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Carnegie, Garry D., and edu au jillj@deakin edu au mikewood@deakin edu au wildol@deakin edu au kimg@deakin. "ACCOUNTING FOR GOODWILL ON CONSOLIDATION." Deakin University. School of Management, 1987. http://tux.lib.deakin.edu.au./adt-VDU/public/adt-VDU20040618.165446.
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The issue of accounting for goodwill has caused considerable concern to accountants and academics. For over 100 years there has been diversity of views as to the nature, recognition and measurement of goodwill. Such diversity of views has contributed to the adoption of a variety of accounting practices for goodwill, which has lead to attempts to regulate practice by accounting professions in the Anglo-American world. The research conducted involves a literature review to identify the concepts and definition of goodwill and the criteria for its recognition and measurement. the investigation will then concentrate upon goodwill arising on consolidation of the financial statements of a group of companies. Major accounting practices will be examined, along with the requirements of the australian and mojor overseas professions on the issue. The findings of a study of listed Australian companies which investigated the accounting policies adopted for goodwill on consolidation before and after regulation of the issue and which sought views upon some of the conceptual issues involved are reported and discussed. Implications of the research for the Australian accounting profession will be addressed, and recommendations will be propsed together with a description of future research opportunities.
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Ge, Rui. "Two essays on positive accounting research /." View abstract or full-text, 2009. http://library.ust.hk/cgi/db/thesis.pl?ACCT%202009%20GE.
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Newby, Sonja Pont. "Consolidation accounting: a history of the development of financial reporting standard FRS-37 and sector-neutral consolidation accounting for Crown financial reporting by the New Zealand Government." Thesis, University of Canterbury. Accountancy, Finance and Information Systems, 2006. http://hdl.handle.net/10092/868.
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This thesis provides a narrative account of the development of the sector-neutral financial reporting standard FRS-37: Consolidating Investments in Subsidiaries, applicable to both government and the private sector in the New Zealand institutional setting. The protracted promulgation of this accounting standard over eight years is the research event of interest. New Zealand's overhauled Public Finance Act 1989 introduced a requirement for the Crown to produce accrual consolidated accounts prepared in accordance with GAAP. Consolidation GAAP was vague however and a preferential modified equity accounting method was used throughout the development period of FRS-37. This seemed contradictory to the sector-neutral GAAP stance since the method was not allowed in the private sector. After FRS-37 was approved the Crown was required to present financial reports incorporating its interests in State Owned Enterprises and Crown entities on a fully consolidated basis. Subsequently international developments in government accounting put the viability of so-called NZ GAAP into question. The research objective was to better understand what happened. The historical method of Porter (1981) is used to trace the changes shaping the event. This involved consideration of antecedent and subsequent conditions around the event as well as its internal development. The event of FRS-37 commenced in September 1993 following the establishment of the Accounting Standards Review Board by the Financial Reporting Act 1993 which necessitated the development of a sector-neutral consolidation standard for approval, and concluded around October 2001 when FRS-37 was approved. The comparative antecedent period commencing around 1985 indicated the contextual conditions leading into the event, and the subsequent period to 2006 following FRS-37's implementation showed changed conditions that confirmed the event's conclusion. The contribution of this thesis is that it documents the defined event and explains what happened, offering understanding of the issues around consolidation accounting, sector-neutral GAAP and public sector financial management.
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Thornton, Phillip W. (Phillip Wynn). "The Role of Accounting Information in Investor Assessments of Corporate Takeovers." Thesis, University of North Texas, 1993. https://digital.library.unt.edu/ark:/67531/metadc278841/.
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Vollenweider, Petra. "The consolidation of annual accounts in the Swiss Federal Government." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-9167.
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Financial reporting in the public sector is influenced by the private sector accounting standards. The Swiss Federal Government has recently started to prepare consolidated financial statements. The purpose of this study is to describe how the Swiss Federal Government is doing its consolidated financial statements. Theoretically there are different consolidation theories and methods. The choice of consolidation method can explain which consolidation theory is used when the financial statements are put together. The research is done on the latest consolidated financial statements, 2010, from the Swiss Federal Government and in combination with an interview with the Head of Consolidation of the Swiss Federal Government. The finding in this research is that the Swiss Federal Government has an Entity Theory approach when consolidating its financial statements.
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Meade, Nancy Margaret Lowman. "Antitakeover devices and firm performance : an empirical study using accounting measures /." Diss., This resource online, 1990. http://scholar.lib.vt.edu/theses/available/etd-08252008-162207/.
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Karlsson, Johannes, and Mathias Nilsson. "An alternative approach to IPSAS consolidation : The case of Sweden." Thesis, Kristianstad University, School of Health and Society, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-6867.
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The New Public Management (NPM) has made the public sector go through a period of privatization and externalization which has affected the method of accounting of municipalities, from cash to accrual accounting. The NPM has also resulted in a mix of private and public sector that makes the matter of consolidation of municipal groups complicated because of the municipalities’ use of public sector accounting and the municipal companies’ use of private sector accounting.
In Sweden, the Swedish Council of Municipal Accounting (SCMA) has the task of producing recommendations concerning the accounting of municipalities so that the goal of the “true and fair” view of the municipalities’ is met. In 2009, the SCMA produced the recommendation 8.2 (RKR 8.2) containing guidelines concerning consolidation of the municipal group. The purpose of this article is to investigate the use of RKR 8.2 and what kind of municipality is more inclined to use the recommendation. This question shall be answered by a quantitative, document study of the annual reports of Swedish municipalities from 2009 together with the Stakeholder Theory and the Positive Accounting Theory.
The result of the article shows that the municipalities that are more inclined to implement the RKR 8.2 and to implement it to a larger degree are municipalities of a larger size, with a high performance, with a high tax income and with large municipal companies.
Still, the document study shows that only 43 out of 239 municipalities have implemented the recommendation. To increase the implementation and use of the recommendations of SCMA we suggest merger of municipalities as larger municipalities, for different reasons, have implemented the recommendation to a larger degree than smaller ones.
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Mindak, Mary. "An analysis of firms impacted by FASB Interpretation No. 46R — Consolidation of variable interest entities." Cincinnati, Ohio : University of Cincinnati, 2009. http://rave.ohiolink.edu/etdc/view.cgi?acc_num=ucin1241117373.
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Thesis (Ph.D.)--University of Cincinnati, 2009.Advisor: P.K. Sen. Title from electronic thesis title page (viewed July 27, 2009). Keywords: Fin 46R; consolidation; disclosure; variable interest entities. Includes abstract. Includes bibliographical references.
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Goodwin, Jennifer D. "The valuation and accounting treatment of goodwill arising on consolidation : a survey of companies making corporate acquisitions during the period, 1980-1983 /." Title page, table of contents and abstract of thesis only, 1985. http://web4.library.adelaide.edu.au/theses/09ECM/09ecmg656.pdf.
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Coda, Stefano. "Business combinations and group of companies : perspectives from accounting, law and corporate finance." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E072.
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Dans le cadre général des regroupements d'entreprises et des groupes de sociétés, cette thèse porte sur des questions d'intérêt à la croisée de la comptabilité, du droit (notamment les dispositions légales et la réglementation comptable) et de la finance d'entreprise. En ce qui concerne la théorie comptable, le chapitre 2 étudie comment les chercheurs en économie d'entreprise ont compris les groupes d'entreprises, les comptes de groupe et le processus de leur préparation, en particulier par rapport aux juristes italiens. Ensuite, le chapitre 3 reconstruit le processus politique et législatif qui a engendré la naissance du concept de groupe de sociétés dans le corpus juridique italien.Concernant le droit et la politique comptable, une analyse comparative est effectuée au chapitre 4qui montre clairement l'évolution de la notion de contrôle et de son utilisation dans les comptes consolidés (comptes de groupe) et les regroupements d'entreprises (I) en droit européen, (II) selon les normes comptables internationales publiées par l'IASB (International Accounting Standards Board) et (III) par rapport aux principes comptables généralement admis aux États-Unis («USGAAP»). De plus, les chapitres 5 et 6 étudient les effets du lobbying sur les normes comptables concernant les états financiers consolidés et les regroupements d'entreprises publiés par l'IASB. Fait intéressant, les résultats concordent avec une forme de capture du normalisateur comptable international par une catégorie d'institutions financières. En effet, confrontées à un modèle de consolidation prétendument basé sur le contrôle, ces dernières ont plaidé en faveur d'une exception de consolidation fondée sur un modèle de propriété et documentée comme ayant été proposée par les sociétés d'audit américaines dans ce contexte au moins depuis 1995. Ce modèle s’avère avoir trouvé un terrain fertile au sein de l'IASB. En conséquence, d'autres catégories d'institutions financières,telles que les fonds d'investissement à long terme et ceux gérés par une famille tout en préférant un modèle de consolidation différent, ne sont plus autorisées à présenter des états financiers consolidés. En ce qui concerne la finance d’entreprise, le chapitre 7 analyse les implications de différentes décisions de financement dans un nouveau échantillon de fusions et acquisitions entre institutions financières (banques et assurances) consommées dans le monde entier au cours des deux dernières décennies. En particulier, il étudie (I) la relation entre la méthode de choix de paiement (si le prix est payé en cash, en actions ou une combinaison des deux) et le choix du mode de financement d'un regroupement d'entreprises (y compris les instruments hybrides) et (II) la réaction des investisseurs à l'annonce de la combinaison. En ce qui concerne ce dernier point, l'utilisation de deux tests non paramétriques permet de détecter une relation intéressante entre la réaction du marché à l'annonce et les différents modes attendus de financement de la transactionIn the broad context of business combinations and group of companies, this thesis selects some matters of interest at the crossroad between accounting, law (especially legal provisions and accounting regulation) and corporate finance.Concerning accounting theory, chapter 2 studies how business economics scholars understood groups of companies, group accounts and the process for their preparation in particular compared to Italian legal scholars. Then, chapter 3 reconstructs the political and legislative process that brought about the birth of the concept of group of companies in the Italian legal corpus. Concerning law and accounting policy, a comparative analysis is carried out in chapter 4 which clearly shows how the notion of control and its use in consolidated financial statements (group accounts) and business combinations accounting evolved (I) in European law, (II) under international accounting standards as issued by the IASB – International Accounting StandardsBoard and (III) in US GAAP (Generally Accepted Accounting Principles). Moreover, chapters 5 and 6 investigate the effects of lobbying on accounting standards on consolidated financial statements and business combinations issued by the IASB. Interestingly, results are consistent with a regulatory capture of the international standard setter by a category of financial institutions. In fact, confronted with a consolidation model purportedly based on control, the latter lobbied in favour of a consolidation exception which is based on an ownership view and is documented to have been proposed by US audit companies in that context at least from 1995. That view found a fertile ground within the IASB. As a result, other categories of financial institutions such as long term investment funds and those run by a family preferring a different consolidation model are now prohibited from presenting consolidated financial statement. Concerning corporate finance, chapter 7 studies the implications of different financing decisions ina novel and comprehensive sample of cases of mergers and acquisitions across and between financial institutions (banks and insurances) consummated worldwide around almost the last twodecades. In particular, it investigates (I) the relationship between the method of payment choice (i.e. if the price is paid in cash, stock or a mixture of the two) and the choice regarding the mode offinancing a business combination (including hybrid instruments) and (II) investors’ reaction at the combination announcement. As to the latter point, the use of two non-parametric tests allows todetect an interesting relationship between the market reaction at announcement and the different expected modes of financing the transaction
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Eiler, Lisa Ann. "Accounting disclosure quality and synergy gains : evidence from cross-border mergers and acquisitions /." Thesis, Connect to title online (Scholars' Bank) Connect to title online (ProQuest), 2009. http://hdl.handle.net/1794/10203.
