Titel Den outforskade parten i ett leasingavtal – En studie om hur leasegivande företag kommer att påverkas ifall en ny redovisningsstandard för leasing införs Författare Fredrik Hellblom-Björn och Daniel Håkansson Handledare Rolf Rundfelt Introduktion IASB har under lång tid diskuterat behovet av en ny redovisningsstandard för leasing. Förslagen har mottagit mycket kritik, då många anser att de inte förbättrar redovisningen. Trots den stora kritiken på förslagen till leasegivares redovisning, har väldigt få studier genomförts på leasegivare. Syfte Syftet med studien är att undersöka hur leasegivande företag kommer att påverkas om en ny redovisningsstandard för leasing införs. Metod Studiens induktiva ansats innebär att insamlad empiri har bildat grund för de slutsatser som dras. Undersökningens design har följt en Små-N-studie, vilket innebär att ett mindre antal kvalitativa intervjuer har utförts. Intervjuerna har genomförts med redovisningsexperter,leasegivarrepresentanter och en analytiker. Slutsats Studien visar att en ny redovisningsstandard för leasingkommer att påverka leasegivare på flera olika sätt. Till följd av ökade krav på upplysningar, samt en mer komplexredovisning, kommer leasegivare påverkas negativt kostnadsmässigt. Främst sker detta via högre administrativa kostnader och betydande implementeringskostnader.Leasegivarna riskerar även att påverkas negativt av en minskad efterfrågan av leasing som finansieringslösning, tillföljd av en mer komplex redovisning för leasetagarna. / Title The unexplored part of a lease – A study on how lessors will be affected if a new accounting standard for leases is adopted Authors Fredrik Hellblom-Björn och Daniel Håkansson Supervisor Rolf Rundfelt Introduction The IASB has for a long time discussed the need for a new accounting standard for leases. The proposed standards havemet a lot of criticism, since many find they don’t enhance the accounting. In spite of the criticism of lessor accounting,very few studies have been conducted on lessors. Aim The purpose of this study is to explore how lessors will beaffected if a new accounting standard for leases is adopted. Method The inductive approach of the study means that the gathered empirical material forms the basis for the made conclusions.The design of the study is a small-N study, which means that a small number of interviews have been conducted. The interviews were held with accounting experts, lessors and afinancial analyst. Conclusion The study shows that a new accounting standard for leases will affect lessors in several ways. A consequence of increased mandatory disclosure and a more complex accounting will affect the lessors costs negatively. The costs will primarily increase through higher administrative burden and implementation costs. The lessors also risk being affected negatively by a decreased demand for leasing as financing solution as a consequence of more complex lessee accounting.

I denna studie har jämförelser gjorts mellan redovisningsregelverket K3 och IFRS för att finna skillnader i regelverken. Syftet med studien var att belysa de skillnader som har störst betydelse vid upprättande av koncernredovisning för onoterade företag som har utländska dotterbolag och ett exempelföretag som befinner sig i denna situation användes. Problemet som studien har utgått ifrån är översättningen av utländska dotterbolags redovisning. Sedan 1 januari 2005 ska IFRS användas av samtliga noterade företag av EU:s medlemsländer vid upprättande av koncernredovisning. Nationella regler ska följas i onoterade företag och i Sverige ska K2 eller K3 väljas. Dock tillåts att frivilligt kliva upp till att koncernredovisa enligt IFRS. IFRS har en högre grad av öppenhet i redovisningen än nationella regelverk har. Detta leder till att en högre kvalitet samt mer jämförbar ekonomisk information presenteras i de finansiella rapporter som upprättas i enlighet med IFRS. Dessa kvaliteter har även lett till att enklare få utländska finansierare. Samtidigt kan IFRS i praktiken kännas svår och därmed onödig att använda för mindre företag. Höga kostnader har även tagits upp som argument emot en frivillig övergång. K3 har även visats utge större möjligheter till resultatmanipulation. Den empiriska undersökningen gjordes genom ett kvalitativt synsätt med induktiv ansats eftersom studiens resultat skulle utformas före teoriavsnittet. Komparativa analyser gjordes av olika principer som valdes ut i regelverken. En skillnad som uppkom i resultatet är begreppsskillnaden av bestämmande inflytande. Denna skillnad påvisar att syftet med IFRS är att gynna investerare medan betydelsen i K3 tyder på högre anpassning till mindre onoterade bolag. Andra viktiga skillnader som påträffades ansluter sig till värderingsalternativ och det visade sig att IFRS oftare än K3 tillåter olika värderingsmetoder. Fler noggranna bedömningar har även fastställts behövas i IFRS. I denna studie har detta lett till tolkningen att IFRS möjliggör en mer rättvisande redovisning än vad K3 gör. Uppställningen av principerna visade sig skilja sig ifrån varandra då K3 tolkats vara enklare att följa. IFRS är mer detaljrik och kan därför verka krångligare. I K3 finns ofta fler valmöjligheter över hur kostnader ska redovisas. Det har tolkats som att de möjliggör resultatmanipulation i högre grad än vad IFRS gör / In this study, comparisons have been made between the accounting regulatory K3 and IFRS in order to find differences in the