Dissertations / Theses on the topic 'International Valuation Standards'

In the current context of globalisation and development of international investment market along with increasing influence of European Union legislation and activities of professional organisations, there is an urgent need for standardisation and harmonisation of not only valuation procedures but also individual terms, definitions, approaches, methods and requirements for the qualification of valuers. This takes on special importance particularly in the field of real property valuation and market value („the usual price“ according to Czech law) assessment. At present there are three large international organisations contributing significantly to the development of this process through the development of their standards. The main objective of this thesis is standardisation and harmonisation of expert valuation procedure in establishing real property market value (the usual price), particularly in view of international valuation standards, namely IVS, EVS and the Red Book. To achieve this main goal it was necessary to clarify at first several related issues, as proper understanding of the background and context in particular is always an indispensable basis for successful harmonization process. The result of this work is thus both the design of a standard and harmonised procedure carried out by a qualified valuer in establishing the market value (the usual price), and the clarification of related issues, terms, definitions, methods and valuation approaches used in the Czech Republic and abroad, as well as the requirements imposed on the resulting report, etc.. The knowledge and information from this work will thus contribute to the development of the field of forensic engineering both in terms of theory, practice and teaching.

This diploma thesis is about the valuation of property, it is focused to requirements of international valuation standards RICS. The motivation of this thesis is popularization of using RICS standards in Czech Republic. These standards have not been translated to Czech language yet. Requirements of these standards are dispersed to many chapters in these standards. The aim of this thesis is analysis of RICS standards and their implication to valuation report according to Czech law. Analysis is made with structured approach with using systematic concept. Analysis refers to valuer, valuation process and valuation report. These objects are structured again. The results are implicated to valuation report according to Czech law and compliance to RICS standards too.

The motivation to this master`s thesis is an increasing demand on evaluation of expertise report in conformity with requirements of internationally accepted standards as well as with national legal regulations. This master`s thesis is focused on defining of requirements of International Valuation Standards – IVS. The objective of the introductory study of this thesis is an effort to provide overview of the structure, the history and development of International Valuation Standards – IVS. The introductory study points out that the IVS standard is not stationary one, but shows the importance to keep the continuous track and analyze other possible information sources in connection to it. The main objective is to analyze the principal requirements of International Valuation Standards for expert as a person, expertise activity and required features of expertise report. The gained information is processed on the base of an expertise system approach, where the expertise is interpreted as a structured object with principal features: expertise object, expertise problem, expertise activity, expertise report and expert. Established findings are then analyzed regarding to such interpreted system approach of expertise and applied in the determination of type of approach which an expert should follow in the procedure of making out an expertise report of property valuation. Finally, an example expertise report for valuation of real estate is compiled. Such expertise report could be considered in conformity with national legal regulation as well as with requirements of International Valuation Standards – IVS. The expertise report is a practical example of findings of this master`s thesis.

The master´s thesis focuses on excluding certain asset groups by IFRS and czech accounting legislation. The target of the thesis is the charecteristics of assets, there dispence, awards, managment from the point of view of mentioned systems as described by the czech accounting legislation and international accounting standards. In the master´s thesis i compare systems and pointing out the mostsignificant differences in reporting and then application to the selected entity.

The theme of the diploma thesis is „Reporting of tangible fixed assets according to Czech accounting legislation and IFRS “. The goal is to characterize the tangible fixed assets, its amortization, valuation, acquisition from the point of view how it is characterized by Czech accounting legislation and International accounting standards. Part of the thesis is the comparison of individual systems and pointing to the most significant differences in reporting and application to the particular entity.

The diploma thesis „Reporting of Selected Groups of Assets according to IFRS and Czech Accounting Legislation“ focuses on comparation of reporting of tangible fixed assets in various accounting systems. Thesis examines valuation, amortization and financial leasing. Also, thesis focuses on assessing the impact on financial statements and the impact on economic result.

The thesis topic „Fixed Assets According to Czech Accounting Legislation and International Financial Reporting Standards“ is to characterize valuation, amortization, decrease the values, reserves and leasing with relation to tangible asset sunder the rules of Czech accounting legislation and International Financial Reporting Standarts, as well as carry out a comparison of the two systems by high lifting the key differences in reporting. The theoretical approach is used to show the differences in the reporting of fixed assets for a specific accounting unit keeping accounts according to Czech accounting legislation which is considering the possibility of preparing consolidated financial statements in accordance with International Financial Reporting Standards.

