<p>Background: Liquidity and the management of liquidity are of great importance for companies. Cash management is not a new term, but the need for it has increased recently, for one thing because of the internationalisation and growing harmonisation between the countries in Europe. Netting is a cash management technique, where receivables and liabilities are netted. This technique can be used to release capital and increase the company’s cash flow by reducing the number of transactions in the internal payment system. </p><p>Purpose: The purpose of this thesis is to study and describe the idea of netting, and to examine how netting can be used as a cash management tool. </p><p>Method: The study is based on literature as well as personal interviews with co- workers at the case company. </p><p>Result: Netting leads to a reduction in internal payments and hence a reduction of the transaction volume. Some conditions must however be fulfilled in order to make the implementation of this technique profitable. Among other things, the company’s internal transactions must be of considerable proportions.</p>

<p>Bakgrund: I takt med att fler företag blir allt mer kunskapsintensiva ökar konkurrensen om kompetent personal. En konsekvens av detta är att lönesättningen har blivit ett konkurrensmedel, varvid olika typer av optionsprogram uppstått. Redovisningen inom området har dock inte utvecklats i samma takt, varför en rekommendation på området behövs för att redovisningen skall upprätthålla sin trovärdighet. Optionsprogrammen kan betraktas som ett substitut för lön. Utifrån detta torde därför dessa tas upp som en kostnad i årsredovisningen för att ge en mer rättvisande bild av företagets ekonomiska ställning. </p><p>Syfte: Syftet med denna magisteruppsats är att utreda huruvida redovisningen av optionsprogram behöver regleras och hur en sådan reglering i så fall bör vara utformad. Vidare ämnar vi kartlägga vad IASB:s förslag till rekommendation, Accounting for Share-Based Payment, kan kommaatt innebära för bolag noterade på OM Stockholm Fondbörs. </p><p>Genomförande: Vår undersökning utgörs av två olika delar. För det första består den av en teoretisk del där vi utifrån allmänt accepterade redovisningsteorier, principer och begrepp härleder den, enligt vår åsikt, mest korrekta och rättvisande lösningen. För det andra avser vi att undersöka hur svenska börsnoterade bolag ställer sig till en rekommendation liknande IASB:s Accounting for Share-Based Payment, det vill säga hur de ser på en eventuell kostnadsföring av optioners förmånsvärden. Vår empiriska undersökning genomfördes med hjälp av en e-postenkät som distribuerades ut till 55 IT-bolag noterade på OM Stockholm Fondbörs. </p><p>Resultat: I vår undersökning har vi, utifrån ett teoretiskt perspektiv, kunnat konstatera att optionsprogrammens förmånsvärden är att betrakta som en kostnad. Merparten av de svenska börsbolagen är dock av uppfattningen att upplysningar om de utställda optionsprogrammen i notform är fullt tillräckligt för att ge en rättvisande bild, vilket framgått av vår empiriska undersökning. Till följd av detta anser vi att en rekommendation på området krävs för att uppnå adekvat och tillräcklig information i redovisningen. Vidare har vi kommit fram till att kostnaderna för programmen bör värderas vid den tidpunkt när värdet överförs från företaget till den anställde, då det är vid denna tidpunkt förmånsvärdet uppstår.</p>

<p>Background: The devolopment in the exchange market has attract a large number of investors. The information flow is extensive and it might be hard to follow the dynamic market. Some investors therefore choose to place their capital in a stock portfolio which is manged by a professional firm with no influence from the capital owner, this management is called discretionary managing. </p><p>Purpose: the purpose of the thesis is to examine the working methods and the rationality regarding the management of the discretionary portfolios. The purpose is also to try to examine whether there is a relation between the selected risk, return and fees. </p><p>Realization: in this thesis our primary data comes from interviews with portfolio managers. By means of snowball sample we found portfolio managers in banks and in stock broker firms. Anonymity has been used to promote the right information from our interviews. </p><p>Result: Discretionary portfolio management differ between banks and stock brokers. The managing in the banks has a passive investment strategy and the stock brokers has an active strategy. The chosen stategy characterize the selected risk, expected return and the required fees.</p>