regulations. The aim of the study was to highlight the differences that are most important in preparing the consolidated financial statements for unlisted companies with foreign subsidiaries and an example company that are in this situation were used. The study was directed against a company that find themselves in this situation and is used as an example in the study. The study is based on the problems with the translation of financial statements of foreign subsidiaries. Since 1 January 2005 IFRS shall be used by all listed companies of the EU member countries on consolidation. National regulations should be followed in unlisted companies and in Sweden K2 or K3 should be selected. However, a voluntary step up to consolidated financial statements under IFRS is permitted. IFRS has a higher degree of transparency of accounting than national regulations have. This leads to a higher quality and more comparable financial information presented in the financial statements that are prepared in accordance with IFRS. These qualities have also led to easier access to foreign financiers. Meanwhile, the IFRS in practice can seem difficult and therefore unnecessary to use for smaller companies.High costs have also been raised as an argument against a voluntary transition. K3 also has been shown to pay greater opportunities for earnings manipulation. The empirical study was conducted through a qualitative inductive approach because the results of the study would be designed before the theory section. Comparative analyzes were made of various principles that were selected in the regulations. One difference that emerged in the results is conceptual difference of control. This difference indicates that the purpose of IFRS is to benefit investors, while the significance of the concept in the K3 indicates higher adaptation to smaller private companies. Other significant differences that were found are related to the valuation option, and it turned out that IFRS often than K3 allows different valuation methods. More careful assessments have also identified required by IFRS. For this study, this has led to the interpretation that IFRS allows for more accurate reporting than K3 does. The statement of principles was found to differ from each other and the K3 interpreted to be easier to follow. IFRS is more detailed, and therefore can seem complicated. In the K3 there are often more options over how costs should be reported. It has been interpreted that this enables earnings manipulation of a greater degree than IFRS do

År 2005 infördes standarden IAS 40 som ger svenska börsnoterade förvaltningsfastighetsbolag möjligheten att redovisa sina fastigheter till verkligt värde. Verkligt värde har kritiserats på grund av det bygger på subjektiva bedömningar och det kan leda till en missvisande redovisning som kan få negativa konsekvenser för intressenter. 1 januari 2013 infördes den nya standarden IFRS 13 för att ställa ytterligare upplysningskrav gällande värdering av tillgångar till verkligt värde. Denna studie behandlar hur värdering till verkligt värde påverkar intressenters informationsbehov, deras uppfattning av fastighetsvärdering till verkligt värde och resonemang kring införandet av IFRS 13. Syftet med undersökningen var att förklara för hur olika intressenters behov av redovisningsinformation påverkas vid värdering av förvaltningsfastigheter till verkligt värde. För att uppnå studiens syfte har en kvalitativ metod använts där djupgående intervjuer genomförts. Respondenterna valdes ut med utgångspunkt i att de ska erhålla kunskap och erfarenhet av börsnoterade förvaltningsfastighetsbolag. Studiens respondenter är investerare, kreditgivare och finansanalytiker eftersom samtliga påverkas främst av värdering till verkligt värde av förvaltningsfastigheter. Studien har visat att olika intressenter i och med sin yrkesidentitet fokuserar på olika delar av värderingsinformation om verkligt värde. Intressenter drivs av rimlighet snarare än precision och anser därför de att det är viktigare att bolagen redovisar bakomliggande antaganden än det verkliga värdet. Intressenter skapar sig två uppfattningar av fastigheters verkliga värde, en positiv och en negativ. De anser att verkligt värde fungerar bra vid en hög marknadsaktivitet då många fastigheter köps och säljs, tvärtom uppfattar intressenter att finns stora brister med verkligt värde vid låg marknadsaktivitet. Intressenter misstror även att det redovisade verkliga värdet är marknadsvärde eftersom att fastigheter ofta säljs för ett annat pris än det redovisade. Studien visar att införandet av det nya regelverket ger en ökad uppfyllelse av intressenters informationsbehov, men att det blir en avvägning mellan relevans och mängd i värderingsinformationen för att deras behov av ska uppfyllas. / In 2005 the standard IAS 40 was introduced which provides Swedish listed companies with investment properties the opportunity to evaluate their properties at fair value. Fair value has been criticized because it is based on subjective assumptions that can lead to inaccurate financial reports and negative consequences for stakeholders. January 1st 2013 the new standard IFRS 13 was introduced which requires increased disclosures of valuation at fair value. This study examines how fair value affects stakeholders information needs, their perception of property valuation at fair value and reasoning about the implementation of IFRS 13.                                       