Im Jahr 2005 wurde als Reaktion auf die Unterzeichnung des Kyoto-Protokolls und der damit verbundenen Verpflichtung zur Reduktion von Treibhausgasemissionen der europäische Emissionshandel eingeführt. Versuche der Standardsetter für IFRS und US GAAP zu einer einheitlichen Bilanzierungsregel für Emissionsrechte scheiterten. Seitdem stehen den beteiligten Unternehmen speziell bei Ansatz und Bewertung von Emissionsrechten sowie der Verbindlichkeit für verursachte Emissionen Wahlrechte zur Verfügung. Da unterschiedliche Bilanzierungsansätze zu verschiedenen Resultaten beispielsweise in der Gewinn- und Verlustrechnung führen können, schränkt die Regelungslücke die Vergleichbarkeit zwischen Unternehmen mit unterschiedlichen Bilanzierungsansätzen ein. Dabei wird zudem deutlich, wie wichtig die Offenlegung des gewählten Bilanzierungsansatzes ist. Diese Arbeit beschreibt mit Hilfe einer ausführlichen Literaturrecherche den Diskurs in der Forschung und fasst die theoretisch möglichen Ansätze zusammen. Dem schließt sich eine Analyse aller im STOXX Europe 600 gelisteten Unternehmen an. Untersucht wird, inwieweit die Unternehmen am Emissionshandel beteiligt sind, welchen Ansatz zur Bilanzierung von Emissionsrechten sie wählen und in welcher Vollständigkeit sie den gewählten Ansatz im Geschäftsbericht offenlegen. Insgesamt 70 Unternehmen im STOXX Europe 600 geben eine Beteiligung am europäischen Emissionshandel an, 68 davon erhalten Emissionsrechte kostenfrei von einer staatlichen Stelle zugeteilt. Davon wiederum können 31 Unternehmen sicher einem Bilanzierungsansatz zugeordnet werden; bei den übrigen Unternehmen werden nicht alle relevanten Bilanzierungsentscheidungen offengelegt. Die große Mehrheit dieser 31 Unternehmen wendet den Netto-Ansatz an, bei welchem die zugeteilten Emissionsrechte zu Anschaffungskosten (üblicherweise Null) angesetzt werden. Nur zwei Unternehmen bilanzieren Emissionsrechte nach der 2005 zurückgenommenen, aber weiterhin gültigen Interpretation IFRIC 3. Insgesamt gibt es bezüglich der Bilanzierung von Emissionsrechten in europäischen Unternehmen in Theorie und Praxis Unterschiede, welche die Vergleichbarkeit einschränken. Dies wird durch die häufig unvollständige Offenlegung der Bilanzierungsentscheidung verstärkt. Diese Kritikpunkte sollten aus Sicht der Standardsetter IASB und FASB ausreichend Anlass geben, eine einheitliche Regelung zur Bilanzierung von Emissionsrechten zu entwickeln.

<p>We investigate some simulation-based approaches for the valuing of the employee stock options. The mathematical models that deal with valuation of such options include the work of Jennergren and Naeslund [L.P Jennergren and B. Naeslund, A comment on valuation of executive stock options and the FASB proposal, Accounting Review 68 (1993) 179-183]. They used the Black and Scholes [F. Black and M. Scholes, The pricing of options and corporate liabilities, Journal of Political Economy 81(1973) 637-659] and extended partial differential equation for an option that includes the early exercise. Some other major relevant works to this mini thesis are Hemmer et al. [T Hemmer, S. Matsunaga and T Shevlin, The influence of risk diversification on the early exercise of employee stock options by executive officers, Journal of Accounting and Economics 21(1) (1996) 45-68] and Baril et al. [C. Baril, L. Betancourt, J. Briggs, Valuing employee stock options under SFAS 123 R using the Black-Scholes-Merton and lattice model approaches, Journal of Accounting Education 25 (1-2) (2007) 88-101]. The underlying assets are studied under the GARCH (generalized autoregressive conditional heteroskedasticity) effects. Particular emphasis is made on the American style employee stock options.</p>