Background: The devolopment in the exchange market has attract a large number of investors. The information flow is extensive and it might be hard to follow the dynamic market. Some investors therefore choose to place their capital in a stock portfolio which is manged by a professional firm with no influence from the capital owner, this management is called discretionary managing. Purpose: the purpose of the thesis is to examine the working methods and the rationality regarding the management of the discretionary portfolios. The purpose is also to try to examine whether there is a relation between the selected risk, return and fees. Realization: in this thesis our primary data comes from interviews with portfolio managers. By means of snowball sample we found portfolio managers in banks and in stock broker firms. Anonymity has been used to promote the right information from our interviews. Result: Discretionary portfolio management differ between banks and stock brokers. The managing in the banks has a passive investment strategy and the stock brokers has an active strategy. The chosen stategy characterize the selected risk, expected return and the required fees.

Background: With an increased global market, where companies seek capital abroad, the demand for a more uniform accounting standard has been raised. This uniform accounting standard is not yet available, differences between accounting standards still exists. Several Swedish companies seek risk capital in the USA and some are part of a concern that is listed on the American stock exchange. This means that the Securities and Exchange Commission requires the companies to do a reconciliation to US GAAP on those items that are considered material. This can be an extensive work for the companies if the knowledge about the differences between Swedish GAAP and US GAAP does not exist. Purpose: The purpose with this essay is to describe Swedish GAAP and US GAAP and experienced differences between them, and identify items that should be taken into consideration at a reconciliation. Further we have the purpose to examine the meaning of the expression material and how that affects what items that are chosen for reconciliation, and to create a model for analysis of what items are material. Accomplishment: We have done a research among an assortment of Swedish companies that do a reconciliation of their reports to US GAAP. The purpose of the research have been to identify differences between Swedish GAAP and US GAAP and which ones that are considered material and therefore should be reconciled. We have then described the identified differences and what effect those differences have from the view of a case company. The case company is Sydkraft ÖstVärme that are part of a German group that are listed on the American stock exchange and therefore are affected by US GAAP accounting. Results: Through the information from the research we have created a guideline that could be used as help when doing reconciliation. This guideline consists partly of a model of how an analysis of material items could function when choosing reconciliation items and partly of a compilation of the differences that have been identified and how they should be treated.

<p>Background: With an increased global market, where companies seek capital abroad, the demand for a more uniform accounting standard has been raised. This uniform accounting standard is not yet available, differences between accounting standards still exists. Several Swedish companies seek risk capital in the USA and some are part of a concern that is listed on the American stock exchange. This means that the Securities and Exchange Commission requires the companies to do a reconciliation to US GAAP on those items that are considered material. This can be an extensive work for the companies if the knowledge about the differences between Swedish GAAP and US GAAP does not exist. </p><p>Purpose: The purpose with this essay is to describe Swedish GAAP and US GAAP and experienced differences between them, and identify items that should be taken into consideration at a reconciliation. Further we have the purpose to examine the meaning of the expression material and how that affects what items that are chosen for reconciliation, and to create a model for analysis of what items are material. </p><p>Accomplishment: We have done a research among an assortment of Swedish companies that do a reconciliation of their reports to US GAAP. The purpose of the research have been to identify differences between Swedish GAAP and US GAAP and which ones that are considered material and therefore should be reconciled. We have then described the identified differences and what effect those differences have from the view of a case company. The case company is Sydkraft ÖstVärme that are part of a German group that are listed on the American stock exchange and therefore are affected by US GAAP accounting. </p><p>Results: Through the information from the research we have created a guideline that could be used as help when doing reconciliation. This guideline consists partly of a model of how an analysis of material items could function when choosing reconciliation items and partly of a compilation of the differences that have been identified and how they should be treated.</p>