自1990年代起，專業估價實務通用規範（USPAP）中即規定，估價師必須同時考慮有形與無形資產對整體價格的影響，並將價值分配到不同的要素成分。以往國外文獻探討無形資產對不動產價格所產生之影響，多將焦點放在收益性不動產上，綜觀諸研究文獻之結論，皆肯定無形資產對其整體價格將會產生影響，且佔有重要的地位，但相對地，針對住宅不動產的交易價格中是否含有無形資產價值之研究文獻則相當少見；而國內對此之探討著墨更少，僅有部分文獻提及建設公司商譽對住宅產品之價格所可能產生的影響，但亦僅止於文字敘述，無任何文獻透過實證分析，以證明商譽對住宅交易價格之影響力。因此，國內住宅不動產的交易價格是否會受到建設公司商譽的影響，仍有待實證研究加以探討。 鑑此，本研究擬探討建設公司商譽對住宅交易價格之影響，期望透過實證分析釐清商譽對價格的影響力。在研究內容上，商譽因素是否存在於住宅類型之產品中？哪些因素會影響商譽對交易價格的影響力？皆是本研究所欲討論的面向。藉由實證分析與探討，本研究之結論如下： 一、商譽價值確實存在於住宅不動產中，惟其影響並不一定具有普遍性，尚須其他特定因素（屋齡、區域發展特性）同時成立，商譽始會對住宅價格造成顯著的影響。 二、透過實證結果之分析可知，案例所屬的特定因素不同時，將會使得商譽影響價格的顯著與否產生變化。當案例屬於屋齡在一定年數以內之新屋，且其區域發展特性愈傾向以單純住宅區為主要發展型態時，此時商譽對價格的影響將具有顯著水準；反之，當案例屬於中古屋，或是其區域發展特性愈複雜時，則商譽對價格的影響力將消失。

我國財務會計準則公報第三十五號「資產減損之會計處理」規定，若有證據顯示相關資產可能發生減損，公司應進行減損測試，並據以認列資產減損損失。若已認列之資產減損已不存在或可能減少時，則可將該損失迴轉，但商譽之減損一經認列，即不得迴轉。本研究之目的在於探討商譽減損會計處理之改變，對於企業併購會計方法之選擇及財務報表會計資訊價值攸關性所造成的影響。 本研究之主要發現如下：（1）第三十五號公報發佈後，被併購公司的潛在商譽愈大，主併公司愈傾向採用權益結合法，以避免認列商譽；（2）企業依照該公報編製財務報表時，資產減損可能淪為其盈餘管理之工具，而導致盈餘對股價之解釋能力降低；以及（3）由於商譽減損損失不能迴轉，投資者認為企業較不會透過該類損失之認列，以進行盈餘管理。 / SFAS No. 35: Accounting for Impairment of Assets, requires that an enterprise should evaluate whether or not there are indications that an asset may be impaired on the balance sheet date. If such an indication exists, an impairment test should be performed to determine and recognize the loss. When there is evidence that an impairment loss recognized in prior years may no longer exist or has been reduced, it may be reversed; however, reversal of impairment loss on goodwill is prohibited. The purpose of this study is to investigate how the change on accounting for goodwill impairment affects the accounting for business consolidations and the value relevance of financial statements. Our major empirical results are as follows. (1) For the business consolidation occurred after the issuance of SFAS No. 35, the larger the potential goodwill of the acquired firm, the more likely the acquiring firm would adopt the Pooling method to avoid recognizing goodwill. (2) With the adoption of SFAS No. 35, since firms may utilize the Statement as an earnings management device, the value relevance of a firm’s earnings is decreased. (3) From the investors’ viewpoint, an impairment loss on goodwill is less likely to have earnings management effect because such a loss cannot be reversed.

This thesis deals with the sale of a company and is divided to the fourth main parts. The first part is devoted to the sale of a company from a legal point of view. Defines important terms, which are closely related to the sale of a company as it is provided in the commercial code and deals with the rights and obligations of the seller. The second part is focused on the sale and purchase of a company from the persective of accounting and taxes. The third part contains a hypothetical comprehensive example of a company sale.The fourth part is a summary of the most important, what should the seller and buyer know and manage.

