In 2010, Brazil completed the convergence towards the International Financial Reporting Standards (IFRS). As the politics of this process has been little explored, the objective of this thesis is to investigate how the field of accounting regulation was reconstituted during the convergence. Relying on the Bourdieusian concepts of field, capital and habitus, the analysis of accounting regulation in Brazil is split into two phases: firstly, the field as of the early-2000s is mapped through a literature review that identifies its main institutional agents. From the early-2000s on, when the discussions about the creation of a private standard-setter began, the linguistic habitus associated to the field is mapped through discursive analyses of several archival data, including parliamentary proceedings and documents issued by institutional agents that operate in the field. This investigation indicates that the constitution of the field was driven by a relationship of accommodation between the State and the accountancy profession. During the 1970s, an interpretative community linked to the capital markets was consolidated, including financial sector regulators and segments of the professional and academic fields, that issued and disseminated Anglo-American inspired accounting standards framed by a decision-usefulness approach. In opposition, during the 1980s the Federal Council of Accounting (Conselho Federal de Contabilidade - CFC) started to dispute the primacy within the field, issuing accounting standards framed by a discourse of scientificity that preserved the Continental-European influence on Brazilian accounting. From the early-2000s on, the efforts to approve the legislative reforms necessary for the adoption of the IFRS were characterised by a high level of discursive homogeneity: it was claimed that such an adoption would enhance the transparency, comprehensibility, comparability and reliability of the financial reports of Brazilian firms, attracting foreign investments and promoting the economic development of the country. However, none of these claims was supported by substantive empirical evidences. Initially, the CFC opposed the creation of a private standard-setter, claiming that it would undermine the self-regulation of the accountancy profession. In October 2005, though, the CFC itself created the Committee of Accounting Pronouncements (Comitê de Pronunciamentos Contábeis - CPC), apparently solving the conflict that had structured the field until then. The influence of taxation on Brazilian accounting practices played a pivotal role in this process, as a common adversary that justified the alliance between the CFC and the capital market pole. As the CPC frames itself as only a translator and interpreter of the IFRS, the field as a whole is not a space of power anymore, given that substantive decisions in the standard-setting process are not made in Brazil. Nevertheless, some regulators still challenge CPC\'s hegemony, requiring firms under their jurisdictions to prepare and disclose alternative sets of accounts. Contributing for a deeper understanding about the role of local agents in the adoption of the IFRS, this thesis suggests that in Brazil this process was conducted by an interpretative community constituted some decades ago, whose agents exchanged the symbolic capital they previously possessed for the economic capital they earned through the expansion of the market for accounting services. / Em 2010, o Brasil completou a convergência para as Normas Internacionais de Relatório Financeiro (International Financial Reporting Standards - IFRS). Como a política deste processo tem sido pouco explorada, o objetivo desta tese é investigar como o campo da regulação contábil foi reconstituído durante a convergência. Baseando-se nos conceitos bourdieusianos de campo, capital e habitus, a análise da regulação contábil no Brasil é dividida em duas fases: primeiramente, o campo no início dos anos 2000 é mapeado através de revisão de literatura que identifica seus principais agentes institucionais. A partir do início dos anos 2000, quando as discussões sobre a criação de normatizador privado começaram, o habitus linguístico associado ao campo é mapeado através de análises discursivas de vários dados de arquivo, incluindo arquivos parlamentares e documentos emitidos por agentes institucionais que operam no campo. Essa investigação indica que a constituição do campo foi conduzida por uma relação de acomodação entre o Estado e a profissão contábil. Durante a década de 1970, consolidou-se uma comunidade interpretativa ligada aos mercados de capitais, incluindo reguladores do setor financeiro e segmentos dos campos profissional e acadêmico, que emitia e divulgava padrões contábeis de inspiração anglo-americana, moldados por uma abordagem de utilidade para decisão. Em oposição, durante a década de 1980 o Conselho Federal de Contabilidade (CFC) começou a disputar a primazia no campo, emitindo padrões contábeis moldados por um discurso de cientificidade que preservava a influência europeia continental na contabilidade brasileira. A partir do início dos anos 2000, os esforços para aprovar as reformas legislativas necessárias para a adoção das IFRS caracterizaram-se por alto nível de homogeneidade discursiva: Alegava-se que tal adoção aumentaria a transparência, compreensibilidade, comparabilidade e confiabilidade dos relatórios financeiros das empresas brasileiras, atraindo investimentos estrangeiros e promovendo o desenvolvimento econômico do país. No entanto, nenhuma dessas alegações era apoiada por evidências empíricas substantivas. Inicialmente, o CFC se opôs à criação de um normatizador privado, alegando que isso debilitaria a autorregulação da profissão contábil. Em outubro de 2005, porém, o próprio CFC criou o Comitê de Pronunciamentos Contábeis (CPC), aparentemente resolvendo o conflito que havia estruturado o campo até então. A influência da tributação nas práticas contábeis brasileiras desempenhou papel central nesse processo, como um adversário comum que justificou a aliança entre o CFC e o polo do mercado de capitais. Como o CPC enquadra a si próprio apenas como tradutor e intérprete das IFRS, o campo como um todo não é mais um espaço de poder, dado que decisões substantivas no processo de normatização não são tomadas no Brasil. No entanto, alguns reguladores ainda desafiam a hegemonia do CPC, exigindo que as empresas sob suas jurisdições preparem e divulguem demonstrativos contábeis alternativos. Contribuindo para uma compreensão mais profunda sobre o papel de agentes locais na adoção das IFRS, esta tese sugere que no Brasil esse processo foi conduzido por uma comunidade interpretativa constituída há algumas décadas, cujos agentes trocaram o capital simbólico que possuíam anteriormente pelo capital econômico que obtiveram através da expansão do mercado de serviços contábeis.