The aim of the study was to explain how different stakeholders information needs are affected by the valuation of investment properties at fair value. To achieve the purpose of the study a qualitative method was used and in-depth interviews have been conducted. Respondents were selected on the basis that they would obtain the knowledge and experience of listed companies with investment properties. The study's respondents are investors, creditors and financial analysts because they are primarily affected by the valuation measurement at fair value of investment properties. The study has shown that different stakeholders in their professional identity focuses on different aspects of the valuation information about fair value. Stakeholders are driven by plausibility rather than accuracy, therefore they think it is more important that companies report underlying assumptions than the actual fair value. Stakeholders creates two different perceptions of the properties fair value, one positive and one negative. They believe that fair value function well at a high level of market activity when several properties are purchased and sold, on the contrary stakeholders perceive there are large gaps with fair value at low market activity. Stakeholders distrusts the reported fair value is the market value, since the properties often are sold for a different price than the reported. The study shows that the introduction of the new standard provides a greater fulfilment of stakeholders information needs, but it is required that there is a balance between relevance and quantity of information if their needs will be satisfied.

Earnings management är ett fenomen som enligt studier har ökat i omfattning under senare tid tack vare förändringar av redovisningsprinciper. Detta har gett företag möjligheten att med ökad subjektivitet bedöma värdet på sina tillgångar, vilket kan utnyttjas för att manipulera redovisning och justera resultat i önskad riktning. Den här studien syftar primärt till att undersöka om det finns ett samband mellan variablerna earnings management och pressade resultat bland de noterade bolagen på Nasdaq OMX Stockholm, även kallad “Stockholmsbörsen”. Det sekundära syftet är att undersöka om detta eventuella samband är vanligare förekommande bland mindre företag samt om någon bransch är överrepresenterad. En kvantitativ metod har använts där data från bolagens årsredovisningar har hämtats och sedan granskats. Efter det har en analytisk generalisering gjorts av resultaten som visar på att företag i större utsträckning tenderar att bedriva earnings management under perioder där de upplever pressade resultat, i motsats till perioder där de upplever normala resultat. Studien visar också att detta inte är vanligare förekommande på någon speciell börslista eller inom någon specifik bransch, utan att företagen är representerade i likvärdig utsträckning. I studien visade det sig att ett vanligt verktyg för att bedriva earnings management är att göra stora engångsnedskrivningar av goodwill. Detta möjliggjordes år 2005 då IFRS 13 infördes i EU, vilket resulterade i att goodwillposten årligen nedskrivningsprövas istället för att som tidigare avskrivas planmässigt. En kritisk diskussion förs med slutsatsen att resultaten är delvis applicerbara på den studerade populationen och säger något om närliggande fall. Slutligen diskuteras studiens bidrag där konklusionen är att resultaten adderar till samt stärker tidigare forskning. / Earnings management is a phenomenon whose scope of usage has expanded in recent time due to changes in accounting principles, according to studies. These changes have given companies the possibility to use subjective judgment to a higher degree when valuing their assets. This can be utilized to manipulate accounts and tweak results in desired direction. The purpose of this study is primarily to investigate if there is a connection between the variables earnings management and pressured results among the listed companies on Nasdaq OMX Stockholm, also knowned as “Stockholmsbörsen”. The secondary purpose is to investigate if this possible connection is more common among smaller companies and if there is any industry that is overrepresented. A quantitative method has been used where data has been collected from the companies’ websites and later reviewed. An analytic generalization has then been applied on the results that show that companies tend to engage in earnings management in greater magnitude when they are experiencing times with pressured results, in contrary to when they experience times with normal results. The study also shows that it’s not more commonly practiced on any particular stock market list or in some particular industry. The companies are rather equivalently represented along the scope of industries and stock market lists. The study shows that a common tool to engage in earnings management is to make big one time impairments of goodwill. This was made possible 2005 when IFRS 13 was implemented in the EU, which resulted in that the goodwill account where to be impairment tested every year instead of the former principle that used linear depreciation. A critical discussion is held with the conclusion that the results of the study are partly applicable on the studied population and says something about nearby cases. Finally there is a discussion about the contribution of the study with the conclusion that the findings adds something to and strengthens past findings.

