Made available in DSpace on 2016-04-25T18:40:38Z (GMT). No. of bitstreams: 1 Pedro Carlos Payan.pdf: 5505672 bytes, checksum: f581d36a76f7ed1bfa5464e4ec091617 (MD5) Previous issue date: 2009-05-11 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Companies can use derivative instruments for covering risks. With the use of these instruments the problems appear in the measurement, accounting, and the disclosures. This project s objective based on a case study is to analyze the Derivative Instrument (Foreign Exchange Swap) as the countable theory and international norms of the FASB, IASB and Brazilian Norms. The Brazilian Norms are published by the CPC and together these norms are the make up of the CVM. This case study demonstrated the process of the operation, the criteria for the measurement, as well as the accounting aspect. The reasons behind this project are first, the significant volume in the transactions of Swap at the end of 2008, which reached R$ 12,6 billion. Second the risk involving these operations, the difficulty encountered by accounting for the recognition, measurement and disclosure. The collected data applied from the systems of calculations and evaluations of the instruments are then compared to the collected data reported by the company. There are no significant differences in these calculations except having discrepancy in the use of accounts, which results in the registration in Swap Accounting. Three situations dealing with assets were compared by the Derivatives Instrument: a) traditionally for the curve of the paper: the financial accounts and results of the period are affected; b) recording the marking to market without hedge accounting: it showed different balances in the item accounts; c) recording the marking to market with hedge accounting: there were alterations in the result of the period, in the financial accounts and in the total shareholder s equity / As empresas podem utilizar instrumentos derivativos para cobertura de riscos. Na utilização destes instrumentos surgem os problemas para a mensuração, contabilização e divulgação. Este trabalho tem por objetivo, através de um estudo de caso, analisar o instrumento derivativo swap cambial à luz da teoria contábil e normas internacionais do FASB, IASB e normas brasileiras publicadas pelo CPC, juntamente com os pareceres normativos da CVM. O estudo de caso demonstrou os procedimentos desta operação, os critérios para mensuração bem como sua contabilização. O tema deste trabalho tem sua justificativa, primeiramente pelo volume expressivo das operações de swap, que ao final de 2008, atingiu R$ 12.6 bilhões e também pelo risco envolvendo estas operações e a dificuldade encontrada pela Contabilidade para o reconhecimento, mensuração e evidenciação. Foram pesquisados sistemas de cálculos e de avaliação deste instrumento e aplicados aos dados coletados comparando-se com os registrados pela empresa. Não houve diferenças significativas nos cálculos, havendo apenas divergência na utilização de contas de resultado para o registro da contabilização do swap. Compararam-se três situações patrimoniais na contabilização do instrumento: a) contabilizados tradicionalmente pela curva do papel: afetaram as contas de financiamentos e resultados do período; b) contabilizados com marcação a mercado sem hedge contábil: apresentaram saldos diferentes nas contas do item a; c) contabilizados com marcação a mercado e com hedge contábil: houve alterações do resultado do período, nas contas de financiamentos e no total do grupo do Patrimônio Líquido

Made available in DSpace on 2016-04-25T18:40:44Z (GMT). No. of bitstreams: 1 Adeildo Paulino.pdf: 1436645 bytes, checksum: 839ec64f05dc7a5a424691bc10252d00 (MD5) Previous issue date: 2010-06-14 / Derivatives are financial instruments used by companies to manage risks arising from financial assets and liabilities included in its balance sheet or that will appear in future by operations already contracted. Risks mitigated by derivatives may be exposure to foreign exchange, interest rate, price of commodities or credit. Besides the protective function, the derivative can also be used for the purpose of speculation or arbitrage. Financial institutions operates in the derivatives market to protect the risk of their economic activities but also for intermediate risk of customers. In order to protect their assets and liabilities, financial institutions use, in large-scale, of the derivative financial instruments. The major challenge in the control of derivatives is their accounting. International standards already implemented in Brazil since 2008 as the CPC 14 and standards set by the Central Bank of Brazil require institutions to measure the derivatives at market price (fair value). The volumes traded, called notional amount, or better, the risk transferred or assumed, are controlled in off-balance sheet accounts. The variations in the price of derivatives are recorded in income statement accounts periodically, at least at the closing of its financial statements or monthly statements as in the case of financial institutions. In the case of hedging transactions, the rules currently in effect opens the possibility of variations of the market are registered in different accounts of result. This possibility is covered in the rule of hedge