Le droit est le produit de la société humaine. On le trouve lorsque cette société est au sommet de son succès et ses traces sont plus flagrantes lorsque celle-ci est bouleversée par des crises diverses. La loi vient pour s'adapter à ces divers états. Cette idée est citée entre autres par M. BURDEAU1 : "la désintégration du concept de loi n'est pas explicable par les seules données de l'univers juridique ; elle est le reflet d'un phénomène sociologique". On comprend alors que parfois, les crises sociales entraînent une atteinte à la loi, à son autorité transcendante. Des auteurs expliquent que cette atteinte entraîne une perte des caractères essentiels de cette loi qui sont la généralité, l'impersonnalité et l'universalité. Cette perte vient au profit du principe de stabilité de la société. Les statuts spéciaux des baux d'habitation sont un exemple de l'atteinte aux caractères principaux de la loi. A la fin de la 2ème guerre mondiale en France et de la guerre civile au Liban, les législateurs français et libanais se sont trouvés face à la réparation des crises sociales et humanitaires provenant de la guerre. De nombreuses lois sociales ont été promulguées, surtout en matière de baux d'habitation. De nouveaux statuts juridiques ont vu le jour. Le législateur devait prendre en compte l'intérêt du locataire, sans oublier celui du bailleur. Il devait garantir l'intérêt général par le respect de la liberté personnelle et la protection des propriétés privées considérées comme principes fondamentaux dans la constitution des deux pays et dans les conventions des Droits de l'Homme. Notre étude se basera sur ces lois spéciales (loi du 1er septembre 1948 en France et loi du 23 juillet 1992 au Liban), sur leurs caractéristiques, fonctionnement et régimes. Nous examinerons leur impact social, économique et juridique pour savoir s'ils apparaissent comme une solution à la crise sociale, sans aboutir à une crise législative. / The law is the product of human society. It's found when this society is at the top of its success and its tracks are more blatant when this one is affected by various crisis. The Act has to adapt to these various states.This idea is summarized among others by Mr. BURDEAU : “The disintegration of the concept of law is not explainable by the only data of the legal universe; it's a reflection of a sociological phenomenon”. Then we understand that sometimes, social crises lead to an infringement of the law, to its transcendent authority. Some authors explain that this impairment brings loss of the essential characters of this law which are the generality, the impersonality and the universality. This loss is for the benefit of the principle of stability of the society. The special status of residential leases are an example of the impairment of the main characters of the Act.After the 2nd World War in France and the civil war in Lebanon, French and Lebanese legislators found themselves repairing the social and humanitarian crises from the war. Many social laws have been enacted, particularly in residential leases. New legal statutes have emerged. The legislator had to consider the interests of the tenant, without forgetting that of the lessor. He had to ensure the general interest by respect for personal freedom and the protection of private property considered as fundamental principles in the constitution of the two countries and the human rights conventions.Our study will be based on these special laws (act of September 1, 1948 in France and July 23, 1992 in Lebanon), on their characteristics, operation and plans. We will examine their social, economic and legal impact to see if they appear as a solution to the social crisis, without leading to a legislative crisis.

The Planning and Building Act regulates how municipalities plan the use of land and water. When deciding on the detailed development plan, the respective municipality is responsible for the parking standard in the space that will be allocated for parking and which is made in connection with land construction. The decision is followed up in the building permit process. One of the requirements for building permits being granted is that the parking solution is approved. A public parking lot lease is a solution that is approved by law regarding parking in another area beyond one's own property. The municipality can be a party in the agreement for leasing public parking lots in the role of land access provider and may be responsible for preparing the parking lot. In order to be valid, the lease shall guarantee a measure of permanence over time. The rights that accompany the parking lot agreement need to be monitored by authority decisions that cause a change in land use. The municipalities' responsibility to meet the policy's stated objective to increase housing may result in already built-up areas becoming denser. Surfaces such as parking lots may be used for this purpose. Increased density in municipalities requires new detailed development planning. Thirty of the country's municipalities with the highest number of completed buildings, specifically multi-family housing, were examined for the time period 2005-2016. The basis for the analysis was experiencing increased