Bakgrund: Den 1 januari 2019 infördes IFRS 16, som är en ny standard för hur börsnoterade företag ska redovisa leasingavtal. Tidigare har företag som följer IFRS haft möjlighet att redovisa leasingavtal finansiellt eller operationellt. Fram tills nu har det varit vanligt att företag redovisar leasingavtal operationellt, inte minst inom industribranschen där leasing av maskiner och fastigheter är vanligt. I och med IFRS 16 ska alla leasingavtal istället redovisas som en nyttjanderätt i balansräkningen. Målet med IFRS 16 är att redovisningen av leasingavtal korrekt ska återspegla företagets faktiska finansiella ställning och ge en rättvisande bild av verksamheten. Det finns dock de som är kritiska till den nya standarden som menar att den är onödig och endast kommer medföra ytterligare jobb för företagen. Syfte: Syftet med denna studie är att undersöka om IFRS 16 kommer uppfylla sin funktion, och således minska informationsasymmetrin mellan företag och investerare, eller endast är ett ”onödigt ont”. Metod: Studien har genomförts med en kvantitativ ansats för att kunna generalisera effekterna inom industribranschen. För att uppfylla studiens syfte har vi med en kapitaliseringsmetod för operationell leasing undersökt hur 30 börsnoterade industriföretags finansiella rapporter och nyckeltal kan komma att påverkas av reglerna i IFRS 16. Vi har även, med hjälp av en regressionsanalys som testade sambandet mellan redovisning av operationell leasing och ett företags marknadsvärde, undersökt hur IFRS 16 kan komma att påverka investerares värdering av företag. Slutsats: De slutsatser vi kan dra är att företagens balansnyckeltal är de som kommer påverkas mest av IFRS 16, oavsett företagens storlek. Lönsamhetsnyckeltal och likviditetsnyckeltal påverkas endast signifikant för medelstora och stora börsnoterade industriföretag. Studien visar även att IFRS 16 inte kommer minska informationsasymmetrin mellan företag och investerare, då informationen kring operationell leasing redan finns tillgänglig i noterna. IFRS 16 kommer dock uppfylla sin funktion för mindre sofistikerade investerare samt minska de resurser investerare behöver lägga på att justera de finansiella rapporterna. Vi kan därmed dra slutsatsen att IFRS 16 inte är ett ”onödigt ont”. / Background: The new standard for lease accounting, IFRS 16, was introduced January 1st, 2019. Until this date, companies that comply with IFRS have had the choice to report leasing agreements as financial or operating leases. Before IFRS 16, the majority of lease agreements have been reported as operating leases, not least in the industrial sector where machines and properties are frequently used. In accordance with IFRS 16, all leasing agreements will instead be reported as a right-of-use asset in the balance sheet. The objective of IFRS 16 is that the accounting of leases should accurately reflect the company's actual financial position and give a true and fair view of the business. However, there are critics of the new standard, who consider it an “unnecessary evil”. Purpose: The purpose of this paper is to investigate whether IFRS 16 will fulfill its objectives and reduce information asymmetry between companies and investors, or if it is only an "unnecessary evil". Methods: In order to generalize the effects of IFRS 16 in the industrial sector, this paper was conducted with a quantitative approach. To fulfill the purpose of the paper, we used a capitalization method for operating leases, to examine how the financial statements and ratios of 30 listed companies may be affected by IFRS 16. A regression analysis was conducted to test the correlation between operating lease accounting and a company's market value in order to observe how IFRS 16 may affect investors' business valuation. Conclusion: In conclusion, the financial ratios most effected by IFRS 16, are the balance ratios, regardless of the size of the companies. Performance ratios and liquidity ratios are only significantly affected for medium-sized and large listed industrial companies. The study also shows that IFRS 16 will not reduce information asymmetry between companies and investors, as the information on operating leases is already disclosed in the notes. However, IFRS 16 will fulfill its function for less sophisticated investors and reduce the costs of adjusting the financial statements for investors. We can therefore conclude that IFRS 16 is not an "unnecessary evil".