I och med verkställandet av IFRS 3 och revideringen av IAS 36 gick de svenskamarknadsnoterade bolagen från att skriva av goodwill linjärt till att årligen testa posten förnedskrivningsbehov. Den direkta effekten blev större goodwillposter och lägre av- och nedskrivningskostnader. Studien ämnar undersöka huruvida det föreligger utrymme försubjektiva bedömningar när goodwill ska testas för nedskrivningsbehov. Studien ämnar även att undersöka om det föreligger incitament för en företagsledning att utnyttja bedömningen av goodwill för att manipulera bolagets resultat i enlighet med earnings management-teorin. Studien omfattar 138 observationer från 2017, vilka är svenska börsnoterade bolag noterade på OMX Stockholms listor Mid cap och Large cap. Den inhämtade datan kommer från databaser samt manuellt hämtad från samtliga bolags årsredovisningar. Med studiens syfte och deduktiva utgångspunkt har en kvantitativ ansats antagits och fyra hypoteser utvecklats. Den första hypotesen testar sambandet mellan marknadens förväntan på nedskrivning av goodwill och ett bolags faktiska nedskrivning av goodwill. Övriga hypoteser behandlar sambandet mellannedskrivning av goodwill och earnings management-faktorerna resultatbaserade bonusar, lånekontrakt och VD-byte. Med hjälp av linjära regressioner testas även om de sistnämnda variablerna påverkar nedskrivning av goodwill. Studien visar inte på några signifikanta resultat och samtliga nollhypoteser accepteras. Vi kan inte dra slutsatsen att det finns några samband mellan de testade earnings managementfaktorerna. Vi kan heller inte säga om det finns något samband mellan marknadens förväntan på nedskrivning av goodwill och ett bolags faktiska nedskrivning av goodwill. Trots att studien inte uppnår några signifikanta resultat hoppas vi att den kan bidra med en diskussion som kan ligga till grund för framtida och fortsatt forskning inom ämnet. / With the implementation of IFRS 3 and the readjusted version of IAS 36, all Swedish companies listed on OMX Stockholm went from goodwill write-off on a straight-line basis to testing the asset annually for impairment. The direct effect was greater goodwill assets and lower depreciation and impairment costs. This study aims to investigate whether there is scope for subjective assessments when goodwill is to be tested for impairment. The study also intends to investigate whether there is an incentive for a business management to utilize the assessment of goodwill to manipulate the company's results in accordance with the earnings management theory. The study contains 138 observations from 2017, which are all Swedish listed companies on OMX Stockholm on the lists Mid cap and Large Cap. The collected data comes from databases and manually retrieved from the company’s annual reports. A quantitative approach has been adopted and four hypotheses have been developed based on the aim of the study and the deductive starting point. The first hypothesis tests the correlation between the market’s expectation of goodwill impairment and a company's actual impairment of goodwill. The other hypotheses deal with the correlation between impairment of goodwill and earnings management factors such as performance-based bonuses, debt covenant and CEO changes. Linear regressions also test whether the latter variables affect decisions regarding goodwill impairment. The study do not show any significant results and all null hypotheses are accepted. We cannot conclude that there are any connections between the earnings management factors tested, neither can we say if there is any correlation between the market's expectation of goodwill impairment and a company's actual impairment. Although the study does not achieve any significant results, we hope that it can contribute with a discussion that can form the basis for future and continued research within the subject.