accounting. The rule of hedge accounting the financial institutions can account the variations in market value of hedging instruments (derivatives) in the same time they are recorded variations of the object market hedge (active or passive at risk). If a risk hedge cash flow changes in derivative financial instrument and are subject to hedge recorded accounts highlighted the equity and if the market risk, changes in market prices of the hedging instrument (derivative) and subject to hedge are recorded in income statement accounts. However, despite being technically still the best way to account for variations in market value of a hedge transaction for hedge accounting, as a case study developed, the use of this possibility requires the financial institution fulfill a number of requirements which are very complex to implementation. These requirements are, apparently, causing financial institutions not motivate themselves to apply the rule of hedge accounting, as analysis of the notes disclosed in the financial statements for 2007 and 2008 from 10 major private financial institutions / Os derivativos são instrumentos financeiros utilizados pelas companhias para gerenciar riscos financeiros oriundos de seus ativos e passivos financeiros que constam do seu balanço patrimonial ou que venham a constar no futuro em operações já contratadas. Os riscos mitigados pelos derivativos podem ser de exposição à variação cambial, de taxas de juros, de preço de commodities ou mesmo de crédito. Além da função de proteção, o derivativo também pode ser utilizado com o objetivo de especulação ou arbitragem. As instituições financeiras atuam no mercado de derivativos para proteger de risco suas atividades econômicas como também para intermediar riscos de clientes. Com o objetivo de proteger os seus ativos e passivos financeiros, as instituições financeiras se utilizam em grande escala dos instrumentos financeiros derivativos. Um dos grandes desafios no controle dos derivativos é a sua contabilização. As normas internacionais, já implementadas no Brasil desde 2008, conforme o CPC 14 e as normas definidas pelo Banco Central do Brasil obrigam as instituições a mensurarem os derivativos pelo preço de mercado (valor justo-fair value). Os volumes transacionados, ou seja, o risco transferido ou assumido (Valores de Referência-), é controlado em contas fora do balanço (off balance account). As variações no preço de mercado dos derivativos são registradas em contas de resultados periodicamente; ao menos no momento do fechamento de suas demonstrações financeiras ou balancetes mensais como é o caso das instituições financeiras. No caso das operações de hedge, as normas atualmente em vigor abrem a possibilidade de as variaçoes de mercado serem registradas em contas diferentes de resultado. Essa possibilidade é abrangida na regra de hedge accounting. Pela regra do hedge accounting as instituições financeiras podem contabilizar as variações de mercado dos instrumentos de hedge (derivativos) no mesmo momento em que são registradas as variações a mercado do objeto de hedge (ativo ou passivo em risco). Caso seja um hedge de risco de fluxo de caixa, as variações do instrumento financeiro derivativo e do objeto de hedge são registradas em contas destacadas do patrimônio líquido e, se for de risco de mercado, as variações nos preços de mercado do instrumento de hedge (derivativo) e dos objetos de hedge são registradas em contas de resultado. Porém, apesar de ser tecnicamente a melhor forma de contabilizar as variações de mercado de uma operação de hedge pelo hedge accounting, conforme estudo de caso desenvolvido, a utilização dessa possibilidade exige que a instutuição cumpra uma série de exigências que tornam complexa a sua implementação. Essas exigências estão, aparentemente, fazendo com que as instituições financeiras não se motivem a aplicar a regra do hedge accounting, conforme análise das notas explicativas divulgadas nas demonstrações financeiras de 2007 e 2008 das dez principais instituições financeiras privadas

Den i dagsläget mycket komplicerade IAS 39 som bland annat berör säkringsredovisninghade en del till den stora finanskrisen enligt vissa. Oavsett bakgrund så har utveckling av enny redovisningsstandard för att ersätta och förenkla säkringsredovisning påskyndats. Ettförsta utkast av förslag till förändring för redovisning av säkringar presenterades i december2010. IASB som leder arbetet har redan kritiserats, så hur tar användarna – företagen emotförändringsförslagen? Genom att ta del av företagens skriftliga åsikter är studiens syfte attundersöka attityderna till förslagen i exposure draft IFRS 9 Fas III Säkringsredovisning.Detta är en kvalitativ studie där datainsamlingen består av comment letters i vilka företag harskrivit sina kommentarer och uttryckt sina attityder i olika frågor om förändringsförslagenställda i exposure draft specifikt skrivna angående IFRS 9 Fas III Säkringsredovisning. Istudiens slutsatser har vi kommit fram till att respondenterna är mycket positiva till utkastetav förändringarna rörande säkringsredovisning. De välkomnar en förändring och speciellt närmånga av bristerna i föregående IAS 39 är åtgärdade. I det stora hela gör respondenterna detklart att dessa förändringar kommer att underlätta företags applicering avsäkringsredovisning.