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Junior, Jorge Vieira da Costa. "Retornos anormais versus performances operacionais anormais de firmas brasileiras envolvidas em fusões e aquisições no período de 2002 a 2006." Universidade de São Paulo, 2008. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-30062008-113212/.
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O propósito desta tese foi investigar as operações de fusões e aquisições - F&A, uma subárea do que se denomina \"combinação de negócios\", observadas entre firmas brasileiras no período de 2002 a 2006, em que ao menos uma delas (firma \"bidder\" ou firma \"target\") fosse listada na Bovespa. Não foram amostradas fusões e aquisições celebradas entre firmas sob um mesmo controle, excluindo dessa forma as incorporações reversas. Foram amostrados 101 anúncios (1º Fato Relevante arquivado) envolvendo 104 operações, totalizando R$ 223,7 bilhões, ou 66,86% do universo que integrou o ranking da ANBID de 2002 a 2006. Duas técnicas foram utilizadas: o estudo de eventos por retornos ao redor dos anúncios e o estudo de eventos amparado por métricas contábeis. Para fins de amostragem, além da base de dados da ANBID, foi utilizada a base da Economática, a base da \"Melhores e Maiores\" e o sistema IPE da CVM/Bovespa. As evidências empíricas e os testes estatísticos conduziram à conclusão de que o anúncio das operações de fusão e aquisição criou expectativas de maximização de valor para os acionistas das firmas combinadas. Contudo, para os acionistas das firmas \"target\", na ocorrência de uma OPA, com a possibilidade da tensão durante o processo de definição do prêmio de controle a ser pago a acionistas não controladores, especialmente se investidores institucionais como fundos de pensão integram o grupo de não controladores, o anúncio das operações de fusão e aquisição foi precificado de modo diferenciado entre ações ordinárias e preferenciais, causando no mercado uma reação similar à hipótese da miopia, um fenômeno peculiar no ambiente brasileiro. A Contabilidade, por seu turno, não corroborou as expectativas médias do mercado no que concerne às possíveis sinergias advindas da combinação de firmas amostradas. Vale dizer que a medição da performance por métricas contábeis não foi influenciada pelo \"big bath\" tampouco por múltiplas aquisições efetivadas por firmas \"bidder\". Os resultados econométricos sugerem a necessidade de se proceder a um teste de \"impairment\" para averiguar a substância econômica de ágios. Por fim, em se tratando dos efeitos sobre os preços das operações não efetivadas e anunciadas (\"unsuccessful takeovers\"), as evidências empíricas indicam que o mercado de capitais brasileiro ajusta tempestivamente os papéis das firmas combinadas, em linha com o que prescreve a hipótese do mercado eficiente na sua forma semi-forte.The aim of this thesis was the investigation of Mergers and Acquisitions - M&A, a subset of what is named \"business combination\", observed among Brazilian firms from 2002 to 2006, which at least one of them (bidder firm or target firm) was listed in Bovespa. Mergers and Acquisitions - M&A among firms under the same group of control were not sampled, which means that special transactions usually named \"incorporações reversas\" were not considered in the sample. There have been sampled 101 announcements (1st Fato Relevante filed) involving 104 M&A, totalizing R$ 223,7 billion, or 66,86% of the universe that took part in ANBID ranking from 2002 to 2006. Two techniques were used: the event studies on returns before and after M&A announcements and the event studies on accounting based measures. For sampling purposes, besides ANBID database, Economática database, \"Melhores e Maiores\" database and IPE system from CVM/Bovespa were used. The empirical evidences and the statistical tests led to the conclusion that the announcement of M&A transactions raised expectations of value maximization to the shareholders of the firms combined. Nonetheless, for the target firm shareholders, in the occurrence of a tender offer, with the possibility of a tension during the process of defining the control premium to be paid to minorities, specially if institutional investors such as pension funds take part in the minority group, the announcement of M&A transactions was priced differently among common and preferential shares, causing in the market a reaction alike to the myopia hypothesis, a particular phenomena in Brazil. Accounting, it must be pointed out, did not corroborate the average expectations of the market related to synergies associated with the combination of firms sampled. It must be mentioned that the measurement of the performance based on accounting based measures was not influenced by \"big bath\" neither by multiple acquisitions done by bidder firms. The econometric results suggest the necessity of adopting impairment test to check the economic substance of goodwill. Last, concerning the price effects of the unsuccessful takeover transactions announced, the empirical evidences indicate that the Brazilian stock market timely adjusts the stock prices of the combined firms, which is coherent with the efficient market hypothesis in the semi-strong form.
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Hajj, Zaina Said El. "Business combination e consolidação: uma abordagem comparativa entre as normas dos US-GAAP, IASC e Brasil." Universidade de São Paulo, 1999. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-24092007-125157/.
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Este estudo apresenta uma abordagem comparativa entre as normas contábeis dos US-GAAP, IASC e Brasil para as operações de business combination e para a consolidação das demonstrações contábeis. Define-se business combination de acordo com os conceitos contidos nos US-GAAP, IASC e nos pronunciamentos brasileiros para em seguida apresentar a definição adotada neste estudo. Precedendo a metodologia desta pesquisa, este estudo apresenta algumas estatísticas das operações de business combination e as abordagens das principais dificuldades relacionadas ao tema, assim como se levanta a questão nevrálgica para o estudo. Nos capítulos denominados US-GAAP, IASC e Brasil são tratadas as principais normas contábeis emitidas, destacando-se as definições, o tratamento contábil, métodos de avaliação, consolidação e evidenciações exigidas. Em seguida são esclarecidas na análise comparativa algumas das principais similaridades e diferenças abordadas nos capítulos anteriores. O estudo inclui uma análise dos mais significativos procedimentos de consolidação e apresenta exemplos relativos a cada entidade analisada. Finalmente, as conclusões realizadas na referida análise.This study presents a comparative analysis among the US-GAAP, IASC and Brazilian accounting pronoucements for the transactions of business combination and for the consolidation of financial statements. It reviews the definition of business combination according to the concepts of US-GAAP, IASC and Brazilian pronouncements and, subsequently, the definition used in this study. Preceding the methodology of this research, this study offers some statistics of the transactions of business combination and gives a survey of how the main difficulties related to this subject were approached, as well as a determination of the most important issue of this study. In the chapters named US-GAAP, IASC and Brazil, the main rules of accountancy are trated, highlighting the definitions, accounting treatment, methods of evaluation, consolidation and disclosure. Moreover, in the comparative analysis, some of the main similarities and differences are cleared up that were shown in the previous chapters. This study includes an analysis of the most significant procedures for consolidation, as well as some examples related to each of the institutions that were focused on. Finally, the conclusions that were made on the basis of analysis are discussed.
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Sarquis, Raquel Wille. "Eliminação do método de consolidação proporcional para reconhecimento dos investimentos em joint ventures: quais os impactos para as empresas do mercado brasileiro?" Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-26032015-161923/.
