Diskontering och nuvärdesberäkning som värderingsmetod har ökat i användning. Acceptansen för värdering till verkliga värden har också ökat och IFRS tillåter i flertalet standarder användning av denna värderingsmetod som, beroende på användning är förknippad med subjektiva inslag. Tidigare forskning uppmärksammar problematiken med diskontering i de avseende att det öppnar upp för subjektivitet och möjligheter för företagsledningen att manipulera resultat och balansräkning. Även om det råder konsensus kring risker med värderingstekniker som innefattar nuvärdesberäkning saknas det, oss veterligen, studier som kartlägger omfattningen av denna värderingsteknik.Mot bakgrund av teorin om informationsasymmetri, earnings management, agentteorin samt de kvalitativa egenskaperna jämförbarhet och tillförlitlighet är studiens syfte att kartlägga användningen av diskontering hos bolag registrerade på NASDAQ Stockholm. Genom att undersöka 268 av 299 företag upptagna på börsen kan vi visa på användningen och utmärkande skillnader mellan företag tillhörande olika storlek och sektorer. Resultatet är att betraktas som vägledande för framtida studier.Slutsatsen är att diskontering förekommer hos merparten av bolagen på NASDAQ Stockholm. Ytterligare slutsats utifrån studien är att företagen avsätter olika stor yta till information om diskontering och nuvärdesberäkning. Konsekvent genom analysen förs resonemanget att om företagen avsätter en liten yta i relation till andra företag kan detta ha en negativ inverkan på den finansiella rapportens kvalité utifrån resonemang om agentteorin, informationsasymmetrin och earnings management, samt den kvalitativa egenskapen tillförlitlighet. I resonemanget kring den kvalitativa egenskapen, jämförbarhet, är det istället en nackdel att företagen avsätter olika stor yta. / Discounting and present value calculation as a valuation method has increased in use. Acceptance for fair value valuation has also increased and IFRS allows in most standards the use of this valuation method which, depending on use, is associated with subjective elements. Previous researches draws attention to the problem of discounting and present value calculations in terms of opening up for subjectivity and opportunities for management to manipulate earnings and balance sheets. Although there is a consensus about risks with valuation techniques that include discounting and present value calculations, we find that there is lacking studies that map the scope of this valuation technique.In view of Information Asymmetry, Earnings management, Agent Theory and the qualitative characteristics of comparability and reliability the purpose of the study is to map the use of discounting and present value calculation by companies listed on NASDAQ Stockholm. By examining 268 of 299 companies listed on the Stockholm stock exchange, we can demonstrate the use and distinctive differences between companies of different sizes and sectors. The result is to be considered as guidance for future studies.The conclusion is that discounting occurs at most of the companies on NASDAQ Stockholm. A further conclusion from the study is that companies allocate different amount of areas to information about discounting and present value calculation. Consistently through the analysis, the reasoning is that, if the companies allocate a small area of information in relation to other companies, this may have a negative impact on the quality of the financial report. This is based on the reasoning of the agency theory, information asymmetry and earnings management, as well as the qualitative characteristics faithful representation. In the reasoning about the qualitative characteristics, comparability, it is rather a disadvantage that companies allocate different large areas.(This thesis is written in Swedish)

Since the beginning of the 21st century, the fundamental concepts of group reporting have been revised substantially by the International Accounting Standards Board. Until now, International Financial Reporting Standards (IFRS) which were introduced with the aim to increase the transparency and comparability of consolidated financial statements have been applied mandatorily for about ten years in the European Union. These important developments frame the research context of this dissertation. Based on a comprehensive introduction into the conceptual fundamentals of group reporting under IFRS, the first part of the dissertation deals with the standards IFRS 10, IFRS 11 and, in particular, IAS 28 (revised 2011) which have recently been issued. Besides, the first part contributes to the ongoing debate on the subsequent accounting for goodwill acquired in a business combination. The second part of the dissertation examines issues related to the comparability and transparency of financial reporting under IFRS. In particular, comparability is assessed by analyzing classification choices in the statement of cash flows. Finally, the