La presente tesis trata sobre los intangibles, en forma concreta sobre el Intangible Innovación, desde la perspectiva de su determinación contable o de la contabilización del valor que genera este intangible a las empresas, y, sobre esta base, de la necesidad de estar sujeto a la imposición a la renta en el Perú. La tesis expone las teorías generales o globales que están interpretando los radicales cambios de la sociedad, con el fin de ubicar al Intangible Innovación. Una vez determinado el Intangible en este escenario de la sociedad, la tesis desciende a los doce casos, o a las empresas objeto del estudio, que, están desarrollando procesos de innovación, en la dirección de crear valor económico, en los productos, en sus servicios y en las empresas mismas. Los resultados prueban la Hipótesis de la investigación, en tanto se da la creación de valor por el intangible innovación en el estudio de casos, pero, debemos considerar esta investigación como pionera, por tanto, abre un panorama a futuras investigaciones de mayor alcance.

<p>This master’s thesis deals with the transfer pricing of intangibles and focuses on the U.S. standard commensurate with income. This standard has been accused of being incompatible with the overriding principle of transfer pricing, the arm’s length standard, and is not endorsed by the OECD. Recent developments on the topic include the introduction of a similar provision in Germany. The purpose is to evaluate the standard’s compatibility with the arm’s length standard and to establish the current position of the concept of commensurate with income.</p><p>To meet this purpose the thesis first describes the inherent problems surrounding transfer pricing of intangibles as well as provides a background to transfer pricing in the U.S. The focus then shifts towards the history, application and criticism of the commensurate with income standard. The thesis also gives an account of the OECD’s and Germany’s positions on the matter. In the final analysis the compatibility with the arm’s length standard is examined from two angles; the commensurate with income standard’s valuation approach on one hand and its use of hindsight on the other.</p><p>The commensurate with income standard uses an income approach to valuation of transfers of intangibles instead of the market approach recommended by the OECD. This may lead to overvaluation of intangibles and is not strictly in line with the arm’s length standard. The German commensurate with income provision is more in line with the market approach and is therefore more compatible with the arm’s length standard in this aspect.</p><p>The commensurate with income standard allows adjustments to transfer prices with the benefit of hindsight. The actual income from a transferred intangible is thus used as evidence as to whether or not the original transfer price was set reasonably. The OECD is of the opinion that only information known at the time of the transfer should be used, but makes an exception for the particular situation when a tax authority can prove that unrelated parties would have adjusted transfer prices retroactively. The point made here is that the commensurate with income standard places the burden of proof on the taxpayer, while the OECD places it on the tax authority. This allows the OECD to stay true to the arm’s length standard, while the U.S. and Germany deviates somewhat from it.</p><p>However, there is no exact manner in which to define the arm’s length standard, and even the OECD deviates from it more or less. The commensurate with income standard may be one step further away from the purest definition of it but not a complete deviation. The German version of commensurate with income manages to target the same problem while staying closer to the arm’s length standard. Germany has thereby found a middle way and might hold the solution to finding a consensus between the OECD and the U.S.</p>

<p>Background: Accounting of intangible assets have increased during the last years which have created a debate about if trademarks should be accounted as assets with the uncertainty of the value in mind. Valuation and accounting of trademarks are of interest for accountants and investors. These should be able toget information about the assets that are of importance for the company. A solid brand can be of great value for a company, which should be accounted for. </p><p>Purpose: The purpose of this master is to examine the function of the brand in the different companies in the study and map the definitions that the different companies have of brands. We also want to describe and investigate how and why companies choose to present its brands and also investigate the reliability of the used methods of valuation. Accomplishment: To fulfil our purpose, the annual reports from the companies on the Stockholm Stock Exchange were studied. An inquiry was sent to complement the collected information. For further draught we interviewed a lender and a brand expert. </p><p>Result: Companies define a brand from three different perspectives; marketing-, accounting- and legally perspectives. The companies definitions differ depending on which line of business they work. The most important functions of the brand also differ depending on which line of business they work, generally the companies bring out the distinction and the customer loyalty functions of the brand. Six of the 33 companies in the study has valuated their trademarks. These also have chosen to activate the obtained values. The fact that all companies that have valued its trademarks also activate them may have its reason in that they don´t see a relevance in just valuating the trademark for internal use. The methods of valuation the companies have used are the Cash-flow method, the cost- based method of valuation and the market-based method of valuation. In accounting of trademarks the companies bring out the precautionary principle and solely aquired trademarks are activated in accordance to RR15.</p>