Made available in DSpace on 2015-12-03T18:35:06Z (GMT). No. of bitstreams: 1 Carisa_Santos_Portela_Cristal.pdf: 1452002 bytes, checksum: 9010a4cca2dae5c4e85ccbb76c2048f8 (MD5) Previous issue date: 2009-03-20 / Business combination transactions represent a growth strategy to many firms around the world. In Brazil a major increase in the volume of business combination transactions has been observed in recent years. The publication of Law n?? 11.638/07 has served to afford conditions for Brazil to move in the direction of convergence with international standards, making the adoption of these standards, including those concerning business combination transactions, mandatory. The aim of this study is to: (i) verify whether there are significant differences between the goodwill recognized and measured before and after the adoption of IFRS for business combination transactions, by non-financial companies, listed in Spain and in the United Kingdom; and (ii) analyze the alterations of the accounting treatment prescribed by Brazilian standards with the taking effect of Law n?? 11.638/07, and to prospect probable barriers in the adoption of IFRS in Brazil, for business combination transactions. The study considers and relates the origin of the countries studied (Continental Europe x Anglo-Saxon Europe), as well as the basis of the accounting standards (rules x principles) to the differences identified in response to the adoption of IFRS. The research hypotheses were developed based on the review of literature, expecting to identify: significant alterations in the amount of goodwill recorded; more significant differences at companies listed in countries with their origin in Continental Europe; and differentiated perceptions of the impacts resulting from the adoption of IFRS by companies from different segments. To attain the objective a survey was conducted with a basis on the financial statements of 63 companies, with 35 listed in Spain and 28 in the United Kingdom, analyzing the impacts that occurred during the first year of adoption of IFRS. Statistical techniques were applied for analysis of the differences perceived with the adoption of IFRS and testing of the hypotheses defined, using: (i) Wilcoxon test aiming to evaluate the effects of the application of IFRS at the same company; (ii) Mann-Whitney test to compare the variation between the two listing countries, and; (iii) Kruskal-Wallis test for comparison among the various segments of the sample. The results obtained in the tests, besides other aspects, confirmed the existence of a significant difference in the goodwill before and after IFRS in the countries from the sample, Spain and the United Kingdom. These results and the analysis of previous studies made it possible to prospect probable barriers in the IFRS adoption process for business combination transactions at Brazilian companies. / Opera????es de combina????o de neg??cios representam uma estrat??gia de crescimento para muitas companhias ao redor do mundo. No Brasil observa-se um grande aumento no volume de opera????es de combina????o de neg??cios nos ??ltimos anos. A edi????o da Lei n?? 11.638/07 vem propiciar condi????es para que o Brasil caminhe para a converg??ncia ??s normas internacionais, tornando obrigat??ria a ado????o dessas normas, inclu??das aquelas concernentes ??s opera????es de combina????es de neg??cios. Esse estudo tem por objetivo: (i) verificar se existem diferen??as significativas entre o goodwill reconhecido e mensurado antes e depois da ado????o das IFRS para opera????es de combina????o de neg??cios, por empresas, n??o financeiras, listadas na Espanha e no Reino Unido; e (ii) analisar as altera????es do tratamento cont??bil prescrito pelas normas brasileiras com a entrada em vigor da Lei n?? 11.638/07, e prospectar prov??veis barreiras na ado????o das IFRS no Brasil, para opera????es de combina????o de neg??cios. O estudo considera e relaciona a origem dos pa??ses estudados (Europa Continental x anglo-sax??nica), bem como a base dos padr??es cont??beis (regras x princ??pios) com as diferen??as identificadas em resposta ?? ado????o das IFRS. Com base na revis??o da literatura foram desenvolvidas as hip??teses de pesquisa, sendo esperado identificar: altera????es significativas no valor do goodwill contabilizado; diferen??as mais significativas em empresas listadas em pa??ses com origem na Europa Continental; e percep????es diferenciadas dos impactos decorrentes da ado????o das IFRS por empresas de diferentes segmentos. Para atingir o objetivo foi realizada pesquisa com base nas demonstra????es financeiras de 63 empresas, sendo 35 listadas na Espanha e 28 no Reino Unido, analisando os impactos ocorridos quando do primeiro ano de ado????o das IFRS. Para an??lise das diferen??as percebidas com a ado????o das IFRS e teste das hip??teses definidas foram aplicadas t??cnicas estat??sticas utilizando: (i) teste de Wilcoxon com objetivo de avaliar os reflexos da aplica????o das IFRS na mesma empresa; (ii) teste de Mann-Whitney para comparar a varia????o entre os dois pa??ses de listagem, e; (iii) teste de Kruskal-Wallis para compara????o entre os diversos segmentos da amostra. Os resultados obtidos nos testes, entre outros aspectos, confirmaram a exist??ncia de diferen??a significativa no goodwill antes e depois das IFRS nos pa??ses da amostra, Espanha e Reino Unido. Estes resultados e a an??lise de estudos anteriores possibilitaram a prospec????o de barreiras no processo de ado????o das IFRS para opera????es de combina????o de neg??cios em empresas brasileiras.

Depuis la réforme du droit des procédures collectives par la loi de sauvegarde des entreprises du 26 juillet 2005, deux régimes de cession aux conséquences juridiques dissemblables restent applicables lors des réalisations d’actifs en liquidation judiciaire. Le fonds de commerce, bien particulier à la définition lacunaire, présente la particularité d’être éligible tant à l’application du régime de la cession d’entreprise des articles L 642-1 et suivants du Code de Commerce, qu’à celle de la cession de biens isolés de l’article L 642-19 du Code de Commerce. Les éléments guidant la répartition des ensembles cédés sous l’un ou l’autre régime restent cependant à ce jour imprécis, compromettant la sécurité juridique des différents acteurs de la procédure. Suite à l’étude des causes théoriques et pratiques de cette confusion, des propositions de réforme de ces régimes peuvent être formulées afin d’offrir aux intervenants à la procédure, qu’ils soient parties à la cession, créanciers, ou salariés, une meilleure lisibilité de leurs droits et obligations / Since the reform of the collective procedures by the July 26, 2005 Companies backup Act, two regimes of sales, of dissimilar legal consequences, can be applied during the divestments of the assets that takes place in the final stages of the judicial liquidation. The goodwill, specific asset of lacunar definition, has the particularity to be eligible both for the application of the system of transfer of companies mentionned at the article L 642-1, to that of isolated assets divestment regime mentionned at the article article L 642-19 of the French Commercial Code. Elements guiding the distribution of sets sold under one or the other regime remain however to this day unclear, compromising the legal security of the different actors in the process. Following the study of the theory and practice of this confusion causes, proposals for reform of these regimes can be formulated to provide to the participants in the proceedings, may they be parties to the sales, creditors or employees, a better readability of their rights and obligations