Made available in DSpace on 2018-08-01T23:39:47Z (GMT). No. of bitstreams: 1 tese_9727_Dissertação Samuel - Completa (1).pdf: 1540673 bytes, checksum: 7cffd12a1c8aed45ac748e58c061a5a4 (MD5) Previous issue date: 2016-07-20 / CAPS / Especialmente a partir da década de 60 a relação entre preço e lucro vem sendo estudada de forma mais aprofundada a fim de entender a importância dos números contábeis para o mercado e como ocorre essa relação. Essencialmente com a Lei 11.638/07 o Brasil se engajou no processo de harmonização dos padrões contábeis nacionais às normas internacionais (IFRS). Espera-se que essa harmonização aumente a qualidade das informações dos relatórios contábeis. Devido a este fato, o objetivo principal desta dissertação é investigar a relação entre preço e lucro num ambiente de convergências às normas internacionais analisando o impacto da adoção das full IFRS sobre a qualidade da informação contábil, que nesta pesquisa será analisada sob a perspectiva da tempestividade e da relevância do lucro e do patrimônio líquido, utilizando-se para isso um modelo de equações simultâneas e correlações parciais e semi-parciais. Para a execução deste trabalho foram constituídas duas amostras com empresas não financeiras, listadas na Bolsa de Valores de São Paulo. Uma amostra compreendendo o período de 2002 a 2007 (BR-GAAP) e outra compreendendo o período de 2010 a 2015 (full IFRS). A amostra final para o período BR-GAAP contou com 345 observações empresas-ano e para a amostra full IFRS obteve-se 710 observações empresas-ano. Diversas pesquisas abordando o impacto da adoção das normas internacionais de contabilidade já foram feitas a nível nacional e internacional, mas normalmente usando modelos de equação única, não se investigando a relação simultânea entre as variáveis do modelo. Atentando para tal questão, essa pesquisa vai investigar na primeira hipótese a existência de relação simultânea entre preço e lucro; também irá investigar na segunda e terceira hipóteses se preço e lucro contêm informações para explicar um ao outro, a quarta e quinta hipóteses testam, respectivamente se a relevância do lucro e a tempestividade aumentaram após a adoção das full IFRS e por fim, a última hipótese testa se as informações contábeis em full IFRS são mais relevantes que em BR-GAAP. Os resultados encontrados mostram que preço e lucro são determinados simultaneamente, e ainda que tanto preço como lucro contêm informações para explicar um ao outro em ambos os padrões contábeis. Analisadas conjuntamente, as informações contábeis ganharam relevância após a adoção das full IFRS. Entretanto ao analisar de forma separada, os resultados mostram que o lucro líquido perdeu relevância enquanto o patrimônio líquido ganhou relevância após a adoção. A tempestividade das informações contábeis aumentou após a adoção das full IFRS. Os resultados apontam um efeito adicional da adoção das full IFRS, sendo que o preço da ação é formado simultaneamente a formação do lucro, de forma que o preço da ação ganha relevância para explicar o lucro, aumentando a relevância das informações que são trazidas pelos investidores Assim, a adoção das normas internacionais auxilia o mercado a refletir de forma mais timeliness as informações que serão divulgadas pelas empresas. / Especially from the 60's the relationship between price and earnings has been studied in more depth in order to understand the importance of accounting numbers for the market and how this relationship occurs. Essentially with Law 11.638/07 Brazil is engaged in the process of harmonization of national accounting standards with international standards (IFRS). It is expected that such harmonization will increase the quality of information from accounting reports. Due to this fact, the main objective of this dissertation is to investigate the relationship between price and earnings in a convergence environment to international standards by analyzing the impact of the adoption of full IFRS on the quality of accounting information that this research will be analyzed from the perspective of timeliness and the relevance of earnings and equity, using for this a model of simultaneous equations and partial correlations and semi-partial. For the execution of this work were formed two samples with non-financial companies listed on São Paulo’s Stock Market. A sample covering the period 2002-2007 (BR GAAP) and another comprising the period 2010-2015 (full IFRS). The final sample for the BR-GAAP period included 345 observations companies-year and full IFRS sample was obtained 710 observations companies-year. Several studies addressing the impact of the adoption of international accounting standards have been made at national and international level, but usually using single equation models, not investigating the simultaneous relationship between the model variables. Paying attention to this question, this research will investigate the first hypothesis the existence of simultaneous relationship between price and earnings; will also investigate the second and third hypotheses price and earnings contain information to explain each other, the fourth and fifth hypotheses testing, respectively the relevance of earnings and timeliness increased after the adoption of full IFRS and, finally, the latter hypothesis tests whether the financial statements in full IFRSs are more relevant than in BR GAAP. The results show that price and earnings are determined simultaneously, and although both price and earnings contain information to explain each other in both accounting standards. Considered together, the accounting information gained importance after the adoption of full IFRS. However when analyzing separately, the results show that the earnings lost relevance, but the equity gained relevance after adoption. The timeliness of financial information increased after the adoption of full IFRS. The results show an additional effect of the adoption of full IFRS, that the share price is simultaneously formed the formation of earnings, so that the share price gains relevance to explain the earnings by increasing the relevance of information that are brought by investors thus, the adoption of international standards helps the market to reflect more timeliness form the information will be disclosed by the companies.

