Dissertations / Theses on the topic 'Segment Reporting'

Cette thèse contient trois essais distincts sur la publication d’information sectorielle que les entreprises européennes ayant plusieurs secteurs opérationnels effectuent en vertu des IFRS 8 Secteurs Opérationnels. Chaque essai vise à améliorer notre compréhension collective sur la politique de communication financière des cadres dirigeants en examinant diverses caractéristiques des informations sectorielles. Le chapitre I, “L’interaction entre la qualité et la quantité des publications sur l’information sectorielle” examine le choix des cadres dirigeants à l'égard de la quantité et de la qualité, ainsi que l’utilité de ces deux caractéristiques pour les analystes financiers. J’utilise le nombre de segments opérationnels publiés comme mesure quantitative et la variation inter-sectorielle de la profitabilité comme mesure qualitative et soutiens que plus de pouvoir discrétionnaire peut être exercé par les dirigeants sur la qualité que sur la quantité. Je trouve que les cadres dirigeants résolvent les préoccupations liées aux renseignements commerciaux de nature exclusive soit en déviant de a quantité recommandée par la norme, ou, lorsqu’ils suivent la norme, en réduisant la qualité de l’information sectorielle. Les analystes financiers n’apprécient pas toujours la qualité de l’information sectorielle, ce qui suggère que le modèle business crée des difficultés même pour des utilisateurs avertis. Mes résultats informent les normalisateurs lorsque ceux-ci initient le développement d’un nouveau cadre conceptuel et lorsqu’ils semblent envisager l’approche du modèle business pour le reporting. Le chapitre II s'intitule «La non-conformité des secteurs opérationnels à travers des documents d'entreprise. » Les régulateurs de marché examinent des cas de présentations lorsqu'une entreprise fournit des informations différentes sur le même sujet dans différents documents. En mettant l’accent sur les secteurs opérationnels, cet essai utilise des données recueillies manuellement auprès de quatre documents d’entreprise afin d'analyser l'impact de la publication d’information non-conforme sur l’exactitude des prévisions de résultat des analystes financiers. La non-conformité qui découle de la déségrégation supplémentaire des secteurs semble introduire de nouveautés et contribue à l’exactitude des prévisions. La publication des segmentations difficilement réconciliables entraine une exactitude réduite des prévisions. Ces résultats contribuent à notre compréhension des effets de la politique de communication des dirigeants à travers plusieurs documents et ont des répercussions sur le travail les régulateurs. Le chapitre III s'intitule « Prévisions managériales au niveau sectoriel. » Je considère les prévisions au niveau sectoriel (PNS) comme un type d'information désagrégé que les entreprises fournissent ensemble avec leur stratégie de gestion. J’examine l’utilité de cette information pour l’exactitude des prévisions de résultat par les analystes ainsi que l’impact de cette information sur la manipulation du résultat. Je constate que les entreprises de haute technologie réputées pour l’incertitude supplémentaire liée à profitabilité sont moins susceptibles de fournir des PNS et que le PNS est associé à une prévision améliorée. Cependant, alors que la communication de davantage de PNS désagrégé par secteur a tendance à améliorer la précision, plus de précision ne semble pas avoir d’importance. Du point de vue des cadres dirigeants, les PNS les incitent à manipuler le résultat comptable, mais le PNS désagrégé par poste semble décourager la manipulation, fort probablement due à une surveillance supplémentaire. Dans un contexte où une orientation narrative et désagrégée est considérée comme la solution pour empêcher la vision à court terme, comprendre quel type d'information permet d’atteindre cet objectif, et de quelle manière, est tout autant pertinent pour les cadres dirigeants, les investisseurs et les régulateurs
This thesis contains three stand-alone essays on the operating segment disclosures that European multi-segment companies make under IFRS 8 Operating Segments. Each essay aims to improve our collective understanding about managers’ disclosure strategy by examining various characteristics of operating segment disclosure. Chapter I, entitled “The Interplay between Segment Disclosure Quantity and Quality,” investigates managers’ choices with respect to both disclosure quantity and disclosure quality, and the usefulness of these two characteristics for financial analysts. Focusing on segment disclosures under the management approach, I measure quantity as the number of segment-level line items and quality as the cross-segment variation in profitability, and argue that greater managerial discretion can be exercised over quality than over quantity. I hypothesize and find that managers solve proprietary concerns either by deviating from the suggested line-item disclosure in the standard, or if following standard guidance, by decreasing segment reporting quality. Moreover, financial analysts do not always understand the quality of segment disclosures, which suggests that a business-model type of standard creates difficulties even for sophisticated users. My results inform standard setters as they start working on a disclosure framework and as they seem to consider the business model approach to financial reporting. Chapter II is entitled “Inconsistent Segment Disclosure across Corporate Documents.” Market regulators in the U.S. and Europe investigate cases of inconsistent disclosures when a company provides different information on the same topic in different documents. Focusing on operating segments, this essay uses hand-collected data from four different corporate documents of multi-segment firms to analyze the impact of inconsistent disclosure on financial analysts’ earnings forecast accuracy. Inconsistencies that arise from further disaggregation of operating segments in some documents seem to bring in new information and increase analyst accuracy. However, when analysts must work with different, difficult-to-reconcile segmentations, their information processing capacity and forecasts are less accurate. These findings contribute to our understanding of the effects of managers’ disclosure strategy across multiple documents and have implications for regulators and standard setters’ work on a disclosure framework. Chapter III is entitled “Management Guidance at the Segment Level.” Prior research has found that managers add information to their earnings guidance to justify, explain, or contextualize their forecasts. I identify segment-level guidance (SLG) as a type of disaggregated information that multi-segment firms provide with their management guidance, and investigate its usefulness for financial analysts’ earnings forecasting accuracy, as well as its influence on managers’ earnings fixation. I further characterize the level of precision (point and range, maximum or minimum estimate, or simply narrative) and of disaggregation of SLG. I find that companies in high tech industries known for increased uncertainty in future performance are less likely to provide SLG, and that SLG is associated with better forecasting accuracy. However, while providing more item-disaggregated SLG improves accuracy, increased precision has no impact on forecast accuracy. From the manager’s point of view, SLG creates incentives to engage in earnings management, and the more precise the SLG is the greater the incentive. In contrast, more item-disaggregated SLG discourages earnings management, perhaps by improving monitoring. In a context where qualitative, narrative, and disaggregated guidance is regarded as a solution to avoid earnings fixation and short termism, understanding which types of information achieve this goal, and how, is relevant for managers, investors, and regulators alike

Bakgrund och problemdiskussion: Med hjälp av segmentinformation kan analytiker bryta ned analysen av bolagen till en lägre nivå vilket borde resultera i säkrare analyser. Segmentinformationen är viktig för användarna av de finansiella rapporterna eftersom information om bolaget som helhet kan vara svår att utläsa. Vi har tagit del av tidigare forskning inom området,men vi har dock inte funnit någon forskning med samma syfte som vi har. Vi anser därför att segmentrapportering är viktigt och intressant att studera.

Syfte: Vårt syfte med denna uppsats är att utreda hur, bolag noterade på Stockholmsbörsen i branschen sällanköpsvaror och tjänster, utformat sina segmentrapporter i deras årsredovisningar samt hur relevanta, tillförlitliga och jämförbara de är. Vidare kommer vi att studera vad analytiker anser om rapporterna gällande dessa egenskaper med fokus på hur relevanta de är.