Säkringsredovisning används vid redovisning av finansiella instrument som innehas i säkringssyfte. Det är svårt att tillämpa nuvarande regler för säkringsredovisning på makro-säkringar, särskilt när portföljer hanteras dynamiskt. På grund av begränsningarna i nuvarande säkringsredovisning har många företag svårt att tillförlitligt presentera resultatet av dynamisk riskhantering i de finansiella rapporterna. Effekten blir att vissa företag undviker att använda säkringsredovisning medan andra endast tillämpar säkringsredovisning till viss del. En del företag använder istället andra säkringstekniker som inte fullständigt återspeglar den dynamiska riskhanteringen. IASB har publicerat ett diskussionsunderlag (DP) som presenterar en redovisningsmetod för dynamisk riskhantering. Målet med den nya metoden Portfolio Revaluation Approach (PRA) är att uppnå en tillförlitlig presentation samt reducera den nuvarande operativa komplexiteten.Syftet med studien är att undersöka och jämföra IASB:s intressenters attityder till redovisning av dynamisk riskhantering och identifiera deras attityder till den föreslagna redovisnings-metoden PRA. Studien syftar dessutom till att kartlägga intressenternas attityder till hur en framtida metod bör utformas. I studien genomförs en kvalitativ innehållsanalys för att skapa en uppfattning av intressenternas attityder. Studien baseras på 30 remissvar som inkommit från intressenter som svar på IASB:s utgivna DP om makrosäkring. Intressentgrupperna som studien baseras på är normgivare, revisionsbolag och företag.Studien visar att intressenterna anser att det uppstår problem när nuvarande regler tillämpas på dynamiskt hanterade portföljer. IASB bör därför utveckla regler som återspeglar och blir tillämpbara på dynamisk riskhantering. Remissvaren visar dock att åsikterna om makro-säkringsprojektets omfattning och vad dynamisk riskhantering bör innefatta skiljer sig åt. IASB har frångått det initiala målet med projektet och utökat omfattningen. Intressenterna kräver därför att IASB tydliggör målet innan ett utkast (ED) utvecklas.Studien påvisar att åsikterna om PRA är skilda. Intressenterna har dock identifierat fler nackdelar än fördelar med PRA. Enligt intressenterna bör en framtida redovisningsmetod för dynamisk riskhantering endast tillämpas när riskerna har minimerats genom säkring och inte vid all dynamisk riskhantering. Intressenterna anser att en tillämpning på alla dynamiska riskhanteringsaktiviteter skulle öka resultatvolatiliteten och inte resultera i användbar information. Studien visar att en framtida redovisningsmetod för dynamisk riskhantering bör vara frivillig att tillämpa. Intressenterna anser att metoden bör utformas för att kunna tillämpas på alla risker, inte enbart ränterisker. Enligt intressenterna bör IASB inte utveckla en helt ny metod utan istället utforma en metod som bygger på befintliga regler i IFRS 9 Finansiella instrument och IAS 39 Finansiella instrument: Redovisning och värdering. IASB bör dessutom utforma principbaserade regler eftersom att den dynamiska riskhanteringen är föränderlig. IASB måste säkerställa att metoden är praktisk genomförbar. Vår slutsats är att intressenterna förvisso uppmuntrar IASB:s makrosäkringsprojekt men få är tillfredsställda med det som presenteras i DP. / Hedge accounting is used when accounting for financial instruments held for hedging purposes. There are difficulties associated with applying existing hedge accounting requirements to macro hedges particularly when portfolios are managed dynamically. Because of the limitations of existing hedge accounting many entities find it difficult to faithfully present the results of dynamic risk management in the financial statements. As a result, some entities do not apply hedge accounting at all while others only apply parts of hedge accounting. Some entities apply other hedging techniques which do not correctly reflect the dynamic risk management. The IASB has published a Discussion Paper (DP) featuring an accounting method for dynamic risk management. The objective of the new method Portfolio Revaluation Approach (PRA) is to achieve a faithful presentation of dynamic risk management and reduce the existing operational complexity.The purpose of the study is to examine and compare the attitudes of the IASB’s stakeholders towards accounting for dynamic risk management and identify their opinion on the proposed accounting method PRA. The study also aims to identify