Bakgrund: För att skapa mer transparens i redovisningen bildades IASB (tidigare IASC) och EU beslutade att alla EU-länder skulle tillämpa IASB:s internationella standarder. Detta medförde att de svenska börsnoterade bolagen från och med 2005 blev tvungna att tillämpa IFRS 2, som innebar att aktierelaterade ersättningar skulle börja kostnadsföras, vilket tidigare inte krävts. Syfte: Syftet med denna undersökning är att kartlägga huruvida företagens användning av aktierelaterade ersättningar till styrelse, VD och övriga anställda, har förändrats från 2001 till 2013, vilket utgör en tid innan, till en tid efter införandet av IFRS 2005. Metod: En longitudinell studie har genomförts av de 60 bolag som var noterade i Large Cap per den 31 december 2013. Studien är en totalundersökning av dessa bolag under åren 2001 till 2013 och datainsamlingen genomfördes genom dessa bolags årsredovisningar under dessa år. Det som granskats är huruvida bolagen använt sig av aktierelaterade ersättningar under perioden. Om en förändring har skett och i så fall hur den sett ut, vilka sorters aktierelaterade ersättningar de använt sig av, samt i vilken omfattning. Dessutom studerades hur stora tilldelningar som skett, förekomsten av nystartade incitamentsprogram, samt om användningen skiljer sig åt mellan företag inom olika branscher. Analysen utgår från de diagram och tabeller som kunnat tas fram genom den insamlade datan. Slutsatser: Användningen av aktierelaterade ersättningar har ej minskat under perioden 2001 till 2013. Tilldelningen minskade kraftigt från 2001 till IFRS införande år 2005, för att sedan öka från 2005 till 2013. Överlag använde cirka hälften av bolagen aktierelaterade ersättningar vardera år. Inom branschen Tillverkning & Industri tilldelades flest optioner och aktier i genomsnitt per företag under perioden. Den bransch som tilldelade minst antal optioner och aktier i genomsnitt per företag under perioden var Fastighetsverksamhet. Det gick att urskilja en stark minskning av användningen av personaloptionsprogram, samtidigt som en markant och stabil ökning av användningen av olika typer av aktieprogram kunde urskiljas. / Background: To create more transparency in reporting, the IASB (previously IASC) was formed and the EU determined that all the countries, which are members of the EU, are to apply the international standards of the IASB. This lead to the requirement that all the Swedish listed companies had to comply with IFRS 2 as of 2005, which meant that share-based payments were to be expensed, which had not previously been required. Purpose: The purpose of the study is to identify whether corporate use of share-based payments of directors, CEO and other employees, has changed from 2001 to 2013, which represents a time before, to a time after the introduction of IFRS in 2005. Method: A longitudinal study was conducted on the 60 companies listed in Large Cap on December 31, 2013. The study includes the total population during the years 2001 to 2013. The data collection was carried out through these companies’ annual reports for these years. What has been reviewed in the study is whether the companies have been using share-based payments during this period of time. If a change has occurred and, if so, how it appeared, which forms of share-based payments they have been using, and to what extent. Furthermore, the size of allocations, the presence of start-up incentive programs and if the use of share-based payments differ between companies in different industries were studied. The analysis is based on the graphs and tables that could be produced by the collected data. Conclusions: The use of share-based payments has not decreased over the period 2001 to 2013. The allocation decreased significantly from 2001 to the introduction of IFRS in 2005, to later on increase from 2005 to 2013. Overall, approximately half of the companies used share-based payments each year. Within the line of business Manufacturing & Industry, the highest number of options and shares were allocated on average per company over the period. The line of business that allocated the least number of options and shares on average per company over the period was Real estate activity. It was possible to distinguish a strong reduction in the use of employee stock option programs. At the same time a significant and steady increase in the use of different types of share programs could be distinguished.