The paper refers to the discussion of measuring and assessing knowledge capital. In particular, the interconnectedness of the intangible resources in organizations is not well represented in the methodical approaches. Moreover, the identification of driver resources which is strongly connected with this question is far from being solved in a satisfactory manner. Therefore, this article reviews existing methods of the scenario analysis in view of the performance measurement discussion and contributes towards an advanced analysis of resources in organizations.

The aim of this work is to understand how certain public buildings play an essential role in the evolution of cultural identity over time. Its main approach distinguishes the denotation of tangible heritage from the connotation of its intangible counterpart. These terms are not understood through semiotics, but, through phenomenology. In other words, meaning is not transmitted by an object; it is adjudicated by a subject. In this sense, the phenomenological experience of such buildings is divided in two: perception brings forth an initial denotation of some universal validity; while memories and dreams engender connotations that are rooted in specific spatiotemporal conditions. In this model, denotation stems from the tangible aspects of heritage, while connotation grows from its intangible dimension. To examine the interaction of these components over time, three case studies are surveyed: Rome's Pantheon, Teotihuacan's Sun Pyramid, and Granada's Alhambra. Their examination begins with an analysis of their basic, primordial denotation, as "centers of power." This type of analysis is followed by a condensed history, which identifies the physical transformations that each building experienced over time. Lastly, a series of context companions present a horizon of expectations, from which multiple users at a given time may have received inspiration to elaborate different connotations of meaning. These sections are portrayed as "glimpses" of intellectual history and literary criticism. Their approach is mostly driven by Wilhelm Dilthey's theory of worldviews and Hans Robert Jauss's reception theory. Each case study suggests a different characterization of an overall historical outcome, associated with the cultural evolution of specific groups: the Pantheon reflects some sense of continuity, for Western Civilization; the Sun Pyramid conveys an overwhelming sense of loss, for Mesoamerica; and Alhambra displays a pervasive sense of exclusion, for al-Andalus. The spirit behind these characterizations strives to understand the modalities in which heritage and cultural identity are shaped by the passage of time. Its goal is to increase our awareness about the fragility of the intangible heritage, when it is separated from its tangible substrate. / text

Compared with its roles in pre-modern societies, traditional music, previously called “folklore,” has been playing very different roles in the globalized world. These new roles, however, are rarely articulated in a systematic manner. While most discourse on the contemporary use of traditional music comes from the case studies of ethnomusicologists, the concept of “intangible cultural heritage,” which is usually associated with the initiatives of UNESCO (United Nations Educational, Scientific, and Cultural Organization) in safeguarding intangible cultural heritage (including traditional music), provides a new perspective to understand the new roles that traditional music plays in the postmodern world. A systematic examination of these roles is crucial, because it allows an in-depth analysis of the hidden power relations behind the contemporary use of traditional music. Furthermore, with the idea of “salvation from disappearing” being more and more problematic in contemporary practice, the project of preserving traditional music cannot be firmly grounded unless its contemporary values are demonstrated. In order to systematically identify and analyze the contemporary use of traditional music, this paper examines the current literature on intangible cultural heritage and the related international initiatives undertaken by the United Nations and its specialized agencies such as UNESCO and UNDP, in combination with the major issues raised by ethnomusicologists regarding the use of traditional music in creative industries. Using two major case studies–Kunqu and HAN Hong’s new Tibetan music–to demonstrate the aesthetic, political, economic and ethical dimensions of the use of traditional music in contemporary society, I argue that there is a fifth dimension, the social dimension, of the value of traditional music in the postmodern condition. The articulation of this social dimension of the contemporary use of traditional music serves to establish its universal relevance and to identify its unique character that makes it a powerful tool to serve as a counter-hegemonic force. / text