<p>We investigate some simulation-based approaches for the valuing of the employee stock options. The mathematical models that deal with valuation of such options include the work of Jennergren and Naeslund [L.P Jennergren and B. Naeslund, A comment on valuation of executive stock options and the FASB proposal, Accounting Review 68 (1993) 179-183]. They used the Black and Scholes [F. Black and M. Scholes, The pricing of options and corporate liabilities, Journal of Political Economy 81(1973) 637-659] and extended partial differential equation for an option that includes the early exercise. Some other major relevant works to this mini thesis are Hemmer et al. [T Hemmer, S. Matsunaga and T Shevlin, The influence of risk diversification on the early exercise of employee stock options by executive officers, Journal of Accounting and Economics 21(1) (1996) 45-68] and Baril et al. [C. Baril, L. Betancourt, J. Briggs, Valuing employee stock options under SFAS 123 R using the Black-Scholes-Merton and lattice model approaches, Journal of Accounting Education 25 (1-2) (2007) 88-101]. The underlying assets are studied under the GARCH (generalized autoregressive conditional heteroskedasticity) effects. Particular emphasis is made on the American style employee stock options.</p>

Made available in DSpace on 2015-12-03T18:35:21Z (GMT). No. of bitstreams: 1 Tiago_Morais_de_Castro.pdf: 1342136 bytes, checksum: bf015b66106a0b404f6f9a7b695bbf36 (MD5) Previous issue date: 2012-04-20 / The study of the relevance of accounting information has come to prominence with the development of capital markets and the pursuit of timely information, quality and which are able to influence its users. As relevant accounting information, this essay adopts the concept of quality that the information owns to influence prices in the capital markets. Taking advantage of the timely convergence of brazilian accounting standards to IFRS (International Financial Reports Standards), this study aimed to determine whether the adoption of international accounting standards (IFRS) affected the relevance of accounting information of non-financial companies listed in Brazil and whether there are differences in the relevance of accounting information among the published statement sunder IFRS on a voluntary and compulsory way. The first objective examined whether there were differences in the relevance of the information through an analysis of ordinary least squares (OLS) of the financial statements of 2009 prepared in BR GAAP and IFRS, and through the analysis of panel data from the annual financial statements period 2005 to 2010. The second objective of the analysis used panel data from annual financial statements for the period 2005 to 2010, and considered as those published in voluntary IFRS for prior periods to fiscal the year of 2010. All analyzes used models of Ohlson (1995) and Barth, Cram and Nelson (2001). The models were used as dependent variables price (P) and stock returns (RET), however the results were suitable only to the dependent variable (P). The analysis indicated that there are differences in the relevance of the information of non-financial companies listed in Brazil, on its financial statements prepared in BR GAAP and IFRS. The analysis of the model of Ohlson (1995) in OLS and panel data confirmed this difference and pointed to the financial statements prepared under IFRS as the major importance. The model of Barth, Cram and Nelson (2001) in OLS also revealed differences in the relevance of the information prepared in BR GAAP and IFRS, but pointed to statements in BR GAAP as the major importance. The model of Barth, Cram and Nelson (2001) on panel data found no differences in the relevance of accounting information between BR GAAP and IFRS standards. The second objective, the results indicate that there are no differences in the relevance of accounting information between the statements prepared under IFRS on a mandatory or voluntary way, from non-financial companies listed in Brazil / O estudo da relev??ncia das informa????es cont??beis vem ganhando destaque com o desenvolvimento dos mercados de capitais e com a busca de informa????es tempestivas, de qualidade e que sejam capazes de influenciar seus usu??rios. Como informa????o cont??bil relevante, esta disserta????o adota o conceito da qualidade que a informa????o possui de influenciar os pre??os praticados nos mercados de capitais. Aproveitando o momento oportuno da converg??ncia das normas cont??beis brasileiras para as IFRS (International Financial Reports Standards), este trabalho teve por objetivo verificar se a ado????o das normas internacionais de contabilidade (IFRS) afetou a relev??ncia das informa????es cont??beis das empresas n??o financeiras listadas no Brasil e se existe diferen??a na relev??ncia das informa????es cont??beis entre as demonstra????es publicadas em IFRS de forma volunt??ria e obrigat??ria. O primeiro objetivo verificou se haviam diferen??as na relev??ncia das informa????es atrav??s de uma an??lise em M??nimos Quadrados Ordin??rios (MQO) das demonstra????es cont??beis do ano de 2009 elaboradas em BR GAAP e em IFRS; e atrav??s da an??lise de dados em painel das demonstra????es cont??beis anuais do per??odo de 2005 a 2010. O segundo objetivo utilizou da an??lise de dados em painel das demonstra????es cont??beis anuais do per??odo de 2005 a 2010, e considerou como demonstra????o cont??bil volunt??ria aquelas publicadas em IFRS para per??odos anteriores ao exerc??cio 2010. Todas as an??lises utilizaram dos modelos de Ohlson (1995) e Barth, Cram e Nelson (2001). Os modelos utilizados tinham como vari??veis dependentes o pre??o (P) e o retorno das a????es (RET), por??m, os resultados foram adequados somente com a vari??vel dependente (P). As an??lises apontaram que existem diferen??as na relev??ncia das informa????es das empresas n??o financeiras listadas no Brasil, relativo ?? suas demonstra????es cont??beis elaboradas em BR GAAP e em IFRS. A an??lise do modelo de Ohlson (1995) em MQO e dados em painel comprovaram esta diferen??a e apontaram paras as demonstra????es elaboradas em IFRS como as de maior relev??ncia. O modelo de Barth, Cram e Nelson (2001) em MQO tamb??m revelou diferen??as na relev??ncia das informa????es elaboradas em BR GAAP e IFRS, por??m apontou para as demonstra????es em BR GAAP como de maior relev??ncia. O modelo de Barth, Cram e Nelson (2001) em dados de painel n??o encontrou diferen??as na relev??ncia das informa????es cont??beis entre os padr??es BR GAAP e IFRS. Quanto ao segundo objetivo, os resultados apontam que n??o existem diferen??as na relev??ncia das informa????es cont??beis entre as demonstra????es elaboradas em IFRS de forma obrigat??ria ou volunt??ria, das empresas n??o financeiras listadas no Brasil