density where the land area has been affected in relation to objects for public parking leases. Current legislation is interpreted to find support for the validity of leasing public parking lots in cases of changes in land use. This study's research question relates to how the municipality should handle their role in decisions on changed land use, as a party to the civil parking lease agreement and as a public authority. The results highlight the validity of agreements to lease public parking lots despite civil authorities' decisions that change the use of land within the area in question. It is suggested that the municipality, as a civil party to the agreement, must monitor legal right by entering into the agreement. As an authority, the municipality has the responsibility to monitor and follow up the underlying decisions of the regulating authority and building permission decisions, the assessment of which may depend on the approval of the suggested solution for parking. Thus, the new decision regarding land use should not be in conflict with the underlying decisions which also continue to be valid. It is recommended that municipal administrations and companies cooperate closely in the early stages of the detailed development planning process. This is necessary to ensure that the legal right resulting from agreements to lease public parking lots is taken into consideration. The working documents in the form of geographical information may include demarcated areas which include leased public parking lots. / Plan- och bygglagen styr hur kommunerna planerar användningen av mark och vatten. Vid beslut om detaljplan ligger respektive kommuns normtal för parkering till grund för det utrymme som ska avsättas för parkering i samband med byggande av marken. Beslutet följs upp i bygglovsprocessen. Godkänd lösning för parkering är ett myndighetskrav för erhållet bygglov. Parkeringsköp är en lösning som godkänns av lagen som parkeringslösning utanför den egna fastigheten. Kommunen kan vara part i parkeringsköpsavtalet med rollen som markupplåtare och ansvarig för att iordningsställa parkeringen. Upplåtelsen ska för sin giltighet garantera viss stabilitet i tid. Rättigheten som följer med parkeringsavtalet behöver bevakas vid myndighetsbeslut som ändrar markanvändningen. Kommunernas ansvar för att möta politikiska mål om ökat bostadsbyggande kan få till följd att redan bebyggda områden förtätas. Ytor som exempelvis parkering kan tas i anspråk för syftet. Förtätning ställer krav på ny detaljplan. Trettio av landets kommuner med högst antal färdigställda bostäder i flerfamiljshus inom tidsintervallet 2005 – 2016 analyseras utifrån erfarenhet av förtätning, där markområde påverkas som är objekt för parkeringsköp. Tolkning av gällande lagstiftning görs för att hitta stöd för parkeringsköpets giltighet vid ändrad markanvändning. Studiens frågeställning gäller hur kommunen bör hantera sin roll vid beslut om ändrad markanvändning dels som part i det civilrättsliga parkeringsköpsavtalet, dels som myndighet. Resultatet framhåller parkeringsköpsavtalets giltighet trots myndighetsbeslut som ändrar markanvändningen inom aktuellt område. Kommunen som civilrättslig part i avtalet ska bevaka rättigheten förslagsvis genom inskrivning av avtalet. Som myndighet har kommunen ansvar för att bevaka och följa upp bakomliggande myndighetsbeslut, bygglovsbeslutet, vars bedömning kan vila på godkänd lösning för parkering. Det nya beslutet om annan markanvändning ska således inte stå i strid med bakomliggande beslut som fortsatt har giltighet. Tätt samarbete mellan kommunens förvaltningar och bolag i tidiga skeden av detaljplaneprocessen bör vara ett mönster som följs. Detta för att rättigheten som följer på parkeringsköpsavtalet ska uppmärksammas. Arbetsunderlaget i form av geografisk information kan innehålla markering av områden som omfattas av parkeringsköp.

CHANGE OF LEGAL POSITION OF PARTIES TO AGREEMENTS ON LEASE OF NON-RESIDENTIAL PREMISES IN RELATION TO ACT NO. 89/2012 COLL. BECOMING EFFECTIVE Summary: The purpose of my thesis is to analyse the legal consequence of the Act. No. 89/2012 Coll., the Civil Code, as amended (the "Civil Code"), coming into effectiveness in the Czech Republic on 1 January 2014, with regards to lease agreements on lease of non-residential premises (re-defined by the Civil Code as premises for business purposes). The reason for this analysis is the fact that, as a result of the Civil Code becoming effective, all the lease relationships, including lease relationships under lease agreement concluded prior to 1 January 2014 shall be governed by the Civil Code. Given that the introduction of the Civil Code represents full recodification of the civil law in the Czech Republic, the related changes concerning the lease agreements on lease of premises for business purposes are of significant character. Accordingly, the thesis is mainly addressed to the parties to the existing lease agreements on premises for business purposes concluded on 31 December 2013 or earlier, even though it may be found of use for other addressees as well. The first chapter is introductory as it outlines the new concept of obligations, subject of which is use of...