Made available in DSpace on 2016-04-25T18:39:38Z (GMT). No. of bitstreams: 1 Geraldo da Silva.pdf: 685183 bytes, checksum: aa375a6eceeca2401599810da72277c9 (MD5) Previous issue date: 2011-05-12 / The emergence of corporate governance according to a majority of the academic world was in the 20th century, with the study of Berle and Means in 1932. But there is another thought that arose in the 18th century, with the need to reverse an economic crisis of 1754 in the Grand State of Para and Maranhão, where was prepared a document of the enterprise s statutes. The agency conflict becomes the central point of this discussion, as well as financial scandals, and with it the need of increasing to create procedures and laws to minimize these types of problems, and this way keeping in constant evolution. The overall objective is to examine if the entry of firms at different levels of Corporate Governance of Bovespa influences on financial performance. In Brazil, the Corporate Governance is increasingly present in the environment of companies, due to globalization, and this has led organizations such as CVM, IBGC and Bovespa to establish new recommendations / guidelines for business practices. Since 2001, some companies started to stick to the rules for admission to different levels of corporate governance established by Bovespa. The study was based on a sample of 42 companies listed in levels of Corporate Governance of Bovespa, and the independent variable is the date of admission to these levels, and the dependent variables are ROA and ROE, which were divided into 12 quarters before and 12 quarters after admission, to measure financial performance. In the statistical tests including the linear regression could not find any evidence that they improved the financial performance of companies in the selected sample. The final conclusion of this work paper is that it was not prove that the fact that companies submit to the regulations and consequently joined differentiated levels of Corporate Governance of Bovespa had any positive impact in financial performance these companies / O surgimento da Governança Corporativa de acordo com uma grande maioria do mundo acadêmico data do seculo XX, com o estudo de Berle e Means em 1932. Mas existe outra corrente que explica que tenha surgido no século XVIII, com a necessidade de reverter uma crise econômica de 1754 no Estado do Grão-Pará e Maranhão, aonde foi elaborada uma minuta dos estatutos do empreendimento. O Conflito de Agência se torna o ponto central desta discussão, como também os escândalos financeiros, e com isso a necessidade de cada vez maior se criar procedimentos e leis para minimizar estes tipos de problemas, desta forma se mantendo em constate evolução. O objetivo geral é analisar se o ingresso das empresas nos níveis diferenciados de Governança Corporativa da Bovespa influencia no desempenho financeiro das empresas. No Brasil, a Governança Corporativa está cada vez mais presente na vida das empresas, devido à globalização, e com isso levou entidades como CVM, IBGC e Bovespa a definirem novas recomendações/regras para obter melhores práticas corporativas. A partir de 2001, algumas empresas começaram a se adequar às regras para o ingresso nos níveis diferenciados de Governança Corporativa criados pela Bovespa. O estudo partiu de uma amostra de 42 empresas listadas nos níveis de Governança Corporativa da Bovespa, sendo que a variável independente é a data de adesão a estes níveis, e as variáveis dependentes são ROA e ROE, que foram divididos entre 12 trimestres antes e 12 trimestres depois da data de adesão, para medir o desempenho financeiro. Nos testes estatísticos incluindo a regressão linear não foi possível encontrar nenhuma evidência de que houve melhora no desempenho financeiro das empresas da amostra selecionada. A conclusão final do trabalho é que não se pode comprovar que o fato, de as empresas que submeteram aos regulamentos e consequentemente ingressaram aos níveis diferenciados de Governança Corporativa da Bovespa, teve algum impacto favorável no desempenho financeiro dessas empresas