stakeholders’ views on how a future method should be designed. To obtain an understanding of stakeholders’ views a qualitative content analysis were used. The study is based on 30 comment letters received from stakeholders in response to the issued DP on macro hedging. The stakeholders where categorized into three groups: standard setting bodies, accounting firms and corporations.The study shows that stakeholders consider that problems arise when the current rules is applied to dynamically managed portfolios. The IASB should develop rules that will be applicable and reflect dynamic risk management. The comment letters shows different opinions about the scale of the project and what dynamic risk management should cover. The IASB has modified the initial objective of the project and expanded the scope. Stakeholders therefore require that the IASB clarifies the objective before they develop an Exposure Draft (ED).The study found that opinions on PRA are diverse. Stakeholders have, however, identified more disadvantages than advantages with PRA. According to stakeholders, a future accounting method for dynamic risk management should be applied only when risk mitigation has been undertaken by hedging and not applied on all dynamic risk management. Stakeholders believe that an application on all dynamic risk management activities would increase volatility in profit or loss and not result in useful information. Furthermore, the study shows that a method should be optional to apply. A future accounting method should be designed to be applicable to all risks, not only interest rate risks. Judging by the commentIIletters from the stakeholders, the IASB should not develop a new method but instead design a method based on the existing rules in IFRS 9 Financial instruments and IAS 39 Financial Instruments: Recognition and Measurement. Moreover, the IASB should develop principle-based rules because of the character of dynamic risk management. The IASB must ensure that the method is practicable. Our conclusion is that even though the stakeholders encourage the macro hedging project, few are satisfied with the proposal submitted.(This paper is written in Swedish)

Submitted by Rafael Rodrigues Carvalho (rafael.rodrigues.carvalho@gmail.com) on 2014-07-09T03:48:40Z No. of bitstreams: 1 Dissertação_Rafael_Carvalho_v.8.pdf: 1569793 bytes, checksum: 9c25aa5b72e49eb25d6887a4d3d75868 (MD5) / Approved for entry into archive by Gisele Gammaro (gisele.gammaro@fgv.br) on 2014-08-29T17:35:41Z (GMT) No. of bitstreams: 1 Dissertação_Rafael_Carvalho_v.8.pdf: 1569793 bytes, checksum: 9c25aa5b72e49eb25d6887a4d3d75868 (MD5) / Made available in DSpace on 2014-09-23T13:51:58Z (GMT). No. of bitstreams: 1 Dissertação_Rafael_Carvalho_v.8.pdf: 1569793 bytes, checksum: 9c25aa5b72e49eb25d6887a4d3d75868 (MD5) Previous issue date: 2014-05-09 / This study aims to analyze possible changes in the use and accounting of derivatives depending on the convergence of Brazilian accounting standards to international standards (IFRS - IAS 39). The research is based on non-financial Brazilian companies and use as information explanatory notes regarding derivatives and the volatility of selected balance sheet accounts: earnings and cash flows. Despite the assumptions made, the results showed that the change in accounting standards did not affect the use of derivatives and, also, it was not found any evidence about the impact on the volatility of cash flow and net income. Finally, it was observed that the alternative method for hedge accounting softened the volatility of the firm's profits. / O trabalho tem por objetivo analisar possíveis mudanças no uso e contabilização de derivativos em função da convergência das normas brasileiras de contabilidade para os padrões internacionais (IFRS – IAS 39). As pesquisas basearam-se em empresas brasileiras não financeiras, observando informações de suas notas explicativas e a volatilidade de contas de seus balanços: lucro líquido e fluxo de caixa. A despeito das hipóteses formuladas, os resultados encontrados mostraram que a alteração do padrão contábil não afetou o uso de derivativos e, também, não se encontrou quaisquer evidências de que tenha havido impacto na volatilidade do fluxo de caixa e lucro líquido das companhias. Por fim, observou-se se a metodologia opcional de contabilidade de hedge (hedge accounting) suavizava a volatilidade dos lucros da firma, confirmando uma das hipóteses desta pesquisa.