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O objetivo desta pesquisa é avaliar os impactos da eliminação do método de consolidação proporcional, com a adoção da IFRS 11, para as empresas do mercado brasileiro com investimentos em joint ventures. A aplicação da IFRS 11 trouxe impactos tanto em termos conceituais quanto práticos. Entretanto, a principal alteração foi a eliminação da consolidação proporcional como uma alternativa para o reconhecimento dos investimentos em joint ventures, considerando que esse era o método utilizado por muitos países e que, conforme alguns autores, produzia informações de maior relevância. Para tanto, primeiramente analisaram-se as 111 comment letters enviadas em resposta ao Exposure Draft 09, sendo que esta análise demonstrou que a maior parte dos respondentes não concordavam com a emissão da IFRS 11 como proposta no ED 09, principalmente em relação à eliminação do método de consolidação proporcional. Na sequência, avaliaram-se os impactos da transição da consolidação proporcional para o MEP nos valores reportados pelas empresas do mercado brasileiro com investimentos joint ventures, com a finalidade de verificar se essas diferenças são estatisticamente significantes. A população construída nesta pesquisa é formada por 79 empresas do mercado brasileiro que apresentavam as características necessárias. Utilizando Testes de Média, os resultados indicam que, exceto para as variáveis Fluxo de Caixa das Atividades de Financiamento, Indicadores de Liquidez e Composição do Endividamento, todas as demais 16 variáveis analisadas apresentaram diferenças estatisticamente significantes quando da transição da consolidação proporcional para o MEP. Ademais, esse impacto é mais evidente em alguns setores como Bens Industriais, Construção e Transporte, Utilidade Pública. Esses resultados levam à aceitação da hipótese proposta, de que os valores reportados pelas empresas do mercado brasileiro com investimentos em joint ventures após a adoção da IFRS 11 são significativamente diferentes dos valores que vinham sendo reportados até então. Esses achados são importantes considerando que essa alteração impacta não apenas os indicadores contábeis em si, mas outras variáveis que estão atreladas a esses indicadores, como a necessidade de renegociação de covenants, além de evidenciar uma das principais críticas ao MEP: a possibilidade de as empresas utilizarem desses investimentos para retirar dívidas do balanço. Por fim, este trabalho propôs um modelo de conciliação entre as demonstrações contábeis elaboradas pela consolidação proporcional e pelo MEP, com a finalidade de verificar se os usuários da informação contábil poderiam estimar, utilizando as informações divulgadas em notas explicativas, quais seriam os valores reportados pelas empresas pela consolidação proporcional. Utilizando uma amostra de 45 empresas e considerando aceitável uma diferença de até 2%, os ajustes identificados no modelo proposto explicam as diferenças nos valores reportados por aproximadamente 82% das empresas analisadas. Os resultados em conjunto indicam que a eliminação da consolidação proporcional com a adoção da IFRS 11 produziu impacto significativo nos valores reportados pelas empresas do mercado brasileiro, porém, esse impacto pode ser amenizado pelo volume maior de informações sobre as joint ventures, exigidas pela IFRS 12, já que os usuários conseguem estimar quais seriam os valores reportados pelos dois métodos e utilizar o tipo de informação que considerem de maior relevância.The purpose of this research is to assess the impacts of eliminating the proportionate consolidation method, as a consequence of the adoption of IFRS 11, for companies from Brazilian capital market with joint ventures investments. IFRS 11 adoption brought both conceptual and practical impacts. However, the main change was eliminating the proportionate consolidation as an alternative to recognize joint ventures investments, considering that this was the method used by many countries; which, according to some authors, produces more relevant information. Firstly, the 111 comment letters in response to the Exposure Draft 09 were analyzed, and it demonstrated that the majority of the respondents disagreed with the issuance of IFRS 11 as proposed in the ED 09, especially about the elimination of the proportionate consolidation. Subsequently, it was analyzed the impact of the transition from the proportionate consolidation to the equity method on the accounting amounts reported by companies in the Brazilian capital market with joint venture investments, through statistical analysis. The constructed population for this research is composed by 79 companies which presented the necessary characteristics. Using Mean Tests, the results show that, except for Cash Flow from Financial Activities, Liquidity Indicators and Composition of Debt, all other 16 variables analyzed had statistically significant differences between the proportionate consolidation and the equity method. Moreover, this impact is greater in some sectors, such as Industrial Goods, Construction and Transportation and Public Utilities. These results confirm the hypotheses proposed by this research, that the accounting amounts reported by Brazilian companies with joint ventures investments after IFRS 11 adoption are significantly different from the accounting amounts that had been reported so far. These findings are important because this change impacts not only the financial indicators but also other variables that are tied to these indicators, such as the need of renegotiating covenants, and also highlights one of the main critics of the equity method: the possibility that companies use these investments to remove debts of their own statements of financial position. Finally, this research proposed a conciliation model between the financial statements prepared applying the proportionate consolidation and applying the equity method, in order to verify if the stakeholders could estimate, using only the information disclosed in notes, the accounting amounts reported by companies applying the proportionate consolidation method. Using a sample of 45 companies and considering as acceptable a difference of 2%, the adjustments identified in the model proposed explain the differences in the accounting amounts reported by approximately 82% of the companies analyzed. All these results indicate that the elimination of proportionate consolidation, as a consequence of IFRS 11 adoption, has a significant impact on the accounting amounts reported by Brazilian companies, however, this impact can be mitigated by the greater volume of information about the joint ventures required by IFRS 12, considering that the stakeholders can estimate the accounting amounts reported by the two methods and use the information that they consider most relevant.
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Mintchik, Natalia Maksimovna. "The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers." Thesis, University of North Texas, 2005. https://digital.library.unt.edu/ark:/67531/metadc4731/.
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This study examines the impact of Statements of Financial Accounting Standards No. 141 and No. 142 (hereafter SFAS 141, 142) on the characteristics of financial analysts' earnings forecasts after mergers. Specifically, I predict lower forecast errors for firms that experienced mergers after the enactment of SFAS 141, 142 than for firms that went through business combinations before those accounting changes. Study results present strong evidence that earnings forecast errors for companies involved in merging and acquisition activity decreased after the adoption of SFAS 141, 142. Test results also suggest that lower earnings forecast errors are attributable to factors specific to merging companies such as SFAS 141, 142 but not common to merging and non-merging companies. In addition, evidence implies that information in corporate annual reports of merging companies plays the critical role in this decrease of earnings forecast error. Summarily, I report that SFAS 141, 142 were effective in achieving greater transparency of financial reporting after mergers. In my complementary analysis, I also document the structure of corporate analysts' coverage in "leaders/followers" terms and conduct tests for differences in this structure: (1) across post-SFAS 141,142/pre-SFAS 141, 142 environments, and (2) between merging and non-merging firms. Although I do not identify any significant differences in coverage structure across environments, my findings suggest that lead analysts are not as accurate as followers when predicting earnings for firms actively involved in mergers. I also detect a significant interaction between the SFAS-environment code and leader/follower classification, which indicates greater improvement of lead analyst forecast accuracy in the post-SFAS 141, 142 environment relative to their followers. This interesting discovery demands future investigation and confirms the importance of financial reporting transparency for the accounting treatment of business combinations.
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Kabeláková, Simona. "Aplikace plné metody konsolidace dle české účetní legislativy a IFRS." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-224804.
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This master's thesis deals with the full method of consolidation according to czech accounting legislation and IFRS. The theoretical part is devoted to the importance and legislation of the consolidated financial statements, basic concepts like the degree of influence, a consolidation group or parent´s company and it is devoted to the methods of consolidation especially to the full method. The practical part is focused on the aplication of full method of consolidation in company TESLA Holding a.s. and its subsidiaries at 2007 - 2012.
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Eibl, Lukáš. "Vymezení konsolidačního celku - srovnání úpravy platné v ČR s IFRS." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199726.
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This diploma thesis compares the area of determination of the consolidated group according to International Financial Reporting Standards (IFRS) and Czech accounting legislation. At first, there are explained the most important definitions, which are linked to consolidation. The second part of thesis deals with previous antecedent legislation of determination of the consolidated group - IAS 27 and SIC-12. Then, there is analysed in detail determination of the consolidated group according to newly issued standards IFRS 10. The fourth part compares both international accounting legislations and it points out to main differences between them. After that, this thesis focuses on determination of the consolidated group according to Czech accounting legislation. This part also presents and analyses the biggest deficiencies and weak spots of Czech legislation in this area. Last part deals with the main objective of this thesis - the thorough and detailed comparison of both accounting legislations in the area of determination of the consolidated group. The thesis is also supplemented by illustrative examples, figures and schemes that are instrumental to better understanding.
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Cristal, Carisa Santos Portela. "Ado????o das IFRS para opera????es de combina????es de neg??cios nas demonstra????es financeiras consolidadas de empresas listadas na Espanha e Reino Unido." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2009. http://132.0.0.61:8080/tede/handle/tede/436.
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Previous issue date: 2009-03-20Business combination transactions represent a growth strategy to many firms around the world. In Brazil a major increase in the volume of business combination transactions has been observed in recent years. The publication of Law n?? 11.638/07 has served to afford conditions for Brazil to move in the direction of convergence with international standards, making the adoption of these standards, including those concerning business combination transactions, mandatory. The aim of this study is to: (i) verify whether there are significant differences between the goodwill recognized and measured before and after the adoption of IFRS for business combination transactions, by non-financial companies, listed in Spain and in the United Kingdom; and (ii) analyze the alterations of the accounting treatment prescribed by Brazilian standards with the taking effect of Law n?? 11.638/07, and to prospect probable barriers in the adoption of IFRS in Brazil, for business combination transactions. The study considers and relates the origin of the countries studied (Continental Europe x Anglo-Saxon Europe), as well as the basis of the accounting standards (rules x principles) to the differences identified in response to the adoption of IFRS. The research hypotheses were developed based on the review of literature, expecting to identify: significant alterations in the amount of goodwill recorded; more significant differences at companies listed in countries with their origin in Continental Europe; and differentiated perceptions of the impacts resulting from the adoption of IFRS by companies from different segments. To attain the objective a survey was conducted with a basis on the financial statements of 63 companies, with 35 listed in Spain and 28 in the United Kingdom, analyzing the impacts that occurred during the first year of adoption of IFRS. Statistical techniques were applied for analysis of the differences perceived with the adoption of IFRS and testing of the hypotheses defined, using: (i) Wilcoxon test aiming to evaluate the effects of the application of IFRS at the same company; (ii) Mann-Whitney test to compare the variation between the two listing countries, and; (iii) Kruskal-Wallis test for comparison among the various segments of the sample. The results obtained in the tests, besides other aspects, confirmed the existence of a significant difference in the goodwill before and after IFRS in the countries from the sample, Spain and the United Kingdom. These results and the analysis of previous studies made it possible to prospect probable barriers in the IFRS adoption process for business combination transactions at Brazilian companies.