effects of the IFRS adoption on two dimensions of financial reporting transparency, earnings management and disclosure quality, are examined. In summary, the dissertation aims to further our understanding regarding recent conceptual developments as well as the achievement of comparability and transparency of group reporting under IFRS.:I. Current Conceptual and Empirical Issues in Group Reporting under IFRS – Overview of the Dissertation 1 Introduction to the Research Context 2 Overview and Findings of the Manuscripts II. The Success Story of International Additives Producer AG – A Case Study on Categorization of Investments under IFRS 1 Manuscript – The Case 2 Case Teaching Notes 3 Suggested Case Solutions III. Die Bilanzierung von Beteiligungen an assoziierten Unternehmen sowie Gemeinschaftsunternehmen auf der Basis des überarbeiteten IAS 28 – Implikationen der Neuerungen für die Bilanzierungspraxis 1 Einleitung und Überblick 2 Ausgewählte Regelungen in IAS 28 (rev. 2011) vor dem Hintergrund ihrer materiellen Bedeutung 3 Ausblick auf künftige Neuerungen bzw. aktuelle Standardentwürfe 4 Zusammenfassung und kritische Würdigung IV. 10 Years Impairment-only Approach – Stakeholder Perceptions and Research Findings 1 Introduction 2 Institutional Background 3 Stakeholder Perceptions of the Impairment-only Approach 4 Research Findings regarding the Impairment-only Approach 5 Main Findings, Discussion and Implications for Standard Setting 6 Conclusion V. Comparability of reported cash flows under IFRS – Evidence from Germany ..... 243 1 Introduction 2 Conceptual background and related research 3 Determinants of classification choices: hypotheses and research design 4 Data and results 5 Conclusion VI. Short-term and long-term effects of IFRS adoption on disclosure quality and earnings management 1 Introduction 2 Institutional Background: Development of the German Accounting Environment 3 Prior Research and Hypotheses 4 Research Design 5 Results 6 Conclusion

Denna studie behandlar jämförbarhet inom hållbarhetsrapportering inom fordonsindustrin i Sverige. Tidigare forskning har visat att det finns brister i jämförbarhet gällande hållbarhetsredovisningar. Denna studie undersöker om detta fortfarande föreligger, och i så fall på vilket sätt och varför, med hjälp av en nulägesanalys. Studien undersöker även vilka förbättringsmöjligheter som finns bland identifierade brister. Studien är en kvalitativ studie med data i form av hållbarhetsrapporter. Resultatet från forskningen visade att jämförbarhet i fordonsindustrin i Sverige fortfarande brister. Intressenternas krav identifieras som främsta anledningen för brister i jämförbarhet, då det är per deras efterfrågan bolagen redovisar. Studien kom också fram till att skillnader i typ av kärnverksamhet hos företagen också är en determinant för detta. Förslag till förbättringar ges genom bättre integration av hela värdekedjan i hållbarhetsrapporteringen, samt ökad harmonisering av processer genom samarbete med branschorganisationer. Vidare ges förslag på skärpta och mer lämpliga formkrav av lagstiftning och bättre samarbete med lagstiftare och branschorganisationer för att uppnå detta. Författarna ger förslag för vidare forskning att undersöka de identifierade, såväl oidentifierade orsaker till brister i jämförbarhet och i vilken mån de är ansvariga för detta fenomen. / This study concerns comparability in sustainability reporting within the automotive sector in Sweden. Existing research has shown deficiencies in comparability of sustainability reports. The aim of the study is to examine, through an analysis of the current state of sustainability reporting, whether these shortcomings still exist and if so, how and why they present themselves. The study also aims to provide possible solutions for any identified deficiencies. The study is a qualitative study using empirical data in the form of sustainability reports. The results of the study show that sustainability reports in the automotive sector in Sweden still exhibit deficiencies in comparability. Stakeholder demands are identified as the primary reason for differences in reporting practices, as it’s per their demand that corporations report sustainability information. The study also identifies differences in the companies’ core activity as a determinant for this. Possible solutions are suggested as increased integration of the sustainability reporting of the value chain as a whole, as well as harmonisation of processes through cooperation with industry associations. Furthermore, increased quality control through legislation is suggested as well as increased cooperation between legislators and industry associations in order to achieve this. The authors suggest that further research can be aimed at identifying the respective importance of these different causes for shortcomings in comparability, as well as possible unidentified factors. The study was conducted and is presented in Swedish.