Uppsatsen behandlar personalekonomi och huruvida mänskliga resurser ska behandlas som en tillgång för organisationer eller inte och fokus ligger på ideella idrottsorganisationer. I teori och empiri påvisas att människan är en viktig resurs för en organisation. Fokus i uppsatsen ligger i att applicera beräkningen av värdet av personalen som en tillgång på ideella idrottsorganisationer, där personalen består till stor del av volontärer. Trots att det rör sig om donerad arbetskraft existerar ändå kostnader kring volontärer, vilket empirin bevisar. Det tydliggörs både av volontärer samt de som ansvarar för volontärer att viss ersättning som exempelvis mat och kläder förväntas, vilka är betydande kostnader att kalkylera. Det framkommer även att välmående och den sociala miljön kring eventet är av betydande vikt för ett fortsatt engagemang samt en positiv och motiverande miljö. / The essay deals with human resources and whether or not they should be treated as an asset or not for organisations and it focuses primarily on nonprofit sport organisations. Theory and empirics show that humans are an important asset in an organisation. The essay focuses on applicating the measurement of the value of personnel as an asset to nonprofit sport organisations, where the volunteers make up for a big part of the staff. In spite of it being donated workforce there are costs to consider in the usage of volunteers, which is proved in the empirics of the essay. It is made clear both by volunteers and people responsible for volunteers that some compensation, in the form of food and clothes for example, is expected by volunteers and these are significant cost to account for. Well-being and the social environment in events are shown to be of significance regarding a continued commitment from the volunteers and also to maintain a positive and motivating environment.

Sammanfattning Datum: 2008-06-04 Nivå: Kandidatuppsats i företagsekonomi Författare: Kristina Andersson Anette Titze Enköping Västerås Handledare: Matti Skoog, universitetslektor Titel: Immateriella tillgångars värde i två företagsspecifika situationer konkurs relaterat till företagsförvärv Problem: Intressenter som verkar kring ett företag måste kunna få en helhetsuppfattning om dess värde. Redovisningsteoretiker har länge ansett att immateriella tillgångar bör redovisas i större omfattning i balansräkningen, både de som kan aktiveras enligt regelverket samt de osynliga så som personalen. Svårigheten med att värdera dessa tillgångar är med andra ord ett problem, därav den fortgående debatten. Därför är det intressant att studera hur tillgångarna behåller sitt värde i händelse av konkurs, sett i relation till företagsförvärv. Syfte: Syftet med denna studie är att diskutera problematiken kring värderingen av de immateriella tillgångarna och studera i vilken utsträckning värdet behålls i förvärvs- respektive konkurssituationer. Metod: Författarna har använt regelverk, relevant litteratur, samt artiklar inom området där värderingsproblematik har diskuterats. Vidare har primärdata samlats in i form av handlingar från företag där konkurs har avslutats och intervjuer med sakkunniga inom området för att kunna studera praxis. Studien har således en kvalitativ ansats. Slutsats: De immateriella tillgångarnas värden påverkas olika då det gäller huruvida de behåller sitt bokförda värde i händelse av konkurs och företagsförvärv. I konkurs tenderar denna tillgång att tappa hela sitt bokförda värde, vilket är viktigt för företagets intressenter att känna till. Särskilt de intressenter med säkerhet i företagets tillgångar. Vid företagsförvärv behålls det bokförda värdet och kan till och med öka, vilket har betydelse för tidigare ägare till företaget då denne erhåller betalning även för företagets osynliga resurser. Sökord: Immateriella tillgångar, konkurs, värdering, intressenter / Abstract Date: 2008-06-04 Level: Bachelor thesis in business administration Authors: Kristina Andersson Anette Titze Enköping Västerås Advisor: Matti Skoog, Lecturer Title: The value of intangible assets in mergers and bankruptcy situations Problem: Stakeholders operating on a company must be able to get the full ramifications of its value. Researchers have long believed that intangible assets should be reported to a greater extent on the balance sheet, both those that can be activated under the regulatory framework and the invisible, for example the company staff. The difficulty in valuing these assets is a problem, hence the continuing debate. Therefore, it is interesting to study how the assets will retain its value in the event of bankruptcy, in relation to acquisitions. Purpose: The purpose of this study is to discuss the problem of valuation of the intangible assets and to study the extent to which the value is retained in mergers and bankruptcy situations. Method: The authors have used the regulatory framework, relevant literature, and articles in the area where the problem regarding valuation have been discussed. Furthermore, the raw data collected in the form of documents from companies in which the bankruptcy has been completed and interviews with experts in the field to study the practice. The study therefore has a qualitative approach. Conclusion: The intangible asset values are affected different in terms of whether they retain their book value in the event of bankruptcy and acquisitions. In bankruptcy they tend to lose their book value, which is important for the company's stakeholders to know. In particular, those stakeholders with security in the company's assets. At acquisitions the book value is retained and may even increase, that is relevant to the former owner of the company when receiving payment for the company's invisible resources. Keywords: Intangible assets, bankruptcy, valuation, stakeholders