There is a significant number of differences between the Czech accounting legislation and the International Financial Reporting standards in the area of posting and presentation of non-current assets. These are eliminated by the process of harmonization within the European Union. Harmonization process shows clear advantages for the users of financial information; however, the process is still not fully completed. Continuous changes in accounting rules also bring to business a lot of complications and additional costs. The diploma thesis presents a comparison of both accounting conceptions; shows a discussion on their advantages and disadvantages and demonstrates the impact of different approaches to booking for non-current assets to the financial statements of a business entity.

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The economic environment, after several changes and global impact with advent of technology and expansion of communications currently, has required from companies a universal financial language. It has known as international accounting standards, also called IFRS - (International Financial Reporting Standards). In Brazil, that deployment has begun in 2007, with the publication of specific law called “Brazilian Accounting Harmonization with International Financial Reporting Standards”, which has changed the structure that law have used by companies and stock market's corporations. The first studies have shown greater transparency and quality of financial statements, since it had adhered to fair value accounting to set accountability values. This research has been motivated by the topicality and importance of the issue harmonization of IFRS around the world and value-based on accounting management like best practices. The first tested hypotheses have been shown (i) the adoption of IFRS haven’t affected the book value substantially and the Market Value of Companies (VME). In addition, (ii) there hasn’t changed significant statistically at Free Cash Flow (FCF) and on EBITDA’s companies that have been adopted IFRS rules. This study has conducted with the companies listed on Brazilian stock markets (also called BM&FBOVESPA), taking as sample 123 companies that have the basic requirements for research during the years 2004-2014, totaling 1,353 observations. The ANOVA test and regression models for panel data have been used. The main findings in the survey have shown that the VPC and FCL have been affected by the implementation of IFRS and the VME. On the other hand, EBITDA haven’t suffered impacts in isolation from the international standard, and that the distance between the VME and VPC have reduced with the implementation of IFRS. This study has conducted with the companies listed on the Brazilian stock market. It has gotten 123 companies sample that have basic requirements for research during the years 2004-2014, totaling 1,353 observations. It has used ANOVA test regression model and data panel statistics way. The main conclusions in the survey have shown equity value of companies and EVA indicator; thus, FCF have affected by the implementation of IFRS. On the other hand, MV, MVA® and EBITDA haven’t impacted isolation from the international standard. Finally, the distance between the MV and equity value of companies have reduced with the implementation of IFRS
O cenário econômico, após diversas mudanças e impactos globais, com advento da tecnologia e ampliação de comunicação, exige atualmente das empresas uma linguagem financeira universal, conhecida como normas internacionais de contabilidade, ou melhor, o padrão IFRS – International Financial Reporting Standards. No Brasil, essa implantação se iniciou no ano de 2007, com a divulgação da lei nº 11.638, que alterou a estrutura da Lei das Sociedades por Ações. Os primeiros estudos realizados apontaram maior transparência e qualidade nas demonstrações contábeis, uma vez que aderiram o valor justo para definir valores contábeis. Esta pesquisa foi motivada devido à atualidade do tema, relevância, harmonização do IFRS e a gestão contábil baseada em valor. O objetivo deste estudo é analisar, por meio de métricas de avaliação de empresa, se o valor das companhias não financeiras foi afetado com a convergência da adoção das práticas internacionais de contabilidade. As primeiras hipóteses testadas são (i) a adoção ao IFRS não alterou substancialmente o valor patrimonial (VPC) e o valor de mercado das empresas (VME) e (ii) não ocorreu alteração estatisticamente significativa ao Fluxo de Caixa Livre (FCL) e Ebitda das empresas com a adoção ao IFRS. Este estudo foi realizado com as empresas listadas na BM&FBovespa, tomando como amostra 123 empresas, que atendiam os requisitos básicos para a pesquisa, durante os anos de 2004 a 2014, totalizando 1.353 observações. Foram utilizados testes Anova e testes modelos de regressão em painel de dados. Os principais resultados encontrados com a pesquisa foram que o VPC e FCL sofreram impacto com a implantação da norma internacional de contabilidade, e que o VME e Ebitda não sofreram impactos isoladamente da norma internacional, e que a distância entre o VME e VPC foi reduzida com a implantação do IFRS