Challenges on how to approach global sustainability issues are increasing along with the growing global warming. This entails an increasing pressure on firms to manage sustainability- related issues, both deriving from governance regulations as well as a from a growing consciousness from public institutions. Sustainability reporting is further both required within EU legislation and also expected from current societal values. However, sustainability reporting has been criticised for lacking comparability, reliability and thus legitimacy. Legitimation is a necessity for organisations to gain social acceptance. The field of sustainability reporting is rapidly developing which highlights the importance for organisations to stay updated on coming regulations and trends. The overarching aim of this thesis is to explore, advance and compile the understanding of challenges with current sustainability reporting methods. A further aim is to conduct a qualitative forecast analysis of what sustainability reporting will require in the future to gain legitimacy and identify potential upcoming challenges connected to this forecast. Literature within the sustainability reporting and accounting field have been reviewed as well as legitimacy and institutional theory. Interviews with experts within the studied field have been conducted, along with participant observations through a case company study. The study has concluded several challenges with sustainability reporting methods, among others that voluntary disclosure requirements contribute to the lack of standardisation, comparability, and reliability, and therefore also a lack of legitimacy. For the future, the new CSR directive is expected as new legislation for sustainability reporting within a few years and is expected to entail more extensive regulations and requirements on external auditing. The most commonly used reporting standard currently, the GRI, will not completely cover the future requirements and more focus of the entire supply chain can be expected. This study has contributed to the existing research field of sustainability reporting and accounting by compiling, exploring and analysing challenges from the papers´ perspective, which lead to a lack of legitimacy in sustainability reports. The study has, besides this, contributed to knowledge on the potential future of sustainability reporting based on statements and opinions from insightful interviewees together with the identified current challenges. / Utmaningarna kring hur man ska förhålla sig till globala hållbarhetsfrågor ökar i takt med den växande globala uppvärmningen. Detta innebär ett ökande tryck på företag att hantera hållbarhetsrelaterade frågor, som inte bara härrör från lagstiftning utan också har fått ett växande intresse från offentliga institutioner. Hållbarhetsrapportering krävs både inom EU lagstiftning, men är även förväntat utifrån nuvarande samhällsvärderingar. Hållbarhetsredovisningen har dock kritiserats för att sakna jämförbarhet, tillförlitlighet och därmed legitimitet. Legitimitet är en nödvändighet för organisationer för att hålla sig konkurrenskraftiga och även för att få acceptans från samhället. Hållbarhetsrapportering området utvecklas snabbt, vilket understryker vikten av att organisationer håller sig uppdaterade kring kommande regelverk och trender. Det övergripande syftet med denna studie är att utforska, utveckla och sammanställa förståelsen kring utmaningar med nuvarande hållbarhetsredovisningsmetoder. Ett vidare syfte är att göra en kvalitativ framtidsprognos av vad hållbarhetsredovisning kommer att kräva i framtiden för att uppnå legitimitet och identifiera potentiella kommande utmaningar kopplade till denna prognos. Litteratur inom hållbarhetsrapportering och redovisning har granskats, samt legitimitet och institutionell teori. Intervjuer med experter inom det studerade området har genomförts, även "Participant Observations" har gjorts genom en fallstudie på ett företag. Den här studien har sammanställt flera utmaningar med hållbarhetsrapporteringsmetoder, bland annat att frivilliga innehållskrav bidrar till bristen på standardisering, jämförbarhet och tillförlitlighet och därför också bristande legitimitet. För framtiden väntas det nya CSR-direktivetsom ny lagstiftning för hållbarhetsredovisning inom några år och förväntas innebära mer omfattande regelverk och krav på extern revision. Den vanligaste rapporteringsstandarden för närvarande, GRI, kommer inte helt att täcka de framtida kraven och mer fokus på hela leveranskedjan kan förväntas. Denna studie har bidragit till det befintliga forskningsfältet för hållbarhetsrapportering och redovisning genom att sammanställa, utforska och analysera utmaningar från utförarnas perspektiv, vilket leder till bristande legitimitet i hållbarhetsrapporter. Studien har utöver detta bidragit till kunskap om hållbarhetsredovisningens potentiella framtid baserat på uttalanden och åsikter från insiktsfulla intervjupersoner tillsammans med de identifierade aktuella utmaningarna.

