a Bitcoin andhence not as much related to the technological element.

Bakgrund: Identifiering av immateriella tillgångar har visat sig vara ett problemfyllt område både för företagen och andra utövare. Tidigare studier har visat på att en stor del av köpeskillingen fördelats till goodwill vilket delvis kan vara ett resultat av immateriella tillgångar inte identifieras i tillräcklig utsträckning. Det har även påpekats att det finns ett stort svängrum inom regelverket som tillåter mycket individuella bedömningar.   Syfte: Syftet är att undersöka om det finns skillnader mellan branscher på den svenska marknaden avseende noterade företags identifiering av immateriella tillgångar vid det första redovisningstillfället efter rörelse-förvärv och i så fall vad orsakerna kan vara. Vi vill även undersöka om det går att urskilja en branschpraxis för identifiering av tillgångar och fördelning av köpeskillingen. Genomförande: Både en kvalitativ och en kvantitativ undersökning har genomförts. Branschjämförelser har gjorts för genomförda rörelseförvärv på Stockholmsbörsen under perioden 2005 till 2011. Den kvalitativa undersökningen, har baserats på intervjuer med fyra värderingsexperter.   Resultat: Av undersökningen framgår att det finns skillnader för hur företagen fördelat köpeskillingen till de tre tillgångslagen immateriella tillgångar, goodwill och netto materiella tillgångar men att det är svårt att göra en koppling till branschpraxis. Från intervjuer har vi dock konstaterat att det sannolikt förekommer att företag följer varandra vilket kan förklara skillnader mellan branscher. Fördelningarna påverkas också i stor utsträckning av förvärvets väsentlighet i förhållande till företaget som helhet. / Background: Identification of intangible assets has proven to be a problematic area for both the companies and accountingproffessionals. Previous studies have shown that a large part of the purchase price was allocated to goodwill, which may partly be a result of intangible assets not being recognized sufficiently. It has also been pointed out that there is a wide range in the regulatory framework that allows a lot of individual assessments.   Aim: The aim is to examine whether there are differences between industries in the Swedish market for listed companies' identification of intangible assets at initial recognition for business combinations and, if so, what the reasons may be. We also want to investigate whether it is possible to discern an industry practice for the identification of assets and the allocation of the purchase price.   Completion: Both qualitative and quantitative research has been conducted. The quantitative part consists of industry comparisons of acquisitions on the Nasdaq OMX Stockholm listings Small, Mid, Large Cap during the period 2005 to 2011. The qualitative part is based on interviews with four valuation experts.   Results: The study shows that there are differences in how the companies divided the purchase price between the three asset classes intangible assets, goodwill and net tangible assets, but that it is difficult to make a connection to industry practice. From the interviews, we have found that it is likely that companies follow each other, which may explain the differences between industries. The distributions are also influenced largely by the acquisition materiality in relation to the company as a whole.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

The purpose of this dissertation is to contribute to the closure of these aforementioned research gaps. Answering these calls, the following research objectives are proposed: 1. Understanding the main factors that have an influence on the capital structure decision of firms. 2. Understanding how the capital structure of firms differs among various industries and to fathom cross-sectional differences in the importance of debt determinants among industries. 3. Investigating the influence of time on the capital structure decision of firms. In specific, it must be found out whether certain debt determinants alter their effect on the capital structure decision of firms over time. 4. Studying the market-timing effect of debt financing. It must be researched how managers time the debt market when engaging in bond or loan issues. 5. Empirically proving how stylized factors and market-timing behaviour influences the transaction of equity, bond and loan issues as well as of share repurchases. 6. Finally, discussing how far the stylized facts can be explained by existing capital structure theory in order to crown the theory, whose notion can best account the observed financing patterns across the world.

NC, North Carolina State Univ., Diss.--Raleigh, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Techn. Universiẗat, Diss.--Cottbus, 2007.

Zugl.: Frankfurt (Main), Universiẗat, Diss., 2008.

Syftet med denna studie är att öka förståelsen för hur revisorer reviderar goodwillposten gällande företagsförvärvad goodwill i svenska noterade bolag och hur revisorer förhåller sig till nedskrivningsprövning enligt IFRS. Studiens syfte är även att undersöka vad revisorer anser om de tre faktorerna neutralitet, väsentlighet samt revidering som grund för framtida beslutsfattanden och hur dessa tre faktorer påverkar revideringen. Den metod som använts är en kvalitativ forskningsmetod med en kombination av en induktiv och deduktiv ansats. Den empiriska undersökningen har gjorts utifrån semistrukturerade intervjuer och dessa utfördes övervägande med auktoriserade revisorer. Det empiriska materialet har analyserats och återkopplats till tidigare forskning för att besvara studiens forskningsfrågor. Studien visar att goodwill är ett omdiskuterat ämne på grund av att posten är svår att värdera samt att det är svårt att separera övriga immateriella tillgångar från goodwill. Studien visar även att revisionsbevis är en viktig del i revisionsprocessen. Gällande nedskrivningsprövning enligt IFRS visar studien att regelverket är komplicerat och att det därmed kräver kompetens och förståelse. Med detta konstateras att tydligare regelverk och riktlinjer skulle vara fördelaktigt. Resultaten från studien visar att revisorerna anser ej att agera neutralt i sin bedömning är ett problem och att detta anses vara en förutsättning för att utöva yrket. Gällande goodwillpostens väsentlighet visar studien att postens storlek är avgörande samt att det ej finns någon fastställd modell vid bedömning av väsentlighetstal. Studien visar även att revidering av goodwillposten bidrar med kvalité och tillförlitlighet till årsredovisningarna. Reviderade årsredovisningar är därmed viktigt för investerarnas framtida beslutsfattanden. Ett förslag till vidare forskning är att utföra en liknande studie med ett större urval samt komplettera denna med företagens synvinkel av hur de arbetar med nedskrivningsprövning enligt IFRS. / The purpose of this study is to increase the understanding of how auditors should audit existing goodwill in Swedish listed companies and how the auditors relate to impairment test under IFRS. The study's purpose is also to investigate what auditors consider about the three factors - neutrality, substantial and auditing as a basis for future decision-shaping process and how these factors influence the auditing. The method used is a qualitative research method with a combination of inductive and deductive approach. The empirical investigation was made based on semi-structured interviews and these were conducted predominantly with certified public auditors. The empirical data have been compared to previous research in order to answer the research questions. The study shows that goodwill is a debated topic due to the record is difficult to value and that it is difficult to separate other intangible assets from goodwill. The study also shows that the statement of qualifications is an important part of the audit process. Applicable impairment according to IFRS study shows that the regulatory framework is complicated and that it therefore requires expertise and understanding. This shows that clearer rules and guidelines would be beneficial. The results of the study show that the auditors do not think that acting neutral in their assessment is a problem and that this is considered a prerequisite for the exercise of the profession. Existing goodwill substantial study shows that the record size is crucial, and not see any fixed model when assessing materiality speech. The study also shows that the auditing of goodwill contributes to quality and reliability to the financial statements. Audited financial statements are thus important for investors ' future decision shaping process. A suggestion to further research is to conduct a similar study with a larger sample and supplement this with enterprise point of view of how they work with impairment testing under IFRS.

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