There is a gap in the theory of acquisition, little investigation have been made on the acquired firm within the acquisition process and in service industries. Because of the lack of research in this area, this research is focusing on acquisition theory and how it positions to the acquired firm rather than the firm making the acquisition. Therefore a need to investigate the acquisition theory on acquired firms on SME: s in the IT-service industry is interesting. To do so, three case studies have been made on three firms that have been acquired. The empirical results from the case studies have shown how the relationship between the parent company and the subsidiary has differences. The company culture and the relationship to the parent firm differs if the parent firm is foreign or not; and if the acquisition process is mutual between two firms rather than a market extension acquisition. By analyzing the data of this research the study show that the previous theories of acquisition are adaptable to implement on firms that have been acquired on SME:s in the IT-service industry.

The subject of dissertation is the law which establishes civil liability of the parent company against the creditors of subsidiary, also interpretation of this law and its application in practice. This paper discusses liability issues of the parent company against the creditors of subsidiary in German, Swiss, French, English, USA and Lithuanian (highlight) legal systems. The research highlights the liability of parent company as shareholder of the subsidiary, as director of the subsidiary, as well as contractual liability of parent company and liability in the bankruptcy process of the subsidiary. / Disertacijos tyrimo dalykas – civilinę patronuojančios įmonės atsakomybę prieš dukterinės įmonės kreditorius nustatančios teisės normos, jų aiškinimas ir taikymas. Vadovaujantis lyginamuoju metodu ir kitais moksliniais metodais darbe yra ištirti patronuojančios įmonės atsakomybės prieš dukterinės įmonės kreditorius institutai (modeliai) Vokietijos, Šveicarijos, Prancūzijos, Anglijos, JAV ir Lietuvos (akcentas) teisinėse sistemose. Tyrimo metu didžiausias dėmesys yra sutelktas ties patronuojančios įmonės kaip dukterinės įmonės dalyvio bei patronuojančios įmonės kaip dukterinės įmonės vadovo atsakomybės institutais, taip pat patronuojančios įmonės sutartine atsakomybe bei atsakomybe dukterinės įmonės bankroto procese.

<p>Background: In 2001 the European Commission presented legislation to require use of IASB standards named IAS/IFRS for all listed parent companies within the EU no later than 2005, to improve an internal market for financial services within the EU. This harmonisation of the accounting regulations answers to the social development of today with land-frontiers easier to cross, increased demands on an open financial market and the companies searching for risk capital outside the boundaries of the own country. International comparisons within accounting have consequently become more of current interest and necessary. When the requirement to use the IASB standards only is intended for the group accounting the remaining question is according to which regulations the parent companies will set up their annual financial reports. In Statens Offentliga Utredningar 2003:71(Swedish Government Official Reports) the parent companies are suggested to be given an opportunity to apply IAS/IFRS also in the annual financial report. </p><p>Purpose: The purpose of the investigation is to map how the listed parent companies will take advantage of the suggested opportunity to, from the year of 2005, choose set of accounting rules for their annual financial reports. We furthermore intend to explain and understand the attitude towards the current accounting and taxation debate of the parties concerned. </p><p>Delimitations: The investigation is delimited to concern Swedish parent companies listed on the Stockholm stock exchange. The investigation is furthermore excluding financial companies as banks and insurance companies while they are governed by their own law of annual financial report. We consequently have chosen to focus on those companies applying the law of annual financial report of 1995 (1995:1554). </p><p>Realization: The investigation was realized as a cross-section investigation where quantitative as well as qualitative data were collected with the intention of creating an on-the-spot account of the present situation. The quantitative data were obtained through a questionnaire investigation directed towards those in Swedish listed parent companies accountable for accounting and the qualitative data was obtained by interviewing experts. </p><p>Result: The majority of the companies participating in the questionnaire investigation have chosen to apply IAS/IFRS in their annual financial report, even though they have a negative attitude towards the regulations. Homogeneous regulations within the group are considered the most important reason for using IAS/IFRS in the parent company as well. A majority of these companies want to keep the link between accounting and taxation despite some negative fiscal consequences. Only less than one third of the representatives of the companies would choose to render account according to the IAS/IFRS regulations, if they had the possibility to choose by themselves, though. The regulations are furthermore by many representatives of the companies experienced as complex and hard to manage.</p>

<p>The basic principle for limited companies is that the owners are not liable for the debts of the company. To protect the creditors of the company, however, a theory of personal liability for the owners has evolved, the so called piercing the corporate veil theory. For decades there have been disagreements wether or not it would be motivated to legislate the theory of piercing the corporate veil, and what this legislation might look like. The basic problems in my essay are: Is there a need to legislate the theory of piercing the corporate veil in Sweden? What would such a legislation look like in Sweden? To answer these questions I analyzed cases regarding the piercing the corporate veil theory, examined the theory in the USA and Germany and described how authors would like to answer these questions. My results are that there is a need to increase the liability that a parent company has for the debts of its subsidiary companies. This should be done by changing the rule in 15:3 ABL.</p>

The basic principle for limited companies is that the owners are not liable for the debts of the company. To protect the creditors of the company, however, a theory of personal liability for the owners has evolved, the so called piercing the corporate veil theory. For decades there have been disagreements wether or not it would be motivated to legislate the theory of piercing the corporate veil, and what this legislation might look like. The basic problems in my essay are: Is there a need to legislate the theory of piercing the corporate veil in Sweden? What would such a legislation look like in Sweden? To answer these questions I analyzed cases regarding the piercing the corporate veil theory, examined the theory in the USA and Germany and described how authors would like to answer these questions. My results are that there is a need to increase the liability that a parent company has for the debts of its subsidiary companies. This should be done by changing the rule in 15:3 ABL.