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Dans un contexte d’harmonisation comptable internationale visant à améliorer la qualité de l’information financière publiée par les groupes internationaux afin d’en assurer l’utilité, notre recherche doctorale a pour objet d’apporter une contribution à l’évaluation de l’utilité et de la comparabilité de l’information sectorielle. Cette recherche adopte une approche qualitative mono-sectorielle à travers l’étude du contenu des rapports de recommandation des analystes et des rapports annuels des grands groupes hôteliers internationaux, et une approche internationale à travers la comparaison des référentiels IAS/IFRS et US GAAP. Nous proposons en premier lieu d’étudier l’utilité de l’information sectorielle pour les analystes financiers à travers l’utilisation qu’ils en font dans leurs rapports et le lien de cette utilisation avec l’exactitude des prévisions qu’ils réalisent. Nous analysons ensuite l’évolution de la comparabilité de l’information sectorielle « normée » publiée par les groupes et la comparabilité de leurs pratiques de publication hors annexe. En raison de la diversité des pratiques de publication des firmes, l’utilité et la comparabilité de l’information sectorielle publiée par les groupes hôteliers internationaux demeurent perfectibles. / International accounting harmonization aims to improve financial reporting quality in order to enhance its usefulness. In this context, we study the usefulness and the comparability of segment information. Our research is mainly qualitative – analysis of annual reports and analysts’ reports contents - , hotel industry based and IAS/IFRS versus US GAAP focused. First, we address whether segment information is useful for financial analysts assessing usefulness through its use and its link with forecasts’ precision. Second, the research deals with the evolution of normalized segment information comparability and with the comparability of segment voluntary disclosures reported by international hotel groups. We find that, mainly because of the heterogeneity of disclosure practices, both usefulness and comparability of segment information remains incomplete and perfectible in the international hotel industry.