- RESUMÉ The need for housing is undoubtedly one of the basic human needs of each individual. Not everyone, however, is the owner of the house or the apartment. To address this situation, when do not have their own housing, serves the institute of the tenancy. Here, however, the two interests conflict groups clash, landlords and tenants, who represent completely different interests. This is one of the reasons for states to actively intervene to the tenancy to ensure the right to housing for the tenants and also to protect property rights of the landlords. Many states came to the way of the housing policy, which is based on the belief that the tenant is the weaker party to the lease. In this way, this is a legal regulation of the rent and the lease. My thesis, entitled "The legislation regulating tenancy - a regulated rent" aims primarily to describe developments in this area in the Czech Republic in the last 20 years, noted that the regulation of the rent is definitely not just a phenomenon of this decade. The work focuses primarily on the regulation of the rent, as is clear from its title, because this has become a main topic of many debates and tries to describe the deregulatory efforts in the Czech legal order for the last period, including the achieved result, which at the time of the...

This diploma thesis deals with the possibilities of transferring the cost of acquisition of depreciable tangible assets acquired by purchase or finance lease in the corporate income tax base, and analyzes the conditions of deductibility of depreciation and rent in the tax base. The diploma thesis identifies the factors affecting the amount of the tax base for both variants of the acquisition of depreciable tangible assets and the elements of the tax optimization.

Leasingstandarden IAS 17 har motstått en del kritik eftersom företag har kunnat ta del av fördelarna av operationell leasing då både leasade tillgångar och motsvarande skulder har effektivt hållits utanför balansräkningen med endast not-upplysningar om framtida leasing skyldigheter. Under 2005 uttrycktes oro över brist på öppenhet och information gällande leasingförpliktelser av US Securities and Exchange Commission (SEC), något som redan bekymrade investerare och andra intressenter. Som svar på kritiken initierade International accounting standards board (IASB) tillsammans med Financial accounting standards board (FASB) ett projekt i hopp om att förbättra redovisningen av leasingavtal. Den nya standarden, IFRS 16, innebär att alla operationella leasingavtal kapitaliseras och redovisas i balansräkningen, det vill säga, en modell som liknar redovisningen av finansiella leasingavtal. Således elimineras uppdelningen av leasingavtal i operationella och finansiella leasingavtal. Syftet med denna studie är genom att analysera skillnaderna mellan IAS 17 och IFRS 16, utforska vilken inverkan IFRS 16 kommer att ha på företagens finansiella rapporter och nyckeltal. Vidare utgörs syftet av att förklara hur effekterna på nyckeltal förhåller sig till jämförelseperioder särskilt vid tillämpning av den modifierade retroaktiva övergångsmetoden. I denna studie har en kvalitativ ansats i kombination med ett induktivt angreppssätt tillämpats. Undersökningen har genomförts på ett fiktivt bolag samt åtta årsredovisningar från åtta olika företag inom detaljhandel och flygbranschen. Vad gäller de verkliga företagen har datamaterialet som extraheras från årsredovisningarna bearbetats med hjälp av den konstruktiva kapitaliseringsmodellen utformad av Imhoff, Lipe och Wright (1991, 1997) och modifierad av Fülbier, Silva och Pferdehirt (2008). Utifrån studiens undersökning blir det tydligt att IFRS 16 handlar om öppenhet och delgivning av information. IFRS 16 inverkan på resultat- och balansräkningen leder till att nyckeltal som bland annat soliditet, skuldsättningsgrad, räntabilitet på eget- och totalt kapital och genomsnittlig skuldränta påverkas. Användare av finansiella rapporter använder dessa nyckeltal för att identifiera problemområden samt möjligheter inom ett företag. Vi finner att kapitaliseringen av operationella leasingavtal förser användare av finansiella rapporter med mer verklighetstrogen information. Vidare bidrar studien till en djupare förståelse för hur och varför en del nyckeltal kommer att påverkas av IFRS 16 i förhållande till jämförelseperioder. Studien bidrar även till att förstå relevansen av IFRS 16 och hur denna standard bidrar till redovisningens informationsvärde. / The lease accounting standard IAS 17, has been criticized for enabling companies to take advantage of the benefits of operational leasing, since both leased assets and their corresponding liabilities have been kept off-balance sheet with information on future lease obligation presented only in notes. In 2005, the US Securities and Exchange Commission (SEC) raised some concerns due to the lack of transparency and information on lease obligations, something that already worried investors and other stakeholders. In response to the criticism, the International Accounting Standards Board (IASB), together with the Financial Accounting Standards Board (FASB), launched a project hoping to improve the accounting of leases. With the new IFRS 16 standard, all operating leases will be capitalized and reported on the balance sheet. Hence, a model similar to the accounting for financial leasing agreements eliminating the division of lease agreements into operational and financial leases. The aim of this study is to analyze the differences between IAS 17 and IFRS 16, examine what impact IFRS 16 will have on the