Metod: I denna uppsats använder vi oss av både kvalitativ och kvantitativ metod. Vi har genomfört tre besöksintervjuer med analytiker samt granskat 36 bolags segmentrapporter. Analytikerna har den specialistkunskap som krävs för att kunna svara på om relevansen är uppfylld för segmentrapporterna. Den kvantitativa metoden ger oss en annan synvinkel, den avspeglar hur bolagens segmentrapporter är utformade i verkligheten.

Analys och slutsatser: För att analytikerna ska kunna framställa bra analyser så krävs det att informationen från segmentrapporterna är tillförlitlig och jämförbar och därigenom relevant. Om segmentrapporterna inte är relevanta leder detta till att analytikernas analyser blir felaktiga. Risken med detta är att läsarna av rapporterna baserar sina investeringar på felaktiga grunder vilket kan leda till ekonomiska förluster för dem. Respondenterna hade varierande åsikter gällande segmentrapporterna, men vi har funnit att segmentrapporterna i branschen generellt sett är tillförlitliga och jämförbara. Med detta som grund kan vi fastställa att de flesta av de studerade segmentrapporterna är relevanta. Vi vill dock poängtera att det finns en viss variation gällande hur relevanta rapporterna är.

Nyckelord; segment, segmentrapportering, värdering, IAS 14, valuation, financial reporting,segment report(ing).

This thesis evaluates the recent work of the Organisation for Economic Cooperation and Development and civil society groups in creating requirements for multinational entities to disclose financial information on a Country-by-Country basis. Country-by-Country reports may identify profit-shifting activities and enable various stakeholders to hold multinational entities accountable for their global conduct, through the provision of transparent and decision-useful information. This thesis identifies inadequacies in current disclosure requirements and develops a standardised Country-by-Country model, which is applied to the disclosures of three multinational entities to illustrate its pragmatic feasibility and the improvement in quality of financial information available to users.

Bakgrund: IFRS 8 är sedan 1 januari 2009 obligatorisk för samtliga börsnoterade företag i Sverige. Den stadgar att företagen ska tillämpa ett ledningsperspektiv, vilket innebär att den externa segmentsrapporteringen ska spegla den interna rapporteringen. Detta skiljer sig från tidigare regler i IAS 14, där rapporteringen skulle ske efter övriga externredovisningsprinciper i IFRS. Förespråkare till IFRS 8 menar att det ger en bättre insyn i företaget vilket underlättar för investerare och analytiker att fatta beslut och göra prognoser. Kritiker menar dock att IFRS 8 försvårar jämförelser mellan företag samt leder till att företaget lämnar ut mer konkurrenskänslig information. Syfte: Studiens syfte är att undersöka om det förväntade resultatet av IFRS 8 har uppnåtts. Studien ämnar även undersöka om företag påverkats av IFRS 8. Genomförande: Som primär data har en kvalitativ datainsamling använts, bestående av intervjuer med sex företag noterade på Nasdaq OMX Stockholm. Den primära datan från den kvantitativa datainsamlingen består av en enkät skickad till 233 företag noterade på Nasdaq OMX Stockholm. Sekundär data har även samlats in genom litteraturstudier. Resultat: Majoriteten av företagen har inte genomfört en förändring av sammansättningen av segment samt segmentsupplysningar. Överlag ansåg inte företagen att användarna fått en bättre inblick i företagens rapportering. De menade dock att det är viktigt att lämna ut information till företagets intressenter. IFRS 8 ledde inte heller till någon kostnadsbesparing för företagen.
Background: IFRS 8 is since 1 January 2009 mandatory for all listed companies in Sweden. It states that companies must implement a management approach, which means that the external reporting of segments should reflect the internal reports. This differs from the previous rules in IAS 14, in which the information should correspond with the other external IFRS accounting principles. Proponents to IFRS 8 argue that the standard gives a better insight into the company which makes it easier for investors and analysts to make decisions and prognosis. Critics argue that IFRS 8 prevents comparisons between companies and force the company to disclose more competitively sensitive information. Aim: Purpose of this study is to examine if the expected benefits of IFRS 8 has been achieved. The study will also examine whether firms is affected by IFRS 8. Completion: The authors used a qualitative data collection consisting of interviews with six companies listed on the OMX Nordic Exchange Stockholm, and the quantitative data collection consists of a survey sent to 233 companies listed on the OMX Nordic Exchange Stockholm as primary data. Secondary data was also gathered through literature studies. Conclusions: The study has revealed that the majority of companies have not implemented a change in the composition of segments and segment information. The majority of the companies did not consider the users to have gained a better insight into the corporate reporting. They argued though that it is important to provide information to its stakeholders. IFRS 8 did not lead to any cost savings for companies.

Following a series of reporting scandals in the early 2000s, several researchers studied the gradual shift toward more principles-based accounting systems. There seems to be a general belief that the adoption of international principles-based accounting standards will improve financial reporting quality worldwide, although little evidence is provided for this claim. At the same time several studies claim that heterogeneity in countries’ environmental factors will not lead to harmonized accounting practices and that important differences will remain even though there is common international accounting system. This study contributes to the literature regarding a shift toward more principles-based standards by investigating the effect of increased requirements’ flexibility on disclosure practices in an international environment characterized by harmonized accounting regulations but heterogeneous disclosure practices. The standards that are used are IFRS 8 Operating segment and its predecessor IAS 14R Segment Reporting. IFRS 8 took effect from January 1 2009. The countries included in the study represent the four largest economies in Europe, namely the UK, Germany, France and Italy. The methodology used is quantitative and follows a positivistic research approach. This study investigates the impact that a regulatory change has on disclosure practices by observing data reported in the annual reports and asserts the eventual differences between the two standards and across the four countries. The study provides evidence of only a marginal change in segment disclosure practices after the introduction of IFRS 8. The change is mostly characterized by a loss of key information indicating that more flexible requirements negatively impact accounting practices. This implies that if the purpose of a regulatory change is to assure a certain level of information, more rigid requirements are to be preferred. Further, this study shows that, opposed to expectations; disclosure practices are more heterogeneous under more rules-based standards. However, there is indication that the reason for increased homogeneity is that companies listed in the UK and Germany, presenting a higher amount of segment information under IAS 14R, have decreased the information under IFRS 8. It seems thus that standard enforceability decreases under more flexible disclosure requirements.