Diese Arbeit leistet Beiträge im Bereich der deskriptiven Komplexitätstheorie. Zunächst beschäftigen wir uns mit der ungelösten Frage, ob es eine Logik gibt, welche die Klasse der Polynomialzeit-Eigenschaften (PTIME) charakterisiert. Wir betrachten Graphklassen, die unter induzierten Teilgraphen abgeschlossen sind. Auf solchen Graphklassen lässt sich die 1976 von Gallai eingeführte modulare Zerlegung anwenden. Graphen, die durch modulare Zerlegung nicht zerlegbar sind, heißen prim. Wir stellen ein neues Werkzeug vor: das Modulare Zerlegungstheorem. Es reduziert (definierbare) Kanonisierung einer Graphklasse C auf (definierbare) Kanonisierung der Klasse aller primen Graphen aus C, die mit binären Relationen auf einer linear geordneten Menge gefärbt sind. Mit Hilfe des Modularen Zerlegungstheorems zeigen wir, dass Fixpunktlogik mit Zählen (FP+C) PTIME auf der Klasse aller Permutationsgraphen und auf der Klasse aller chordalen Komparabilitätsgraphen charakterisiert. Wir beweisen zudem, dass modulare Zerlegungsbäume in Symmetrisch-Transitive-Hüllen-Logik mit Zählen (STC+C) definierbar und damit in logarithmischem Platz berechenbar sind. Weiterhin definieren wir eine neue Logik für die Komplexitätsklasse Logarithmischer Platz (LOGSPACE). Wir erweitern die Logik erster Stufe mit Zählen um einen Operator, der eine in logarithmischem Platz berechenbare Form der Rekursion erlaubt. Die resultierende Logik LREC ist ausdrucksstärker als die Deterministisch-Transitive-Hüllen-Logik mit Zählen (DTC+C) und echt in FP+C enthalten. Wir zeigen, dass LREC LOGSPACE auf gerichteten Bäumen charakterisiert. Zudem betrachten wir eine Erweiterung LREC= von LREC, die sich gegenüber LREC durch bessere Abschlusseigenschaften auszeichnet und im Gegensatz zu LREC ausdrucksstärker als die Symmetrisch-Transitive-Hüllen-Logik (STC) ist. Wir beweisen, dass LREC= LOGSPACE sowohl auf der Klasse der Intervallgraphen als auch auf der Klasse der chordalen klauenfreien Graphen charakterisiert. / This theses is making contributions to the field of descriptive complexity theory. First, we look at the main open problem in this area: the question of whether there exists a logic that captures polynomial time (PTIME). We consider classes of graphs that are closed under taking induced subgraphs. For such graph classes, an effective graph decomposition, called modular decomposition, was introduced by Gallai in 1976. The graphs that are non-decomposable with respect to modular decomposition are called prime. We present a tool, the Modular Decomposition Theorem, that reduces (definable) canonization of a graph class C to (definable) canonization of the class of prime graphs of C that are colored with binary relations on a linearly ordered set. By an application of the Modular Decomposition Theorem, we show that fixed-point logic with counting (FP+C) captures PTIME on the class of permutation graphs and the class of chordal comparability graphs. We also prove that the modular decomposition tree is definable in symmetric transitive closure logic with counting (STC+C), and therefore, computable in logarithmic space. Further, we introduce a new logic for the complexity class logarithmic space (LOGSPACE). We extend first-order logic with counting by a new operator that allows it to formalize a limited form of recursion which can be evaluated in logarithmic space. We prove that the resulting logic LREC is strictly more expressive than deterministic transitive closure logic with counting (DTC+C) and that it is strictly contained in FP+C. We show that LREC captures LOGSPACE on the class of directed trees. We also study an extension LREC= of LREC that has nicer closure properties and that, unlike LREC, is more expressive than symmetric transitive closure logic (STC). We prove that LREC= captures LOGSPACE on the class of interval graphs and on the class of chordal claw-free graphs.