Opera????es de combina????o de neg??cios representam uma estrat??gia de crescimento para muitas companhias ao redor do mundo. No Brasil observa-se um grande aumento no volume de opera????es de combina????o de neg??cios nos ??ltimos anos. A edi????o da Lei n?? 11.638/07 vem propiciar condi????es para que o Brasil caminhe para a converg??ncia ??s normas internacionais, tornando obrigat??ria a ado????o dessas normas, inclu??das aquelas concernentes ??s opera????es de combina????es de neg??cios. Esse estudo tem por objetivo: (i) verificar se existem diferen??as significativas entre o goodwill reconhecido e mensurado antes e depois da ado????o das IFRS para opera????es de combina????o de neg??cios, por empresas, n??o financeiras, listadas na Espanha e no Reino Unido; e (ii) analisar as altera????es do tratamento cont??bil prescrito pelas normas brasileiras com a entrada em vigor da Lei n?? 11.638/07, e prospectar prov??veis barreiras na ado????o das IFRS no Brasil, para opera????es de combina????o de neg??cios. O estudo considera e relaciona a origem dos pa??ses estudados (Europa Continental x anglo-sax??nica), bem como a base dos padr??es cont??beis (regras x princ??pios) com as diferen??as identificadas em resposta ?? ado????o das IFRS. Com base na revis??o da literatura foram desenvolvidas as hip??teses de pesquisa, sendo esperado identificar: altera????es significativas no valor do goodwill contabilizado; diferen??as mais significativas em empresas listadas em pa??ses com origem na Europa Continental; e percep????es diferenciadas dos impactos decorrentes da ado????o das IFRS por empresas de diferentes segmentos. Para atingir o objetivo foi realizada pesquisa com base nas demonstra????es financeiras de 63 empresas, sendo 35 listadas na Espanha e 28 no Reino Unido, analisando os impactos ocorridos quando do primeiro ano de ado????o das IFRS. Para an??lise das diferen??as percebidas com a ado????o das IFRS e teste das hip??teses definidas foram aplicadas t??cnicas estat??sticas utilizando: (i) teste de Wilcoxon com objetivo de avaliar os reflexos da aplica????o das IFRS na mesma empresa; (ii) teste de Mann-Whitney para comparar a varia????o entre os dois pa??ses de listagem, e; (iii) teste de Kruskal-Wallis para compara????o entre os diversos segmentos da amostra. Os resultados obtidos nos testes, entre outros aspectos, confirmaram a exist??ncia de diferen??a significativa no goodwill antes e depois das IFRS nos pa??ses da amostra, Espanha e Reino Unido. Estes resultados e a an??lise de estudos anteriores possibilitaram a prospec????o de barreiras no processo de ado????o das IFRS para opera????es de combina????o de neg??cios em empresas brasileiras.
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Andrade, Adriano da Costa. "Uma contribui????o ao estudo dos aspectos cont??beis e impactos tribut??rios em opera????es de reorganiza????o societ??ria incorpora????o e/ou cis??o - em substitui????o ??s opera????es de aquisi????o compra e venda." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2010. http://132.0.0.61:8080/tede/handle/tede/462.
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Previous issue date: 2010-03-29This thesis has the objective of highlighting the differences between the accounting aspects and the tax impacts under the circunstance of the negotiation of one company through the institute of the incorporation and / or division to replace the institut of the acquisition - purchase and sale. The granting of some fiscal concessions by the Federal Government was what initially motivated the use of these operations, in 1971 it was created the Commission of Fusion and Incorporation of Companies - COFIE - linked to the Ministry of Finance, in order to provide, coordinate and analyze such benefits. The reorganizations are operations of incorporation and / or division known by Americans as a business combination, which since the 90's, with the constant changes that are occurring in Brazil and in the world, has its contribution and importance increased by the benefits brought throught the operations, beyond being extremely relevant values. This research seeks to demonstrate that business organizations are using the incorporation of institutes and divisions to acquire other business endeavors, ie, using the legitimacy of the institution of reorganization for tax advantages, because in essence the operation is an acquisition - buying and selling - replaced by a corporate reorganization. Therefore, the methodology adopted will be the bibliographic research, which as collected through documental and empirical research, tried to highlight the legal aspects, legal doctrine, corporate, tax and accounting schools of merger, demerger and acquisition. The interpretation and analysis were based on the theoretical framework, based on the review of the literature relevant to the study, that was done through a case in a Brazilian petrochemical sector, in which was reorganized through the institute of incorporation, initiated in late 2007 and completed in mid-2009. The purpose was to demonstrate the economy tax through the not taxable income tax and contribution social over net proft through capital gains to shareholders of the merged company, to highlight, in the accounting theory, the question of the essence regarding the form and to make evident the different ways to account for each institute.
Esta disserta????o tem por objetivo evidenciar as diferen??as entre os aspectos cont??beis e os impactos tribut??rios quando a negocia????o de uma empresa se realiza atrav??s da reorganiza????o societ??ria por meio do instituto da incorpora????o - e/ou cis??o em substitui????o ao instituto da aquisi????o - compra e venda. A concess??o de alguns benef??cios fiscais pelo Governo Federal foi o que motivou, inicialmente, o emprego dessas opera????es; no ano de 1971 foi criada a Comiss??o de Fus??o e Incorpora????o de Empresas - COFIE, ligada ao Minist??rio da Fazenda, com a finalidade de conceder, coordenar e analisar tais benef??cios. As reorganiza????es societ??rias s??o opera????es de incorpora????o e/ou cis??o denominadas pelos norte-americanos como business combinations, que, a partir da d??cada de 90, com as constantes modifica????es que est??o ocorrendo no cen??rio brasileiro e mundial, vem tendo sua participa????o e import??ncia ampliadas pelos benef??cios trazidos ??s respectivas opera????es, al??m de serem valores relevantes. Nesta pesquisa, procura-se evidenciar que as organiza????es empresariais est??o utilizando os institutos da incorpora????o e cis??o para adquirir outros empreendimentos empresariais, ou seja, utilizando-se da licitude da instituto da reorganiza????o societ??ria para obter vantagens tribut??rias, por que na ess??ncia a opera????o ?? uma aquisi????o - compra e venda - substitu??da por uma reorganiza????o societ??ria. Para tanto, a metodologia adotada ser?? pesquisa bibliogr??fica; os dados da pesquisa ser??o coletados por meio de pesquisa documental e emp??rica, em que se procurou evidenciar os aspectos legais, jur??dicos doutrin??rios, societ??rios, tribut??rios e cont??beis dos institutos de incorpora????o, cis??o e aquisi????o. A interpreta????o e an??lise dos dados embasou-se no referencial te??rico, fundamentado na revis??o da literatura pertinente ?? ??rea de estudo, sendo a pesquisa feita mediante um estudo de caso em uma empresa brasileira do setor petroqu??mico, que se reorganizou por interm??dio do instituto da incorpora????o, iniciada no final de 2007 e conclu??da em meados de 2009. O prop??sito foi de demonstrar a economia tribut??ria por meio da n??o tributa????o do imposto de renda da pessoa jur??dica e a contribui????o social sobre o lucro l??quido atrav??s da tributa????o do ganho de capital aos acionistas da empresa incorporada, trazer ?? luz da Teoria Cont??bil a quest??o da ess??ncia sobre a forma e evidenciar as diferentes formas de se contabilizar cada instituto.
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Věžníková, Lucie. "Konsolidovaná účetní závěrka." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-224372.
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This thesis deals with the consolidation of the financial statements in a situation where the unite does not fulfil the conditions for its processing yet, but in the near future it is likely to be confirmed. The thesis includes description of progressive time schedule of work while preparing the consolidated financial statements for the specific analyzed consolidation group headed by parent company ENVINET a.s..
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Gallo, Mauro Fernando. "Uma contribui????o ao estudo do planejamento tribut??rio nos processos de fus??o, incorpora????o e cis??o." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2002. http://132.0.0.61:8080/tede/handle/tede/560.
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Previous issue date: 2002-10-24The participation and importance of the business combinations through the consolidation, merger and spin-off operations have been increasing in the present context of the world economy. This fact is occurring also in Brazil, mainly due to the world changes that have been causing the competition increasing. This importance is due to not only the transaction quantities but mostly because many times the values involved are extremely high. It is not possible to say it is only a business concentration phenomenon: there are several reasons for the realization of these transactions, with a crescent utilization to reduce effectively the tributary charge assessed to the companies. In Brazil, the utilization of these operations started due to some tax advantages offered by the Federal Government. In 1971, it was created the Comiss?o de Fus?o e Incorporac?o de Empresas - COFIE, a commission connected to Ministry of Finance, in order to coordinate and analyze these tax advantages. The merger transactions were regulated for a long time past, but the spin-off transaction was inserted in the Brazilian legislation only in 1976, through the federal Law nr. 6404/76, known as Lei das S/A - the corporation acts. With this legal regulation, the utilization of the business company combinations has increased in spite of the Brazilian concept differences in relation to the United States of America and Europe ones. It is the case, for instance, of the merger, that they consider as a special type of consolidation. The professionals that work in tributary planning, that is, attorneys, accountants, managers and economists, amplified the business company combination use in Brazil, mainly merger and spin-off, due to the tax advantages reached through the Income Tax reduction, elimination or postponement, for several reasons. The main point of this study is the accounting and tributary ones to show the employment of these operations to substitute the acquisitions, aiming mainly the elimination of the capital gain of the stockholders, being an individual person or a company. The objective of this study was confirmed by the searches: this way of using the business company combination causes problems in the areas of law and accountancy, because in Brazil people are more connected to the juridical way of the fact than the economic one. So it may be concluded that the accountancy and the law professionals have many things to search and develop to improve and differentiate the types of transactions - those involving companies that have the same corporate control and those involving companies pertaining to different economic groups, explaining also the method differences used in the accountancy registers.