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The constitution of the Accounting Pronouncements Committee (CPC) followed by Laws 11.638/2007 and 11.941/2009 resulted in a very important moment in Brazilian accounting. The approval of these laws, especially the Law 11.638/07 represented a landmark in the convergence process of Brazilian Accounting Standards (BRGAAP) to International Financial Reporting Standards (IFRS) of the International Accounting Standard Board (IASB), the European entity responsible for issuing International Financial Reporting Standards (IFRS) that have been adopted in more than 100 countries worldwide. All these efforts together with the internationalization of capital markets and economic growth an accelerated made Brazil a target for potential foreign investors and market analysts who use accounting information for investment analysis. The IFRS adoption in Brazil caused significant impacts on the financial statements of Brazilian companies, upon of adoption by pronouncement CPC 37 equivalent as IFRS 1 of IASB. The present study aims to investigate the overall impacts of the adoption of International Financial Reporting Standards (IFRS) in the Income Statement of seven companies that comprise the retail segment of textiles, apparel and footwear, as specific objectives to ascertain the impact of the adoption of IFRS on financial statements of the research object, based on your notes and present effects the Income Statement, through a comparison of the main rules that affected the first adoption, as well to answer the central question: What the impacts the process of the IFRS adoption on the Income Statement of companies that comprise the retail segment of textiles, apparel and footwear with shares on the BM&F-BOVESPA?. The research result shows that the process of adoption of International Financial Reporting Standards (IFRS) generated impacts primarily by reclassifying income for the year 2009 for the comparative basis of the first IFRS financial statements published by the companies under study
A constituição do Comitê de Pronunciamentos Contábeis (CPC), seguida pelas Leis 11.638/2007 e 11.941/2009 resultaram em importante momento na contabilidade brasileira. A aprovação das referidas leis, em especial a Lei 11.638/07 representou o marco inicial do processo de convergência das normas brasileiras de contabilidade (BRGAAP) para as normas internacionais de contabilidade (IFRS) do International Accounting Standard Board (IASB), entidade europeia responsável pela emissão das International Financial Reporting Standards (IFRS) que já foram adotadas em mais de 100 países em todo o mundo. Todos esses esforços, em conjunto com a internacionalização dos mercados de capitais e o crescimento da economia de forma acelerada, fizeram do Brasil um país alvo de potenciais investidores estrangeiros e analistas de mercado que utilizam as informações contábeis para análise de investimentos. A adoção das IFRS como padrão de contabilidade no Brasil causou impactos significativos nas demonstrações contábeis das empresas brasileiras, quando de sua adoção pelo Pronunciamento CPC 37 equivalente a IFRS 1 do IASB. O presente estudo tem por objetivo geral apurar os impactos da adoção das Normas Internacionais de Contabilidade (IFRS) no Resultado do Exercício das sete empresas que compõem o segmento varejista de tecidos, vestuário e calçados e, como objetivos específicos averiguar os impactos da adoção das IFRS nas demonstrações financeiras das empresas objeto da pesquisa, com base nas suas notas explicativas e apresentar os efeitos nos resultados, por meio de um comparativo das principais normas que afetaram a primeira adoção, bem como responder à seguinte questão problema: Quais os impactos causados pelo processo de adoção das IFRS no resultado das empresas do segmento varejista de tecidos, vestuário e calçados com ações na BM&F-BOVESPA? O resultado da pesquisa mostrou que o processo de adoção das Normas Internacionais de Contabilidade (IFRS) gerou impactos principalmente pela reclassificação do Resultado do Exercício de 2009 para a base comparativa das primeiras demonstrações financeiras em IFRS, publicadas pelas empresas objeto de estudo

Bibliography: pages 129-140.
Segmental reporting (breaking down information in financial statements between different business activities and different geographical areas) is mandatory for certain companies in South Africa in terms of the disclosure requirements of AC 115. Such requirements are similar to those contained in other international accounting statements and include the disclosure of turnover, total assets, and operating profit for each industry and geographical segment within which a company operates. The users of financial statements need segmental information to assess the risk, profitability and return of a company, especially when various components of the company differ significantly in rates of growth, profitability and risk. This study investigates users' needs for segmental information and relates these needs to the requirements of AC 115.

Background: Revenue recognition has been a debated issue for a long time. During the 1990s and 2000s, several critical revenue related events took place. These events led to the development of a new standard for revenues called IFRS 15"Revenue from contracts with customers". One year has passed since the adoption in Swedish law and the aftermaths are available for analysis. The implementation of IFRS 15 is expected to affect the revenue reporting and the disclosure requirements referred to them. However, this change is not expected to affect all industries the same way but will likely depend on business model used. Purpose: The purpose of the study is to illustrate how revenue recognition has been affected by the implementation of IFRS 15 from an industry perspective as well as increase understanding of why some industries are affected and others not. Method:IFRS 15 has one single model for all revenuearising from contracts with customers and the standard also includes expanded disclosure requirements. The first approach examines how net sales change in companies when implementing IFRS 15. The reason for this is to determine if the standard has had anyeffect on the company's sales revenue. The second approach in the study is to examine the companies segment reporting to determine whether the implementation have had an effect on the company's financial report, based on the expanded disclosure requirements. Some industries are expected to be affected more than others which is why both approaches are examined from an industry-oriented perspective. Results: Customer serviceand telecom are the two industries that have the most affected net sales in connection with the implementation of IFRS 15. The two industries that showed the biggest impact on changed segment reporting are industrial and health care. Oil and gas and utilities reported no impact on net sales or changed segment reporting.

On 30 November 2006, the International Accounting Standard Board (IASB) released International Financial Reporting Standard (IFRS) 8 Operating Segments which replaced the revised International Accounting Standard (IAS) 14 Segmental reporting. This study consists of four main projects covering the empirical analysis of the non-financial FTSE 350 constituents’ first segmental disclosures under IFRS 8. The new standard is a result of the joint short term project between the IASB and the Financial Accounting Standards Board (FASB) and it is almost identical to its US counterpart. The first part of this study analyses the level of compliance (measured by compliance indices) with the requirements of IFRS 8 and examines the factors that might provide some explanation of the variances in the compliance levels of the companies. The results suggest that there is substantial non-compliance with the entity-wide disclosure requirements of IFRS 8. There is evidence that the companies are withholding sensitive information (such as reliance on major customers; non-current assets and external revenue attributed to the entity’s country of domicile and material foreign countries) which provides support for the proprietary cost theory. The results also indicate that the extent of compliance varies significantly. The evidences suggest that the identity of the auditor is one of the most important company characteristics in explaining the overall level of compliance with the segmental reporting requirements of IFRS 8. Thus, the audit quality provided by the BIG 4 audit companies seems to be different. Additionally, the findings reveal that the overall level of compliance and the level of compliance with the entity-wide requirements of the standard is significantly greater for companies organised around different products and services (business reportable segments) or a combination of different products, services and geographical areas (mixed reportable segments) compared to companies organised around different geographic areas (geographic reportable segments). It raises the question whether the companies use their organisational structure to conceal / reveal information. The relatively high level of non-compliance with the entity-wide requirements of the standard and the considerable variance between the levels of compliance of the individual companies questions the success of the convergence of the accounting standards and the quality and the comparability of the financial statements. It is no doubt that geographic disclosures provide useful information on assessing internationally diversified companies’ risks and prospects and on making economic decisions. The second part of this study analyses the impact of IFRS 8 on the quality of the geographic disclosures of the sample companies and tries to provide some explanation for better understanding the diversity of the preparers’ geographic disclosure practice and their possible incentives to conceal / reveal geographic information. The findings suggest that the introduction of IFRS 8 has both positive and negative impacts on the geographic disclosure quality of the companies. The results reinforce previous research findings and indicate that the companies’ geographic disclosure quality cannot be described by only one quality measure. Considerable variation was found in the companies’ geographic disclosure quality. However, none of the studied company characteristics had significant effect on all of the quality measures. Additionally, the research results seem to indicate that it is not in the interest of a relatively high percentage of the sample companies to change their geographic disclosure practice. The companies stick with their disclosure practice even under the new standard. Geographic information disaggregated to country-level results in greater accountability and transparency and provides financial information that is more useful and relevant for financial statement users than information provided for geographic regions. However, IFRS 8 only requires the separate disclosure of individually material countries and it does not provide guidance on how to set the materiality level. The third part of the study provides some insight into (1) how the companies apply the materiality concept in defining their individually material countries and (2) how different company characteristics affect the companies’ materiality decisions. The quantitative materiality threshold applied by the sample companies (estimated by the method developed by Doupnik and Seese, 2001) varies considerably which indicates that the companies do not follow a general quantitative benchmark. However, with the exception of early adoption none of the studied company characteristics had significant effect on the materiality threshold applied by the companies. The results suggest that there could be both quantitative and qualitative factors, not studied in this research that might be more important in the preparers’ materiality decisions. However, only the preparers know what is behind their materiality decision. Only a few companies disclosed information about the quantitative materiality threshold applied and none of them disclosed information about the qualitative factors considered in assessing the materiality of an individual country. The empirical findings provide evidence that the companies use both the flexibility provided by IFRS 8 and the shield of the materiality concept when they make materiality decisions about their individually material, therefore reportable countries. Greater transparency and detail about the companies’ materiality decision would reduce the uncertainty and could enhance the understandability of the companies’ segmental notes. The IASB has recently announced plans to consider a project on materiality (IASB, 2013a). The findings of this study could present relevant information to the IASB’s work on providing guidance on the application of the materiality concept. In the last decade there have been calls from civil societies, regulatory bodies and international economic organisations to require multinational companies (MNCs) to disclose information about their activities in those countries where they have operation. The fourth part of the study provides a summary of the impact of the introduction of IFRS 8 on the sample UK listed companies’ country-level disclosures and critically evaluates whether the existing geographic disclosure requirements through IFRS 8 provide sufficient financial information and transparency for the different financial statement users. The results indicate that (1) the fact that IFRS 8 only requires the disclosure of the revenue and non-current assets for the country of domicile and for the material foreign countries, (2) the way the MNCs apply the materiality concept to define countries that need to be individually disclosed and (3) the companies preference to keep geographic information at minimum level result in a relatively poor level of audited country-level information even among the largest listed companies. Therefore, what is disclosed in the companies’ audited financial statements is very far from the idea of full country-by-country reporting (CBCR). The IASB decided not to undertake proactive work in this area and preparers argue that enough information and transparency is provided under the requirements of IFRS 8. However, the findings of this study and the fact that legislative bodies in the US and in the EU had to bypass the IASB and issue CBCR related new regulations indicate that the country-level requirements of IFRS 8 and the country-level information provided by the companies in their segmental notes are not sufficient and transparent enough. To ensure the same reporting requirement for entities worldwide and to increase transparency and the availability of important geographic financial information, to enhance consistency and to help the comparison CBCR should be considered by the IASB and addressed in international accounting standard(s).