會計的目的在於幫助會計資訊的使用者從事經濟性的決策，亦即解決其所面對的問題。尤其在今日，隨著社會的繁榮與商業活動的頻繁與複雜，企業與個人對會計資訊的需求與依賴也日漸加深；會計從業人員在提供資訊的同時，是否曾了解這些資訊的真正內涵？而使用者又應該如何的使用這些資訊呢？ 　　本研究係由探討國內外相關文獻為起點，並參酌國內環境現況及個人的見解，加以延伸；依循現有的理論，試圖使用財務報表資訊建立一個可以衡量企業真實價值(intrinsic value)的模型；除欲證實財務報表資訊有其功用外，也可進一步認識財務報表究竟包含有多少資訊價值，並或許可以協助投資人選擇適當的投資標的，進行投資。 　　經由實證研究結果，本研究獲致如下的結論： 　　1.吾人可利用公開的財務報表資訊建立一個模型，用以估算公司的真實價值(intrinsic value)，而在本研究中所建立的模型，其調整過後的R2可以達到0.5958。 　　2.不同的產業環境下，影響公司價值的財務比率項目可能也會有所不同。本研究所設立的三個產業虛擬變數中，紡織纖維業在90%的信賴區間下具有顯著性。

På vilket sätt är redovisningsmått som publiceras i företagens årsredovisningar relevanta för att bestämma aktievärden? Kan redovisningsmått användas för att utforma lönsamma placeringsstrategier i aktier? Frågor som dessa är av intresse för såväl akademiker som professionellt verksamma placerare.  I denna avhandling utreds huruvida publicerade redovisningsmått är värderelevanta, i betydelsen att de kan användas för prognoser av företagens framtida räntabilitet på eget kapital. Statistiska modeller för prognos av räntabilitet på eget kapital med hjälp av redovisningsbaserade nyckeltal har estimerats och utvärderats. Det empiriska datamaterialet har utgjorts av årsredovisningar för svenska rörelsedrivande företag under perioden 1970-1985.  Vidare studeras om placeringsstrategier baserade på prognoser av framtida räntabilitet på eget kapital kan ge en aktieavkastning utöver vad som motiveras av placeringens risk. I denna del av studien prövas huruvida den svenska aktiemarknaden är informationseffektiv med avseende på offentligt tillgänglig årsredovisningsinformation. Placeringstrategier har utvärderats på aktier som fanns noterade på Stockholms fondbörs under perioden 1983-1994.  Den empiriska kartläggningen indikerar att redovisningsmått kan användas för att prognostisera framtida räntabilitet på eget kapital och att placeringsstrategier baserade på offentligt tillgänglig årsredovisningsinformation har genererat en avkastning utöver vad som motiveras av olika mått på placeringsrisk. I studien observeras dock betydande tidsmässiga instabiliteter beträffande såväl möjligheterna att prognostisera framtida räntabilitet på eget kapital, som förekomsten av avkastning utöver vad som motiveras av placeringsrisk. / <p>Diss. Stockholm : Handelshögskolan, 2002</p>

The object of the research: the prognostication and evaluation of the financial position and results of a company. The purpose of the research: to prepare the system of prognostication and evaluation of the company��s financial position and financial results. The tasks of the research: 1)To determine the importance of financial position and financial results in the process of prognostication and evaluation of the company’s activities; 2)To prepare the system of prognostication of financial position and financial results; 3)To prepare the evaluation system of financial position and financial results; 4)To perform the practical application of the improved prognostication and evaluation methods of financial position and financial results. The methods of the research: in the process concerned with the above-mentioned tasks, presupposing the purpose of the research, there will be applied analysis and synthesis (also logical analysis and synthesis) of science literature, questioning, forecasting and modelling, comparative, descriptive and graphic methods. When the analysis of literature, concerned with the prognostication and evaluation of company’s activities will be done and systemized, the system of company’s financial position and financial results will be performed and the practical application of it will be made.