As reorganiza????es societ??rias atrav??s dos institutos da fus??o, incorpora????o e cis??o v??m tendo sua participa????o e import??ncia ampliadas no cen??rio atual da economia mundial, inclusive no Brasil, principalmente devido ?? globaliza????o e ao crescimento da concorr??ncia. Essa import??ncia deve-se n??o apenas ao quantitativo de opera????es, mas tamb??m ao fato de que os valores envolvidos muitas vezes s??o bem elevados. Tamb??m n??o se pode afirmar que ?? apenas um fen??meno de concentra????o empresarial: h?? in??meras e variadas raz??es para a efetiva????o dessas opera????es, com sua crescente utiliza????o como forma de redu????o do ??nus tribut??rio aplicado ??s empresas. No Brasil, o emprego dessas opera????es foi implementado utilizando-se alguns benef??cios fiscais concedidos pelo Governo Federal; criou-se em 1971 a Comiss??o de Fus??o e Incorpora????o de Empresas - COFIE, ligada ao Minist??rio da Fazenda, com a finalidade de coordenar e analisar a concess??o desses benef??cios fiscais. A fus??o e a incorpora????o j?? eram devidamente regulamentadas h?? um bom tempo, mas a cis??o somente foi introduzida na legisla????o brasileira atrav??s da Lei das Sociedades An??nimas, em 1976. Com isso, ampliou-se a utiliza????o de tais institutos, apesar de em nossa legisla????o societ??ria e fiscal haver algumas diferen??as conceituais em rela????o aos Estados Unidos e Europa: ?? o caso da incorpora????o, que l?? ?? considerada como um tipo especial de fus??o. Os profissionais que operam com planejamento tribut??rio, sejam advogados, contadores, administradores e economistas, ampliaram o emprego principalmente da incorpora????o e cis??o no Brasil devido ??s vantagens fiscais alcan??adas atrav??s da redu????o, elimina????o ou posterga????o de Imposto de Renda, por diversas raz??es. O foco principal deste estudo compreende as ??reas cont??bil e tribut??ria, com o fim de demonstrar o emprego dessas opera????es em substitui????o ??s de aquisi????o, visando principalmente a elimina????o do ganho de capital dos acionistas ou quotistas, sejam pessoas f??sicas ou jur??dicas. Conforme era o objetivo do estudo, pelas pesquisas desenvolvidas confirmou-se tal utiliza????o, provocando essa forma de emprego distor????es tanto no campo jur??dico como nos procedimentos cont??beis adotados, vez que no Brasil preocupa-se mais com a forma jur??dica do que com a econ??mica dos fatos. Isso leva a concluir que tanto os profissionais da contabilidade como os do direito t??m muito a pesquisar e desenvolver para aperfei??oar e distinguir essas opera????es, tanto as ocorridas entre empresas sob o mesmo controle societ??rio quanto entre as pertencentes a grupos econ??micos distintos, clarificando inclusive as diferencia????es dos m??todos adotados nos registros cont??beis.
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Godoy, Carlos Roberto de. "Comparação teórica e prática entre os métodos de contabilidade para combinações de empresas." Universidade de São Paulo, 2000. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-02092014-142937/.
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Uma combinação de empresas ocorre quando duas ou mais empresas distintas se unem de uma única vez para formar uma nova entidade contábil. Dois métodos de contabilização das combinações de empresas são geralmente aceitos no mercado internacional - o Método de União de Participações (Pooling of Interests) e o Método de Compra (Purchase Method). Mas esses dois métodos não devem ser vistos como alternativas contábeis para uma mesma combinação. Para se determinar qual dos dois métodos deve ser utilizado em uma combinação é necessário que se analise a natureza da transação, se ela é uma compra ou uma união de interesses. Sob o Método de União de Participações (Pooling of Interests), os ativos e passivos das empresas combinantes são combinados na nova entidade pelos seus valores históricos. Pelo Método de Compra (Purchase Method), os ativos e passivos da empresa adquirida são combinados pelo fair value na nova entidade. Além desses métodos, mais dois métodos são usados, mas de forma menos freqüente - o Método Fresh-Start e o Método Push-Down Accounting. Pelo Método Fresh-Start, os ativos e passivos das empresas combinantes são combinados pelo fair value. Pelo Método Push-Down Accounting, os ativos e passivos da empresa adquirida são avaliados e contabilizados pelo fair value em sua contabilidade, para em seguida serem combinados na nova entidade. Este estudo tem por objetivo principal explorar os métodos utilizados no mercado internacional e principalmente norte-americano, a fim de combinar as Demonstrações Contábeis de empresas fusionadas ou incorporadas, e aplicar os métodos de União de Participações, de Compra e o Push-Down Accounting em um único caso hipotético, para se conhecer os seus reflexos nas Demonstrações Contábeis da entidade combinada. Na comparação aplicada dos três métodos, o Push-Down Accounting revelou-se como uma variante do Método de Compra (Purchase Method). O Método de União de Participações (Pooling of Interests) sugere uma completa comunhão dos interesses das empresas combinantes sem o reconhecimento de qualquer aumento da potencialidade de geração de benefícios futuros. Já o Método de Compra se assemelha a uma simples transação de compra que reconhece de forma objetiva, na data da combinação, o potencial mínimo de geração de benefícios futuros da empresa adquirida para a entidade combinada.A business combination occurs when two or more companies merge at one single time to form a new accounting entity. Two accounting methods for business combinations are generally accepted in the international market - the Pooling of Interests Method and the Purchase Method. But these two methods should not be considered as accounting alternatives for the same combination. To determine which of the two methods should be used in a business combination the nature of the transaction should be analyzed, that is, whether it is a purchase or a pooling of interests.On the one hand, in accordance with the Pooling of Interests Method, the assets and liabilities of the combining companies are combined in the new entity making use of their historical value. In accordance with the Purchase Method, on the other hand, the purchased company\'s assets and liabilities are combined in the new entity making use of their fair value.Apart from these two methods, two other methods are used, even though less frequently - the Fresh-Start Method and the Push-Down Accounting Method. In accordance with the Fresh-Start Method, the combining companies\' assets and liabilities are combined making use of their fair value. In accordance with the Push-Down Accounting Method, the purchased company\'s assets and liabilities are first re-evaluated by its accounting making use of their fair value, in order to be subsequently combined in the new entity.The main objective of this study is an exploration of the methods used in the international and mainly North-American markets for combining the Financial Statements of merged or acquired companies, and an application of the Pooling of Interests, Purchase and Push-Down Accounting Methods to one single hypothetical case, in order to know its effects on the Combined Financial Statements. In the comparison of the three methods, the Push-Down Accounting Method proved to be a variant of the Purchase Method. The Pooling of Interests Method suggests a complete pooling of the combining companies\' interests, without recognizing any increase in the potential for generating future benefits. The Purchase Method in turn is similar to a simple purchase transaction which objectively recognizes, at the combination date, the minimum potential of the purchased company for generating future benefits for the combined entity.
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RODRIGUES, Adriano Dantas Lima. "Combina????o de neg??cios: divulga????o no mercado de capitais brasileiro." FECAP, 2017. http://tede.fecap.br:8080/jspui/handle/jspui/754.
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The objetive of this work was to analyze which motivating factors could positively be associated with the level of disclosure of business combination in Brazilian public companies that trade in S??o Paulo city stock exchange (B3). To fulfill such aim, it was developed a Business Combination index ??? INDCOMBADAPT, based on Nakayama & Salotti (2014) and Shalev (2009) researches. Instead of developing a disclosure index based on a checklist model, described by the technical pronouncement CPC 15 - Business Combinations as mandatory, in this research, some itens (subcategories) that could be repetitive were removed. Therefore, it was considered only information about one relevante criterion, that is, if missing, could cause problems to understand the procedure On the basis of previous researches, we selected factors that could positively impact the level of disclosure of business combination. We analyzed: companies?? size, listing segment in B3, subjection to regulatory agencies, free float shares, internationalization, audit firms, bond issuance, performance and indebtedness. We investigated the annual financial statements of 2015, from Brazilian companies that trade in S??o Paulo city stock exchange (B3), which described information concerning business combinations in these statements. We identified 28 acquirer companies involved in 53 procedures characterized as combinations, according to IFRS 03 (CPC-15 R1). In the studied period, the business combination disclosure index was 0,4082 (maximum 0,8095, and minimum 0,0479), indicating low disclosure level. Positive correlations concerning the combination index for the variable Indebteness were found. Moreover, after the regression analyzis the only conformed hyphotesis was that there is a positive relationship among financial statements audited by big audit firms and the level of disclosure of business combination. This confirms the works of Taplin, Zhao, & Brown (2014), Nakayama (2012) and Murcia (2009).