Instrumentos financeiros ativos estão diretamente expostos ao risco de inadimplência - nesse cenário, as instituições financeiras, a fim de manterem sua solvência, são obrigadas a estimarem certo montante capaz de suprir as perdas de crédito esperadas. Na crise financeira mundial de 2007-2008 os incumprimentos dos contratos imobiliários geraram grandes perdas de crédito - o tardio reconhecimento dessas perdas creditícias criou um cenário de insegurança e o questionamento por parte das instituições financeiras, que passaram a cobrar dos reguladores e emitentes das normas contábeis uma forma de provisionamento que melhor se adequasse ao mercado de crédito e que, de certa forma, proporcionasse melhores condições de preparação para as instituições financeiras, minimizando as perdas em épocas de crise. Nesse contexto, ocorre a emissão da norma internacional Financial Instruments do International Financial Reporting Standards (IFRS 9) que passa a vigorar, com adoção obrigatória a partir de 1º de janeiro de 2018. Esta norma prevê um provisionamento desde o início do contrato, ponderado pelo risco de crédito associado e uma revisão desse montante durante toda a vida do contrato, quando necessário. Essa nova dinâmica de cálculo requer tratamentos estatísticos específicos para que sejam corretamente tratadas as probabilidades de default, bem como os valores expostos passíveis de perda e suas variações no tempo. Dessa forma, tendo em mente os objetivos propostos, indica-se que: a) este trabalho abordou a nova dinâmica citada com o intuito de entender a relação da norma com os parâmetros de risco necessários para o cálculo do montante a ser provisionado, b) visando satisfazer a abordagem forward-looking e a incorporação de informações macroeconômicas, a partir da aplicação em dados simulados e através do tratamento estatístico da Análise de Sobrevivência e de modelos de stress testing, ofereceu tratamento para os parâmetros EAD e PD, respectivamente e c) como resultado dessas aplicações, observou-se que as estimações das perdas sob a IFRS9 são mais tempestivas quando comparadas à norma vigente, no sentido de que minimizam as perdas em épocas de crise dada a sua característica oportuna. Além disso, a abordagem sugerida através da Análise de Sobrevivência vai ao encontro do conceito de estágios pelo qual a nova norma é caracterizada. Para as análises realizadas foram utilizados dados simulados a partir de distribuições teóricas conhecidas dos parâmetros envolvidos no cálculo, a partir dos quais foram obtidos resultados que fornecem uma prévia do que se pode esperar na aplicação prática da IFRS9. / Active financial instruments are directly exposed to the risk of default - in this scenario, financial institutions, in order to maintain their solvency, are obliged to estimate a certain amount capable of supplying the expected credit losses. In the global financial crisis of 2007-2008, defaults on real estate contracts generated large losses of credit - the late recognition of these credit losses created a scenario of insecurity and the questioning of financial institutions, which started to charge regulators and issuers of accounting standards a form of provision that best suited the credit market and that, to a certain extent, provide better preparedness for financial institutions, minimizing losses in times of crisis. In this context, the Financial Instruments International Financial Reporting Standards (IFRS 9) will be issued, which will become effective, with mandatory adoption as of January 1, 2018. This provision provides for a provisioning from the beginning of the contract, weighted by the associated credit risk and a revision of that amount over the life of the contract, when necessary. This new dynamics of calculation requires specific statistical treatments so that the probability of default, as well as the exposed values of loss and its variations in time, are correctly treated. In this way, considering the proposed objectives, it is indicated that: a) this work addressed the new dynamics mentioned in order to understand the relation of the standard with the necessary risk parameters for the calculation of the amount to be provisioned, b) aiming to satisfy the forward-looking approach and the incorporation of macroeconomic information, from the application in simulated data and through the statistical treatment of Survival Analysis and stress testing models, offered treatment for the parameters EAD and PD, respectively, and c) as a result of these applications, it was observed that the estimates of the losses under IFRS9 are more timely when compared to the current norm as they minimize losses in times of crisis given its characteristics of anticipating losses. In addition, the approach suggested through Survival Analysis meets the concept of stages by which the new standard is characterized. For analyzes, simulated data from known theoretical distributions (of the parameters involved in the calculation) were used - the obtained results provides a preview of what can be expected in the practical application of IFRS9.

Made available in DSpace on 2016-03-15T19:31:04Z (GMT). No. of bitstreams: 1 Ana Cristina Pereira 1.pdf: 934370 bytes, checksum: 081eb64c0e784ec6da19cafba2aacf31 (MD5) Previous issue date: 2014-10-27 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The aim of this study was to examine whether managers practice income smoothing, when exercising the power to judge and choose the accounting practices aimed a particular debt. It is an empirical-analytic study, with descriptive longitudinal nature. The population consists of all open Brazilian non-financial companies listed on the BM&FBOVESPA. Company data were collected in the database of Economática. The sample comprised 273 companies in the period between 2008 and 2013 for the independent variables Smoothing Results and Debt, lagged values were used as the starting point was the assumption that each period, managers adjust the capital structure to the desired goal - target debt. Initially straightening companies and non-smoothers have been identified, according to the methodology proposed by Eckel (1981). Then the degree of smoothing trowels companies was calculated according to the model of Leuz, Nanda and Wisocky (2003). Finally we proceeded to the regression model with unbalanced panel data with fixed effects after the Hausman test. There was no evidence that income smoothing after IFRS adoption were found. Also the results were not statistically significant for claiming that income smoothing affects the debt. Finally, it was found that the current debt is influenced by past debt, ie, firms adjust their capital structure. / O objetivo geral deste trabalho foi analisar se os gestores praticam o alisamento de resultados, quando exercem o poder de julgar e escolher as práticas contábeis, objetivando um determinado endividamento. Trata-se de um estudo empírico-analítico, com natureza descritivo-longitudinal. A população é composta por todas as companhias abertas brasileiras não financeiras listadas na BM&FBOVESPA. Os dados das empresas foram coletados no banco de dados da Economática. A amostra foi composta 273 empresas no período entre 2008 e 2013. Para as variáveis independentes de Alisamento de Resultados e Endividamento, foram utilizados valores defasados, pois partiu-se da premissa de que a cada período, os gestores ajustam a estrutura de capital ao objetivo desejado endividamento alvo. Inicialmente foram identificadas as empresas alisadoras e as não alisadoras, conforme a metodologia proposta por Eckel (1981). Em seguida foi calculado o grau de alisamento das empresas alisadoras conforme o modelo de Leuz, Nanda e Wisocky (2003). Por fim procedeu-se a aplicação do modelo de regressão com dados em painel balanceado com efeitos fixos após o teste de Hausman. Não foram encontradas evidências de que houve alisamento de resultados após a adoção das IFRS. Também os resultados não foram significativos estatisticamente para afirmar que o alisamento de resultados afeta o endividamento. Por fim, foi constatado que o endividamento atual é influenciado pelo endividamento passado, ou seja, as empresas ajustam a sua estrutura de capital.

