| 1. |
- Abad, C., et al.
(författare)
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On the 'Disclosure Initiative - Principles of Disclosure': The EAA Financial Reporting Standards Committee's View
- 2020
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Ingår i: Accounting in Europe. - : Informa UK Limited. - 1744-9480 .- 1744-9499. ; 17:1, s. 1-32
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Tidskriftsartikel (refereegranskat)abstract
- This paper summarises the contents of a comment letter produced by a working group of 12 academics in response to the International Accounting Standards Board (IASB) Discussion Paper on principles of disclosure. The comment letter was submitted by the Financial Reporting Standards Committee (FRSC) of the European Accounting Association (EAA). The work includes reviews of relevant academic literature of areas related to the various questions posed by the IASB in the Discussion Paper, including the 'disclosure problem' and the objective of the project, the suggested principles of effective communication, the roles of the primary financial statements and notes, the location of information and the use of performance measures. The paper also discusses the disclosure of accounting policies, the objectives of centralised disclosure, and the New Zealand Accounting Standards Board staff's approach to disclosure.
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| 2. |
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| 3. |
- Andersson, Patric, et al.
(författare)
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Analysts’ evaluations of acquisitions: Swedish survey evidence on IFRS knowledge and the use of accounting information for valuation purposes
- 2020
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Ingår i: Journal of International Accounting, Auditing and Taxation. - : Elsevier: 24 months. - 1061-9518. ; 41
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Tidskriftsartikel (refereegranskat)abstract
- The International Financial Reporting Standards (IFRS) Conceptual Framework emphasizes understandability, i.e. that users have a reasonable degree of relevant knowledge and an ability to study financial information diligently. This article reports results from an empirical study of Swedish financial analysts’ knowledge of IFRS Standards in an area of high complexity (acquisitions) and their use of such information for company valuation purposes. The study comprises financial analysts with experience analyzing acquisitions. Yet we find that the median analyst only knew the standards “to some extent,” which we interpret as a poorer knowledge level compared to the expected IFRS understandability level. We further find that IFRS knowledge varied considerably across the analysts. Higher IFRS knowledge was not associated with using more sophisticated valuation methods, even though such methods require inputs involving accounting complexities. Our results provide some support for higher IFRS knowledge being associated with higher use of acquisition-related IFRS information. This suggests that analysts’ incentives to invest in accounting knowledge may be driven by factors other than those related to fundamental analysis. Our empirical study considers various aspects of the analyst decision context and the findings are discussed in relation to this context and the research literature.
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| 4. |
- Andersson, Patric, et al.
(författare)
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Does Pro Forma Reporting Bias Analyst Forecasts?
- 2007
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Ingår i: European Accounting Review. - : Informa UK Limited. - 1468-4497 .- 0963-8180. ; 16:2, s. 277-298
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Tidskriftsartikel (refereegranskat)abstract
- Standard setters put much effort into the development of ‘better’ financial reporting standards, that is, standards that more accurately capture the economic substance of business activities. However, the more sophisticated accounting treatments caused by new standards, and the growing complexity of business activities as such, has made financial reports more difficult to understand. In response to this situation, some companies use pro forma reporting, which means that certain complex items required by financial reporting standards are excluded. This study adopts a user perspective and investigates how pro forma reporting affects analysts' judgments in an experimental setting. On the basis of psychological theory, our hypothesis suggests that analysts' judgments will be affected by differences in the way company performance is presented. Our results show that analysts who received both pro forma and Generally Accepted Accounting Principles (GAAP) information made significantly higher earnings per share (EPS) forecasts than those who received GAAP information only. It is argued that positive framing and higher levels of anchor explain this result, which suggests in turn that analysts' EPS forecasts can be manipulated by alternative ways of presenting company performance. Some possible implications of this finding for standard setters are discussed.
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| 5. |
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| 6. |
- Andersson, Patric, et al.