companies' financial reports and key ratios. Furthermore, the study aims to explain how the effects on key ratios relate to comparative periods in particular when applying the modified retrospective approach. In this study, a qualitative approach in combination with an inductive approach has been applied. The study has been carried out on a fictitious company and eight annual reports from eight different companies within the retail and airline industry. With regard to the actual companies, the data material extracted from the annual reports has been processed using the constructive capitalization model designed by Imhoff, Lipe and Wright (1991, 1997) and modified by Fülbier, Silva and Pferdehirt (2008).Based on the study's results, it becomes clear that IFRS 16 is about transparency and disclosure of information. IFRS 16’s impact on the income statement and balance sheet results in key ratios such as equity ratio, debt/equity ratio, return on equity and total capital and average debt interest rate to change. Users of financial reports use these key ratios to identify problem areas and opportunities within a company. This study finds that the capitalization of operating leases provides users of financial reports with more accurate information. The study contributes to a deeper understanding of how and why some key ratios will be affected by IFRS 16 in relation to comparative periods. The study also helps in understanding the relevance of IFRS 16 and how this standard contributes to the information value in accounting.

Nuvarande Financial Accounting Standard Board (FASB) och International Accounting Standard Board (IASB) har gemensamt utvecklat en ny leasingstandard. Syftet är att skapa konvergens på en internationell nivå samt förbättra finansiella rapporter som ska underlätta användarnas ekonomiska beslut. Tidigare studier visar att den nya leasingstandarden medför effekter på företagens redovisningen och finansiella nyckeltal. Emellertid finns lite kunskap om hur företagen på Large Cap förbereder sina investerare på en ny leasingstandard. Följaktligen är syftet med studien att beskriva hur svenska Large Cap företag väljer att förbereda sina investerare med upplysningar om IFRS 16 i sina finansiella rapporter. Vidare syftar studien till att förklara hur graden av förberedelse påverkas av leasingintensitet, antal bevakande analytiker och vilken implementeringsmetod företagen väljer vid införandet IFRS 16. För att satisfiera syftet användes agentteorin och teorin om frivilliga upplysningar för att analysera och förklara företagens val att lämna förberedande upplysningar. Upplysningarna kvantifierades genom att upplysningarna i företagens fjärde kvartalsrapport och årsredovisning 2018 kodades med en diskret variabel. Resultatet visar att företagen på Large Cap förbereder sina investerare med mer omfattande upplysningar i årsredovisningen jämfört med kvartalsrapporten. Företagen bedömer att kvalitativa upplysningar är av mer väsentligt värde för investerare än kvantitativa upplysningar eftersom de kan skapa bättre förståelse för leasingstandardens innebörd hos investerare. Vidare visar studien att varken leasingintensitet, antal bevakande analytiker eller val av implementeringsmetod påverkar företagens förberedande upplysningar. Den rimligaste tolkningen är att leasingintensiva företag inte bedömer att effekterna av leasingstandarden är av mer väsentligt värde för investerare än icke-leasingintensiva företag. En förklaring till att det inte föreligger ett samband mellan antal analytiker och företagens förberedande upplysningar kan förklaras av att företagen inte upplever att upplysningar om leasingstandarden leder till fördelar. Istället kan upplysningarna resultera i negativa marknadsreaktioner. Resultatet visar även att en övervägande andel av företagen på Large Cap föredrar den förenklade metoden till förmån för den retroaktiva metoden vid implementering av leasingstandarden. Författarna kan emellertid inte dra säkra slutsatser om företagen som använder den retroaktiva metoden förbereder sina investerare med mer omfattande upplysningar än företagen som använder den förenklade metoden. / The Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) have jointly developed a new accounting standard for leases. The main objective is to harmonize accounting across international borders with a common new lease standard and to ameliorate financial reporting for users of financial reports. Furthermore, researchers have discovered that the new lease standard has a significant impact on firms accounting and key financial ratios. Meanwhile, there is barley any studies in the field which examines how Swedish Large Cap firms chooses to prepare their investors with substantial disclosures on the new lease standard. Therefore, the main purpose of this study is to describe how Swedish Large Cap firms chooses to prepare their investors with substantial disclosures on the new lease standard in their financial reports. Authors of this study also seek to explain how firms lease intensity, number of analyst followers and their choice of transition approach have an impact on firm’s preparatory disclosures. To satisfy the purpose, the authors of this study choose to deploy agency theory and voluntary disclosure theory in order to analyse and explain how firms choose to prepare their investors with IFRS 16 disclosures. Firms disclosures in their interim report for the fourth quarter 2018 and annual report 2018 were quantified with a discrete variable. Furthermore, it appears that Swedish firms on Large Cap prepare their investors with more