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard No. 8 (IFRS 8) “Operating Segments” in November 2006 as a part of its convergence programme with the Financial Accounting Standards Board (FASB); the new standard became effective for periods beginning on or after 1/January/2009 (IASB, 2006a). IFRS 8 supersedes the previous international accounting standard (IAS): IAS 14 Revised (IAS 14R) “Segment Reporting” (IASC, 1997). IFRS 8 requires segments to be identified in accordance with the management approach. In particular, operating segments are to be identified on the basis of internal reports that are “regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance” (IASB, 2006a, para 5). There are two main objectives to this study: (i) to assess the impact of IFRS 8 on the segmental disclosures of Jordanian listed firms in their annual reports for 2009 when the standard became effective; and (ii) to explore the perceptions of external auditors, preparers and users (investors and analysts) of financial statements about this new segmental reporting standard. A decision usefulness theoretical framework underpins the research; the research was carried out by using a disclosure index analysis and semi-structured interviews. The two objectives of this thesis were investigated by employing these two methods; a disclosure index and semi-structured interviews. The research is located in Burrell and Morgan’s (1979) functionalist paradigm using a decision usefulness theory lens. The findings suggest that IFRS 8 has had a significant and sizeable impact on the segmental disclosure practices of Jordanian companies in 2009 compared to disclosure practices in annual reports for 2008 based on IAS 14R; a sample of reports for 109 first market Jordanian listed companies were investigated. The disclosure index findings indicate that the Jordanian listed companies provided more disaggregated segmental information, published data on additional segmental items and supplied new Entity-Wide Disclosures (EWDs) in accordance with IFRS 8’s management approach. For example, 10% of the sample companies provided segmental information for the first time in 2009. The Jordanian listed companies provided details about more disaggregated business segments (where the mean number of segments rose from 2.4 to 2.7) and geographic segments / EWDs (where xii the mean number of segments increased from 1.5 to 1.8). The average disclosure index score rose from 18.6% in 2008 to 30.6% in 2009. In addition, 27% of the sample companies went beyond the requirements of IFRS 8 by identifying the CODM in their annual reports for 2009. With regards to the semi-structured interviews, 31 participants agreed to provide their views on IFRS 8. The respondents indicated that the quantity and quality of segmental information provided under IFRS 8 in annual reports for 2009 was “better” than that disclosed in 2008; it was more understandable, relevant, reliable and comparable than the segmental information which had previously been reported. Their responses also indicated that the implementation of IFRS 8 did not appear to cause any difficulties for external auditors, preparers and users during 2009; most interviewees reported that IFRS 8 was not a problematic standard. They believed that the disclosure of segmental information increased, published segmental information became more organised and better explained and the segmental information disclosed was more transparent. The current study is the first of its kind in Jordan, and adds to the growing literature on financial disclosure; it therefore fills a gap about segmental disclosure in developing countries. It is also exploratory in nature, since very little is known about segmental reporting practices in Jordan. Thus, this study’s findings represent a significant contribution to knowledge.

Dans un contexte d'harmonisation comptable internationale visant à améliorer la qualité de l'information financière publiée par les groupes internationaux afin d'en assurer l'utilité, notre recherche doctorale a pour objet d'apporter une contribution à l'évaluation de l'utilité et de la comparabilité de l'information sectorielle. Cette recherche adopte une approche qualitative mono-sectorielle à travers l'étude du contenu des rapports de recommandation des analystes et des rapports annuels des grands groupes hôteliers internationaux, et une approche internationale à travers la comparaison des référentiels IAS/IFRS et US GAAP. Nous proposons en premier lieu d'étudier l'utilité de l'information sectorielle pour les analystes financiers à travers l'utilisation qu'ils en font dans leurs rapports et le lien de cette utilisation avec l'exactitude des prévisions qu'ils réalisent. Nous analysons ensuite l'évolution de la comparabilité de l'information sectorielle " normée " publiée par les groupes et la comparabilité de leurs pratiques de publication hors annexe. En raison de la diversité des pratiques de publication des firmes, l'utilité et la comparabilité de l'information sectorielle publiée par les groupes hôteliers internationaux demeurent perfectibles.

The diploma thesis is focused on of its presentation in accordance with IFRS/IAS, respectively, for the fulfilling the requirements of IFRS 8 – Operational Segments. In this diploma thesis, the effects and advantages of financial statements transformation on IFRS/IAS are explained. Process of this transformation all its consequences are also elaborated here. For the conclusion, possible approaches to modelling of risk and to risk measurement are suggested here.