(författare)
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Proformaredovisningens inverkan på analytikerprognoser
- 2004
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Ingår i: Balans. - : FAR AB. - 2002-8490 .- 0346-8208. ; 2004:10, s. 37-41
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Proformaredovisningens inverkan på analytikerprognoser Sedan några år tillbaka redovisar en del svenska företag proformaresultaträkningar enligt amerikanskt mönster. I de flesta fall blir proformaresultatet högre än resultatet enligt allmänt accepterade redovisningsprinciper. I denna artikel redogör Niclas Hellman och Patric Andersson för resultatet från ett experiment som undersökt huruvida erfarna finansanalytiker påverkas av proformainformation när de gör vinstprognoser. En trend bland amerikanska företag är att redovisa proformaresultaträkningar som visar resultatutvecklingen som om vissa händelser inte hade inträffat, till exempel nedskrivningar eller omstruktureringar. I de allra flesta fall innebär resultatjusteringarna att proformaresultatet blir högre än resultatet enligt allmänt accepterade redovisningsprinciper (GAAP). [1] Sedan några år tillbaka har denna trend också nått Sverige och vissa företag redovisar numera pro forma enligt amerikanskt mönster, till exempel i samband med större nedskrivningar. Det finns också en mer utbredd tendens i samma anda som innebär att företagen skapar egna resultatmått högt upp i resultaträkningen, som också ges en framträdande roll i företagens informationsgivning. [2] Stockholmsbörsen har reagerat på denna utveckling och infört nya regler avseende vilka resultatmått som måste anges i inledningen av bokslutskommunikéer och delårsrapporter. [3] En intressant fråga i sammanhanget är hur användare av redovisningsinformation reagerar på proformaresultaträkningar. I föreliggande artikel redogör vi för resultat från ett experiment som undersökte huruvida erfarna finansanalytiker påverkas av pro forma information när de ställer vinstprognoser. Pro forma i svensk praxis och amerikansk forskning I Sverige har proformaredovisning tidigare använts framförallt i prospekt för att beskriva effekter av till exempel företagsförvärv, avknoppningar eller nyemissioner. Proformaredovisning har också använts i årsredovisningar för att illustrera effekter av förändrade redovisningsprinciper. [4] I dessa sammanhang har proformaredovisningen varit ett komplement till den faktiska redovisningen i syfte att underlätta periodjämförelser. På senare år har dock begreppet " pro forma " börjat tillämpas i bokslutskommunikéer och delårsrapporter med en annan innebörd jämfört med tidigare praxis. Proformaresultat har i dessa sammanhang kommit att få samma innebörd som ett " justerat resultat " för den aktuella perioden. [5] Förändringen följer av den amerikanska utvecklingen inom området och det är denna nya typ av proformaredovisning som behandlas i denna artikel. Det finns några publicerade studier som beskriver olika aspekter på amerikanska företags proformaredovisning. Bhattacharya et al (2003) undersöker proformaredovisningen i kvartalsrapporteringen för perioden 1998–2000. Enligt deras studie ökar frekvensen av proformarapportering kraftigt under denna period samtidigt som fenomenet fortfarande är koncentrerat till service-och high-tech-branscher. I en tidigare studie pekar Bradshaw & Sloan (2002) på att proformaresultaten är signifikant högre än resultaten enligt US GAAP samt att resultatskillnaderna har ökat över tiden och är som störst i det fjärde kvartalet. Bradshaw & Sloan (2002) diskuterar två tänkbara förklaringar till varför företag väljer att rapportera proformaresultat. Den första förklaringen är att företagsledningar vill försköna resultatredovisningen. Detta argument har enligt Bradshaw & Sloan stöd i den amerikanska finanspressens beskrivningar av fenomenet, men de finner ganska litet stöd för denna uppfattning i forskningen avseende proformaredovisning. Den andra förklaringen är att investerare och analytiker efterfrågar proformaredovisningen för att få en bättre beskrivning av de uthålliga vinster som företaget genererar. Både Bradshaw & Sloan och Bhattacharya et al (2003) finner visst statistiskt stöd för att analytiker och investerare har större användning för proformaredovisningen jämfört med redovisningen som bygger på US GAAP.. Detta kommer framförallt till uttryck genom att proformaresultaten förklarar en större andel av aktiekursvariationerna samt att proformaresultaten har större inverkan på amerikanska Proformaredovisningens inverkan på analytikerprognoser.
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| 7. |
- Andersson, Patric, et al.
(författare)
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The impact of IFRS goodwill reporting on financial analysts' equity valuation judgements
- 2016
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Ingår i: Accounting and Finance. - : Wiley: 24 months. - 0810-5391. ; 56:1, s. 113-157
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Tidskriftsartikel (refereegranskat)abstract
- This article uses an experiment to investigate how professional financial analysts evaluate a corporate acquisition announced by an IFRS preparer. The findings suggest that professional analysts are affected by preparers' acquisition premium allocations in a potentially misleading way as the participants considered the acquisition to be value-enhancing when the premium was allocated to goodwill, but value-reducing when allocated to identifiable intangible assets. These effects were mitigated at the aggregate level when additional discounted cash flow analysis information was provided; however, there were significant differences in information search behaviour as quite many participants focused primarily on the exploitation of earnings information.