Made available in DSpace on 2016-03-15T19:32:55Z (GMT). No. of bitstreams: 1 Erica Tais da Silva Trevizanprot.pdf: 1612778 bytes, checksum: 41d614bc377b4b1598cb3e9d0db831ff (MD5) Previous issue date: 2015-07-29 / The impairment test is intended to ensure that the carrying amount of the assets does not exceed its recoverable amount, keeping them, recorded like this in the financial statements in accordance with its ability to generate future economic benefits. This accounting primary rule affects long-term assets such as fixed and intangible assets, which tend to stay longer in the balance sheet. Regulated since 2008, from the accounting pronouncement CPC 01 - Impairment of Assets, the impairment is not considered a simple procedure, because it involves much trial and requires extensive technical knowledge of those who apply. This research aims to verify which was the reflection of the adoption of CPC 01 in the Brazilian companies in order to understand how this practice was incorporated into your routine, such as information on impairment are generated internally and identify possible contributions that this practice may have led to management level. This study was conducted from the perspective of the Theory of Diffusion of Innovations and Institutional Theory, from a multicase study with four public companies, chosen for convenience. The results show that the adaptation process was very laborious. It was possible to identify the main changes that were necessary in this process as well as the main difficulties faced, such as the need for creation of new internal controls and the identification and mapping of the variables affecting the business, respectively. The results also indicate that the adoption of the impairment test brought important benefits for internal management, as early identification of possible losses of assets, allowing management to take steps to ensure that they do not occur. Although it was possible to identify the major search criteria of internal and external evidence of loss of assets, such as questionnaires to collect information from the factories on the conditions of use of the equipment and the analysis of competition. It concludes that the adoption of CPC 01 had unexpected effects on the management level, because despite being a dedicated practice to answer to external users, brought valuable internal benefits for the companies studied, so that is no longer just an accounting rule and became a management tool, actively influencing senior management decisions. / O teste de Impairment tem o objetivo de garantir que o valor contábil dos ativos não exceda o seu valor de recuperação, mantendo-os, assim, registrados nas demonstrações financeiras de acordo com a sua capacidade de gerar benefícios econômicos futuros. Essa regra contábil afeta principalmente os ativos de longa duração, como Imobilizado e Intangível, que tendem a permanecer por mais tempo no balanço patrimonial. Regulamentado a partir do pronunciamento contábil CPC 01 Redução ao Valor Recuperável de Ativos, o impairment não é considerado um procedimento simples, visto que envolve muito julgamento e exige amplo conhecimento técnico de quem o aplica. Esta pesquisa busca verificar qual foi o reflexo da adoção do CPC 01 dentro das empresas brasileiras, a fim de entender como essa prática foi incorporada em sua rotina, como as informações sobre impairment são geradas internamente e identificar possíveis contribuições que essa prática possa ter acarretado a nível gerencial. Este estudo foi realizado sob a ótica da Teoria da Difusão das Inovações e da Teoria Institucional, a partir de um estudo de multicasos com quatro companhias de capital aberto, escolhidas por conveniência. Os resultados apontam que o processo de adequação foi bastante trabalhoso. Foi possível identificar as principais mudanças que se fizeram necessárias nesse processo, bem como as principais dificuldades enfrentadas, como, por exemplo, a necessidade de criação de novos controles internos e a identificação e mapeamento das variáveis que afetam o negócio, respectivamente. Os resultados também indicam que a adoção do teste de Impairment trouxe importantes benefícios internos para a gestão, como a identificação antecipada da possibilidade de perdas dos ativos, permitindo que a administração tome medidas para que elas não ocorram. Ainda foi possível identificar os principais critérios de busca das evidências internas e externas de perda de ativos, como a aplicação de questionários para a coleta de informações das fábricas sobre as condições de uso dos equipamentos e a análise da concorrência. Conclui-se que a adoção do CPC 01 teve efeitos inesperados no âmbito gerencial, pois, apesar de ser uma prática voltada para atender aos usuários externos, trouxe benefícios internos valiosos para as companhias estudadas, de forma que deixou de ser apenas uma regra contábil e passou a ser uma ferramenta de gestão, influenciando ativamente as decisões da alta administração.