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As a reflex of the changes happened in the last decades in the process of globalization of the economy and of the development of the international markets, it was necessary a change in the process of generation of the accounting information in which accounting has been pressed by the demands of new markets, its potential investors and analysts to supply financial statements in an efficient and effective way for the best interpretation and decision in this market in high performance. As we insert the accounting in this globalization context, the accounting information becomes more and more relevant and of great importance in the decision process. Faced with the economic globalization of the markets, it is necessary the adoption of rules and accounting patterns globally used and accepted, allowing a comparative of the accounting information for the decisorial process. The IASB (International Accounting Standard Board) was responsible for the elaboration of international rules already in convergence process in more than 100 countries all over the world. In Brazil, with the publication of the Law number 11.638/07, being in force from January 1st, 2008, and later with the changes coming from the Law number 11.941/09, there was an important step in the process of convergence of their rules with the international patterns through the creation of the Committee of Accounting Pronouncements (CPC), responsible organ for the emission of accounting pronouncements in consonance with the International Financial Reporting Standards (IFRS). This study aims to identify the materiality of the impacts of the adoption of the International Financial Reporting Standards (IFRS) in financial statements and in companies performance, presenting the significant differences in accounts of Balance Sheet and of Incoming Statement, aiming to answer to the central question: Has the adoption of International Financial Reporting Standards (IFRS) generated impact on Equity and Profit and Loss Statement of the open capital entities listed in BOVESPA, Air Transport segment? To such purpose, it was chosen the methodology of research and of exploratory nature with descriptive studies, which provides to the researcher a larger inclusion of the occurred facts in relation to a direct research. The comparative analysis of the financial statements of the companies object of this study demonstrates that the financial statements elaborated in agreement with the International Financial Reporting Standards (IFRS) present a larger level of disclosure when compared with the old adopted pattern BR GAAP (Generally Accepted Accounting Principles). The obtained conclusion is that the process of adoption of the International Financial Reporting Standards (IFRS) has generated impacts in the Equity and Profit and Loss Statement and in several processes and controls of the companies object of this study
Como reflexo das mudanças ocorridas nas últimas décadas no processo de globalização da economia e do desenvolvimento dos mercados internacionais, fez-se necessário uma mudança no processo de geração das informações contábeis, em que a contabilidade tem sido pressionada por meio das exigências dos novos mercados, seus potenciais investidores e analistas a fornecer demonstrações contábeis de forma eficiente e eficaz para a melhor interpretação e tomada de decisões neste mercado em alta performance. Ao inserirmos a contabilidade neste contexto de globalização, a informação contábil torna-se cada vez mais relevante e de suma importância no processo decisório. Frente à globalização econômica dos mercados, faz-se necessária a adoção de normas e padrões contábeis utilizados e aceitos mundialmente, permitindo um comparativo das informações contábeis para o processo decisorial. O IASB (International Accounting Standard Board) ficou responsável pela elaboração de normas internacionais que já estão em processo de convergência em mais de 100 países em todo o mundo. No Brasil, com a publicação da Lei n.º 11.638/07, vigorando a partir de 1.º de janeiro de 2008, e, posteriormente, com as alterações emanadas da Lei n.º 11.941/09, deu-se um importante passo no processo de convergência de suas normas com os padrões internacionais por meio da criação do Comitê de Pronunciamentos Contábeis (CPC), órgão responsável pela emissão de pronunciamentos contábeis em consonância com as Normas Internacionais de Contabilidade (IFRS). O estudo tem por objetivo identificar a materialidade dos impactos da adoção das Normas Internacionais de Contabilidade (IFRS) nas demonstrações contábeis e no desempenho das empresas, apresentando as diferenças significativas em contas do Balanço Patrimonial e da Demonstração de Resultados, buscando responder à questão-problema: A adoção das Normas Internacionais de Contabilidade (IFRS) gerou impacto no Patrimônio Líquido e no Resultado do Exercício das Entidades de capital aberto listadas na BOVESPA do segmento de Transporte Aéreos? Para tanto, foi escolhida a metodologia de pesquisa de natureza exploratória com estudos descritivos, que proporciona ao pesquisador uma maior cobertura dos fatos ocorridos em relação a uma pesquisa direta. A análise comparativa das demonstrações contábeis das empresas-objeto deste estudo evidencia que as demonstrações financeiras elaboradas de acordo com os padrões IFRS apresentam um nível de divulgação maior quando comparadas com o antigo padrão adotado BR GAAP. A conclusão obtida é que o processo de adoção das Normas Internacionais de Contabilidade (IFRS) gerou impactos no Patrimônio Líquido e no Resultado do Exercício e em diversos processos e controles das empresas-objeto de estudo

During the early 1970's two trends emerged in the South African business environment. The first trend was that the number of diversified enterprises started increasing, and the second trend was that there was a steady increase in the activities and power of trade unions. These two trends were considered during the evaluation of prior research on the topic of segment reporting. Prior research on segment reporting focused on the usefulness of segment reporting, the problems associated with segment identification, the objections to providing segment information, and the extent to which diversified companies disclose segment information. Using the trends identified and the prior research, the research problem developed was as follows: are the segment disclosures of South African listed companies sufficient to meet the information needs of trade unions in South Africa, and if not, what additional information do trade unions require? The research problem was limited to listed companies as it was identified that trade unions may experience difficulty in obtaining information which is not available to the general public. In addressing the problem, the following three objectives were formulated: (i) to determine if trade unions use segment information, (ii) to determine what their requirements are in respect of segment information, and (iii) if trade unions do not use segment information, to determine why segment information is not used. In order to achieve these three objectives, it was necessary to conduct a survey of trade unions on their use of segment information. This survey was undertaken as a series of replicative case studies with the primary data being obtained by means of interviews. Generalisations were then made about the use that trade unions make of segment information. The main conclusions to this research were: (i) trade unions use segment information unless they are part of a national bargaining forum, (ii) trade unions consider segment information to be at least as useful as consolidated information, and (iii) trade unions use segment information primarily to form the basis for wage negotiations and to assess overall company performance. Once these conclusions had been drawn, the results were compared to results of a survey of investment analysts in South Africa, and evaluated against proposals contained in the International Exposure Draft (E51) on segment reporting. There were similarities between the segment itnformation needs of trade unions and investment analysts, although the trade unions required more information regarding employees and the remuneration of management. Trade unions also indicated that the proposals contained in the exposure draft would be acceptable, although the unions would require more employee information on a segment basis to be disclosed. Thus, the research project achieved its objectives. In addition, areas for further research within the area of segment reporting were identified.
Thesis (M.Acc.)-University of Natal, 1997.

碩士
國立高雄應用科技大學
商務經營研究所
96
A procedure is Environment of international economy is unceasing vicissitude, will be able to cause the enterprises' business to face a bigger challenge. The enterprise is engaged in the international business would be possible to obtain more new opportunities than the domestic business, creates the competitive advantage and the establish organization ability of strategy in vicissitude environment, will be an important challenge to face the multinational enterprise. The multinational enterprise displays by the advanced specialized technology and the specific marketing ability frequently, but this is one kind of information and the strategy superiority of technical complementary. Sometimes, the economies of scale in researching and development, other activities on production or value chain could be the source of main superiority for multinational enterprise to surmount the domestic enterprise. Because the conclusion about scholar's research did not have consistent result, which causes this research to discuss segment reporting in multinational enterprise to its profitability displays positive correlation. This research not only considers the multinational enterprise, but also brings into with consideration of different industry, to try finding out the key factor which the influence the profitability of enterprise. This research takes Taiwanese listed company (excluded financial insurance industry) as the research object from year 92 to 95. After carried on hierarchical regression analysis, displays not different result at all. Experimental result: Only segment reporting in traditional of multinational enterprise in the year 92 to its profitability displays positive correlation. With the result of control variable as below, Sector asset growth and profitability displayed positive correlation. Operating Profit Margin、 net-profit margin、Return on Investment and ROE displayed positive correlation Return on assets、Earnings Per Share、Return on Investment and ROE displayed positive correlation. Earnings Per Share、Return on Investment and ROE displayed positive correlation. The multinational enterprise does not act as general company which can create bigger profitability, is priority to be important dispersing the management risk for some multinational enterprise, and facing the fast changing environment, is one kind of inevitable tendency to use multinational enterprise.