Submitted by Leandro Farias Aguiar (leandro.aguiar@itau-unibanco.com.br) on 2014-12-18T21:11:35Z No. of bitstreams: 1 Dissertação Leandro Farias Aguiar.pdf: 1287260 bytes, checksum: 097e9c6f1a265980f82a58af67b081c8 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2014-12-19T11:49:47Z (GMT) No. of bitstreams: 1 Dissertação Leandro Farias Aguiar.pdf: 1287260 bytes, checksum: 097e9c6f1a265980f82a58af67b081c8 (MD5) / Made available in DSpace on 2014-12-19T13:52:43Z (GMT). No. of bitstreams: 1 Dissertação Leandro Farias Aguiar.pdf: 1287260 bytes, checksum: 097e9c6f1a265980f82a58af67b081c8 (MD5) Previous issue date: 2014-11-25 / Ao se reportar resultados voláteis e, sem a devida evidenciação contábil (disclosure), pode-se transmitir uma imagem negativa aos investidores e levantar dúvidas em relação aos resultados futuros, a transparência e a capacidade de gerenciamento do risco por parte dos gestores das instituições financeiras. Nas últimas décadas, a utilização da contabilidade de hedge para a gestão do risco e resultado tem estado em evidência nos grandes bancos do Brasil e do exterior. Isto ocorre pois é onde se dá a convergência das demonstrações financeiras tanto em 2005 na Europa quanto em 2010 no Brasil para o novo padrão contábil internacional (IFRS) aplicado pelo IASB. Este padrão tem exigido dos bancos grandes esforços para estar em conformidade com as novas regras estabelecidas. Nesta mesma lógica, enquanto a contabilidade de hedge nos bancos assume um papel de destaque na gestão dos riscos e resultados; a divulgação precisa e concisa das demonstrações financeiras fornece aos acionistas, investidores e demais usuários importantes informações sobre o desempenho e a condução do negócio. Isto proporciona ao mercado uma melhor condição de avaliar os riscos envolvidos e de estimar os resultados futuros para a tomada de decisão de investimento. Dentro deste contexto, foi avaliado a qualidade e o grau de evidenciação das demonstrações contábeis dos principais bancos brasileiros e europeus aos requisitos do IFRS 7, IFRS 9 e outros mais de elaboração do próprio autor. Todos esses requisitos referem-se à divulgação de informações qualitativas e quantitativas pertinentes a contabilidade de hedge. Portanto, estão associados a estratégias de gestão de risco e resultado. A avaliação do grau de evidenciação das demonstrações financeiras ao IFRS 7 e IFRS 9 foi feita através de um estudo exploratório onde se analisou as notas explicativas em IFRS dos dez maiores bancos no Brasil e na Europa pelo critério 'tamanho dos ativos'. Os resultados obtidos neste estudo indicam que 59,6% das instituições analisadas cumprem as exigências do IFRS7. Outra descoberta é que o índice de cumprimento dos bancos brasileiros é maior que os bancos europeus; 68,3% vs. 50,8%. Em relação ao IFRS 9 o percentual é de apenas 23% o que é explicado pelo fato da norma ainda não estar em vigor em ambas as regiões onde poucas instituições tem se antecipado de forma voluntária para atendê-la. A avaliação da qualidade das notas explicativas referente ao hedge contábil foi feita de maneira discricionária através da observação das informações prestadas para atender aos requisitos do IFRS 7 e 9 e dos demais requisitos adicionados pelo autor. Os resultados obtidos indicam que as notas carecem de maior detalhamento dos instrumentos de hedge utilizados, bem como os objetivos de cada hedge, para dar maior transparência ao usuário da informação sobre os riscos protegidos nos respectivos balanços. O crescimento do volume de informações prestadas nas notas explicativas dos grandes bancos brasileiros e europeus após a adoção do IFRS não configurou um aumento proporcional do conteúdo informacional, prevalecendo, ainda, a forma sobre a essência. Este movimento abre espaço para discussões futuras com os agentes de mercado sobre o tamanho e o conteúdo informacional adequado nas notas explicativas, com o intuito de buscar um equilíbrio entre o custo e o benefício da divulgação da informação sob a ótica da relevância e da materialidade. / When reporting volatile results without the proper accounting disclosure, you can