Den internationella redovisningsstandarden för leasingavtal, IAS 17 Leasingavtal, harkritiserats för att den möjliggör för företag att redovisa utanför balansräkningen genomoperationell leasing. Det har länge förts diskussion kring redovisningen av operationellaleasingkontrakt och om de representerar en rättvisande bild. Operationella leasingkontraktorsakar att företag undanhåller tillgångar och skulder från balansräkning. Ur denna problematikhar IASB skapat den nya redovisningsstandard, IFRS 16 Leases, som ska ersätta den gamlaredovisningsstandarden.Huvuddragen i den nya standarden IFRS 16 är betydande förändringar för leasetagaren snarareän för leasegivaren, där regleringen påminner mer om det tidigare regelverket. Leasetagarenkommer att behöva redovisa en nyttjanderätt och en leasingskuld och den nuvarandeuppdelningen av finansiell och operationell leasing kommer därmed att upplösas. På så sättändras företagens strategiska beslut vid finansiering av verksamheten. Leasegivaren påverkasdäremot inte av förändringen, denne kommer fortfarande att behöva klassificera leasingavtalsom finansiella eller operationella i enlighet med klassificeringskriterier som motsvarar de iIAS 17.Syftet med uppsatsen är att med typfall undersöka hur den nya internationellaredovisningsstandarden, IFRS 16 Leases, kan komma att påverka företags balans- ochresultaträkningar och i förlängningen hur det kommer att beröra relevanta finansiella nyckeltal.Studiens syfte undersöks genom våra två forskningsfrågor som undersöker effekten avkapitalisering av de operationella leasingåtaganden för företags balans- och resultaträkning vidtillämpning av IFRS 16 samt påverkan på företags nyckeltal som är knutna till balans- ochresultaträkningen av kapitaliseringen enligt IFRS 16.Med hjälp av typfallen har vi kunnat dra slutsatser som besvarar uppsatsens syfte samtforskningsfrågor. I vår studie har vi visat att nyckeltal som soliditet och skuldsättningsgradkommer att påverkas markant av den kapitalisering som IFRS 16 innebär och grundar sig i denleasingskuld som företagen behöver redovisa vid tillämpning av IFRS 16. De undersöktanyckeltalen vinstmarginal, räntabilitet på eget kapital samt totalt kapital, har i vår studie visatsinitialt bli lägre vid tillämpning av IFRS 16. Vi har dock dragit andra slutsatser om vad somhänder över leasingperioden med nyckeltalen. Nyckeltalen kommer vid leasingperiodens slutvisa högre avkastning än vad IAS 17 hade visat under samma period. Slutsatsen grundar sig iresultatpåverkans omfördelning då avskrivning, ränta och amortering görs istället förkostnadsföring av leasingavgiften.Vi har kommit fram till att företagsredovisning av det som tidigare var operationellaleasingkontrakt blir mer komplicerad när IFRS 16 tillämpas. Övergångsbestämmelser till dennya standarden har även öppnat upp för företagen att ge en anpassad bild av redovisningen motintressenter. Utifrån vår studie har vi också dragit slutsatsen att övergången till den nyastandarden på lång sikt kommer gynna företagets intressenter. I dagsläget gör intressenter redanjusteringar för företags operationella leasingåtagande vid beräkning av kreditrisk. Den nyastandarden innebär att intressenter slipper göra justeringar då företaget redovisar en merrättvisande bild av de finansiella rapporterna. / The International Accounting Standard for leases, IAS 17 Leases, has been criticized to enablecompanies to report off-balance sheet by reporting leases as operating leases. There has longbeen discussion about the accounting of operational leases and if they represent a fair view.These contracts cause companies to withhold assets and liabilities from the balance sheet. Fromthis issue, the IASB has created a new accounting standard, IFRS 16, which will replace the oldaccounting standard.Key features of the new standard IFRS 16 has significant changes for the lessee rather than thelessor, where regulation is more reminiscent of the previous regulatory framework. The lesseewill need to report a right of use asset and a lease liability and the current breakdown of financialand operational leasing will therefore be dissolved. In this way, the company’s strategicdecisions changes in financing the business. The lessor will not be affected by this change, hewill still need to classify leases as capital or operating in accordance with the classificationcriteria corresponding to those of IAS 17.The purpose of this study is to investigate, with constructed scenarios, how the new accountingstandard, IFRS 16 Leases, will affect corporate balance sheets together with income statementsand, in the long run, how this affects relevant financial ratios. This is examined by our tworesearch questions which seek to find the effect of the capitalization of the operating leases forcorporate balance sheet and income statement when applying IFRS 16 as well as the impact oncompany’s financial ratios.Through our scenarios we have been able to draw conclusions that answers the study’s purposeand research questions. In our study, we have shown that key ratios, such as equity and leveragewill be significantly influenced by the capitalization that IFRS 16 implies. This is based on thelease liability that companies need to report when applying IFRS 16. The examined financialratios, profit margin, return on equity and return on assets have shown in our study to be initiallylower when applying IFRS 16. However, we have drawn other conclusions about what happensover the lease period with the ratios. The key ratios will ultimately show higher returns thanIAS 17 had shown during the same period. This conclusion is based on the reallocation ofearnings impact, as depreciation, interest and amortization is made instead of expensing thelease fee.We have concluded that corporate accounting of what was previously operational leasingbecomes more complicated when IFRS 16 is applied. Transitional options to the new standardhas also opened opportunities for companies to provide a customized picture of the financialstatements to stakeholders. Based on our study, we have also drawn the conclusion that thetransition to the new standard in the long run will benefit the company’s stakeholders. In thecurrent situation, stakeholders already adjust for operational leases when calculating corporatecredit risk. The new standard means that stakeholders do not need to make these adjustmentsas the company reports a more fair picture of the financial statements.This study is hereinafter written in Swedish.

