<p>Sammanfattning</p><p>Bakgrund: En ökad handel över nationsgränserna har skapat en efterfrågan på ett internationellt redovisningsspråk. IASB har därför skapat ett set med högkvalitativa internationella redovisningsstandarder. Från och med 2005 kräver EU att alla företag som är listade på en reglerad marknad inom EU ska an-vända sig av IASBs standarder IFRS.</p><p>Problem: Genomförandet av implementeringen av IFRS är olika i olika företag. Vi vill därför undersöka hur implementeringsprocessen var genomförd i Sveriges största bank, Swedbank.</p><p>Syfte: Syftet med den här rapporten är att beskriva samt förklara hur förändringen till IFRS genomfördes i Swedbank samt att beskriva de eventuella problem och hinder som implementeringen av dessa standarder kan ha medfört.</p><p>Metod: Vi har valt att göra en fallstudie genom att intervjua anställda i Swedbank som har varit delaktiga i implementeringsprocessen. Vi har också intervjuat Deloitte för att få deras syn på en implementeringsprocess av IFRS.</p><p>Analys: Vår analys är baserad på empirisk data i jämförelse med ett teoretiskt underlag. Vad vi har kommit fram till är att Swedbank har inkluderat de flesta av de steg som tas upp i teorin angående en implementering av IFRS; de har förberett sig bra samt använt rätt resurser. De har dock avvikit genom att inte utvärdera processen när den var klar.</p><p>Slutsats: Swedbank satte ihop en central projekt grupp som skötte implementering-en. De identifierade de ändringar som skulle göras och genomförde dessa. De problem som uppstod i processen har sitt ursprung i FVO och IAS 39.</p> / <p>Abstract</p><p>Background: An increase in cross-border trade has created a need for a common international accounting language. IASB therefore created a single set of high quality international accounting standards. As of 2005 all companies listed on a regulated market within the EU are mandated to use IASB’s standard IFRSs.</p><p>Problem: The process of implementing IFRS is different in different companies. We therefore want to look at the implementation process in Swedbank, the largest bank in Sweden.</p><p>Purpose: The purpose of this study is to describe and explain how the process of the change to IFRSs was done within Swedbank and to outline the problems and obstacles that might have occurred when implementing these new standards.</p><p>Method: We have done a case study by interviewing people in Swedbank that took part in the implementation process. We have also done an interview with Deloitte to get their views on a IFRSs implementation process.</p><p>Analysis: Our analysis is based on our empirical findings in comparison with our theoretical framework. We found that Swedbank did most of the steps described in the theoretical framework regarding the implementation process; they prepared themselves well and choose the right resources to do so. The deviating step is that no evaluation was done afterwards.</p><p>Conclusion: Swedbank used a project group to handle the implementation process. They identified the changes that had to be done and did the change to IFRS. The problems and obstacles that occurred were due to FVO and IAS 39.</p>

<p>Research Question/ Purpose: Due to the increasing importance of international financial markets the significance of IAS 39 rises enormously. IAS39 deals with the measurement and recognition of financial instruments. One major aim is the valuation of the instrument at fair value. Therefore, the purpose of this paper is the examination of the major characteristics of the Fair Value Option (FVO) of IAS 39 and its affect on financial institutions.</p><p>Design/Methodology/Approach: An interpretative research philosophy is chosen in order to write the thesis. Therefore, the annual business reports of four major European banking institutions Dresdner Bank AG (Germany), Royal Bank of Scotland Group (Scotland), Nordea (Scandinavia), Crédit Mutuel (France) are examined. The gathered information does not have a statistical value, meaning that it cannot be used in order to develop a general conclusion</p><p>Findings: The analysis of the empirical findings and the amended FVO exhibits that banks tends to implement the FVO and FVA instead of applying Historical Cost Accounting. In addition a coherency is drawn between the major results of the empirical study, namely the importance of Fair Value Accounting (FVA).</p><p>Conclusion: The conclusion can be drawn, that the FVO presents a milestone towards FVA but that the development is still in process. The FVO supports the reduction of accounting mismatches and facilitates the valuation of embedded derivatives. Furthermore, FVA increases the comparability and transparency of financial statements.</p><p>Research Limitations: Due to the limitation of time, only a small number of banking institutions can be analyzed. A second limitation is that the banks have to adapt IAS and IFRS as their accounting standards.</p><p>Originality /Value: .The aim of this paper is not to generalize but to prove with the support of a small sample the effects of the FVO on the four selected financial institutions. On the basis of the literature review and the practical analysis the conclusion can be drawn, that in case of the analyzed institutions the FVO presents a step towards FVA.</p>