JEL Classification System: M41 - Accounting, M21 - Business Economics
Nas últimas décadas, a aposta das empresas na diversificação de negócios e na internacionalização conduziu a um aumento na complexidade das suas operações. Deste modo, a informação constante nas demonstrações financeiras tornou-se insuficiente para permitir aos seus utilizadores a compreensão total da empresa. Como resultado, a prestação de informação por segmentos é actualmente um importante aspecto da divulgação financeira. Antecipando a aplicação das normas do IASB para 2005, Portugal desenvolveu a sua própria norma sobre relato por segmentos. O estudo debruça-se sobre a implementação da DC 27 (2000) em entidades cotadas e não financeiras. Para tal foram identificadas quatro questões de investigação: i) quais as características predominantes da estrutura de relato por segmentos em Portugal? ii) quais as características e números repostados? iii) estão as empresas a divulgar os itens exigidos pela DC27 (2000) e iv) estão as práticas de divulgação das empresas portuguesas associadas à sua dimensão, nível de resultados e grau de internacionalização? A análise da DC 27 (2000) permite verificar que esta não apresenta diferenças substanciais face à inicial IAS 14 (1997). Os resultados evidenciam um razoável, mas não total, cumprimento dos objectivos e regras da norma. O número médio de segmentos está alinhado com a implementação de outras normas, embora a maioria das empresas falhe na divulgação da totalidade dos itens exigidos. Igualmente conclui-se que a dimensão está positivamente associada com o número de segmentos e itens divulgados, enquanto que o nível de resultados se encontra negativamente associado ao cumprimento desses itens.
Due to a business diversification and internationalization in the last decades, companies operations became increasingly complex and their financial statements no longer provide the users with a full comprehension of the company as a whole. As a result, the disclosure of information by segments is nowadays an important issue of report as well as, an essential basis of analysis for assessing companies’ risks and returns. Anticipating the application of IASB standards for the year 2005, Portugal developed his national accounting standard for segment reporting, which we identify as almost a copy of IAS 14 published in 1997. The empirical study investigates the implementation level of DC 27 (2000) on Portuguese nonfinancial entities with securities traded in Euronext Lisbon market. For that propose four research questions were established: i) what are the main characteristics of segment reporting structure in Portugal? ii) what are the characteristics and the number of reported segments? iii) are Portuguese companies disclosing the information items demanded by DC 27 (2000) and iv) are segments disclosure practices of Portuguese companies related to their size, results and degree of internationalization? The evidence shows a mixed result on compliance with standard objectives and rules. The average number of segments is aligned with other standards implementation. In opposite, most of the companies failed to fulfil with all items required for principal format. We also concluded that size is positively related to the number of segments and items disclosed, and the companies’ results are negatively associated with the disclosing of those items.

碩士
國立成功大學
會計學系碩博士班
100
The objective of this study is to explore whether political connections have effects on a firm’s segment reporting quality and investment efficiency. Through the disclosure of segment information, financial statement users can get a deeper insight into the business operations of firms, can help themselves to better understand a firm’s past performance, can better assess a firm’s risks and returns and can make more informed judgments about firms as a whole. In order to investigate the issue underlying segment reporting quality, a sample of 19 countries in 2001 is used, and it is found that when firms with political connections conceal segment reporting information on purpose, this leads to lower segment reporting quality. It is also found that higher segment reporting quality will improve investment efficiency by decreasing information asymmetry.

碩士
輔仁大學
會計學系碩士班
97
This study investigates whether the proprietary cost incentives, agency cost incentives, and capital market incentives affect the disclosure quality of industry segment reporting and the impact on diversification discounts, using a sample of Taiwan multi-segment firms from 2001 to 2007. We find that industry-diversified firms with larger abnormal profits and with greater divergence between control and ownership of ultimate controlling shareholders, disclose industrial segment information with less divergence of profitability (DOP) in their reported cross-segment profits. Our evidence is consistent with the hypotheses which claim that proprietary cost and agency cost considerations provide managers of multi-segment firms with incentives to conceal the profitability of their industrial segments, and therefore reduce the disclosure quality of industry segment reporting. Furthermore, we find that the diversified firms with higher financial requirement have more disclosure incentives to decrease their cost of external financing; and to avoid market mispricing, the diversified firms with greater growth opportunities may provide incentives to reveal the industry segment reporting with better qualities. Finally, there is evidence that diversified firms with higher DOP, there will be lower diversification discounts, showing that diversified firms can effectively increase their market evaluation by improving the qualities of their segment profitability disclosure.

碩士
國立成功大學
會計學系碩博士班
101
The objective of this study is to explore whether political connections have effects on segment reporting quality and whether establishment of audit committee has moderating effects on the relationship between political connections and segment reporting quality. IFRS 8, Operating Segments, identifies and discloses segment information by management approach, firms are expected to mitigate the difference between the disclosed financial reporting and the internal management report, and thus the financial reporting users may obtain more detailed information from the management and thus this so doing improves the information quality of financial reports. Taiwan’s Financial Accounting Standard No.41, The Disclosure of Segment Reporting, which follows IFRS 8 and has became effective since 2011. Using the sample of Taiwan in 2011, I find that firms with political connections have lower segment reporting quality, indicating that politically connected firms intend to conceal segment reporting information. Moreover, I find that audit committees with more financial experts are capable of improving segment reporting quality, and also mitigate the negative effects of political connections on segment reporting quality.

碩士
國立東華大學
會計與財務碩士學位學程
107
GAAP No. 41 regulates enterprises to provide segement reporting to users of financial statements.The GAAP NO. 41 refers to the Standard IFRS 8, Operating Segments, that is, companies must adopt management methods to expose segement information to enhance corporate information transparency. Therefore, this study uses the publicly-traded firms in Taiwan from 2011 to 2017 as sample intervals to explore the correlation between segment reporting quality and analyst forecasting error. And further explore whether the role of the board characteristics will affect the correlation between the quality of the segment reporting and analyst forecasting error.The result show that The quality of the segment reporting is measured by the difference in the growth rate of sales, that is, the nature of the operating segments is different, which increases the complexity of the operation, resulting in the decrease of the information mastery of the analysts and causing the earning forecast error to expand.In addition, Considering the impact of the board characteristics, empirical evidence shows that the better the effectiveness of board supervision, the stronger the negative correlation between segment reporting quality and analyst forecasting error.