O objetivo desta pesquisa foi analisar quais fatores motivadores poderiam estar associados positivamente ao n??vel de divulga????o de combina????o de neg??cios em empresas brasileiras de capital aberto, na bolsa de valores de S??o Paulo (B3). Para alcan????-lo, foi desenvolvido um ??ndice de Combina????o de Neg??cios, o INDCOMBADPT, adaptado de Nakayama & Salotti (2014) e Shalev (2009). Em vez de desenvolver um ??ndice de divulga????o baseado em um modelo checklist do que o pronunciamento t??cnico CPC-15 R1 (IFRS 03) de combina????o de neg??cios descreve como conformidade da norma, nesta pesquisa, foram retirados itens (subcategorias) que poderiam ser repetitivos. Desse modo, considerou-se somente informa????es sobre um crit??rio de relev??ncia. Assim, foram observadas somente informa????es que partem do pressuposto de que, na falta, podem causar problemas no entendimento da opera????o. Com base em pesquisas anteriores, foram selecionados fatores que poderiam impactar positivamente o n??vel de combina????o de neg??cios. Foram analisados: porte das companhias, segmento de listagem, sujei????o ??s ag??ncias reguladoras, percentual das a????es em circula????o no mercado, internacionaliza????o, firmas de auditoria, emiss??o de t??tulos, desempenho e endividamento. Foram analisadas as demonstra????es financeiras anuais de 2015, das companhias brasileiras com a????es negociadas na bolsa de valores de S??o Paulo (B3), que descreveram informa????es referentes a combina????es de neg??cios nessas demonstra????es. Foram identificadas 28 companhias adquirentes envolvidas em 53 opera????es caracterizadas como combina????o, conforme o CPC-15 R1 (2011). No per??odo analisado, o ??ndice de divulga????o de combina????o de neg??cios ficou em 0,4082 (m??ximo 0,8095 e m??nimo 0,0476), indicando baixo n??vel de divulga????o. A pesquisa apresentou correla????o positiva quanto ao ??ndice de combina????o para a vari??vel Endividamento. E ap??s an??lise de regress??o, a ??nica hip??tese confirmada foi que existe rela????o positiva entre demonstra????es financeiras auditadas por grandes empresas de auditoria e o n??vel e divulga????o de combina????o de neg??cios, corroborando Taplin, Zhao, & Brown (2014), Nakayama (2012) e Murcia (2009).
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Horníková, Markéta. "Vybrané oblasti rozpoznání a vykazování odložené daně." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-197671.
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The goal is to become familiar with deferred tax concept - explain the nature and bring this accounting term near on a few selected areas. The thesis deals with two different accounting frameworks, Czech legislation and transnational concept in form of International Financial Reporting Standards with the motive to try to explain true nature of deferred tax and to conclude which of the accounting system sufficiently regulates this area so, that it could reflect all important differences with tax system and leads to fair distribution of profits among owners. In other words, not to awarded disposable earnings to those who do not belong solely because of differences between taxes and accounting. Thus, in a situation where these differences did not exist, the belonging amount of allocation of the profit would be else. The thesis is complemented with descriptive examples and illustrations created from real financial statements of two chosen companies. Representative of the Czech framework is Skanska a.s., and for a framework of IFRS the company Unipetrol a.s. The thesis concludes that a more elaborate treatment of deferred tax includes International Financial Reporting Standards, and therefore the financial statements prepared under them provide truer view of an analyzed company to user.
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Shen, Hsin-Chien, and 沈欣潔. "A Study on Control Definition of Consolidation under International Accounting Standards." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/77693842275287723063.
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Yin, Yu Hsiang, and 殷裕翔. "The impact of new consolidation financial statements accounting principle on analysts’ earnings persistence." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/57054367386717766098.
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碩士中國文化大學
會計研究所
97
The purpose of this paper are discuss the influence of new consolidation fi-nancial statements accounting principle on analyst earnings forecast error using companies listed on the TSE (Taiwan Stock Exchange) during 2001 and 2007, the study indicate that analyst earnings forecast error increases after the adoption of the new consolidation financial statements accounting principle . The results imply that the revise of the No.7 accounting principle could not improve the predict ability of analyst earnings forecast.
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Mnyandu, Nozipho Phindile. "Measuring accounting performance of South African mergers and acquisitions." Thesis, 2016. https://hdl.handle.net/10539/23797.
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A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment, June 2016This study examines long-term performance of publicly-listed South African acquiring firms that participated in Merger and Acquisition transactions. In an effort to close the gap in South African literature of long-term M&A performance, the study used key financial ratios in calculating the change of financial position before and after each M&A transaction or in other words, before and after the 2007 recession. The sample included 10 acquiring companies that performed 18 acquisitions during the period, 2007 and 2009. Subsequently, accounting performance in the form of Profitability, Efficiency, Liquidity, Leverage/Solvency and Investment ratios, were then analysed three years before and after each M&A transaction. Furthermore, the Paired Comparison Test was used to test for significant differences in ratios, between pre- and post-M&A performance of each acquirer. The results suggest that overall, Mergers and Acquisitions do not significantly improve financial performance of South African acquirers after each M&A transaction.
GR2018
28
Oh, Hyung Il. "A New Accounting Approach to Evaluate M & A Prices and Goodwill Allocations." Thesis, 2014. https://doi.org/10.7916/D8NG4NR0.
Full textAbstract:
This dissertation introduces a new method for evaluating mergers and acquisitions (M&As) and goodwill allocations associated with them. This method differs from Generally Accepted Accounting Principles (GAAP), which estimate the sum of the fair value of net identifiable assets by focusing on balance sheet information, and recognizes the remainder of the purchase price as goodwill. The new method utilizes both balance sheet and income statement information to estimate the value of a target as a business, and treats the remainder of the purchase price as the uncertain growth expectation. Using the new approach, I document that uncertain growth expectations in M&A prices (1) are negatively related to acquirer's long-term returns, (2) predict future goodwill impairments, and (3) are superior to event-date market reactions and premiums as a predictor of acquirers' future performance.
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"Two essays on cross-border mergers and acquisitions." 2012. http://library.cuhk.edu.hk/record=b5549667.
Full textAbstract:
隨著全球化進程的演進，跨國合併與收購（“並購）活動日益頻繁。該經濟現象引發了學術界和業界的普遍關注。然而，關於跨國並購活動的動機及其所面臨的挑戰方面的研究尚十分有限。本論文包含了兩篇關於跨國並購的實證研究。第一部份分析了不同國家在會計體系上的差異對跨國並購的影響。第二部份則研究不同國家國民之間的信任程度，對跨國並購的影響。
在第一部份，本人對一九九零至二零零九年間來自三十七個國家的公司之間的跨國並購進行了實證分析。本人重點考察了不同國家在會計體系上差異的兩個方面。第一種差異是各個國家總體的會計信息質量的差異。另一種則是各國使用的本國會計準則的差異。分析表明，當收購方所在國的會計信息質量，較被收購方所在國的會計信息質量高的時候（即較大的會計信息質量差異），發生在兩國之間的跨國並購數目較小。類似的，跨國並購數目與兩國的會計準則差異程度也呈負相關關係。利用二零零五年眾多國家強制採用統一的國際財務報告準則這一事件，本人發現跨國並購在採用國際財務報告準側的國家之間的分佈，與會計差異的關聯程度下降。進一步分析表明，上述觀察到的關係無法被其他可能的因素解釋。
對個別並購業務層面的分析表明，當跨國並購發生在兩個會計信息質量差異較大的國家之間時，收購方在並購公告日的股票超额收益率較低。此外，本人還發現國家間較大的會計質量差異與較小的並購協調效應相關。總而言之，上述證據為以下假說提供了支持，即較大的國家間會計質量差異增加了信息成本，降低了跨國並購活動的效益。分析結果也提供了一定的證據，表明國家間會計準則的差異性降低了跨國兼併與收購的效益。
在第二部份，本人利用跨國並購這個環境，考察了不同國家國民之間的互相信任程度對其跨國經濟活動的影響。本人採用了對十九個發達國家之間互相信任程度的度量。研究發現，跨國兼併與收購的數量與收購方國家對被收購方國家的信任程度呈正相關關係。當被收購方國家的法律制度較差或信息環境較不透明的時候，此種效應更加顯著。本人還發現收購方對於來自高信任度國家的收購目標，會支付較高的收購溢價。這些證據表明，信任程度在跨國並購活動中扮演著重要的角色。
Cross-border mergers and acquisitions (M&A) are becoming more and more popular with the progress of globalization. This economic phenomenon triggers interest both in academia and industry. However, research on the motivations and challenges faced by cross-border M&A is still limited.
This thesis contains two empirical studies on cross-border M&As. Part I analyzes the influence of differences in accounting regimes across countries on cross-border M&A activity. Part II investigates the role of bilateral trust between countries on cross-border M&A activity.
Specifically, in the first part, I perform analyses using a comprehensive sample of cross-border M&As among companies from 37 countries in 1990-2009. I focus on two key differences in accounting regimes across countries. One is the difference in overall accounting information quality. The other is the difference in local accounting standards. I find that the volume of cross-border M&A transactions is smaller when the acquirer country has higher accounting quality than the target country (i.e., large accounting quality difference). Similarly, I also find that the volume of cross-border M&A transactions is negatively associated with difference in accounting standards. Using the event of mandatory adoption of International Financial Reporting Standards (IFRS) in 2005, I find that the distribution of cross-border M&A volume across IFRS-adoption countries becomes less sensitive to accounting difference. Further analyses suggest that the observed relation is robust to model specifications incorporating other alternative explanations.