近年來常常聽到有所謂的電子新貴或是網路新貴族，年紀輕輕工作個3∼5年就擁有千萬甚至億元身價，羡煞了工作十幾二十年卻還在與房子貸款奮鬥的勞工朋友，或許他們也有出來創業的念頭，但卻往往承受不了這麼大的風險而作罷，也可能想要跳槽卻提不起勇氣，怕自己的專業已不符時代潮流甚至會淹沒在電子浪潮下，因此常常聽到父執輩朋友談起工作上的不順遂及提不起勁，工作了一輩子皆是為別人賺錢的怨言。因此如何平衡傳統產業及高科技產業之間員工不滿及差距，並能持續維持公司創新及開發的動力，如何設計一套能提高員工向心力、員工工作參與感並增加工作效率的機制就顯得相當重要。 但在討論激勵制度的時候並不能將所有重點皆著墨於股票的發放上，因為台灣分紅制度的實施雖然使得台灣科技快速成長，但也造成股本快速膨脹，如果公司不屬於高成長性的產業，如傳統產業，則分紅制度可能反使公司因盈餘未能趕上股本膨脹的速度而導致產業衰退，國內大部份傳統產業的股票並不能如高科技產業一樣維持在高價位上，且觀察國內傳統產業近幾年來股價的表現中亦發現股價大多數呈現下降的走勢，因此以股票來獎勵員工並不能有效的達到吸引員工及留住公司優秀人才的目的，所以台灣一般傳統產業並不適合以股票為基礎的激勵措施，所以除了以股票做為吸引員工之外，亦可以考慮以現金做為員工的激勵措施。 另外由於國內企業基於全球發展策略的需要，常需於海外設立分據點，所以我們必須了解外國實施已久的股票選擇權制度優劣及執行的機制，才能有效達到激勵員工及創造公司價值，達成公司及員工兩造之間雙贏的局面。由於國內目前並無股票選擇權制度，而股票選擇權制度的優點又能適時彌補現行國內分紅入股制度所產生的缺朱，並能配合國內未來全球發展策略，因此值得我們詳細深入探討分析。 首先本論文藉由瞭解國內相關高科技的激勵制度，對其做深入的探討並分析可能產生的問題，進而引進外國相關的激勵制度，包括利潤分享計畫(profit shaing)及股票選擇權制度(stock option)，其中利潤分享計畫是以現金發放為主，而股票選擇權則是以股票發放為主。本篇論文主要探討各激勵制度使用上的優缺點並於一章節中做模擬試算，文中整理利潤分享計畫共包括六項，如現金利潤分享計畫(cash profit shaing plan)、簡單計畫(Simple plan)、簡化員工退休計畫(Simplifed employee pension plan,SEP)、遞延利潤分享計畫(deferred profit shaing plan)、現金購買計畫(Money-purchaseplan)及40lk，而股票選擇擇權則是以廣泛基礎的股票選擇權為主，另外還介紹以股票為主的員工持股信託(ESOP)、目標利潤計畫(target-benefit plan)及股票紅利計畫(Stock-bonus plan)。 而在可預期的未來國內將會實施股票選擇權制度，因此本論文另以一章節探討股票選擇權並對股票選擇權所產生的問題做分析，例如當員工執行股票選擇權時所產生盈餘及投票權稀釋的問題，公司應如何有效解決；當公司發生合併時股票選擇權應如何調整；當股市下跌股票選擇權發生價外時公司應如何解決。本論文對上述問題提出有效的解決替代方案，並對各問題做一詳細的探討分析，並於最後附錄的部份納入公司執行激勵制度時所應考量的事項。最後希望未來相關激勵制度推行時，本論文能提供相關資訊使得員工及公司能有所助益。

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Reporting in terms of the principles of IAS 41, or equivalent, did not result in comparable financial results in the industry. This is mainly due to valuation challenges experienced and the significant costs of these valuations, contributing to the theoretical gap addressed in this study, where the cognitive theory was applied to determine how to improve the consistency, validity and reliability of the fair valuing of biological assets. The knowledge gap is a result of the inconsistent application of the requirements of IAS 41 which results in incomparable financial results which impairs the decision-making of the users of such information. The results of the study were analysed and contextualised to develop an application guideline to assist the financial statement compilers to present results to users that will enhance their decision-making. This guideline is the result of an investigation on the industry trend and standards on how to value, disclose and report on biological assets in the annual reports; an assessment of the valuation challenges experienced, the valuation factors considered and the frequency thereof; an analysis of the valuation inputs applied and a contextualisation of the various users’ expectations when these financial results are assessed. Such assessment included an inductive content analysis, further grounded theory contextualisation and grouping of the results into a guideline that was tested on various users to ensure the usefulness and validity thereof. The purpose of the study and the developed guideline is to determine how to improve the consistency, the validity and the reliability of the fair valuing of biological assets to derive at informing, comparable, decision-enhancing balances in a cost efficient manner when detailed information is presented. / Centre for Accounting Studies / D. Phil. (Accounting Sciences)