IASB påbörjade utvecklingsarbetet av en ny standard efter den globala finanskrisen då den nuvarande standarden IAS 39 kritiserats hårt från flera håll för att vara för komplicerad och bristande i sin redovisning av finansiella tillgångar. IASB:s arbete resulterade i färdigställandet av IFRS 9 år 2016 med syfte att ersätta IAS 39 gällande finansiella instrument. Tillämpningen av IFRS 9 kan påverka ett företags finansiella tillgångar annorlunda gällande klassificering, omklassificering, redovisning och värdering samt nedskrivning. Det är möjligt att värdera finansiella tillgångar till verkligt värde eller upplupet anskaffningsvärde. Problemet inom de olika metoderna är den subjektivitet i redovisningen av finansiella tillgångar.Studien är en komparativ analys med en förutsägande karaktär utifrån typfall för att utreda hur en övergång från IAS 39 till IFRS 9 påverkar ett företags finansiella tillgångar. Typfallen i studien ämnar belysa väsentliga skillnader inom klassificering, omklassificering, redovisning och värdering samt nedskrivning och hur dessa skillnader påverkar de kvalitativa egenskaperna sett ur ett intressentperspektiv.Den redovisningstekniska analysen belyser de mest väsentliga skillnaderna som påverkar ett företags finansiella tillgångar. Den redovisningstekniska skillnaden analyseras därefter utifrån aktieägares och Finansinspektionens perspektiv för att undersöka hur IASB:s kvalitativa egenskaper påverkas. Aktieägare efterfrågar information som påverkar deras ekonomiska beslutsfattande och utvärdering. Finansinspektionen efterfrågar information som bidrar till en ökad finansiell stabilitet hos företagen.Syftet med studien är således att belysa de mest väsentliga skillnader mellan IAS 39 och IFRS 9 samt hur standardövergången påverkar aktieägare och Finansinspektionen utifrån IASB:s kvalitativa egenskaper. Studien illustrerar skillnaderna för klassificering, omklassificering, redovisning och värdering samt nedskrivning separat för att förtydliga väsentliga förändringar som uppstår vid en övergång från IAS 39 till IFRS 9. Studien redogör för de olika klassificeringsmöjligheterna med egna begrepp för lättare läsförståelse och en modifierad intressentmodell för analys av IASB:s kvalitativa egenskaper. Resultatet i studien indikerar att tillämpningen av IFRS 9 är främst av redovisningsteknisk karaktär i hur den finansiella informationen presenteras. Den yttersta skillnaden mellan IAS 39 och IFRS 9 avser nedskrivningsförfarandet av de finansiella tillgångarna.Aktieägarna påverkas positivt vid en standardövergång eftersom IFRS 9 i större utsträckning stärker IASB:s kvalitativa egenskaper. Finansinspektionen påverkas inte i samma grad som aktieägare. Den däremot mest signifikanta och möjligtvis mest positiva effekten vid en standardövergång för tillsynsorganet är att företagens finansiella stabilitet ökar. / IASB began the process of developing a new accounting standard after the global financial crisis. The current standard IAS 39 received criticism of being too complicated and lacking in its financial accounting of financial assets following the financial crisis. IASB’s process resulted in the completion of IFRS 9 which purpose is to replace the current standard IAS 39 concerning financial instruments. The implementation of IFRS 9 may affect a company’s financial assets differently concerning classification, reclassification, recognition, measurement and impairment. Financial assets can be measured at either fair value or amortized cost. The problem regarding these methods is the subjectivity of valuation of the financial assets.This paper applies a comparative analysis with the purpose of predicting the effects a transition from IAS 39 to IFRS 9 will have on a typical company’s financial assets. The hypothetical cases purpose is to highlight the most distinct differences between standards regarding classification, reclassification, recognition, measurement and impairment. The distinct differences are then analysed from an accounting perspective and a modified stakeholder theory.The technical analysis highlights the differences regarding the accounting treatment of a company’s financial assets. The analysis continues with an analysis on how IASB’s qualitative characteristics of accounting diverge between the standards for shareholders and Finansinspektionen. Shareholders request information which may influence their economic decision and assessment. Finansinspektionen request information and effects which will have a positive impact on a company’s financial stability.The purpose of this paper is thus to highlight the most distinct differences between IAS 39 and IFRS 9 as well as examining how the transition might affect shareholders and Finansinspektionen based on IASB’s qualitative characteristics. This paper illustrates the accounting treatment of classification, reclassification, measurement and impairment separately to elucidate the impact from a transition from IAS 39 to IFRS 9. This paper describes the different options for classification with additional terms to increase readability and a modified stakeholder theory to analyse IASB’s qualitative characteristics. The results of this paper indicate that the implementation of IFRS 9 led to changes mostly of technical nature in how to present the financial information. The most substantial difference between IAS 39 and IFRS 9 regards to the impairment treatment of financial assets.The shareholders are positively affected after a transition to IFRS 9 because the change strengthens IASB’s qualitative characteristics in a greater extent. Finansinspektionen is not affected to the same degree as shareholders. Although the most significant and positive effect for the regulatory institution with a transition may lead to increased financial stability.This paper is hereinafter written in Swedish.