Deal level analysis further suggests that cross-border M&As between countries with larger accounting quality differences have lower acquirer announcement returns. Also, I find some evidence that large accounting quality distance is related to smaller synergy of cross-border M&As. Taken together, the evidence provides strong support to the hypothesis that large accounting quality difference incurs large information costs and thus harms the profitability of cross-border M&As. The results also provide some support for the negative effect of discrepancy in local accounting standards on the profitability of cross-border M&As.
In the second part, I examine the role of bilateral trust in economic activities utilizing the setting of cross-border M&As. Employing a novel measure of bilateral trust between 19 developed countries, I find that the volume of cross-border mergers and acquisitions are positively associated with the level of trust from the acquirer country to the target country. This effect is more pronounced when the target country has a poorer legal institution or a less transparent information environment. I also find that the acquirers pay higher premiums when they acquire firms from highly-trusted countries. The evidence suggests that the level of trust plays an important role in cross-border mergers.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Zou, Huan.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 107-109).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
Chapter PART I. --- The Role of Accounting Difference in Cross-Border Mergers and Acquisitions
Chapter Chapter 1 --- Introduction --- p.1
Chapter Chapter 2 --- Literature and Hypothesis --- p.9
Chapter 2.1 --- Literature on cross-border M&As --- p.9
Chapter 2.2 --- Literature on the role of accounting information in investments --- p.11
Chapter 2.3 --- Hypothesis development --- p.13
Chapter Chapter 3 --- Data and Sample --- p.19
Chapter 3.1 --- Sample construction --- p.19
Chapter 3.2 --- Measuring accounting difference --- p.20
Chapter Chapter 4 --- Accounting Difference and Cross-border Merger Volume --- p.23
Chapter 4.1 --- Model specification --- p.23
Chapter 4.2 --- Empirical results --- p.26
Chapter 4.3 --- Additional analyses --- p.30
Chapter Chapter 5 --- Accounting Difference and Merger Gains --- p.41
Chapter 5.1 --- Accounting difference and acquirer announcement returns --- p.41
Chapter 5.2 --- Accounting difference and synergy gains of cross-border mergers --- p.45
Chapter Chapter 6 --- Conclusion --- p.47
References --- p.49
Chapter Appendix I: --- Variable Definitions --- p.54
Chapter PART II. --- Does Trust Matter in Economic Exchanges? Evidence from Cross-border Mergers
Chapter Chapter 7 --- Introduction --- p.79
Chapter Chapter 8 --- Literature and Hypothesis --- p.83
Chapter 8.1 --- Literature review --- p.83
Chapter 8.2 --- Hypothesis development --- p.85
Chapter Chapter 9 --- Data and Sample --- p.87
Chapter 9.1 --- Sample construction --- p.87
Chapter 9.2 --- Measuring bilateral trust --- p.87
Chapter 9.3 --- Other factors in the market of cross-border M&As --- p.89
Chapter 9.4 --- Sample description --- p.90
Chapter Chapter 10 --- Bilateral Trust and Cross-border M&A Flows --- p.92
Chapter 10.1 --- Empirical model --- p.92
Chapter 10.2 --- Empirical results --- p.93
Chapter 10.3 --- Additional analyses: controlling for the effect of culture distance --- p.95
Chapter 10.4 --- Robustness checks --- p.96
Chapter 10.5 --- The role of trust in different legal environments --- p.98
Chapter 10.6 --- The role of trust in different information environments --- p.99
Chapter Chapter 11 --- Bilateral Trust and Cross-border M&A Premium --- p.102
Chapter Chapter 12 --- Conclusion --- p.104
References --- p.106
Chapter Appendix II-A: --- Bilateral trust --- p.109
Chapter Appendix II-B: --- Variable Definitions --- p.110
30
"The effects of IFRS adoption on cross-border information comparability and economic activity." Thesis, 2010. http://library.cuhk.edu.hk/record=b6075292.
Full textAbstract:
Demand for internationally comparable accounting information has increased significantly in recent years due to rapid growth in cross-border investment. One reflection of this trend is the widespread adoption of International Financial Reporting Standards (IFRS), a set of accounting rules designed to improve financial reporting quality, including comparability. In this thesis, I empirically test whether IFRS adoption improves cross-border information comparability and whether the improvement in the information comparability, if any, facilitates international investment such as mergers and acquisitions (M&As).In the first part of the thesis, I use data from 17 European countries that adopted IFRS in 2005 to investigate the effect of IFRS adoption on information comparability. I employ three proxies---the similarity of accounting functions, the degree of cross-border intra-industry information transfer, and the similarity of the information content of earnings and book value---to measure cross-border information comparability. I find that all three measures of information comparability indicate significantly better comparability in the post-IFRS period than in the pre-IFRS period. I also find that the improvement in comparability resulting from IFRS adoption is more evident among countries with similar institutional environments than among those with different institutional environments.
In the second part of the thesis, I examine whether the adoption of IFRS would encourage cross-border M&As. Using data from firms in 17 European countries with mandatory IFRS adoption in 2005, I calculate the frequency that a firm acquires/ merges with a foreign firm, the number of foreign bidders involved in an M&A deal, and the synergistic gains of cross-border M&As. I find that all three measures increase significantly after the mandatory IFRS adoption. These results suggest that IFRS adoption facilitates and create more value for cross-border M&As.
Yip, Wing Yue.
Adviser: Danqing Young.
Source: Dissertation Abstracts International, Volume: 73-03, Section: A, page: .
Thesis (Ph.D.)--Chinese University of Hong Kong, 2010.
Includes bibliographical references (leaves 80-85).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
31
劉兆容. "The Effect of Goodwill Impairment on Accounting for Business Consolidation and Value Relevance of Financial Statements in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/18395153829518422636.
Full textAbstract:
碩士國立政治大學
會計研究所
95
SFAS No. 35: Accounting for Impairment of Assets, requires that an enterprise should evaluate whether or not there are indications that an asset may be impaired on the balance sheet date. If such an indication exists, an impairment test should be performed to determine and recognize the loss. When there is evidence that an impairment loss recognized in prior years may no longer exist or has been reduced, it may be reversed; however, reversal of impairment loss on goodwill is prohibited. The purpose of this study is to investigate how the change on accounting for goodwill impairment affects the accounting for business consolidations and the value relevance of financial statements. Our major empirical results are as follows. (1) For the business consolidation occurred after the issuance of SFAS No. 35, the larger the potential goodwill of the acquired firm, the more likely the acquiring firm would adopt the Pooling method to avoid recognizing goodwill. (2) With the adoption of SFAS No. 35, since firms may utilize the Statement as an earnings management device, the value relevance of a firm’s earnings is decreased. (3) From the investors’ viewpoint, an impairment loss on goodwill is less likely to have earnings management effect because such a loss cannot be reversed.
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Ricardo, Andreia Alexandra Lourenço. "Um modelo de consolidação de contas na Universidade Nova de Lisboa." Master's thesis, 2008. http://hdl.handle.net/10071/1321.
Full textAbstract:
Nos últimos anos, à semelhança do que aconteceu em muitos países, o Estado
português sentiu a crescente necessidade de reformar e de modernizar a Administração
Pública. A Reforma da Administração Financeira do Estado surgiu então como um
instrumento de modernização da administração, assumindo como traves mestras a
reforma orçamental da contabilidade pública e a reforma do Tesouro.
A reforma da contabilidade pública é caracterizada pela consagração de três sistemas
contabilísticos, que além de permitirem o controlo do cumprimento da legalidade e o
controlo orçamental (contabilidade orçamental), facilitam também informação sobre a
situação financeira e patrimonial (contabilidade patrimonial) e o cálculo e análise dos
custos e proveitos das actividades (contabilidade analítica), a que se acresce a
introdução do princípio do acréscimo, e ainda a importância de conceitos como
economia, eficiência e eficácia na gestão pública. No âmbito desta reforma, foi
publicado o Plano Oficial de Contabilidade Pública, e posteriormente, o Plano Oficial
de Contabilidade para o Sector da Educação.
Um aspecto modernizador do POC-Educação é a introdução de normas relativas à
consolidação de contas, com vista a consolidar informação financeira que melhore o
processo de tomada de decisão, quer pelos órgãos de gestão, quer pelos órgãos políticos.
No cerne da questão está o objectivo de fomentar uma política e cultura de gestão de
grupo e simultaneamente, potenciar a comparabilidade temporal e espacial, constituindo
também um factor de transparência da informação pública. Assim, independentemente
de procederem à elaboração das suas próprias contas, as entidades contabilísticas
pertencentes a um grupo público deverão proceder à consolidação de contas.
Neste sentido, é propósito deste trabalho de projecto definir um modelo de
consolidação de contas na Universidade Nova de Lisboa.In the last years, and in similarity to what has happened in many countries, the Portuguese State has felt a growing necessity to reform and modernize Public Administration. The Reform of the Financial Administration has summoned up as an instrument of modernization of the administration, assuming as master axis in the budgetary reform and in public accounting and also the reform of Portugal’s National Treasury. The reform of public accounting is characterized by the consecration of three accounting systems that beyond allowing the control of the legal accomplishment and budgetary control (budgetary accounting), which also makes it easier to gather information about financial and patrimonial situation (patrimonial accounting), and calculate and analyze the costs and profits of the activities (analytical accounting), in which adjoins the introduction of the principle of addition, and yet the importance of concepts such as economics, efficiency and effectiveness in public administration. In the view of this reform, it was published in the Official Plan of Public Accounting, and afterwards, in the Official Plan of Accounting for the Education Sector. A modernizing aspect has been POC-Education which is the introduction of relative norms that consolidates the accounts, which intents to consolidate financial information that improves the process of decision taking/making, for both the management organs, as well as political organs. In the core of the question is focused on fomenting a group of management of political and cultural issues and simultaneously, elevate the temporal and spatial comparability, in constructing a factor of clarity in public information. Thus, independently proceeding to the elaboration of its own accounts, the accounting entities that belong to a public group should proceed to the consolidation of the accounts. It is in this direction that the purpose of this essay is about a project that defines the model of consolidation of the accounts at the Nova University of Lisbon.