<p>My dissertation, consisting of three related essays, aims to understand the role of macroeconomic risks in the stock and bond markets. In the first chapter, I build a financial intermediary sector with a leverage constraint a la Gertler and Kiyotaki (2010) into an endowment economy with an independently and identically distributed consumption growth process and recursive preferences. I use a global method to solve the model, and show that accounting for occasionally binding constraint is important for quantifying the asset pricing implications. Quantitatively, the model generates a procyclical and persistent variation of price-dividend ratio, and a high and countercyclical equity premium. As a distinct prediction from the model, in the credit crunch, high TED spread, due to a liquidity premium, coincides with low stock price and high stock market volatility, a pattern I confirm in the data.</p><p>In the second chapter, which is coauthored with Hengjie Ai and Mariano Croce, we model investment options as intangible capital in a production economy in which younger vintages of assets in place have lower exposure to aggregate productivity risk. In equilibrium, physical capital requires a substantially higher expected return than intangible capital. Quantitatively, our model rationalizes a significant share of the observed difference in the average return of book-to-market-sorted portfolios (value premium). Our economy also produces (1) a high premium of the aggregate stock market over the risk-free interest rate, (2) a low and smooth risk-free interest rate, and (3) key features of the consumption and investment dynamics in the U.S. data.</p><p>In the third chapter, I study the joint determinants of stock and bond returns in Bansal and Yaron (2004) long-run risks model framework with regime shifts in consumption and inflation dynamics -- in particular, the means, volatilities, and the correlation structure between consumption growth and inflation are regime-dependent. This general equilibrium framework can (1) generate time-varying and switching signs of stock and bond correlations, as well as switching signs of bond risk premium; (2) quantitatively reproduce various other salient empirical features in stock and bond markets, including time-varying equity and bond return premia, regime shifts in real and nominal yield curve, the violation of expectations hypothesis of bond returns. The model shows that term structure of interest rates and stock-bond correlation are intimately related to business cycles, while long-run risks play a more important role to account for high equity premium than business cycle risks.</p> / Dissertation

There are several major research papers on accounting choice that intends to explain and analyze how the intangible assets should be classified. However, there are not many theses or major research papers on football clubs and the accounting choice they make when it comes to the accounting of one of their most important assets, their players. This thesis intends to explain and analyze why Swedish football clubs makes the accounting choice that they make. Furthermore, the intentions are to explain the consequences of these choices and find out if that affects the football clubs vision of true and fair view. The methods that will be used for this study is an examination of the financial documents along with interviews. One of the theories in the study is the institutional theory, which explains that organizations in the same industry tend to become more alike. The study has shown that Swedish football clubs are given a choice, to present the player contracts on the balance sheet or as an expense in the income statement. The majority of the clubs presented the player contracts in the balance sheet. The main reason for that is said to be that the costs can be spread over several years, which means it will be easier to meet the financial requirements from the Swedish Football Association.