The aim of this thesis is to carry out an analytic research on mergers of business companies realized in the Czech republic in 2011. The dissertation is divided into three relatively independent sections. The first one deals with problems of mergers from a theoretical point of view, i.e. definition of basic key concepts, specification of incentives for mergers of business companies, evaluation of their gains within their business strategies and their potential constraints. The second part is focused on an analysis of a legal framework where mergers are realized, especially on requirements of law on transformation of business companies and cooperatives, law on accounting and law on income tax. It also deals with an accounting solution to mergers including its tax impacts. The final part is devoted to selection of criteria and to the actual analysis of mergers realized in the Czech republic in 2011.

No description available.

Universiẗat, Diss.--Göttingen, 2007.

O objetivo fundamental deste trabalho é identificar os impactos dos incentivos fiscais federais concedidos pelo Governo brasileiro com a publicação da Lei do Bem, sobre os investimentos privados em P&D. A partir de estudo de campo realizado emgrandes empresas estabelecidas em habitats de inovação, especialmente em PqTgerido por universidade, foi analisado como a Lei do Bem auxilia a disseminação da cultura de inovação e aumenta a competitividade empresarial. Especificamente, o estudo tem o intuito de mostrar a importância da inclusão de forma mais abrangente dos gastos com infraestrutura de P&D, no rol das atividades passíveis de recebimento de incentivos fiscais por empresas localizadas em países notadamente carentes neste aspecto, tal qual o Brasil. Ademais, analisar comparativamente os mecanismos de incentivos fiscais utilizados por outros países com a intenção de propor adequações na estrutura da Lei do Bem que minimizem a sua não utilização em virtude da falta de clareza na sua aplicação e consequente adoção de postura conservadora pelas empresas. A metodologia consistiu de um estudo exploratório e qualitativo e revisão bibliográfica onde foram analisados os conceitos teóricos relacionados à inovação, sistemas nacionais, regionais e setoriais de inovação, hélice tríplice, habitats de inovação e políticas públicas, além da coleta de dados realizada por meio de consulta aos relatórios elaborados por entes governamentais, bem como por entrevistas realizadas junto às empresas que instalaram seus centros de P&D no PqT UFRJ, Consultorias especializadas e à ANPEI. Os resultados doestudoforam obtidos a partir da compilação dos dados destas entrevistas e relatórios. Além de outras conclusões, as informações permitiram afirmar que os incentivos fiscais, especialmente aqueles relacionados à redução do Imposto de Renda da Pessoa Jurídica, são importantes na medida em que permitem às grandes empresas, que já realizam atividades de P,D&I, a destinação de um montante maior a essas atividades. Apesar disso, essa política pública carece de aperfeiçoamento em função de haverrestado claro que a mesma não estimula todas as atividades de inovação, mas apenas aquelas relacionadas à P&D, além de não haver incentivos adequados ao crescimento de infraestrutura para inovação. / The primary goal of this paper is to identify the impacts of the federal tax incentives granted by the Brazilian government with the publication of the Goodwill Law, on private investment in R&D. Beginning withthe field study, conducted in large firms in innovation habitats, especially in a technology park managed by a university, it was analyzed how the GoodwillLaw helps spreading the innovation culture and increases business competitiveness. Specifically, the paper aims to show the importance of including in a more comprehensive way theR&D infrastructure expenses in the list ofeligible activities to receive tax incentives by companies particularly located in countries that lack these incentives, such as Brazil. Furthermore, compare the mechanisms of tax incentives used by other countries intending to propose adjustments in the Goodwill Lawstructure in order to minimize its non-use due tonon-understanding in its implementation and consequent adoption of a conservative posture by companies. The methodology consisted of an exploratory qualitative study and literature review which analyzed the theoretical concepts related toinnovation, national, regional and sectorial innovation systems, triple helix, innovation habitats and public policy concepts, in addition to data collected from government agencies reports, as well as interviews with the companies that set up their R&D centers in Rio de Janeiro Technology Park, specialized consulting firms and ANPEI. The study results were obtained from the compilation of these interviews and reports data. Among other conclusions, the information allowed to assert that tax incentives, especially those related to the reduction of Corporate Income Tax, are important insofar as they allow large companies that already carry out R,D&I activities, to allocate a greater amount on these activities. Nevertheless, this policy needs to be improved since it does not stimulate all innovation activities, but only those related to R&D, besides there are no appropriate incentives to promote the growth of innovationinfrastructure.