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Van, der Merwe Maynard Jacobus. "Accounting for goodwill : a critical evaluation." Diss., 1996. http://hdl.handle.net/10500/16269.
Full textAbstract:
The principal goal of this research study was to critically evaluate the
current accounting treatment of purchased goodwill in terms of a theoretical framework established, including an evaluation of the true nature of goodwill. The main conclusion of this study is that goodwill is an intangible asset representing various intangible factors contributing to the enterprise's earning capacity and providing returns in excess of a normal return on assets employed for which an acquiring enterprise is willing to pay an amount in excess of the fair value of the identifiable net assets acquired. The cost of purchased goodwill is measured as the difference between the total purchase price and the fair value of the net assets acquired after ensuring that all assets, tangible and intangible, had been properly identified. Purchased goodwill should be amortised over the estimated
period that the enterprise is expected to benefit from the acquisition of
the goodwill.Financial Accounting
M. Com. (Accounting Science (Applied Accountancy))
34
Voll, Daniel. "Group accounting in the field of tension between capital market communication and IFRS." 2016. https://slub.qucosa.de/id/qucosa%3A7733.
Full textAbstract:
The overall importance of capital market communication has increased hand in hand with the development of the economic importance of the capital market it-self. Equity investors use various information sources, such as management reports, consolidated financial statements, investor relation presentations, and web pages, to prepare and assess investment decisions. This cumulative dissertation consists of four manuscripts that analyses different group accounting related aspects of the capital market communication. The first two manuscripts are classified as contributions to the understanding of current IFRS topics in capital market communication. These manuscripts are case-based instructional resources and deal with group accounting decisions on financial instruments and consolidation issues. The second part of the dissertation comprises empirical analyses on financial KPI reporting across different parts of capital market communication. The manuscripts provide empirical analysis of the consistent use of financial KPIs across the different parts of capital market communication, the determinants of consistent KPI reporting and the value relevance.:I. Group Accounting in the Field of Tension Between Capital Market Communication
and IFRS – Overview of the Dissertation
1 Introduction
2 Overview and Findings of the Manuscripts
II. The Success Story of International Additives Producer AG – A Case Study on
Categorization of Investments under IFRS
1 Manuscript – The Case
2 Teaching Notes
3 Suggested Case Solutions
III. The Hardest Cycle Climb at TCC – A Financial Instruments Case
1 Case
2 Case Learning Objectives and Implementation Guidance
3 Teaching Notes
IV. Determinants of Consistent Capital Market Communication: Evidence from
Germany
1 Introduction
2 Regulatory Framework for KPI Disclosure
3 Literature Review and Hypotheses Development
4 Research Design
5 Results and Discussion
6 Conclusion
V. The Capital Market Relevance of Consistent Key Performance Indicator Reporting:
Preliminary Evidence from Germany
1 Introduction
2 Literature Review and Hypotheses Development
3 Data Collection and Variable Measurement
4 Results and Discussion
5 Conclusion, Limitations and Future Research
35
Alves, Maria Inês Martins Baceira. "A consolidação e o impacto do envidamento nas contas municipais." Master's thesis, 2013. http://hdl.handle.net/10071/7332.
Full textAbstract:
Ao longo da história os modelos de gestão pública foram sofrendo alterações. Novas formas de governação, mais flexíveis e transparentes, surgiram de reformas e mudanças no sistema administrativo. A consolidação de contas das demonstrações financeiras é uma matéria recente que registou um grande desenvolvimento no século XX, altura em que surgiram os grandes grupos económicos que diversificaram as suas atividades realizando grandes investimentos financeiros em empresas dos mais diversos ramos de atividade, daí a necessidade de fazer algo a fim de proporcionar informação eficiente e útil aos gestores e a todos os outros utilizadores para que pudessem tomar as decisões mais acertadas. A consolidação de contas surge como o instrumento que irá permitir a obtenção da informação necessária por forma a traduzir uma imagem verdadeira e apropriada do grupo local.
A Administração Pública tem como suporte na sua reforma a prestação de um melhor serviço com base na eficácia e na eficiência. Com a aplicação da lei dos compromissos e com o limite ao endividamento, os seus objetivos têm que ser forçosamente cumpridos, a consolidação trará uma maior transparência do grupo local, até porque o mesmo poderá relevar para o endividamento.Throughout history the public management models were undergoing changes. New forms of governance, more flexible and transparent, emerged reforms and changes in the administrative system. The consolidated accounts of the financial statements is a recent field that has strongly developed in the twentieth century, when it appeared the big economic groups that have diversified their activities making big investments in companies in various fields of activity, hence the need for do something in order to provide efficient and useful information to managers and all other users so that they could make the right decisions. The whole of government accounts is an instrument that will allow you to obtain the necessary information in order to reflect a true and fair view of the local group. The Public Administration is supported in its reform to provide better service based on effectiveness and efficiency. With the enforcement of the commitments and the debt limit to your goals have to be necessarily fulfilled, the consolidation will bring greater transparency of the local group, because it may reveal to indebtedness.
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Fernandes, Sónia Raquel Baptista. "How does the market view interests in jointly controlled entities?" Master's thesis, 2010. http://hdl.handle.net/10071/3725.
Full textAbstract:
Este estudo tem como objectivo de analisar a forma como os investidores avaliam os investimentos financeiros das entidades, nomeadamente em entidades conjuntamente controladas. Para isso, irá ser analisado se os activos e passivos deste tipo de entidades são semelhantes aos activos e passivos das empresas detentoras deste tipo de investimentos ou se são considerados que os riscos e benefícios associados activos e passivos estão apenas subjacentes às entidades conjuntamente controladas.
De forma a analisar esta questão irá ser utilizado um modelo de valorização utilizado pelo Landsman et al. (2008). Neste modelo são incluídos indicadores como os activos, passivos e resultado liquido das empresas detentoras de investimentos em entidades conjuntamente controladas, assim como, os activos e passivos das entidades conjuntamente controladas.
Os resultados são baseados em comparações de coeficientes dos activos e passivos. Os resultados apontam que os investidores avaliam os activos e passivos das entidades conjuntamente controladas de forma semelhante aos activos e passivos da empresa detentora deste tipo de investimentos, o que vem sustentar adopção do modelo proporcional ao invés da equivalência patrimonial. Consequentemente, este estudo fornece uma forte contribuição para o debate internacional que existe neste momento relativo a esta matéria, nomeadamente ao projecto de convergência do International Accounting Standards Board (IASB), que procura remover a opção existente na International Accounting Standard 31 (2003), Interests in Joint Ventures (IAS 31), entre o método proporcional e equivalência patrimonial para entidades conjuntamente controladas.This study addresses whether the market views the venturers share of jointly controlled entities assets and liabilities as assets and liabilities of the venturer or whether the risks and rewards associated with the venturers’ share of jointly controlled entities assets and liabilities reside with the jointly controlled entities. We estimate a cross-sectional valuation model based on that used in Landsman et al. (2008). The key valuation model is one that includes measures of the venturer’s assets, liabilities and net income and also measures of the venturer’s share of jointly controlled entities’ assets and liabilities. Findings are based on comparisons of asset and liability coefficients. They suggest that investors view the venturer’s share of jointly controlled entities assets and liabilities similarly to the assets and liabilities of the venturer and thus support the adoption of proportionate consolidation as a feasible alternative to the equity method. Therefore, it provides a useful contribution to the international debate on this issue, including to the International Accounting Standards Board (IASB) joint convergence project to find a consensual solution and remove the option of accounting for interests in jointly controlled entities from International Accounting Standard 31 (2003), Interests in Joint Ventures (IAS 31).
37
Laubscher, Eugene Rudolph. "Capital market theories and pricing models : evaluation and consolidation of the available body of knowledge." Diss., 2001. http://hdl.handle.net/10500/17174.
Full textAbstract:
The study investigates whether the main capital market theories and pricing models provide
a reasonably accurate description of the working and efficiency of capital markets,
of the pricing of shares and options and the effect the risk/return relationship has on investor
behaviour. The capital market theories and pricing models included in the study
are Portfolio Theory, the Efficient Market Hypothesis (EMH), the Capital Asset Pricing
Model (CAPM), the Arbitrage Pricing Theory (APT), Options Theory and the BlackScholes
(8-S) Option Pricing Model.
The main conclusion of the study is that the main capital market theories and pricing
models, as reviewed in the study, do provide a reasonably accurate description of
reality, but a number of anomalies and controversial issues still need to be resolved.
The main recommendation of the study is that research into these theories and models
should continue unabated, while the specific recommendations in a South African context
are the following: ( 1) the benefits of global diversification for South African investors
should continue to be investigated; (2) the level and degree of efficiency of the JSE Securities
Exchange SA (JSE) should continue to be monitored, and it should be established
whether alternative theories to the EMH provide complementary or better descriptions
of the efficiency of the South African market; (3) both the CAPM and the APT
should continue to be tested, both individually and jointly, in order to better understand
the pricing mechanism of, and risk/return relationship on the JSE; (4) much South
African research still needs to be conducted on the efficiency of the relatively new
options market and the application of the B-S Option Pricing Model under South African
conditions.Financial Accounting
M. Com. (Accounting)