Made available in DSpace on 2015-03-05T19:14:41Z (GMT). No. of bitstreams: 0 Previous issue date: 29 / Nenhuma / O objetivo do estudo é a avaliação do desempenho econômico e financeiro de empresas calçadistas brasileiras. O estudo contextualiza-se no ambiente caracterizado a partir dos anos 1980, quando o mercado competitivo ultrapassou as fronteiras domésticas, exigindo das empresas maior eficiência na gestão de suas atividades, tendo na contabilidade uma das fontes de informações necessárias para orientar a adequada utilização dos recursos. A pesquisa se caracteriza como de natureza exploratória, quantitativa e documental. Para o desenvolvimento do estudo coletaram-se demonstrações contábeis correspondentes aos anos de 2000 a 2006 e relativas a 15 indústrias do setor calçadista brasileiro localizadas nas regiões Sul, Sudeste e Nordeste. O estudo, com base em 30 indicadores selecionados, possibilitou a análise do conjunto das empresas, por meio do índice-padrão de cada indicador. Em seguida, efetuou-se a análise dos indicadores por empresa. Visando testar o significado dos resultados da análise, foram aplicadas as técn / The objective of this study is to evaluate the economic and financial performance of the Footwear Industry from the 1980’s on, when the competitive market crossed the domestic frontier, demanding more efficiency from shoemaking companies regarding the management of their activities. Within this context, accountancy is seen as one of the necessary information sources to guide the proper use of resources. The study is exploratory, quantitative and documental in nature. Statements of financial accounting from 15 Brazilian shoemaking companies located in the South, Southeast and Northeast regions were collected from the year 2000 to 2006. The study was based on 30 selected indexes, which made possible to analyze the group of companies by the standard-index of each indicator. Following that, the index analysis of each company was made. In order to check the analysis results, typical value techniques were used as a comparative measure of the standard indexes and the statistical correlation tests. The companies ran