Problemställning: År 2005 trädde IFRS 3 – Rörelseförvärv, vars syfte är att reglera rapporteringen av rörelseförvärv, ikraft. Denna standard innehöll även nya regler om identifiering av immateriella tillgångar som innebär att sådana i större utsträckning ska särskiljas från goodwill. Trots detta visar tidigare studier att beloppet av goodwill i genomsnitt motsvarar mer än hälften av köpeskillingen. Det var även så att av 92 förvärvande bolag år 2016 saknade 52 specifikationer av identifierade immateriella tillgångar. Dessa två förhållanden leder till informationsasymmetri som får konsekvenser för kapitalmarknaden. Syfte: Syftet är att undersöka branschmässiga skillnader mellan företag i olika branscher på den svenska börsen gällande fördelning av köpeskilling på tillgångsslagen finansiella och materiella, immateriella samt goodwill vid rörelseförvärv. Studien syftar även till att undersöka om det finns skillnader gällande vilka typer av immateriella tillgångar som presenteras. Forskningsfrågor: Skiljer sig branscherna åt gällande fördelningen av köpeskilling på finansiella och materiella tillgångar, immateriella tillgångar och goodwill? Vid rörelseförvärv, vilka olika typer av immateriella tillgångar identifierar företagen i de olika branscherna? Metod: Studien är av kvantitativ karaktär och bygger på en sammanställning av samtliga rörelseförvärv år 2016, genomförd av Björn Gauffin. Det empiriska materialet har statistiskt bearbetats med en variansanalys och sedermera analyserats med hjälp av den teoretiska referensramen. Resultat: I samtliga branscher, förutom i materialbranschen, hänfördes cirka 50 % av köpeskillingen till goodwill. Det finns signifikanta skillnader mellan branschen Material och branscherna Hälsovård, Informationsteknologi och Telekomoperatörer gällande fördelning av köpeskillingen på finansiella och materiella tillgångar, immateriella tillgångar och goodwill. Kundrelaterade immateriella tillgångar var den typ som förekom mest frekvent i samtliga branscher förutom materialbranschen. Kunskapsbidrag: Resultatet överensstämmer med tidigare studier: det går ej att bekräftabranschpraxis gällande fördelning av köpeskillingen vid rörelseförvärv. / Presentation of the problem: In 2005, IFRS 3 – Business Combinations, which aims to regulate the reporting of business combinations, became effective. This standard also included rules on the identification of intangible assets, to be more comprehensively distinguished from goodwill. Nevertheless, previous studies show that the amount of goodwill on average equals more than half of the purchase price. It was also the case that 52, of the 92 acquiring companies in 2016, lacked specifications of identified intangible assets. These two conditions lead to information asymmetry that has consequences for the capital market. Purpose: The purpose is to examine whether there are differences between Swedish listed companies in different industries regarding Purchase Price Allocations. The purpose is also to examine whether there are differences regarding identifications of intangible assets. Research questions: Do the companies in different industries differ regarding allocation of purchase price on financial and tangible assets, intangible assets and goodwill? What different types of intangible assets do companies in different industries identify? Methodology: The study has a quantitative research strategy and is based on a compilation of acquisitions made by listed Swedish companies during 2016. The empirical data have been statistically processed using a variance analysis and subsequently analyzed using the theoretical reference frame. Results: In all industries except one, approximately 50 % of the purchase price was attributed to goodwill. There are only significant differences between a limited number of industries regarding the allocation of the purchase price of financial and tangible assets, intangible assets and goodwill. Customer-related intangible assets were the most frequently occurring in all industries except in the materials industry. Contributions to knowledge: The results of the study are consistent with previous studies: it is not possible to confirm that there are industry practices regarding the allocation of the purchase price for business combinations.

Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro / Esta dissertação pretende fornecer uma contribuição acadêmica aos estudos sobre harmonização contábil em blocos econômicos. A pesquisa teve como objetivo analisar o processo de harmonização contábil nos seis países integrantes do MERCOSUL, após a refundação do IASB, em 2001. A metodologia do estudo tem caráter descritivo e natureza analítica, visando descrever as características qualitativas em relação aos aspectos contábeis e regulatórios dos países estudados. Foi realizada uma pesquisa documental em que foram analisados os relatórios sobre harmonização contábil no MERCOSUL e o método aplicado foi o de estudo de múltiplos casos. Os documentos analisados foram: (a) Report on the Observance of Standards and Codes Auditing and Accounting (ROSC A&A), do Banco Mundial; (b) relatório enviado pelos países ao IASB; (c) relatório enviado pelos países ao GLENIF, além das informações disponíveis nos sites oficiais dos próprios países. A pesquisa contribui para resgatar a história do processo de harmonização e alertar para os potenciais impactos das diferenças na preparação dos balanços das empresas que compõem o bloco. / This thesis aims to provide an academic contribution to the studies on accounting harmonization in economic blocs. The research aimed to analyze the accounting harmonization process in the six member countries of Mercosur, after rebuilding the IASB in 2001. The study methodology is descriptive and analytical nature, seeking to describe the qualitative characteristics in relation to accounting and regulatory aspects of countries studied. Documentary research was carried out in the reports on accounting harmonization were analyzed in Mercosur, and the method used was the study of multiple case. The documents analyzed were: (a) Report on the Observance of Standards and Codes - Auditing and Accounting (ROSC A & A) of the World Bank; (B) report submitted by countries to the IASB; (C) report submitted by countries to GLENIF; addition to the information available on the official websites of the countries themselves. The research contributes to rescue the history of the harmonization process and warn of the potential impacts of the differences in the preparation of balance sheets that make up the block.

Les deux études menées dans cette thèse portent sur les questions de recherche liées aux objectifs des normes comptables internationales les plus importants : la comparabilité, la transparence et la qualité de l'information comptable. La première étude étudie la comparabilité de l'information comptable en ce qui concerne le secret et la divergence avant l'adoption. Dans cette étude, on prétend qu'il est facile de prévoir si l'adoption des IFRS améliore la réaction du marché des concurrents autour des annonces de revenus d'une entreprise donnée. Les résultats suivants ont été documentés, des preuves ont été fournies, ce qui démontre que le transfert d'informations aux annonces de bénéfices augmente suite à l'adoption obligatoire des IFRS, ce qui suggère en moyenne une comparabilité de l'information comptable (ci-après, la comparabilité). Cependant, lors d'enquêtes plus approfondies, il semble que la comparabilité augmente pour les entreprises domiciliées dans des pays caractérisés par un faible secret (c.-à-d. où la transparence domine) et, plus étonnamment, par un faible niveau de divergence (c'est-à-dire une faible distance comptable) de la norme IFRS avant l'adoption des IFRS. Par conséquent, ces résultats suggèrent que toutes les entreprises n'appliquent pas les IFRS de manière identique et qu'elles ne respectent pas entièrement ou systématiquement les IFRS. La deuxième étude porte sur la transparence des bénéfices en examinant la relation entre les gains et les rendements en matière d'application et de conservatisme. Dans cette étude, nous examinons les effets de l'application et du conservatisme sur la transparence des bénéfices en vertu des IFRS. Les résultats suivants ont été documentés, des éléments de preuve ont été fournis, ce qui démontre que la transparence des bénéfices augmente pour les entreprises domiciliées dans des pays caractérisés par une forte application seulement, alors qu'il n'y a pas d'avantages en matière de transparence des bénéfices suite à l'adoption des IFRS pour les entreprises domiciliées dans des pays caractérisés par un niveau élevé du conservatisme. Cela suggère que les IFRS ne sont pas appliquées de la même manière dans tous les pays. / Despite the importance of the IFRS in the international context of financial reporting accounting, we know very little concerning the effects of culture on the application of the IFRS. This dissertation empirically examines whether accounting information comparability and earnings transparency resulting from the IFRS adoption varies depending on cultural and institutional factors. Thus, the discussion considers, whether cultural and institutional factors can provide an explanation for differences in accounting information comparability and earnings transparency under the IFRS. Accordingly, the primary purpose of this dissertation is to investigate the role of secrecy, conservatism, pre-adoption divergence between IFRS and national GAAP, and enforcement on accounting information comparability and earnings transparency following the mandatory IFRS adoption.This dissertation therefore contributes to the accounting literature by presenting two essays. The essays address the research