De acordo com a IFRS 8, empresas diversificadas devem providenciar informação financeira por segmentos que permita aos investidores avaliarem as diferentes fontes de risco e resultado, tal como a gestão faz. Contudo, esta informação proprietária estará igualmente disponível para os concorrentes. Devido a potenciais danos na sua competitividade, estas empresas podem condicionar a divulgação da informação por segmentos. Contudo, o IASB acredita que a nova norma aumentará o relato por segmentos, sendo expectável que empresas não divulgadoras passem a desagregar informação das suas diferentes actividades. Neste sentido, é nosso objectivo analisar se empresas mais propensas a incorrer em custos de competitividade, continuam com a IFRS 8, a condicionar a sua divulgação por segmentos. A análise assenta numa amostra de grande dimensão, baseada em empresas de 13 países da EU. O modelo empírico estima a influência potencial de problemas de competitividade mediante três variáveis: rendibilidade acima da indústria, concentração de indústria e o poder dos recursos humanos. Os resultados confirmam que a IFRS 8 aumentou o número de segmentos, mas é menos evidente para o número de itens. A estimação do modelo revelou, que empresas com performance superior aos seus competidores, que actuam em mercados mais concentrados e que estão sujeitas a maior pressão laboral, continuam associadas a menores níveis de divulgação. Obteve-se ainda evidência, de que as empresas enquadradas num ambiente competitivo mais adverso, não estão relacionadas com o aumento do número de segmentos de negócio. Inclusive, empresas que apresentaram um aumento da sua rendibilidade face ao sector diminuíram o número de itens divulgados.
Under IFRS 8 adoption, diversified firms’ should provide financial segment disclosures that enable investors to assess the different sources of risk and income as management does. However, this sensitive information would also be available for other users, such as direct competitors. Due to potential competitive harm, firms may practice discretionary disclosure and withhold segment information. IASB believes that IFRS 8 would improve segment disclosures and therefore it is expected that previous non-disclosure firms would increase their segment information. Thus, we aim to study the influence of competitive harm on the level of segment disclosures under IFRS 8. We use a significant larger sample of firms from 13 EU countries. Empirical tests to our competitive harm model are based on different measures of segment disclosures, implying the use of logistic regression, ordinal regression and multinomial regression models. We estimate the effect of three competitive harm proxies: abnormal profitability, industry concentration and labor power. The results showed a significant increase on the number of reportable business segments, but less significant for the number of key items. Estimation of the model revealed that firms over performing their industry, operating in more concentrated industries and subject to higher labor power are still related to lower levels of segment disclosure under IFRS 8. Furthermore, the results showed that firms previously associated to abnormal profitability and labor power did not change their number of business segments. On the other hand, firms where abnormal profitability grew are statistically related to a decrease on key items disclosure.

碩士
國立成功大學
會計學系碩博士班
101
In Taiwan, original accounting standards gradually are replaced by IFRS. Following IFRS 8, Operating Segments, firms have to disclosure their segments information by management approach since 2011. Under the new approach, it gives managers an opportunity to conceal poor-performance segments. As a result, it is time for audit committees to oversee them and improve segment reporting quality. However, setting audit committee is not forced for all listed firms. The situation is an incentive for me to investigate whether audit committee can enhance segment reporting quality when adopting management approach. Although there is agency cost for managers, they also take advantage of high quality segment information to make investment efficiency, especially for companies who are multinational or diversified. However, there is seldom evidence to confirm economic benefits from segment reporting quality. Investigating the relationship between segment reports and investment efficiency is the second object of this study. Combined the two investigations, I test the mediate effect of segment reporting quality between audit committee and investment efficiency. By using listed firms in TWSE and OTC, the results confirm that segment reporting quality is better under the supervision of audit committee, and higher quality segment reporting quality mitigate over-investment in capital expenditure. There is no evidence to prove that segment reporting quality have mediate effect, but weak evidence shows that audit committee is a moderator between segment reporting quality and investment efficiency.

El presente proyecto apunta a encontrar la rentabilidad de una empresa PyME familiar que opera en diferentes sectores de la actividad económica con distintas unidades de negocio (UENs). La realidad actual de la empresa hace que sólo se toman decisiones en base a la intuición, la experiencia y en parte al análisis de los ingresos. De los egresos se lleva registro de diferentes maneras, pero no existe un entrecruzamiento de datos que permita saber si la empresa está ganando o no en su conjunto y por cada unidad de negocio. A través de la implementación del Business Segment Reporting se pretende dar cuentas separadas de las divisiones individuales, con el propósito de proporcionar una imagen precisa del rendimiento de una empresa para los diferentes usuarios internos de información de Contabilidad de Gestión. La información por segmentos de negocio permitirá así evaluar los ingresos de cada segmento menos gastos
Fil: Fernández, Esteban. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.

碩士
國立東華大學
會計與財務碩士學位學程
106
According to International Financial Reporting Standard-IFRS 8, Operating Segments, the segment information of firms should be identified and reported on the basis of management approach. That is, in order to improve the information quality of financial reports, firms need to identify segments based on the operating decision, resources allocation, and its performance so that the stakeholders can obtain more detailed information of the operating performance from the management. Taiwan Financial Accounting Standard No. 41, the Disclosure of Segment Reporting, followed IFRS 8 and has been applied since 2011. This study aims to investigate the relationship between the concentration of the major customers and the segment reporting quality of the firms. In addition, I examine whether the Auditor Industry Specialization have a positive effect on the association of segment reporting quality and major customers. The research sample is the publicly-traded firms in Taiwan from 2011 to 2016. The results show that firms with higher customer concentration are likely to have better segment reporting quality. Furthermore, it also indicates that firms with Auditor Industry Specialization would improve the effects of major customers on segment reporting quality.

In furtherance of future research, this study aims to explore the status quo of integrated reporting () by evidencing geographic and firm-level characteristics of reporters, and differences in their firm value, both before and after adoption and distinguishing between reference and regular reporters. Despite the heightened emphasis on in recent years, the influence of in segment reporting remains unexplored. This study aims to fill this literature gap by analysing the effect of in segment disclosures according to a proprietary cost theory approach. The analysis is conducted through descriptive and inferential statistics, followed by empirical research through the estimation of a logistic regression model based on competitive harm proxies (abnormal profitability and industry concentration), for a sample of 366 reporters (79 classified as reference and 287 as regular) from 2010 to 2019, retrieved from the Integrated Reporting Examples Database. Main findings indicate that the majority of reporters are from South Africa, Japan and the UK whilst reference reporters are located in South Africa and Europe. On average, reporters are larger, less profitable and higher valued in the post adoption period meanwhile reference reporters are larger and more profitable than their counterparts. Firms increased their segment disclosure after adoption. Overall, competitive harm concerns, considering industry-based metrics, do not constrict segment disclosure before or under . However, higher firm (own) profitability suggests proprietary cost motivations for lower disclosure. Larger and more leveraged (only under ) firms are more likely to be multi-segmented or report a higher number of segments.
Este estudo visa explorar o status quo do relato integrado (), evidenciando as características geográficas e ao nível de empresa das organizações que adotam o , bem como as diferenças no respetivo valor de empresa, tanto antes e depois da adoção do , como distinguindo entre repórteres de referência e regulares. Visa ainda preencher a lacuna na literatura sobre a influência do no relato por segmentos, analisando o efeito do em divulgações de segmento na ótica da teoria de custos proprietários. A análise é realizada através de estatística descritiva e inferencial, seguida da estimação de um modelo empírico de regressão logística baseado em proxies de dano competitivo, para uma amostra de 366 empresas (79 de referência e 287 regulares) de 2010 a 2019, extraída da base de dados do International Integrated Reporting Council. As principais conclusões indicam que a maioria dos repórteres são da África do Sul, Japão e Reino Unido, enquanto que os repórteres de referência são da África do Sul e da Europa. Em média, as empresas são maiores, menos rentáveis, mais valorizadas e aumentaram as divulgações de segmento após a adoção do ; as empresas consideradas de referência são maiores e mais rentáveis do que as regulares. Genericamente, considerando as métricas baseadas na indústria, as preocupações com o dano competitivo não restringem a divulgação de segmentos antes ou após o . No entanto, a maior rendibilidade (própria) da empresa sugere motivações de custo proprietário influenciando negativamente a divulgação de informação por segmentos. Empresas maiores e mais alavancadas (apenas sob ) têm maior probabilidade de serem multissegmentadas ou relatar mais segmentos.