convey a negative image to investors and raise doubts in relation to future results, transparency and risk management capacity on the part of managers of financial institutions. In recent decades, the use of hedge accounting for risk management and result has been in evidence in the large banks of Brazil and abroad. This occurs because it is where the convergence of both financial statements in 2005 in Europe as in 2010 in Brazil for the new international accounting standard (IFRS) applied by the IASB. This pattern has required large banks ' efforts to comply with the new rules. In this same logic, while the hedge accounting assumes an important role in managing of risks and results; an accurate and concise disclosure of the financial statements provides to shareholders, investors and other users, important information about the performance and the conduct of business. This gives the market a better condition to assess the risks involved and to estimate the future results to investment decision-making. Within this context, it was evaluated the quality and the degree of evidencing of the financial statements of the main European and Brazilian banks to the requirements of IFRS 7 and IFRS 9 and other more elaborated by author. All these requirements relate to disclosure of qualitative and quantitative information pertinent to hedge accounting. Therefore are associated with risk and result management strategies. The assessment of the degree of disclosure of the financial statements to IFRS 7 and IFRS 9 was made through an exploratory study which examined the explanatory notes under IFRS of the ten largest banks in Brazil and in Europe by the criterion 'asset size'. The results obtained in this study indicate that 59.6% of the analyzed institutions meet the requirements of IFRS7. Another discovery is that the index of performance of Brazilian banks is greater than European banks; 68.3% vs. 50.8%. In relation to IFRS 9 the percentage is only 23%, which is explained by the fact that the standard has not yet come into force in both regions where few institutions has been anticipated voluntarily to server her. The quality evaluation of the explanatory notes relating to hedge accounting was made discretionary manner through observation of information supplied to meet the requirements of IFRS 7 and 9 and of other requirements added by the author. The results obtained indicate that the notes require further details of hedging instruments used and the objectives of each hedge, to give greater transparency to the user information about the risks protected in their balance sheets. The growth in the volume of information provided in the explanatory notes of the great European and Brazilian banks after the adoption of the IFRS did not configure a proportional increase of informational content, still prevail, the form over the essence. This move makes room for future discussions with the market players about the proper size and informational content in the explanatory notes, in order to seek a balance between the cost and the benefit of disclosure of information from the perspective of relevance and materiality.

This thesis describes hedging transactions against foreign exchange rate risk which is a significant problem for a number of domestic companies trading with foreign partners. The objective of this paper is to characterize possible ways to eliminate or minimize a foreign exchange rate risk and to assess effects on economic results and liquidity of the company arising from the use of hedging instruments compared to the situation without hedging transactions. The practical analysis is shown on two Czech companies exposed to a foreign exchange rate risk. The analysis is focused on currency forwards negotiated with the bank and natural hedging in connection with an application of a hedge accounting.

My thesis is concentrated on basic types of securities, derivates and hedge accounting according to Czech legislation and International Financial Reporting. The main part is about equity, debt securities and forms of derivates and their accounting and presentation at the statements.