extensively disclosures in their annual reports compared to their interim reports. Firms assesses that qualitative disclosures are of more material value to investors than quantitative disclosures. One explanatory factor may be that qualitative disclosures provide investors with better understanding of the new lease standard. Moreover, the study fails to explain the relationship between firms lease intensity, number of analyst followers, and firm’s choice of transition approach with the firm’s preparatory disclosures. One interpretation is that firms with high lease intensity do not assess the impact of the new lease standard to be of more material value for investors decisions than firms with low lease intensity. Since the study fails to explain the relationship between number of analyst followers and firm’s preparatory disclosures, a reasonable interpretation is that firms do not benefit from disclosing information about the new lease standard since the information might result in negative market reactions. Meanwhile, this study also provides evidence that a significant proportion of firms on Large Cap chooses the modified retrospective approach in favour of the full retrospective approach to adopt IFRS 16. Although, there is not enough strong evidence to support the hypothesis that Swedish firms which adopt the full retrospective approach prepare their investors with more extensively disclosures than firms which adopt the modified retrospective approach.

O presente trabalho analisa o contrato de fiança no Código Civil brasileiro, bem como a sua utilização na locação de imóveis urbanos. No campo das garantias contratuais a fiança representa a modalidade mais utilizada no Brasil, notadamente pelas facilidades práticas em sua constituição, bem como pelo caráter gratuito da sua prestação. No entanto, ao longo dos anos o contrato de fiança, tal como fora moldado pelo legislador, vem sendo desafiado pelos tribunais que ora suavizam as suas regras em benefício do fiador ora fortalecem a posição do credor, gerando profunda insegurança social e instabilidade jurídica. Por esta razão, neste trabalho procuramos discutir se as regras atuais relativas à fiança são adequadas à sociedade brasileira ou se estão a merecer uma profunda reforma para torná-las efetivas, funcionalizando-as de acordo com a finalidade a que se destinam: um reforço ao adimplemento em favor do credor; assim, defendemos que a confiança gerada pela promessa manifestada pelo fiador de que irá efetivamente garantir o adimplemento de um contrato deverá ser efetiva, por ser um instrumento a serviço do credor, visando pô-lo a salvo de riscos. Neste trabalho foram comparados os momentos históricos em que surgiram o Código Civil de 1916 e o de 2002, e apresentadas as origens históricas da fiança. Posteriormente, a dogmática do instituto foi apresentada com a sua análise nos planos da existência, validade e eficácia, bem como foram apresentadas as questões controvertidas envolvendo o contrato, com a apresentação de soluções que foram refletidas e julgadas adequadas, inclusive no campo da fiança à locação, posto que o instituto é de larga utilização no mercado imobiliário, tendo ainda sido analisada a Lei n.° 12.112/09 que reformou a Lei do Inquilinato. Por fim, foram apresentadas propostas de alteração do perfil dogmático do contrato de fiança, na esperança de torná-lo uma segura garantia contratual da qual poderá o credor se valer como um adequado reforço ao efetivo adimplemento aguardado e que seja dotado de efetiva força vinculante. / This paper analyzes the contract of suretyship in the Brazilian Civil Code, and its use in the leasing of urban property. In the field of contractual guarantees suretyship is the most widely used in Brazil, especially because of the practical facilities in its constitution and by its characteristics of gratuitous guarantee of ones performance. However, over the years suretyship as it had been molded by the legislator is being challenged by the courts that sometimes soften its rules in favor of the guarantor and sometimes strengthen the position of the creditor, creating deep legal insecurity and social instability. Therefore, this paper aims to discuss whether the current rules relating to the suretyship are adequate for the Brazilian society or if they need a radical reformation to make them effective, functionalizing them according to the purpose for which they are intended: a reinforcement to the performance in favor of the creditor, so we sustain that the confidence engendered by the promise shown by the guarantor that will effectively ensure the fulfillment of a contract shall be effective as an instrument in the service of the creditor in order to keep him safe from risks. In this study we compared the historical moments that emerged in the Civil Code of 1916 and 2002, and presented the historical origins of suretyship. Subsequently, the dogmatic of the institute was presented with its analysis in the field of existence, validity and effectiveness, and controversial issues involving the contract were presented with solutions that have been thought and deemed appropriate, including in the field of suretyship of a lease, once the institute is widely used in the real estate market. We have also analyzed the Law n. 12.112/09 that reformed the Landlord and Tenant Act. Finally, proposals were made to change the dogmatic profile of suretyship, hoping to make it a secure guarantee of the contracts which the creditor may avail as a suitable reinforcement of the expected performance and to be endowed with effective binding force.

