Thesis (doctoral)--Universität, St. Gallen, 2006. / Includes bibliographical references (p. [155]-170).

The objectives of this study are to determine the effect on certain financial statement relationships of using the equity method to account for subsidiaries in lieu of consolidation and to gather evidence to suggest whether or not bond rating agencies take into consideration these effects in rating corporate bonds. Sixty manufacturing companies listed in COMPUSTAT as having a subsidiary accounted for by the equity method compose the experimental group. The remaining manufacturing companies in COMPUSTAT compose the control group. Computation of eight variables from COMPUSTAT provided data from the companies' original financial statements. Consolidating the subsidiaries of the experimental companies using annual 10-K data made it possible to recompute the same eight variables with these subsidiaries consolidated into the parents' statements. Comparison of the variables for the companies before and after consolidation revealed that five of the eight variables were substantially different and that the differences were statistically significant. Horrigan's multiple regression bond rating model provided indirect evidence to examine which method (equity or consolidation) bond raters use in their rating process. The model is a surrogate for the rating process. Use of the model necessitated calculation of two sets of regression coefficients—one using data in which subsidiaries were accounted for by the equity method and a second when the subsidiaries are consolidated. A derivation sample drawn randomly from both the experimental and control groups provided the data for computation of the coefficients. Comparison of predictions using the two sets of coefficients and validation sample company data revealed that the consolidated method data generated predictions in greater agreement with Moody's bond ratings than did the equity method data. The N-probit technique indicated that the predictions of Horrigan's model are not biased. The research suggests that bond raters find data based on consolidation of subsidiaries more important in their analyses than data based on the equity method. This suggests that the FASB should modify generally accepted accounting principles with regard to the equity method of accounting for unconsolidated, majority-owned subsidiaries.

The aim of this master thesis is to evaluate equity of the company Mlýny J.Voženílek, spol.s.r.o. based on the data from public sources. The evaluation is conducted as at January 1. 2016. Aim of this evaluation is to set market value. The methods used for this evaluation are DCF equity method, industry multiples method and my own method. The thesis is divided into 8 parts. Among those parts are introduction of the company, strategic analysis, financial analysis, prognosis of value drivers, compilation of financial plan and the evaluation itself.

Made available in DSpace on 2015-03-05T19:13:45Z (GMT). No. of bitstreams: 0 Previous issue date: 30 / Nenhuma / Este estudo tem como objetivo descrever as semelhanças e diferenças observadas no processo de mensuração e tratamento contábil dos investimentos avaliados pelo método da equivalência patrimonial, mediante a aplicação das normas brasileiras (Lei S/A’s e CVM), internacionais (IASB) e norte-americanas (FASB). Para tanto, desenvolveu-se um referencial teórico compreendendo o exame de: a) informação contábil; b) governança corporativa; c) órgãos emissores de normas; d) harmonização contábil; e, e) critérios de avaliação de investimentos, este último incluindo o detalhamento do método da equivalência patrimonial. A pesquisa desenvolvida é de natureza aplicada, classificada quanto aos objetivos como descritiva e, quanto aos procedimentos técnicos, fez-se uso do método comparativo. Os principais resultados encontrados a partir da análise dos dados (situações hipotéticas) revelam que: dos oito tópicos analisados três possuem tratamento idêntico nas três normas; três divergem na forma de avaliar ou registrar; e dois / This study aims at describing the similarities and the differences observed in the measuring and accounting treatment process of the investments valued by the equity method, through the application of the Brazilian rules (CVM), international rules (IASB) and north-American rules (FASB). For this purpose, a theoretical referential was developed, examining the following: a) accounting information; b) corporative governance; c) rule creators; d) accounting harmonization; e) criteria for evaluating investments, this one includes details of the equity method. The research developed is applied; classified according to the objectives as descriptive, and for the technical procedures the comparative method was used. The main results from the analysis of the data (fictitious situations) showed that: from the eight topics analyzed, three have the same treatment in the three different standards; three have differences when evaluating or registering; and two topics differ in part, however they have similarities.

The aim of this thesis is to determine the market value of the company SAPELI a.s. to 30.6.2010. The thesis is divided into this parts - strategic analysis, financial analysis, the generators of value , valuation. The valuation is made by DCF Equity method, as an alternative method is chosen method of market comparison.

The aim of the master thesis is to assess market value of equity of SAZKA a.s. company as at January 1, 2015. There are used three various methods for the valuation because each of them stresses different aspects of valuation theory. There is used DCF equity method, comparable company analysis and liquidation value method. The thesis is divided into six parts. The first two parts summarize general information about valuation concept and company SAZKA a.s. Then follows a strategic analysis, a financial analysis, a prognosis of main economic measures and a financial plan. In the last chapter is carried out the valuation of equity of SAZKA a.s. company.

This diploma thesis deals with the preparation of consolidated financial statements in accordance with the US GAAP. It briefly describes the development of the US GAAP and organizations working with the FASB. Afterward, it mentions the US GAAP and the IFRS key standards concerned with the consolidated financial statements. For appropriate recognition of the investment, it is necessary to determine conditions under which the entity controls another entity. This thesis focuses on full consolidation method and equity method. For better understanding of the area, practical examples are included. This thesis aims to define the general principles and rules applicable to the preparation of consolidated financial statements in accordance with the US GAAP and also to compare specific areas to the IFRS.

This diploma thesis deals with the preparation of consolidated financial statements in accordance with UK GAAP rules after the reform, with effect from 1 January 2015. The subject of investigation is primarily a process of preparation of consolidated financial statements in the UK, especially the full consolidation method and the equity method. The fundamental standard upon which this work is based is FRS 102. The work should also, on the practical examples, compare the process of preparation of consolidated financial statements in accordance with UK GAAP and IFRS, since one of the main objectives of the reform of 2015 ws the progress in the implementation process to IFRS. To assess whether this objective is successfully implemented, the work also includes comparisons with previous UK GAAP standards, particularly FRS 2 and FRS 6. The results show that although the reform of the UK Accounting standards should be based ont he principles of IFRS, final form does not correspond to this aim. In the process of preparation of consolidated financial statements, there had been almost no progress and there are still many different approaches.

The aim of this thesis is to estimate market value of the company METROPROJEKT Praha a.s. as of December 31, 2010. To determine the value I used the DCF Equity method and the market comparison. These parts were preceded by a basic company introduction. The rest of the thesis contains the following parts - strategic analysis, financial analysis, generators of value and financial plan.

The aim of the thesis is to estimate the market value of Mlékárna Hlinsko, s.r.o. as of 1. 1. 2009. At first, a strategic analysis of the company was performed resulting in the sales forecast, and a financial analysis assessing the financial condition of the company. Based on the results of strategic and financial analyses going-concern assumption was assumed to be justified. Then, an analysis and projection of value generators was carried out and a financial plan was created. Valuation itself was performed using the DCF Equity method and a market comparison approach, in particular the Guideline Public Company method.