questions related to the goals of the IFRS in relation to two aspects: accounting information comparability and earnings transparency. The first study investigates comparability with regard to secrecy and pre-adoption divergence between IFRS and national GAAP. In this study, it is argued that it is easy to predict whether the IFRS adoption enhances the market reaction of competitors around the earnings announcements of a given firm. The results were documented evidence demonstrating that information transfer at earnings announcements increases following the mandatory adoption of IFRS, suggesting, on average, a high level of comparability. However, following the investigations, it would appear that comparability increases for firms domiciled in countries with a low level of secrecy (i.e., where transparency dominates) and, where there is a low divergence of accounting distance. Consequently, these results suggest that all firms do not apply the IFRS uniformly and that they do not automatically comply with IFRS. The second study investigates earnings transparency by examining the earnings-returns relationship with regard to enforcement and conservatism. In this study, the effects of enforcement and conservatism on earnings transparency were examined following the mandatory adoption of IFRS. The results were documented, which demonstrate that earnings transparency increases for firms domiciled in countries characterized by low conservatism only (i.e., where optimism dominates) and, there are benefits with regard to earnings transparency following IFRS adoption for firms domiciled in countries characterized by a high level of enforcement. This also suggests that IFRS is not being applied in the same way in all countries. Taken together, there are significant cross-country differences in IFRS compliance. Accordingly, comparability and transparency differ depending on where a firm is domiciled. If the firms are domiciled in a supportive environment in terms of applying the IFRS (i.e., where there is transparency, optimism, low divergence of accounting distance and strong enforcement), the level of comparability and transparency are increased.

L'objectif principal de cette étude est de déterminer comment les individus impliqués dans le processus de vue comptable, regardent le rôle de l'information comptable dans un environnement économique où les marchés financiers sont dominants. L'étude tente également de déterminer si International Financial Reporting Standards (IFRS) parti dans l'accomplissement de ce rôle. À cette fin, on compare les perceptions des directeurs financiers, les analystes financiers et les auditeurs de deux environnements de marché très différents, l'Europe comme une variable pour un environnement de marché de capitaux très développés et le Brésil comme une variable pour un environnement de marché des capitaux moins développé. Par le biais d'une enquête, nous voulons déterminer si les producteurs de données comptables (directeurs financiers), les utilisateurs de ces données (analystes financiers) et les contrôleurs de l'information comptable (auditeurs) partagent les mêmes vues sur l'utilité et les objectifs du processus de la comptabilité financière. L'extension de l'étude à plusieurs pays est un des moyens possibles pour déterminer si et comment l'environnement économique affecte l'opinion des personnes interrogées sur des informations comptables. Notre instrument d'enquête a été validé en trois langues (anglais, français et portugais) et utilisé dans six groupes de pays (un pour le Brésil, quatre groupes différents pour les pays européens et un pour les autres participants volontaires). Nous avons utilisé des statistiques descriptives et l'analyse des correspondances multivariée (ACM) pour faire notre analyse et interprétation des résultats. Nos résultats suggèrent que l'activité de nos répondants ont moins d'impact sur leurs réponses que les pays ou ils sont placés. / The main objective of this study is to determine how individuals involved in the accounting process view the role of accounting information in an economic environment where capital markets are dominant. The study also attempts to determine whether International Financial Reporting Standards (IFRS) play a part in fulfilling this role. To this end, we compare the perceptions of financial officers, financial analysts and auditors from two distinctly different market environments, using Europe as a proxy for a highly developed capital market environment and Brazil as a proxy for a less developed capital market environment. By means of a survey, we want to identify whether producers of accounting data (financial officers), users of that data (financial analysts), and controllers of accounting information (auditors) share the same views on the usefulness and goals of the financial accounting process. Extending the study to several countries is a potential means for determining whether and how the economic environment affects the respondents' views of accounting information. Our survey instrument was validated in three languages (English, French and Portuguese) and applied in six groups of countries (one for Brazil, four distinct groups for European countries and one for other voluntary participants). We used descriptive statistics and multivariate correspondence analysis (MCA) to analyze and interpret the results. Our results suggest that the activity of our respondents has less influence on their answers than the country they work in.