Dagens företag är exponerade för många olika typer av risker, några av dessa är valuta, ränta och råvarupriser. För att skydda sig mot sådana risker kan företag som tillämpar regelverken IFRS alternativt K3 välja att använda sig av säkringsinstrument vilket exempelvis kan vara en valutatermin. Säkringsinstrumentets värde förväntas röra sig i motsatt riktning som den säkrade posten. För att minska eventuella fluktuationer som kan uppstå till följd av säkringar kan företagen även frivilligt tillämpa säkringsredovisning, vilket innebär en matchning mellan den säkrade posten och säkringsinstrumentet. Den första januari 2018 ersattes den gamla standarden IAS 39 av IFRS 9 efter att ha blivit hårt kritiserad för att den varit allt för komplex, vilket i sin tur ledde till att företag avstod från att tillämpa säkringsredovisning. Därmed tillämpar företag som redovisar enligt IFRS den nya standarden IFRS 9. Företag som tillämpar K3 kapitel 12 däremot får indirekt tillämpa den gamla standarden IAS 39 då K3kapitel 12 baseras på IAS 39.Syftet med studien är att undersöka hur investerare och borgenärer påverkas av att företag tillämpar den nya standarden IFRS 9 respektive K3 kapitel 12. Genom en jämförande studie ämnar vi att finna skillnader och likheter vid tillämpning utifrån IFRS 9 och K3. Studien är baserad på en kvalitativ forskningsmetod och består av tre typfall för att visa de skillnader och likheter som uppstår då företag tillämpar respektive regelverk samt hur dessa påverkarinvesterare och borgenärer. Studien visar att det inte finns stora skillnader mellan de två standarderna redovisningsmässigt men att det däremot finns stora skillnader kring kraven avseende vem som fårsäkringsredovisa. Detta är främst på grund av det omfattande effektivitetstestet som krävs iK3 kapitel 12 men inte i IFRS 9. Vi finner den enklare effektivitetsbedömningen som finns iIFRS 9 bättre än effektivitetstestet som går att finna i K3 kapitel 12, eftersom det förenklar och skapar fler möjligheter att tillämpa säkringsredovisning. Studien visar även att det enligtK3 är tillåtet att frivilligt avbryta säkringsredovisning, vilket det inte är enligt IFRS 9.Dessutom finner vi att dessa skillnader kan påverka investerare och borgenärer på flertalet sätt, främst genom säkringsredovisningens påverkan på de finansiella rapporterna samt mängden information de får ta del av då ett företag tillämpar säkringsredovisning. Studien visar därmed att säkringsredovisning har en övergripande positiv inverkan på investerare och borgenärer. Vår slutsats är att den nya standarden IFRS 9 och dess skillnader från dess föregångare ger en påtagligt positiv effekt för investerare och borgenärer. Detta eftersom de får tillgång till merinformation som de annars inte hade fått samt att fler företag kan tillämpasäkringsredovisning. Av den anledningen anser vi att K3 kapitel 12 bör uppdateras så att den baseras på IFRS 9 istället för IAS 39. / Today's companies are exposed to many different types of risk, some of them are currency,interest rates and commodity prices. In order to protect against such risks, the companyapplying the IFRS or K3 regulations may choose to use a hedging instrument which may use,for example, a forward contract. The value of the hedging instrument is expected to move inthe opposite direction as the hedged item. In order to reduce any fluctuations that may occurfrom hedges, companies can also voluntarily apply hedge accounting, which means a matchbetween the hedged item and the hedging instrument. On January 1 2018, the old standardIAS 39 was replaced by IFRS 9 after being criticized for being overly complex, which in turnled to the company refraining from applying hedge accounting. Thus, companies that reportaccording to IFRS apply the new standard IFRS 9. Companies that apply K3 Chapter 12 mayindirectly apply the old standard IAS 39, because K3 Chapter 12 are based on IAS 39.The purpose of the study is to investigate how investors and creditors are affected whencompanies apply the new standard IFRS 9 or K3. Through a comparative study, we can finddifferences and similarities in hedge accounting based on IFRS 9 and K3. The studies arebased on a qualitative research method and consist of three case studies, to show differencesand similarities that arise when companies apply their respective regulations and how theyaffect investors and creditors.The study shows that there are not any big differences between the two accounting standardswhen it comes to accounting, but there are great differences around the requirementsregarding who gets to apply hedge accounting. This is mainly because of the efficiency testrequired in K3 Chapter 12 that isn't used in IFRS 9. We find the simpler efficiency assessmentfound in IFRS 9 better than the efficiency test that can be found in K3 Chapter 12. The studyalso shows that according to K3 it's permissible to voluntarily cancel hedge accounting, whichit isn't according to IFRS 9. In addition, we find that this can affect investors and creditors inmany ways, mainly through the hedge accounting's effect on the financial reports andinformation that they can get from a company that applies hedge accounting. The study thusshows that hedge accounting has an overall positive impact on investors and creditors.Our conclusion is that the new standard IFRS 9 have a significantly positive effect oninvestors and creditors, compared to the old standard. This because investors and creditorsaccess to more information and more companies can apply hedge accounting. For this reason,we believe that K3 Chapter 12 should be updated to be based on IFRS 9 instead of IAS 39.This study is hereafter written in Swedish.