Made available in DSpace on 2016-04-25T18:39:48Z (GMT). No. of bitstreams: 1 Leticia Longarini Ferreira.pdf: 556733 bytes, checksum: 8352bab406cd0b36af2f0a9ef71abb1c (MD5) Previous issue date: 2012-06-27 / In the exercise of our accounting activities we find two branches of accounting - corporate and management accounting,, which differ in many aspects studied by several authors of the field. Both accounting branches mentioned, each one with its purpose - customer focus and needs to be met, have a history of similarities and differences. Some of these differences become critical factors that may prevent them to be integrated. This takes many companies to have two separated records and accompaniments for the preparation and presentation of numbers, which eventually also present a distinct lack of reliability and fidelity of the numbers and the bases of preparation and control. This research aims to present the concepts of these two accounting branches - corporate (also called a financial accounting) and management, presenting the main aspects that rule both. It also aims to list the differences between them, pointing out possible approaches, highlighting the critical factors in the integration, including the information system to make it possible to minimize the risks posed by such critical factors through a proposed integrative model. This model includes the preparation of a Balance Sheet and Income Statement for the year, called "General", which aim to serve the public, both corporate and management accounting (external and internal users), without losing the integrity and quality of information / No exercício de nossas atividades contábeis, deparamos-nos com duas ramificações da contabilidade, as contabilidades societária e gerencial, que se diferenciam em vários aspectos levantados por diversos autores do ramo. Ambas as ramificações contábeis mencionadas, cada qual com seu objetivo, cliente, foco e necessidades a serem atendidas, possuem histórico de similaridades e diferenciações. Algumas dessas diferenciações tornam-se fatores críticos que podem vir a impedir que tais ramificações conversem e se integrem, levando muitas companhias a possuir dois registros e acompanhamentos distintos para a elaboração e apresentação de números, que acabam sendo também diferentes e passam a apresentar falta de confiabilidade e fidelidade dos números e das bases de elaboração e controle. Esta pesquisa visa apresentar os conceitos dessas duas ramificações contábeis, societária (também chamada por contabilidade financeira) e gerencial, apresentando os principais aspectos que regem uma e outra. Também visa elencar as diferenças existentes entre elas, as possíveis aproximações e os fatores críticos na integração, inclusive no quesito sistema de informações, para que se torne possível a minimização dos riscos trazidos por tais fatores críticos por meio de uma proposta de modelo integrador. Tal modelo inclui a elaboração de duas peças contábeis, um Balanço Patrimonial e uma Demonstração do Resultado do Exercício, denominadas Gerais , que visam atender ao público tanto da contabilidade societária, quanto da contabilidade gerencial (usuários externos e internos), sem perder a integridade e qualidade da informação

This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.