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The process of Brazil s compliance with the International Financial Reporting Standard (IFRS) took a big step forward, definitively getting on the agenda of regulatory agencies, companies and auditing firms, when Federal Law 11.638 was signed in December 2007, altering the accounting chapter of Brazilian Corporate Law, 6.404/76. This study contributes to Brazil s process of compliance with the IFRS, specifically regarding the applicability of IFRS 2 Share-based Payment, or its Brazilian corollary CPC 10 Pagamento Baseado em Ações, and the impact on accounting and on the disclosure of a long-term compensation program for executives, characterized as phantom stock options. IFRS 2 was published in February 2002 and was required internationally from January 2005, as an outcome of the growing use of commercial transaction payments based on shares, and also the IOSCO´s report that pointed out the lack of an accounting standard dealing with this kind of transaction. The study found that IFRS 2 or CPC 10 can be appropriately applied to guide the accounting treatment given to a phantom stock option program, and was a more informative accounting practice than that which had been used in Brazil, before 2008. The study also found a wide-spread need of financial knowledge regarding the valuation of stock options, such as the Black-Scholes-Merton model, as well as statistical methods for appropriately account and disclose the fair value of share-based incentive plans. Furthermore, in order to understand more fully the economic event which is being accounted, it is highly important to understand its essence. In the case of long-term share-based incentives for executives, the essence of their existence can be found in agency theory
O processo de convergência do Brasil às Normas Internacionais de Contabilidade (IFRSs) deu um grande salto e entrou definitivamente na agenda dos órgãos reguladores, empresas e auditorias, com a sanção da lei federal 11.638 em dezembro de 2007, que alterou o capítulo contábil da Lei das Sociedades Anônimas, 6.404/76. Este estudo contribui para o processo de convergência brasileiro às IFRSs, especificamente quanto à aplicabilidade do IFRS 2 Share Based Payment, ou sua correlação brasileira CPC 10 Pagamento Baseado em Ações, e dos impactos contábeis e de divulgação decorrentes de um programa de compensação de longo prazo a executivos, com as características de phantom stock options, ou opções fantasmas. O IFRS 2 foi publicado em fevereiro de 2002 e requerido internacionalmente a partir de janeiro de 2005, como uma decorrência do crescente uso de pagamento das transações comerciais com base em ações e também do relatório da IOSCO, que identificou como falha a lacuna de norma contábil que tratasse deste tipo de transação. O estudo identificou que o IFRS 2 ou CPC 10 aplica-se adequadamente para orientar o tratamento contábil de um programa de phantom stock option e representou uma prática contábil mais informativa que aquela até então adotada no Brasil, antes do ano de 2008. O estudo também identificou a grande necessidade de conhecimento de finanças relacionado à avaliação de opções, tal como o modelo Black-Scholes-Merton, bem como de métodos estatísticos, para uma apropriada contabilização e divulgação do valor justo dos planos de incentivo baseados em ações. Além disso, para que se entenda com profundidade o evento econômico que se contabiliza, é de suma importância a compreensão de sua essência. No caso de incentivos de longo prazo para executivos, baseados em ações, a essência de sua existência pode ser encontrada na Teoria de Agência

碩士
國立臺灣大學
會計學研究所
106
Taiwan valuation standards are published one after another by Accounting Research and Development Foundation from 2007. In order to comprehend the formulation of Taiwan valuation standards, this paper will use International valuation standards (IVS) and China valuation standards as comparison subject. The comparison will base on Taiwan valuation standards and therefore the comparison will divide into twelve standards and one guideline. Moreover, in order to understand the amendment of Taiwan valuation standards, IVS and China valuation standards, this paper will compare new edition with old version of each one. Finally, this paper will introduce foreign valuation credentials and Taiwan valuation credentials to understand regulations and requirements about valuation credentials. The results show that, there are fewer differences between Taiwan valuation standards and IVS in the standards of equipment, financial instruments and discount cash flow than the others. There are fewer differences between Taiwan valuation standards and China valuation standards in the standards of engagement letter and working paper than the others. In addition, the extent of amendment of IVS and China valuation standards is larger than that of Taiwan valuation standards. Finally, when comparing foreign valuation credentials with Taiwan valuation credentials, the result shows that there are some deficiencies in Taiwan valuation credentials.