Magistro baigiamajame darbe išanalizuoti veiklą pradedančių įmonių vertės nustatymo ypatumai. Pirmojoje, konceptualiojoje, darbo dalyje teoriniu aspektu analizuojami įmonės vertinimo ypatumai. Pateikiama įmonės vertės samprata ir reikšmė, išskiriami įmonės vertę įtakojantys veiksniai, aptarti įmonės vertės vertinimo principai. Išnagrinėti, susisteminti ir palyginti įmonės vertės nustatymo metodai, apžvelgiami tokių metodų parinkimo ypatumai. Antrojoje darbo dalyje atskleista veiklą pradedančių įmonių vertės modeliavimo tyrimo metodika. Trečiojoje, empirinėje, darbo dalyje atliktas išsamus UAB „FlixAuto“ veiklos vertinimas remiantis mokumo (likvidumo), pelningumo bei veiklos efektyvumo ir turto apyvartumo rodiklių analize, atliktas įmonės bankroto prognozavimas. Remiantis diskontuotų pinigų srautų (DCF) metodu apskaičiuota UAB „FlixAuto“ vertė. Atliekama kiekybinio tyrimo analizė. Pateikiamos atskirų vertinimų išvados. Tyrimas baigiamas išvadomis ir pasiūlymais. / Master's thesis analyzed the value of start-ups setting features. The first, conceptual, theoretical part of the work outlined in the company's assessment features. Presented the concept of the company's value and importance of secreted factors influencing the value of the company, to discuss the company's value evaluation. To examine the structure and compare the company valuation methods, a review of such methods for selecting features. The second part of start-ups revealed the value of simulation methods. Third, empirical work in a detailed JSC „FlixAuto“ performance evaluation based on solvency (liquidity), profitability and operating efficiency and asset turnover ratio analysis performed bankruptcy prediction. Based on the discounted cash flow (DCF) method calculated JSC „FlixAuto“ value. Performed a quantitative analysis of the research. Given for individual findings. The study ends with conclusions and suggestions.

This study is concerned with developing a model to identify small-medium U.K. companies at risk of financial failure up to five years in advance. The importance of small companies in an economy, the impact of their failures, and the lack of failure research with respect to . this population, provided justification for this study. The research was undertaken in two stages. The first stage included a detailed description and discussion of the nature and role of small business in the UK economy, heir relevance, problems and Government involvement in this sector, together with literature review and assessment of past research relevant to this study. The second stage was involved with construction of the models using multiple discriminant analysis, applied to published accountancy data for two groups of failed and nonfailed companies. The later stage was performed in three parts : (1) evaluating five discriminant models for each of five years prior to failure; (2) testing the performance of each of the .five models over time on data not used . in their construction; (3) testing the discriminant models on a validation sample. The purpose was to establish the "best" discriminant model. "Best" was determined according to classification ability of the model and interpretation of variables. Finally a model comprising seven financial ratios measuring four aspects of a company's financial profile, such as profitability, gearing, capital turnover and liquidity was chosen. The model has shown to be a valid tool for predicting companies' health up to five years in advance.

The goal of this thesis was first to conduct a market research in the small business area in the South-Bohemian region, to identify the situation there during the monitored period, the potential risks that influence economic activities of traders the most and to suggest alternative ways of optimizing their solutions, particularly in the sense of minimizing subjective hazards and to find an acceptable solution in case of a risk for a given subject. Furthermore to suggest project management activities to ensure services for customers and at the same time to create conditions for continuity and prosperity of business in a specific company. Based on gained information and with consideration of extents and types of risk, the probabilities of their threats, the estimates of their impacts and the biggest causes of their origin were determined using the financial analysis.