Esta Tesis Doctoral plantea como objetivo general verificar desde una óptica conceptual (Capítulo I), normativa (Capítulo II) y empírica (Capítulo III), si el resultado global -comprehensive income- presenta una mayor relevancia o calidad informativa que el resultado neto -net income-, en particular, para los inversores, considerados en el Marco Conceptual como usuarios de referencia.De este modo, el Capítulo I, hemos revisado los fundamentos teóricos sobre los que se sustenta el resultado global, particularmente en la literatura y regulación contables norteamericanas, destacando que con su adopción asistimos a un hecho trascendental para la Contabilidad como es el acercamiento al concepto de resultado económico, de especial interés para los suministradores de capital-riesgo. Sobre esa base conceptual, en el Capítulo II hemos realizado un estudio de normativa comparada a nivel internacional, evidenciándose un potente movimiento a favor de la adopción del resultado global, en el que se aprecia una tendencia a la convergencia con el modelo IASB, pero también se han constatado diferencias notables entre las normas que lo regulan en el concierto mundial, que dificultan la comparabilidad. Sobre esta base teórico normativa, en el Capítulo III, hemos desarrollado un estudio empírico con una muestra de 136 grupos empresariales europeos cotizados den NYSE y NASDAQ, tomando información de las reconciliaciones con los US GAAP en el período 1999-2004 cuando presentan cuentas a la SEC en los 20-F, tendente a evaluar a través de un conjunto de herramientas no paramétricas el impacto del comprehensive income frente al net income atendiendo a las variables año, tamaño y sector. Se han rechazado todas las hipótesis nulas formuladas, lo que nos lleva a afirmar que el impacto relativo del comprehensive income frente al net income presenta un elevado poder de discriminación entre los años del período 1999-2004, atendiendo al tamaño de los grupos empresariales, y en menor medida por sectores de actividad empresarial, lo que evidencia una mayor relevancia informativa del primero frente al segundo para los usuarios de la información financiera, en particular, para los inversores.En definitiva, tomando de forma integrada los resultados de las dimensiones conceptual, normativa y empírica, sobre las que ha discurrido esta Tesis Doctoral, hemos evidenciado que el comprehensive income presenta una mayor calidad informativa que el net income, de especial interés para los suministradores de capital-riesgo. / The aim of this Doctoral Thesis, from a conceptual (Chapter I), normative (Chapter II) and empirical (Chapter III) point of view, is to verify if comprehensive income shows greater relevance or information quality than net income, particularly for the investors, considered as reference users within the Conceptual Framework.In Chapter I we have reviewed the theoretical foundations on which comprehensive income is based, particularly in North American accounting regulation and literature, emphasizing that with its adoption we are witnessing a significant event in the world of Accounting as it is the approach to the concept of economic income, of special interest to capital-risk providers. On that conceptual base, in Chapter II we have made a comparative study on standards at the international level, demonstrating a powerful movement in favor of the adoption of comprehensive income, in which there is a noticeable tendency to the convergence with the IASB model, but remarkable differences have also been confirmed between the standards that regulate it on the global stage, which hinder comparability. On this normative theoretical base, in Chapter III we have developed an empirical study with a sample of 136 European corporate groups quoted on the NYSE and NASDAQ, taking information from the reconciliation with U.S. GAAP in the period between 1999-2004 when they file their annual reports with the SEC on Form 20-F, tending to evaluate, through a nonparametric set of tools, the impact of comprehensive income opposed to net income considering the year, size and sector variables. All the null hypotheses formulated have been rejected, which leads us to affirm that the relative impact of comprehensive income in comparison to net income presents a higher power of discrimination between the years 1999-2004, considering the size of the corporate groups, and to a lesser extent to business activity sectors, which in general terms shows a greater informative relevance of the first, as opposed to the second, for users of the financial information, particularly for the investors.In short, taking the results of the conceptual, normative and empirical dimensions as integrated, on this Doctoral Thesis has been developed, we have demonstrated that comprehensive income presents higher information quality than net income, of special interest to capital-risk providers.

The aim of this work was an analysis and appraisal of the harmonization of managerial and financial accountancy in terms of Czech accounting regulations. At first, there was a financial accounting of the concrete company assessed in the work. Next, there is an assessment of the managerial accounting of the company and finally there is evaluation of a linkage between managerial and financial accounting.

This thesis concentrates on a development of financial analysis of the company KOMA Modular, Ltd. Vertical and horizontal analysis is conducted based on selected financial statements that are used as the main source of information for the analysis. Furthermore, one of the golden rules of financial accounting, financial ratios, and aggregate indexes are executed. The thesis is concluded with the commentary on results of financial analysis. Moreover, the company is given certain financial suggestions.