碩士
輔仁大學
金融研究所
91
Appraisal is a process to render a fair evaluation of a defined value of a property. It has to be accomplished by an experienced and objective third party so that the appraised price can convey the desired credibility expected by both the buyer and the seller, or by both the creditor and the debtor. Appraisal is a catalyst to business transactions, especially for properties that are short of a regular and open market. Appraisal must build on creditable standards and considerations that are generally referred to as the valuation system. Valuation system has been developed in Europe and North America for a long time. The improvement in the soundness of the system and the advancement of business activities reinforce each other. In Taiwan, professionals who are permitted to serve as appraisers are grouped into five categories under current regulations. They are (1) real estate appraisers, (2) certified accountants, (3) certified architects, (4) independent parties permitted by the competent authority for financial assets valuation, and (5) institutions permitted by the competent authority for the appraisal of intellectual properties. These five categories of appraisers are subjected to different regulations issued from different competent authorities, summing together, are subjected to guidance and restrictions scattered in 19 different administrative ordinances. All these indicate that Taiwan is short of an Appraisal Law based valuation system. Financial markets in Taiwan are currently undergoing revolutionary changes, reliable real estate and financial products appraisals are in urgent need to make transactions in the capital market transparent. This adds up to the motivation for us to build a cohesive valuation system. The purposes of this thesis are twofold. First, the trend of movement from historical cost based accounting to fair value based accounting requires a sound valuation system. Second, the global integration of capital markets requires that valuation systems used in other countries, together with their experience and considerations, be taken into consideration in developing domestic standards and practices. This thesis should provide a useful reference to the design of a modern valuation system in Taiwan.

The current economic crisis shows that the valuation of assets is an important subject for our global economy because reserves help a company to better with-stand a crisis. The valuation of assets should therefore be perfected as soon as a company is established. How non-cash contributions are valued in the start-up balance sheet has long-term consequences for future balance sheets and profit and loss accounts. There is a loophole in the valuation of non-cash contributions in Germany as the §§ 242 I, 253 I, 255 I HGB (German Commercial Code) are only to be applied by analogy. When comparing this with international standards on the other hand, the valuation of non-cash contributions on company start-up is clearly regulated in other countries; for example in Austria by codification of the fair value in § 202 UGB (Austrian Commercial Code) and in the IFRS reporting system by the prin-ciple of fair value. Due to the German loophole, there is an ongoing controversial discussion in academic literature on the valuation of non-cash contributions. This leads to a need to investigate the subject in more detail with the aim of ascertain-ing whether there should be a uniform perspective and accordingly an ideal valua-tion. The dissertation concludes that non-cash contributions should be valued at the attributable market value (fair value). With the introduction of the term, attribut-able market value in § 255 IV HGB, the German legislator has taken the first step in this direction and should now take the second step and extend the application of this term to non-cash contributions analogous to § 202 UGB. If this recom-mendation is adopted, this would contribute to the standardization of reporting from a scientific perspective and to the solidity of German companies.

The aim of this work is to analyse the methods of valuation in accounting in accordance with Czech Accounting Legislation and International Financial Reporting Standards. This thesis compares different approaches on the example of the specific accounting entity. The company is called E.ON Czech Republic, s. r. o. The theoretical part of the thesis describes accounting systems and defines some of the international standards. The practical part of the thesis characterizes the accounting entity and describes the found differences. The next point is the subsequent comparison and evaluation.

碩士
銘傳大學
風險管理與保險學系碩士班
95
Standard Chartered Bank launches a recommended tender offer 100 percent of the issued and to be issued share capital of Hsinchu International Bank on September 29th ,2006. On October 31th,2006, achieved 95.4％ acceptances from Hsinchu International Bank shareholders. It is the first merger case that foreign bank acquire Taiwan’s bank. It also had it’s target meaning. So ,this is a worthy issue to study. This thesis used “ Event Study Method “ to value and the findings as follows： 1.After 30 days of announced, both Standard Chartered Bank and Hsinchu International Bank had positive cumulated abnormal return that are 7.48％ and 27.18％ . The combined cumulated abnormal return is 7.99％. So, this case supports “Synergy Hypothesis” and disproves “Hubris Hypothesis”. 2.Testing the cumulated abnormal return before 30 days of announced, Hsinchu International Bank already had positive cumulated abnormal return of 42.1％. It shows that the acquisition news might be knew before announced.