Sammanfattning Bakgrund: En ökad handel över nationsgränserna har skapat en efterfrågan på ett internationellt redovisningsspråk. IASB har därför skapat ett set med högkvalitativa internationella redovisningsstandarder. Från och med 2005 kräver EU att alla företag som är listade på en reglerad marknad inom EU ska an-vända sig av IASBs standarder IFRS. Problem: Genomförandet av implementeringen av IFRS är olika i olika företag. Vi vill därför undersöka hur implementeringsprocessen var genomförd i Sveriges största bank, Swedbank. Syfte: Syftet med den här rapporten är att beskriva samt förklara hur förändringen till IFRS genomfördes i Swedbank samt att beskriva de eventuella problem och hinder som implementeringen av dessa standarder kan ha medfört. Metod: Vi har valt att göra en fallstudie genom att intervjua anställda i Swedbank som har varit delaktiga i implementeringsprocessen. Vi har också intervjuat Deloitte för att få deras syn på en implementeringsprocess av IFRS. Analys: Vår analys är baserad på empirisk data i jämförelse med ett teoretiskt underlag. Vad vi har kommit fram till är att Swedbank har inkluderat de flesta av de steg som tas upp i teorin angående en implementering av IFRS; de har förberett sig bra samt använt rätt resurser. De har dock avvikit genom att inte utvärdera processen när den var klar. Slutsats: Swedbank satte ihop en central projekt grupp som skötte implementering-en. De identifierade de ändringar som skulle göras och genomförde dessa. De problem som uppstod i processen har sitt ursprung i FVO och IAS 39. / Abstract Background: An increase in cross-border trade has created a need for a common international accounting language. IASB therefore created a single set of high quality international accounting standards. As of 2005 all companies listed on a regulated market within the EU are mandated to use IASB’s standard IFRSs. Problem: The process of implementing IFRS is different in different companies. We therefore want to look at the implementation process in Swedbank, the largest bank in Sweden. Purpose: The purpose of this study is to describe and explain how the process of the change to IFRSs was done within Swedbank and to outline the problems and obstacles that might have occurred when implementing these new standards. Method: We have done a case study by interviewing people in Swedbank that took part in the implementation process. We have also done an interview with Deloitte to get their views on a IFRSs implementation process. Analysis: Our analysis is based on our empirical findings in comparison with our theoretical framework. We found that Swedbank did most of the steps described in the theoretical framework regarding the implementation process; they prepared themselves well and choose the right resources to do so. The deviating step is that no evaluation was done afterwards. Conclusion: Swedbank used a project group to handle the implementation process. They identified the changes that had to be done and did the change to IFRS. The problems and obstacles that occurred were due to FVO and IAS 39.

Research Question/ Purpose: Due to the increasing importance of international financial markets the significance of IAS 39 rises enormously. IAS39 deals with the measurement and recognition of financial instruments. One major aim is the valuation of the instrument at fair value. Therefore, the purpose of this paper is the examination of the major characteristics of the Fair Value Option (FVO) of IAS 39 and its affect on financial institutions. Design/Methodology/Approach: An interpretative research philosophy is chosen in order to write the thesis. Therefore, the annual business reports of four major European banking institutions Dresdner Bank AG (Germany), Royal Bank of Scotland Group (Scotland), Nordea (Scandinavia), Crédit Mutuel (France) are examined. The gathered information does not have a statistical value, meaning that it cannot be used in order to develop a general conclusion Findings: The analysis of the empirical findings and the amended FVO exhibits that banks tends to implement the FVO and FVA instead of applying Historical Cost Accounting. In addition a coherency is drawn between the major results of the empirical study, namely the importance of Fair Value Accounting (FVA). Conclusion: The conclusion can be drawn, that the FVO presents a milestone towards FVA but that the development is still in process. The FVO supports the reduction of accounting mismatches and facilitates the valuation of embedded derivatives. Furthermore, FVA increases the comparability and transparency of financial statements. Research Limitations: Due to the limitation of time, only a small number of banking institutions can be analyzed. A second limitation is that the banks have to adapt IAS and IFRS as their accounting standards. Originality /Value: .The aim of this paper is not to generalize but to prove with the support of a small sample the effects of the FVO on the four selected financial institutions. On the basis of the literature review and the practical analysis the conclusion can be drawn, that in case of the analyzed institutions the FVO presents a step towards FVA.

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