Koncerner som redovisar enligt IFRS ska från och med 1 januari 2019 tillämpa den nya leasingstandarden IFRS 16. Den traditionella och vedertagna uppdelningen av leasing har länge varit operationell och finansiell leasing. Den nya standarden innebär emellertid att uppdelningen mellan operationell och finansiell leasing försvinner. Istället ska företag enligt IFRS 16 redovisa merparten av sin leasing som en tillgång och en skuld på balansräkningen. K3 regelverket använder däremot fortfarande uppdelningen i de två olika kategorierna där ett operationellt leasingavtal likställs med ett hyresavtal och finansiell leasing med ett lånefinansierat förvärv. Ett moderföretag som tillämpar K3 regelverket kan välja att istället frivilligt tillämpa IFRS vid upprättande av sin koncernredovisning. Skillnaden i klassificering och redovisning av leasingavtal mellan de olika regelverken leder till att de finansiella rapporterna påverkas på olika sätt. Dessa skillnader påverkar företags nyckeltal, vilka ofta är relevanta mått och beslutsunderlag för företags olika intressenter såsom investerare och långivare. Syftet med studien är att undersöka vilket av de två regelverken K3 eller IFRS som en företagsledare kommer välja att tillämpa vid upprättande av koncernredovisning, om företaget är ett stort onoterat moderföretag med väsentligt värde i leasade tillgångar. Syftet är även att undersöka vilket regelverk som är mest förmånligt att tillämpa utifrån vilka effekter det medför på företagets redovisning och nyckeltal, med hänsyn tagen även till investerare och kreditgivare. För att kunna undersöka detta krävs en jämförelse av de två regelverken, vilket i denna studie görs med hjälp av konstruerade typfall som applicerar väsentliga lagrum och normer från respektive regelverk. Typfallen analyseras med stöd av IASBs kvalitativa egenskaper samt väsentliga nyckeltal och ekonomiska teorier. Resultatet av studien visar att när ett företag som redovisar operationell leasing enligt K3, tillämpar IFRS istället, förändras nyckeltalen på ett sätt som är ofördelaktigt för företaget. Således är slutsatsen att ett företag som redovisar operationell leasing kommer att välja att tillämpa K3 som regelverk vid upprättande av koncernredovisning. Om ett företag som redovisar finansiell leasing enligt K3, tillämpar IFRS istället, förändras nyckeltalen i princip inte alls. Ett företag som redovisar finansiell leasing kommer enligt vår slutsats istället välja att upprätta koncernredovisning enligt IFRS, eftersom nyckeltalen inte förändras men IFRS medför ökad legitimitet. Resultatet visar även att om ett företag som redovisar operationell leasing enligt K3, med ett avtal som löper under 12 månader, istället tillämpar IFRS, förändras nyckeltalen inte alls, eftersom leasingen redovisas på samma sätt enligt båda regelverken. Även vid detta scenario är slutsatsen att ett företag kommer välja att redovisa enligt IFRS i sin koncernredovisning, för att få ökad legitimitet. Utöver detta har vi i studien även kommit fram till att IFRS överlag visar en mer rättvisande bild av företags leasade tillgångar i de finansiella rapporterna, eftersom den redovisas enligt den ekonomiska innebörden före den juridiska formen. / January 1 2019, companies who are reporting according to IFRS will apply the new lease standard IFRS 16. The traditional and more commonly recognized form of leases has long been operating and financial leases. The new standard implicates that the split between operating and financial leases disappears, and companies should rather account for leased assets as an asset and a liability in their balance sheet. The legal framework K3, on the other hand, still separates them in two different categories, were an operating lease is equated with a rental agreement and financial lease is equal to a leveraged acquisition. A parent company that applies the K3 regulation may choose to apply IFRS voluntarily when preparing its consolidated financial statements. The difference between the classification and accounting of leasing contracts in the two different frameworks causes the financial statements to be affected differently. These differences are directly affecting the companies financial ratios, which are often relevant measures in decision making for companies' different stakeholders such as investors and lenders. The purpose of this study is to examine which of the two financial frameworks K3 or IFRS a business leader will choose to apply when establishing its consolidated financial statements, if the company is a large unlisted parent company with substantial value of its assets being leased. The purpose is also to examine which financial framework is most beneficial to apply based on the effects it entails on the company's accounting and key ratios, also considering investors and lenders. The result of this study shows that when a company reporting operating lease accounting according to K3, is reporting according to IFRS instead, its financial ratios are changed in an unfavorable way. The conclusion is that a company that is utilizing operating leases will choose to apply K3 as financial framework, when establishing its consolidated financial statements. If a company that is using financial leases applies IFRS instead of K3 its financial ratios are barely affected. A company who is using financial leasing will rather choose to use IFRS when establishing its consolidated financial statements, since the financial ratios don’t change and IFRS entail for increased legitimity. The results also show that if a company who is reporting operating lease according to K3, with a contract that last 12 months, applies IFRS instead of K3, its financial ratios don’t change, since the lease is accounted for in the same way between the two different frameworks. The conclusion for this scenario shows that a company will choose to report in accordance with IFRS in its consolidated financial statements. We also conclude that IFRS is showing a more fair presentation of companies leased assets in their financial reports, because the accounting is in accordance with substance over form.