Reporting in terms of the principles of IAS 41, or equivalent, did not result in comparable financial results in the industry. This is mainly due to valuation challenges experienced and the significant costs of these valuations, contributing to the theoretical gap addressed in this study, where the cognitive theory was applied to determine how to improve the consistency, validity and reliability of the fair valuing of biological assets. The knowledge gap is a result of the inconsistent application of the requirements of IAS 41 which results in incomparable financial results which impairs the decision-making of the users of such information. The results of the study were analysed and contextualised to develop an application guideline to assist the financial statement compilers to present results to users that will enhance their decision-making. This guideline is the result of an investigation on the industry trend and standards on how to value, disclose and report on biological assets in the annual reports; an assessment of the valuation challenges experienced, the valuation factors considered and the frequency thereof; an analysis of the valuation inputs applied and a contextualisation of the various users’ expectations when these financial results are assessed. Such assessment included an inductive content analysis, further grounded theory contextualisation and grouping of the results into a guideline that was tested on various users to ensure the usefulness and validity thereof. The purpose of the study and the developed guideline is to determine how to improve the consistency, the validity and the reliability of the fair valuing of biological assets to derive at informing, comparable, decision-enhancing balances in a cost efficient manner when detailed information is presented.
Centre for Accounting Studies
D. Phil. (Accounting Sciences)

碩士
國立臺北大學
國際財務金融碩士在職專班
95
In recent years, more and more international financial institutions have merged with other international or local financial institutions. The mergers between financial institutions that exceeded US$10 billion are not uncommon. According to the report on the outlook of banking industry in 2005 released by Deloitte Touche Tohmatsu (“DTT”), “merger: to achieve strategic balance” was listed as number one of the ten trends in 2005. DTT thought that large banks utilized mergers to broaden their product lines and penetrate into new markets in order to become larger and more competitive. Foreign investors have been entering into Taiwanese financial markets aggressively from a few years ago. They purchased many stocks of E.SUN Financial Holding Company, Taishin Financial Holding Company, Jih Sun Financial Holding Company, Cosmos Bank, etc., but most of them didn’t intend to replace existing management teams with their own. On September 29, 2006, Standard Chartered Bank announced that it had launched a general tender offer for the entire issued shares of Hsinchu International Bank. This was the first case that a foreign bank acquired a local bank in Taiwan. Equity investors, corporate managers, creditors and scholars continuously feel interested in how to assess the value of acquired companies. This research based by case studies is aimed at estimating the value of Hsinchu International Bank by the dividend discount model. In consideration of many factors and assumptions and in comparison with other similar mergers, the price of NT$24.5 per share offered by Standard Chartered Bank is considered too high in the financial perspective. As a matter of fact, in addition to financial effects, non-financial effects are also a main concern when considering a merger. The above-mentioned acquisition can save Standard Chartered Bank much time and cost on establishing channels and markets and give Standard Chartered Bank many good corporate clients in Hsinchu Science Park and many business opportunities in the Greater China Region. The said merger will also induce other foreign banks to follow. Lack of branches has been a major obstacle for foreign banks to develop consumer banking and corporate banking business in Taiwan for a long time. To develop wealth management business and gain benefit from the economic growth of Taiwan, more and more foreign banks will try to get more branches through acquiring local banks. Foreign banks will make use of acquired banks’ employees that are familiar with local language and culture to expand business, including the business related to China. As a result, local banks must change their business models, create new niches and have good integration to be competitive, increase their size and create more profit for their shareholders.

I evaluate four possible approaches the United States may take to address China's practice of undervaluing the renminbi: 1) a challenge under Article XV of the GATT and the associated IMF provisions; 2) countervailing duties; 3) antidumping measures; and 4) safeguard measures. I conclude that the first three approaches are unlikely to succeed; there are a number of legal and political obstacles to the pursuit of these remedies. While the current WTO safeguards regime is likely insufficient, a new safeguards regime can--and should--be developed. I review and critique Dani Rodrik's proposal for a new safeguards regime and set out my own basic blueprint for a significantly expanded safeguards regime, emphasizing that flexibility in the realm of international trade law would help to secure overall stability in international trade itself. In order to be effective shock absorbers, safeguards must become far more flexible.