Esse trabalho tem como objetivo investigar a existência de heterogeneidade no ganho de qualidade informacional com a adoção de IFRS. A adoção de IFRS está geralmente associada com um aumento de qualidade das demonstrações contábeis. Entretanto, as empresas dentro de um mesmo país provavelmente possuem diferentes incentivos econômicos em relação à divulgação da informação. Nesse sentido, tratar as empresas de forma homogênea, sem considerar os incentivos econômicos atrelados, poderia contaminar a investigação da qualidade informacional. É analisado o caso do Brasil, um país classificado como code-law, cuja legislação fiscal induzia a prática contábil e cuja adoção de IFRS foi mandatória. Em primeiro lugar, as empresas brasileiras listadas na BOVESPA foram separadas em dois grupos, a saber: as empresas que emitiram ADR até a adoção de IFRS e as empresas que não emitiram ADR até a adoção de IFRS. Em seguida, esse segundo grupo de empresas foi agrupado, por meio de uma análise de conglomerados, em dois diferentes subgrupos em função de incentivos econômicos em comum. Com base nos grupos identificados, é testada a qualidade da informação contábil para cada grupo antes e após a adoção de IFRS. Esse trabalho utiliza o reconhecimento tempestivo dos eventos econômicos, a value relevance do lucro contábil e o gerenciamento de resultados como proxies para verificar a qualidade da informação contábil. Os resultados encontrados sugerem que um determinado conjunto de empresas obteve, de fato, um incremento de qualidade da informação contábil divulgada após adoção do padrão IFRS no Brasil. Esse grupo de empresas teria incentivos suficientes para deixar para trás a conformidade contábil-fiscal e apresentar uma qualidade superior no seu conjunto de informações contábeis divulgadas. Além disso, foi verificado um segundo grupo de empresas com qualidade da informação contábil antes e após 2008. Em contrapartida, foi identificado um terceiro conjunto de empresas que não apresentou qualidade da informação contábil seja antes ou após 2008. Esses resultados corroboram o pressuposto de que os incentivos no nível das empresas possuem um papel relevante na qualidade das demonstrações contábeis. Isso não implica afirmar que as normas contábeis não importam, mas de que existem outros direcionadores que moldam a qualidade das demonstrações contábeis e que as normas contábeis deveriam ser vistas como um desses direcionadores. / This work aims to investigate the existence of heterogeneity in the quality of accouting information after the adoption of IFRS. The adoption of IFRS is generally associated with an increased quality of the financial statements. However, companies within the same country probably have different economic incentives regarding the disclosure of information. Accordingly, treat companies evenly, without considering the linked economic incentives, could contaminate the identification of information quality after the adoption of IFRS. It examined the case of Brazil, a country classified as code-law, whose tax laws induced the accounting practice and whose adoption of IFRS is mandatory. First, Brazilian companies listed on the BOVESPA were separated into two groups, namely: companies issuing ADRs to the adoption of IFRS and the companies that have not issued ADR to the adoption of IFRS. Then, this second group of companies were grouped by means of a cluster analysis in two different subgroups based on economic incentives in common. Then, based on the identified groups, the accounting quality information is tested for each group before and after the adoption of IFRS. This work uses the timely recognition of economic events, value relevance of net income and earnings management as proxies for the quality of accounting information. The results suggest that a particular group of companies obtained, in fact, an increase of accounting information quality after adoption of the IFRS in Brazil. This group of companies would have sufficient incentives to leave behind the accounting and tax compliance and provide superior quality to your set of accounting information disclosed. In addition, a second group of companies with quality of accounting information was checked before and after 2008. In contrast, a third group of companies has been identified that did not show quality of accounting information either before or after 2008. These results support the assumption that incentives at the level of companies have an important role in the quality of financial statements. This does not imply stating that accounting standards do not matter, but that there are other drivers that shape the quality of financial statements and accounting standards should be seen as one of those drivers.