碩士
國立成功大學
財務金融研究所碩士在職專班
102
The Taiwan SFAS No.41 segment disclosure became effective in the fiscal year 2011 and is intended to increase the quality of the operational segment disclosure of businesses. The previous SFAS No. 20, Segment Financial Reporting, which classified financial information based on industry type, has been changed to use the manager's point of view to decide operation departmental information based on SFAS No. 41. Therefore, as a result those persons reviewing financial statements can better understand the performance of departments involved with internal operations. In this study, the main research is intended to lead to an understanding of the periods before and after implementation of SFAS NO.41 as well as to discuss the changes in the level of disclosure in operation departments, and through this analysis, to lead to an understanding of the current situation. The research results indicated that there are a few companies still choosing non-industry type as their main classification. Due to this fact, SFAS NO.41 shows movement in a positive direction. However, most companies still choose industry type as their main classification, which indicates that the peremptory norms of SFAS No. 41 requiring enterprises to disclose information about operational segments are being sabotaged by businesses using different tricky methods by which to reduce the transparency of their operational departments’ information disclosure. In order to improve this situation, the authorities are being recommended to make laws or to enforce the disclosure format in order to improve the quality of disclosures made by these departments.

O relato por segmentos é considerado importante porque permite aos utilizadores das demonstrações financeiras e investidores entender melhor o desempenho passado de uma empresa e facilita os julgamentos sobre a empresa como um todo, incluindo uma melhor avaliação de riscos e oportunidades. Dada os gaps na investigação anterior sobre fatores explicativos que influenciam o nível de divulgação de informações por segmentos (número de segmentos relatáveis e/ou número de itens de informação por segmento relatado) no setor bancário e o facto de este sector passar a aplicar a IFRS 8 num período em que se passou a exigir mais transparência ao setor bancário, permite identificar o principal objetivo deste trabalho. O objetivo geral deste trabalho é identificar a associação entre o número de segmentos operacionais relatado pelo setor bancário da União Europeia e as características dos bancos que as divulgam. A amostra da presente investigação compreende 146 bancos da Europa com ações admitidas à cotação em Bolsas de Valores. Os dados financeiros, nomeadamente, as características económico-financeiras dos bancos e informação sobre segmentos operacionais, foram coletadas para os exercícios de 2005-2017. Os resultados mostram que as características que influenciam positivamente em número de segmentos são: o tipo de acionista, diversidade de bolsas de valores onde o banco está admitido à cotação, a dimensão do banco e o crescimento. Por outro lado, a alavancagem tem associação direta negativa com o número de segmentos a reportar. Apesar da altura de adoção da IFRS 8 ter sido coincidente com o período de início da crise financeira, o número dos segmentos operacionais começou a aumentar durante e continuou a aumentar depois da aplicação da norma.
Segment reporting is considered a relevant tool because it enables users of financial statements and investors to better understand a company's past performance and facilitates judgments about the company as a whole, including better risk and opportunity assessment. Given the gaps in previous research on explanatory factors that influence the level of segment information disclosure (number of reportable segments and / or number of reported segment items) in the banking sector and the fact that this sector applied the IFRS 8 at a time when more transparency was required from the banking sector, allows us to identify the main objective of this work. The general objective of this paper is to identify the association between the number of operating segments reported by the EU banking sector and the characteristics of the banks that disclose them. The sample of the present investigation comprise 146 banks in Europe listed on the stock exchanges. Financial data, including the banks' economic and financial characteristics and information on operating segments were collected for the years 2005-2017. The results show that the characteristics that positively influence on the number of segments: type of shareholder, diversity of stock exchanges where the bank is listed, bank size and growth. On the other hand, leverage has a negative association with the number of segments to report. Although the time of adoption of IFRS 8 coincided with the beginning of the financial crisis, the number of operating segments began to increase during and continued to increase after the application of the standard.

碩士
文化大學
國際企業管理研究所
83
The purpose of this paper is to investigate whether the price variablity is increased when the segment information is released. This study is proceeded during 1990-91. A sample of 143 firms were assigned to two groups: multisegment and single-segment firms. Based on daily return rate of samples, the research is proceeded by residual analysis with mean adjusted returns model, market model and mareket adjusted returns model. The price variability is used to measure information content for segment report. 　　The findings are as follows: 　　1.In the mean adjusted returns model, at the second day and the fifth day before and the first day after the event date, the price variability is higher in multisegment firm than in single-segment firm. 　　2.In the market model, at the fourth day, before the event date, the price variability is higher in multisegment firm than in singlesegment. 　　3.In the market adjusted returns model, the fourth day and fifth day before and the ninth day after the event date the price variability is higher in multisegment firm than in single-segment firm. 　　On the whole, all three models yield higher price variability before the event date, which reveals that the segment information is leaked. Thereforc, Taiwan''s stock market is not a strong form of efficient capital market. After the event date, under a=0.05, there''s no evidence showing that price variability is higher in multisegment firm than in single-segment firm, which lead to a conclusion that segment information contains no information content.

Os grandes grupos económicos diversificam atualmente as suas atividades, quer seja através da atuação em vários setores e áreas geográficas, quer seja através da diversificação dos seus produtos e dos serviços prestados. Desta forma, o reporte de dados agregados nas demonstrações financeiras, por parte destes grupos, faz com que esta informação não permita uma análise realista, imprescindível para a tomada de decisão. O relato por segmentos é essencial para os utilizadores das demonstrações financeiras, uma vez que a diversificação torna a informação mais complexa. A presente dissertação tem como objetivo geral a análise da influência da informação referente ao relato por segmentos na performance das empresas, debruçando-se nos principais índices da Bolsa de Valores Europeia, nomeadamente o PSI 20 (Portugal), o IBEX35 (Espanha), o CAC 40 (França), o BEL 20 (Bélgica) e o AEX (Holanda), excluindo empresas do setor financeiro. Tem como objetivos específicos (i) investigar o grau de cumprimento das empresas com os requisitos da IFRS 8 – Segmentos Operacionais; e (ii) compreender se a performance das empresas está relacionada com o número de segmentos, nível de conformidade com a norma, tipologia dos segmentos, internacionalização, dimensão, alavancagem, idade e país da empresa. Através da aplicação de um modelo de regressão múltipla, concluímos que apenas as variáveis número de segmentos, nível de internacionalização e dimensão influenciam o desempenho das empresas em análise. Corroborando o impacto positivo das variáveis internacionalização e dimensão, verificado em estudos anteriores, e contrariamente ao esperado encontrámos uma influência negativa, da variável número de segmentos.
Currently, large economic groups diversify their activities, whether through the operation in various sectors and geographic areas, or even through the diversification of products and services. Thus, the reporting of aggregate data, in the financial statements, by those groups, does not allow this information to make a realistic analysis, essential for decision making. The segment reporting is essential for the users of financial statements, since with diversification the information becomes more complex. The main objective of the current research is to identify the impact of the segment reporting information on the performance of the companies, addressing the main indexes of European Stock Exchange, namely PSI 20 (Portugal), IBEX 35 (Spain), CAC 40 (France), BEL 20 (Belgium) and AEX (Netherlands), excluding companies in the financial sector. It envolves the following specific objectives (i) to investigate the degree of compliance of companies with the requirements of IFRS 8 – Operating Segments; and (ii) understand if the performance of the companies is related to the number of segments, level of compliance with the standard, type of segments, internationalization, size, leverage, age and country of the company. Through an aplication of a multiple regression model, we conclude, that only the variables number of segments, level of internacionalization and dimension has influence on the performance of the companies in the study. Confirming the positive impact of the variables internacionalization and dimension, verified em prior studies, and in contrast to the expected we found a negative influence, throught the variable number of segments.