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".

O presente trabalho analisa o contrato de fiança no Código Civil brasileiro, bem como a sua utilização na locação de imóveis urbanos. No campo das garantias contratuais a fiança representa a modalidade mais utilizada no Brasil, notadamente pelas facilidades práticas em sua constituição, bem como pelo caráter gratuito da sua prestação. No entanto, ao longo dos anos o contrato de fiança, tal como fora moldado pelo legislador, vem sendo desafiado pelos tribunais que ora suavizam as suas regras em benefício do fiador ora fortalecem a posição do credor, gerando profunda insegurança social e instabilidade jurídica. Por esta razão, neste trabalho procuramos discutir se as regras atuais relativas à fiança são adequadas à sociedade brasileira ou se estão a merecer uma profunda reforma para torná-las efetivas, funcionalizando-as de acordo com a finalidade a que se destinam: um reforço ao adimplemento em favor do credor; assim, defendemos que a confiança gerada pela promessa manifestada pelo fiador de que irá efetivamente garantir o adimplemento de um contrato deverá ser efetiva, por ser um instrumento a serviço do credor, visando pô-lo a salvo de riscos. Neste trabalho foram comparados os momentos históricos em que surgiram o Código Civil de 1916 e o de 2002, e apresentadas as origens históricas da fiança. Posteriormente, a dogmática do instituto foi apresentada com a sua análise nos planos da existência, validade e eficácia, bem como foram apresentadas as questões controvertidas envolvendo o contrato, com a apresentação de soluções que foram refletidas e julgadas adequadas, inclusive no campo da fiança à locação, posto que o instituto é de larga utilização no mercado imobiliário, tendo ainda sido analisada a Lei n.° 12.112/09 que reformou a Lei do Inquilinato. Por fim, foram apresentadas propostas de alteração do perfil dogmático do contrato de fiança, na esperança de torná-lo uma segura garantia contratual da qual poderá o credor se valer como um adequado reforço ao efetivo adimplemento aguardado e que seja dotado de efetiva força vinculante. / This paper analyzes the contract of suretyship in the Brazilian Civil Code, and its use in the leasing of urban property. In the field of contractual guarantees suretyship is the most widely used in Brazil, especially because of the practical facilities in its constitution and by its characteristics of gratuitous guarantee of ones performance. However, over the years suretyship as it had been molded by the legislator is being challenged by the courts that sometimes soften its rules in favor of the guarantor and sometimes strengthen the position of the creditor, creating deep legal insecurity and social instability. Therefore, this paper aims to discuss whether the current rules relating to the suretyship are adequate for the Brazilian society or if they need a radical reformation to make them effective, functionalizing them according to the purpose for which they are intended: a reinforcement to the performance in favor of the creditor, so we sustain that the confidence engendered by the promise shown by the guarantor that will effectively ensure the fulfillment of a contract shall be effective as an instrument in the service of the creditor in order to keep him safe from risks. In this study we compared the historical moments that emerged in the Civil Code of 1916 and 2002, and presented the historical origins of suretyship. Subsequently, the dogmatic of the institute was presented with its analysis in the field of existence, validity and effectiveness, and controversial issues involving the contract were presented with solutions that have been thought and deemed appropriate, including in the field of suretyship of a lease, once the institute is widely used in the real estate market. We have also analyzed the Law n. 12.112/09 that reformed the Landlord and Tenant Act. Finally, proposals were made to change the dogmatic profile of suretyship, hoping to make it a secure guarantee of the contracts which the creditor may avail as a suitable reinforcement of the expected performance and to be endowed with effective binding force.