Sammanfattning   Titel: Efterlevnaden av upplysningskraven i IFRS 13 vid värdering till verkligt värde - En studie om efterlevnaden av IFRS 13 bland börsnoterade fastighetsbolag i Sverige, Tyskland och Storbritannien    Nivå: C-uppsats i ämnet företagsekonomi   Författare: Fredrik Hallin Johansson & Sebastian Warren   Handledare: Fredrik Hartwig   Datum: 2017 – juni   Syfte: Företag som brister i den finansiella rapporteringen lever inte upp till IFRS krav på transparens, kompabilitet och en enhetlig redovisning i Europa. Relevant information riskerar därmed att undanhållas från investerare, analytiker och övriga intressenter på kapitalmarknaden. Att redovisningsstandarder efterlevs är avgörande för att uppfylla dessa målsättningar. Syftet med denna studie är att undersöka hur variablerna företagsstorlek, revisionsbyrå, skuldsättningsgrad, lönsamhet, likviditetsnivå, tid och kluster påverkar efterlevnad av de obligatoriska upplysningskraven i IFRS 13 hos börsnoterade fastighetsbolag i Sverige, Tyskland och Storbritannien.    Metod: Deduktiv ansats där hypoteser formuleras för att testa ett antal oberoende variablers påverkan på fastighetsbolagens efterlevnad av IFRS 13. Ett upplysningsindex konstrueras för att operationalisera efterlevnaden där analysen av insamlad data från årsredovisningar genomförs med multipel regressionsanalys och korrelationsanalys.    Resultat & Slutsats: Studien visar att det finns ett positivt signifikant samband mellan tid och efterlevnadsgrad, vilket innebär att företagen har en högre efterlevnad av de obligatoriska upplysningskraven i IFRS 13 2015 jämfört med 2013. Ett signifikant negativt samband mellan likviditetsnivå och efterlevnadsgrad kan också konstateras där fastighetsbolag med lägre likviditetsnivå har en högre efterlevnad. Studien visar även att efterlevnaden av de obligatoriska upplysningskraven var relativt hög överlag med en genomsnittlig efterlevnad på 76,1 % för 2013 och 81,6 % för 2015. Vi kan slutligen konstatera varierande resultat mellan Sverige, Tyskland och Storbritannien, vilket visar att de studerade variablerna har olika stor påverkan på efterlevnaden av upplysningskraven i dessa länder.   Förslag till fortsatt forskning: En begränsning med denna studie är att vi enbart studerar hur tid, kluster och ett antal företagsspecifika faktorer påverkar efterlevnaden av obligatoriska upplysningskrav. Tidigare forskning visar att det finns landspecifika faktorer som också kan ha en påverkan på efterlevnaden i olika länder. Det vore därmed intressant att även inkludera dessa variabler i vidare studier för att studeras dess påverkan. Den finansiella sektorn står ut med en generellt låg efterlevnad av obligatoriska upplysningskrav i IFRS och det vore därmed också intressant att studera vilka faktorer som kan förklara variationer i efterlevnaden inom denna sektor.      Uppsatsens bidrag: Studien ger bevis på vad som kan förklara skillnader i efterlevnadsgraden av IFRS 13 hos svenska, tyska och brittiska fastighetsbolag. Studiens praktiska bidrag är att den kan ge intressenter en större förståelse för vilka faktorer som kan påverka i vilken utsträckning fastighetsbolag efterlever obligatoriska upplysningskrav. En sådan ökad förståelse leder förhoppningsvis till tydligare standarder och en högre efterlevnad i framtiden vilket innebär en högre kvalité i den finansiella rapporteringen. / Title: Compliance with IFRS disclosure requirements when valuating at fair value – A study examining the compliance with IFRS 13 within listed real estate investment companies in Sweden, Germany and Great Britain.   Level: Final assignment for Bachelor Degree in Business Administration   Author: Fredrik Hallin Johansson & Sebastian Warren   Supervisor: Fredrik Hartwig   Date: 2017 - June   Aim: Companies that lack in their financial reporting do not live up to IFRS requirements of transparency, comparability and uniform accounting in Europe. Relevant information risk to be withheld from investors, analysts and other stakeholders on the capital market. Compliance with accounting standards is crucial to reach these goals. The purpose of this study is to examine how the variables company size, auditor, leverage, profitability, liquidity, time and cluster affects compliance with the mandatory disclosure requirements of IFRS 13 within listed real estate investment companies in Sweden, Germany and Great Britain.   Method: Deductive approach where hypotheses are formulated to test several independent variables impact on real estate investment companies compliance with IFRS 13. A disclosure index is designed to operationalize the compliance level, where the analysis of gathered data from annual reports is performed with multiple regression- and correlation analysis.   Result & Conclusions: The result of this study shows a positive significant relationship between time and compliance level, which means that companies have a better compliance with the mandatory disclosure requirement of IFRS 13 for the year 2015 compared to 2013. A significant negative relationship between liquidity and compliance level can also be found, which means that companies with a lower level of liquidity tend to comply better with the mandatory requirements of IFRS 13. The study also shows a relatively high compliance overall with an average compliance level of 76,1 % for 2013 and 81,6 % for 2015. We can finally conclude a varying result between Sweden, Germany and Great Britain, which shows that the examined variables have different effects on the compliance level in the different countries.   Suggestions for future research: A limitation within this study is that we only examine how time, clusters and several firm specific factors affect the compliance of mandatory disclosure requirements. Prior studies shows that country specific factors also could have an impact on the compliance level in different countries. Therefore it would be interesting to include these variables in further studies to see if they affect the compliance level. The financial sector has been shown to have low level of compliance with IFRS mandatory disclosure requirements and it would therefore also be interesting to examine explanatory factors for compliance level within this sector.   Contribution of the thesis: This study provide evidence of what can explain the differences between Swedish, German and British real estate investment companies level of compliance with mandatory disclosure requirements of IFRS 13. This paper could be useful for different stakeholders by giving them a greater understanding for which factors that can affect to what extent real estate investment companies comply with mandatory disclosure requirements. A greater understanding will hopefully result in clearer standards and higher compliance in the future which thereby would result in a higher quality in the financial reporting.