Background: In 2001 the European Commission presented legislation to require use of IASB standards named IAS/IFRS for all listed parent companies within the EU no later than 2005, to improve an internal market for financial services within the EU. This harmonisation of the accounting regulations answers to the social development of today with land-frontiers easier to cross, increased demands on an open financial market and the companies searching for risk capital outside the boundaries of the own country. International comparisons within accounting have consequently become more of current interest and necessary. When the requirement to use the IASB standards only is intended for the group accounting the remaining question is according to which regulations the parent companies will set up their annual financial reports. In Statens Offentliga Utredningar 2003:71(Swedish Government Official Reports) the parent companies are suggested to be given an opportunity to apply IAS/IFRS also in the annual financial report. Purpose: The purpose of the investigation is to map how the listed parent companies will take advantage of the suggested opportunity to, from the year of 2005, choose set of accounting rules for their annual financial reports. We furthermore intend to explain and understand the attitude towards the current accounting and taxation debate of the parties concerned. Delimitations: The investigation is delimited to concern Swedish parent companies listed on the Stockholm stock exchange. The investigation is furthermore excluding financial companies as banks and insurance companies while they are governed by their own law of annual financial report. We consequently have chosen to focus on those companies applying the law of annual financial report of 1995 (1995:1554). Realization: The investigation was realized as a cross-section investigation where quantitative as well as qualitative data were collected with the intention of creating an on-the-spot account of the present situation. The quantitative data were obtained through a questionnaire investigation directed towards those in Swedish listed parent companies accountable for accounting and the qualitative data was obtained by interviewing experts. Result: The majority of the companies participating in the questionnaire investigation have chosen to apply IAS/IFRS in their annual financial report, even though they have a negative attitude towards the regulations. Homogeneous regulations within the group are considered the most important reason for using IAS/IFRS in the parent company as well. A majority of these companies want to keep the link between accounting and taxation despite some negative fiscal consequences. Only less than one third of the representatives of the companies would choose to render account according to the IAS/IFRS regulations, if they had the possibility to choose by themselves, though. The regulations are furthermore by many representatives of the companies experienced as complex and hard to manage.

The master's thesis deals with the determination of estimated market value of the pharmaceutical company Novartis Ltd. based on publicly available information for the needs of the owner and management. The estimated value of company refers to December 31, 2011. For this purpose, first, it is necessary to do a development analysis of macroeconomic indicators in the Czech market and analysis of pharmaceutical industry. In addition, the subsidiary company of Swiss group, but necessary also parent company as its the most "business partner" are presented. It is followed by financial analysis of the subsidiary branch Novartis Ltd., prognosis of value drivers, financial plan. In the final part of thesis, on the basic of the financial plan and assumption of company's continued existence, the value of company is determined, using discount methods with free cash flow to the equity.

This master’s thesis deals with the methodology of a consolidated financial statement’s composition, according to Czech and German legislation. The thesis contains particular steps of the consolidation methods’ composition, that were used depending on the changes in the ownership interest of the parent company. The effects of the consolidation according to different consolidation methods are analyzed from the economic, tax and wage standpoints.

<p><strong>Abstract </strong></p><p>The development towards an international accounting standard implies that Swedish groups of companies that are not quoted on the stock exchange can use a parent company perspective or an entity perspective while making their group accounting. The purpose of this study is to describe and explain the motives behind the groups of companies choice of perspective and to show how these motives agrees with the effect it has on the profit and loss account and on the balance sheet.</p><p>The study includes four fictitious groups of companies based on real groups of companies. Every group of companies includes 1-3 subsidiary companies, where at least one is owned by the parent company with 51-70 %. Some assumptions were made before the consolidation.</p><p>Relevant key numbers have been calculated according to both perspectives and then compared. A total of three semi structured interviews have been carried out two with representatives for the real groups of companies and one with a chartered accountant. The purpose was to clarify the motives that are behind the choice of perspective.</p><p>The conclusion is that the choice of perspective is not an active choice for the group of companies in the study, there are therefore no active motives. The entity perspective provides better results on two out of the three examined key numbers, but the difference is only marginal. The change of perspective is a problem in theory but not in reality.</p><p><em>Keywords: parent company perspective, entity perspective, key numbers, group accounting, group of companies </em></p>

Abstract The development towards an international accounting standard implies that Swedish groups of companies that are not quoted on the stock exchange can use a parent company perspective or an entity perspective while making their group accounting. The purpose of this study is to describe and explain the motives behind the groups of companies choice of perspective and to show how these motives agrees with the effect it has on the profit and loss account and on the balance sheet. The study includes four fictitious groups of companies based on real groups of companies. Every group of companies includes 1-3 subsidiary companies, where at least one is owned by the parent company with 51-70 %. Some assumptions were made before the consolidation. Relevant key numbers have been calculated according to both perspectives and then compared. A total of three semi structured interviews have been carried out two with representatives for the real groups of companies and one with a chartered accountant. The purpose was to clarify the motives that are behind the choice of perspective. The conclusion is that the choice of perspective is not an active choice for the group of companies in the study, there are therefore no active motives. The entity perspective provides better results on two out of the three examined key numbers, but the difference is only marginal. The change of perspective is a problem in theory but not in reality. Keywords: parent company perspective, entity perspective, key numbers, group accounting, group of companies