Submitted by Roberto Shanrey Chieh (robertochieh@gmail.com) on 2018-08-24T13:44:12Z No. of bitstreams: 1 Dissertação MPE - Roberto Chieh - v23.pdf: 961097 bytes, checksum: 37ad879de70e42544f67413eccdf0401 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Prezado Roberto, boa tarde. Por gentileza a justar os seguintes itens: . Retirar o acento da palavra "Getúlio" . Na folha de assinaturas, retirar a frase "Folha de Aprovação" Após a realização dos ajustes, peço que faça uma nova submissão. Att, Joana Martorini on 2018-08-24T17:41:38Z (GMT) / Submitted by Roberto Shanrey Chieh (robertochieh@gmail.com) on 2018-08-24T17:49:02Z No. of bitstreams: 1 Dissertação MPE - Roberto Chieh - v24.pdf: 961253 bytes, checksum: 1b330f244eb5945c4c15d9d2165215e2 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-08-24T17:57:16Z (GMT) No. of bitstreams: 1 Dissertação MPE - Roberto Chieh - v24.pdf: 961253 bytes, checksum: 1b330f244eb5945c4c15d9d2165215e2 (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-08-27T13:48:01Z (GMT) No. of bitstreams: 1 Dissertação MPE - Roberto Chieh - v24.pdf: 961253 bytes, checksum: 1b330f244eb5945c4c15d9d2165215e2 (MD5) / Made available in DSpace on 2018-08-27T13:48:01Z (GMT). No. of bitstreams: 1 Dissertação MPE - Roberto Chieh - v24.pdf: 961253 bytes, checksum: 1b330f244eb5945c4c15d9d2165215e2 (MD5) Previous issue date: 2018-07-31 / O objetivo dessa dissertação é identificar os melhores modelos para prever falência de empresas dos setores de mineração, óleo e gás no período entre 1998 e 2017. Em termos metodológicos, buscou-se estimar um modelo de regressão logística para prever as falências das empresas por meio de indicadores financeiros. Estimam-se modelos com dados anuais e trimestrais utilizando informações dos últimos três, dois e um ano anteriores às falências, contados a partir de um ano antes da formalização da falência. Conclui-se que o melhor modelo é aquele que utiliza as informações mais recentes, do último ano, e com dados trimestrais. As variáveis de patrimônio líquido sobre passivo total e fluxo de caixa de investimentos sobre passivo total se destacaram dentre os demais indicadores, sendo somente a primeira significativa em todos os modelos. O melhor modelo teve 79,1% de acerto geral e 85,5% de acerto para as empresas que faliram. / The objective of this study is to identify the best models for predicting bankruptcy of companies from the mining, oil and gas industries between 1998 and 2017. It was estimated a logistic regression model to predict business failure given their financial indicators. It was estimated models with yearly and quarterly information figures using figures from the last three years, last two years, and also last one year prior to the year just before the formalization of the bankruptcy event. The results show that the best model is the one using the most recent information, from the last one year, and using quarterly available data. The ratios total equity to total liabilities and cash flow from investments to total liabilities are the most important indicators to predict bankruptcy, even though only the first one is significant in all models. The best model correctly predicted 79.1% among all firms and 85.5% of the firms that went bankrupt.