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| 8. |
- Graaf, Johan, et al.
(författare)
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Sell-side analysts and corporate acquisitions: case study findings
- 2020
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Ingår i: Qualitative Research in Financial Markets. - 1755-4179. ; 12:4, s. 437-464
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Tidskriftsartikel (refereegranskat)abstract
- Purpose - This paper aims to investigate how sell-side analysts form expectations on, analyse, and communicate the effects of corporate acquisitions.Design/methodology/approach - The paper reports on case studies of three listed firms who are frequent acquirers. The case data comprise semi-structured interviews and content analysis of analyst reports and corporate reports.Findings - The paper reports three sets of findings. First, the analysts viewed acquisitions as heterogeneous events and, therefore, also treated acquisitions differently depending on factors such as size and acquisition strategy and the perceived "authenticity" of the acquisition (i.e. whether parts of the acquisition would he more accurately described as organic growth and regular capital expenditure (CAPEX) investments). Second, the authors find that analysts struggle with analysing the effects of acquisitions at the announcement date because of a mismatch between the analysts' need of and the analysts' access to relevant information. Although clients demand evaluations of announced acquisitions, relevant accounting information is not published until much later and the information at hand only allows for cursory analyses. Finally, the authors find that the analysts' valuation models were too inflexible to fully incorporate the effects of the acquisition. In sum, the analysts, therefore, developed acquisition-driven investment cases without supporting accounting information and without converting expected acquisitions into forecasts.Originality/value - By adopting a qualitative case study research design, the paper contributes to the ongoing efforts to open the "black-box" of sell-side analyst behaviour. In particular, the unique research design focuses on effects related to specific corporate events (acquisitions) rather than analysts everyday work.
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| 9. |
- Gray, Sid, et al.
(författare)
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Extractive Industries Reporting: A Review of Accounting Challenges and the Research Literature
- 2019
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Ingår i: Abacus. - : Wiley. - 1467-6281 .- 0001-3072. ; 55:1, s. 42-91
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Tidskriftsartikel (refereegranskat)abstract
- While the extractive industries (EI) are of major significance economically, the reporting of their activities has been the subject of contentious debate posing dilemmas for regulators and standard setters over many decades. In order to ensure alignment with the International Accounting Standards Board (IASB) research project on EI, we first identify some important economic characteristics of EI and associated accounting challenges together with an overview of how current accounting standards deal with these challenges using International Financial Reporting Standards as the focus. Second, we conduct a review of extant research on EI reporting analyzed around the key areas of: (a) international diversity of accounting practices and the challenges facing information users; (b) standard-setting processes and lobbying behaviour that deals with why the IASB (and other standard setters) have not succeeded in developing rigorous standards for extractive activities; (c) the reporting of oil, gas, and mineral reserves, given that large proportions of the assets of EI firms (the reserves) are off-balance sheet; (d) environmental, social, and governance (ESG) reporting dealing with how EI firms have increased their reporting of ESG information in response to regulatory demands and pressure for voluntary disclosures; and (e) other EI related topics such as earnings management, risk disclosures, and voluntary disclosure behaviour. Finally, we present some conclusions together with suggestions relating to key areas for future research on EI reporting.
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| 10. |
- Hellman, Niclas
(författare)
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A comparative analysis of the impact of accounting differences on profits and return on equity : Differences between Swedish practice and US GAAP
- 1993
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Ingår i: The European Accounting Review. - : European Accounting Association. - 1468-4497 .- 0963-8180. ; 2:3, s. 495-530
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Tidskriftsartikel (refereegranskat)abstract
- The purpose of this paper is to make a quantitative comparative analysis of differences between Swedish accounting practice and US GAAP. The empirical data consisted of eighty-four US GAAP reconciliations of income statements and shareholders' equity, disclosed in Swedish annual reports during 1981-90. Prior qualitative research has suggested that Swedish accounting practice is conservative compared with that in the USA. However, the empirical analysis of profits and return on equity provided little support for this hypothesis. Instead, there were indications of a less conservative accounting treatment in the Swedish accounts compared with US GAAP. The most material differences between Swedish profits and those calculated using US GAAP were caused by differences in treatment of foreign currency translation, income taxes, sale and leaseback transactions and business combinations.
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