The target of this thesis is to compare access of national legislation and international financial reporting standards to classificaton of insurance contracts on one hand and on the other hand to compare accounting requirements, that should all entities meet. Subject of investigation is a new civil code (Act no. 89/2012 Sb.), decree no. 502/2002 Sb., Czech accounting standards and IFRS 4 for insurance contracts. Thesis, made of theoretical basis and also illusstrative examples, proves that access of IFRS 4 can lead to different outputs. According to IFRS 4, it does not depend on subject, who issue a contracts, but it depends on structure of the contract. It means, that all companies should be testing their contracts regardless on the scope of bussines. Further more IFRS 4 also requires higher level of knowledge and independent decision-making of accounting department and it should provide more detailed comment to financial statement at the same time.

Uppsatsens fokus var att undersöka i vilken utsträckning icke noterade K3-fastighetsbolag i Stockholm, Sverige frivilligt tillämpar verkligt värde genom användandet av International Financial Reporting Standards, IFRS som redovisningsstandard. Ämnet är aktuellt med tanke på de höga marknadsvärdena på fastighetsmarknaden i Sverige. Höga marknadsvärden kan vara ett incitament för fastighetsbolag att gå från den traditionella anskaffningsvärdeprincipen till att redovisa sina fastigheter enligt verkligt värde. Problematiken vid värdering enligt verkligt värde är svårigheten för långivare att bedöma kreditsäkerheten på grund av komplexiteten bakom de högt värderade fastigheterna. Incitament som tidigare forskning belyst är att påverka och manipulera nyckeltal för att företaget ska se starkare ut. Företagen kan även vara intresserade att värdera fastigheter högt om de är nära att bryta mot lånevillkor. Studien har fokuserat på fastighetsbolag baserade inom Stockholms län, där företagen som blivit utvalda behövt uppfylla vissa kriterier för att vara av intresse för studien. Studiens resultat indikerar att majoriteten av fastighetsbolagen i Stockholm väljer att inte tillämpa verkligt värde när de redovisar sina fastigheter, därmed är det normativa på marknaden att redovisa fastigheter enligt anskaffningsvärdet. Studiens resultat är motstridigt mot tidigare forskning som framhäver att redovisning enligt verkligt värde används för att påverka företagets inkomster och resultat när det råder höga marknadspriser. Studien framhäver att det enbart är sex procent av företagen som redovisar enligt verkligt värde, de här företagen kännetecknas av låg skuldsättningsgrad samt stabil ekonomi. Studien påvisar även att 72,6 procent av företagen som inte redovisar till verkligt värde fortfarande presenterar det verkliga värdet på fastigheterna i sina årsredovisningar. Syftet med uppsatsen har varit att påvisa om fastighetsbolag använder sig av verkligt värde eller inte, samt identifiera gemensamma faktorer som utmärker dessa företag. Då studien genomförts med en kvantitativ undersökningsansats kunde inte alla incitament som tidigare forskning belyst undersökas. En helhetsgranskning hade krävt både en kvantitativ samt en kvalitativ undersökningsansats. Därmed är resultatet som presenteras i denna uppsats ämnat att svara på om företag redovisar enligt verkligt värde eller inte samt vad som utmärker företagen, inte att ge en fördjupad förståelse för varför de gör det. / The essence of this paper has been to investigate to what degree real estate companies based in Stockholm, Sweden voluntarily adopt fair value accounting, FVA by using International Financial Reporting Standards, IFRS as accounting principle. This subject is currently interesting because of the high market values on real estates in Sweden right now, never have the prices been as high on the market as the current ones. The high pricing on real estates may be an incentive for real estate companies to move from the traditional acquisition value to the adoption of FVA when presenting the value of their real estates in their annual reports. The problem of the FVA is the complexity behind the valuation which makes it harder for creditors to evaluate the assets of companies. Previous research has highlighted incentives for FVA such as, the effort to effect or manipulate financial ratios to make the company look stronger. And that companies can have an incentive to evaluate their properties high if they are close to break their bond covenants with the bank. This paper has focused on real estate companies in the Swedish capital city, Stockholm. Where the companies chosen to be included in the study have been required to fulfil some credentials to be of interest for the survey. The study clearly present that the majority of the real estate companies in Stockholm, Sweden does not use FVA in their financial statement when book keeping their properties. Therefore, the normative isomorphic pattern among the companies is to book keep properties according to acquisition value. What extinguish these companies are their low debt to ratio and high ability to pay. The findings are inconsistent with prior studies that have been conducted arguing that companies use FVA when accounting to engage in result increasing actions. In Stockholm on the other hand there are only six percent of the companies that are accounting according to FVA, but there is a total of 72,6 percent of the companies not using FVA as their book keeping principle that provides the fair value of their real estates in their annual reports. The core of the paper has been to establish whether the companies use FVA or not. The paper also present breakdowns of the incentives that prior studies have concluded has an influence on companies when choosing FVA as accounting principle. Because of the quantitative method used when conducting the study not all the incentives that prior research has provided where able to be analysed. To be able to conclude a full picture, the issue needs to be addressed with both a quantitative and a qualitative method. Therefore, the result presented in this paper is to be regarded as an answer to if real estate companies in Stockholm, Sweden use FVA, not why they do it.