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What motives shape the initial accounting for goodwill under IFRS 3 in a setting dominated by controlling owners? 在由控股所有者主导的环境中,是什么动机决定了IFRS 3下商誉的初始会计?
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-05-04 DOI: 10.1080/17449480.2021.1912369
Peter Frii, M. Hamberg
Abstract We investigate how different motives shape the initial accounting for goodwill in a setting dominated by controlling owners, using data from 1112 acquisition analyses reported by Swedish listed acquiring firms. In contrast to prior studies, we find no evidence that earnings-based compensation affects the proportion of the purchased price accounted for as goodwill. Instead, we find that when a family-owned firm is the acquirer, a larger proportion of the purchase price is accounted for as goodwill than as specific assets and liabilities. These two findings indicate that controlling owners may curb managerial motives, while controlling family owners apply the discretion of IFRS 3 according to their motives. We also find in this setting that acquisition-related motives have a significant impact on the proportion of the purchased price accounted for as goodwill. Overall, our analyses indicate that the motives shaping goodwill accounting choices depend on the institutional setting.
摘要我们利用瑞典上市收购公司报告的1112份收购分析数据,研究了在控股所有者主导的环境中,不同的动机如何影响商誉的初始会计。与之前的研究相比,我们没有发现任何证据表明基于收益的薪酬会影响购买价格作为商誉的比例。相反,我们发现,当家族企业是收购方时,购买价格中更大比例的商誉被计入特定资产和负债。这两项研究结果表明,控股所有者可能会抑制管理动机,而控股家族所有者则根据其动机应用IFRS 3的自由裁量权。我们还发现,在这种情况下,收购相关动机对购买价格中计入商誉的比例有重大影响。总体而言,我们的分析表明,商誉会计选择的动机取决于制度设置。
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引用次数: 3
Convergence in Motion: A Review of Fair Value Levels’ Relevance 运动中的趋同:公允价值水平相关性的回顾
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-04-27 DOI: 10.1080/17449480.2021.1912370
Andrei Filip, Ahmad Hammami, Zhongwei Huang, Anne Jeny, M. Magnan, Rucsandra Moldovan
ABSTRACT The IFRS 13 post-implementation review by the IASB motivates our investigation on the value relevance of fair value (FV) measurement hierarchy (i.e. level 1, level 2, and level 3). First, using a meta-analysis, which allows us to summarize inconsistent empirical findings, we synthesize studies on the value relevance of the FV hierarchy. Overall, value relevance is lower for level 3 than for levels 1 and 2, but it increases over time. In non-U.S. studies, we note lower value relevance across all levels of FV assets. Underlying asset fundamentals, model risk, and measurement process complexity may contribute to this value relevance gap. Second, from interviews with professionals from financial institutions, we note that, in practice, there has been extensive learning about FV accounting since the 2007–9 Financial Crisis and a formalization of the valuation process that the academic literature has yet to fully recognize. We thus highlight conceptual and methodological issues and areas for research with practical implications.
国际会计准则理事会(IASB)对《国际财务报告准则第13号》(IFRS 13)实施后的复核促使我们对公允价值(FV)计量层次(即第1层、第2层和第3层)的价值相关性进行了调查。首先,我们使用荟萃分析来总结不一致的实证结果,综合了关于公允价值(FV)计量层次价值相关性的研究。总体而言,级别3的价值相关性低于级别1和级别2,但随着时间的推移会增加。在美国。在研究中,我们注意到FV资产在所有水平上的价值相关性较低。潜在的资产基础、模型风险和度量过程的复杂性可能导致这种价值相关性差距。其次,从对金融机构专业人士的采访中,我们注意到,在实践中,自2007 - 2009年金融危机以来,人们对财务价值会计进行了广泛的学习,并且学术文献尚未充分认识到估值过程的正规化。因此,我们强调概念和方法问题以及具有实际意义的研究领域。
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引用次数: 2
Narrative Reporting: State of the Art and Future Challenges 叙事报道:艺术现状和未来挑战
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-04-02 DOI: 10.1080/17449480.2021.1900582
Giovanna Michelon, G. Trojanowski, R. Sealy
Abstract Narrative reporting, both in relation to financial and non-financial information, is increasingly used and often mandated, with significant managerial discretion regarding content. As policy makers consider reporting as a tool for regulation to steer the behaviour of companies towards improving practices and performance upon which they have to disclose, the aim of this paper is to provide the state of the art in the academic literature on narrative reporting and identify future challenges. In order to do so, the paper investigates three questions: (1) How has the quality of narrative reporting been defined? (2) What narrative information is required and used by various stakeholders? (3) What are the real effects of narrative reporting? In answering these three questions, our review also gives implications for both future academic research and policy makers.
摘要财务和非财务信息的叙述性报告越来越多地被使用,并且经常被强制要求,在内容方面具有重要的管理自由裁量权。由于政策制定者认为报告是监管的一种工具,可以引导公司的行为朝着改善实践和绩效的方向发展,他们必须披露这些行为,本文的目的是提供叙述性报告的学术文献中的最新技术,并确定未来的挑战。为了做到这一点,本文调查了三个问题:(1)如何定义叙事报道的质量?(2)各利益相关者需要和使用哪些叙事信息?(3)叙事报道的真实效果是什么?在回答这三个问题时,我们的综述也为未来的学术研究和政策制定者提供了启示。
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引用次数: 12
Disclosure on the Sustainable Development Goals – Evidence from Europe 披露可持续发展目标-来自欧洲的证据
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-02-15 DOI: 10.1080/17449480.2021.1894347
Katrin Hummel, M. Szekely
Abstract This study examines disclosure on the sustainable development goals (SDGs) in firms’ annual reports. For a sample of European firms listed in the STOXX Europe-600 index and a reporting period of four years, we use textual analysis to assess both firms’ explicit reference to the SDGs in their annual reports as well as the implicit prevalence of SDG topics. In addition, we use content analysis to manually assess the quality of firms’ disclosure on the SDGs based on eleven reporting items. The results show a substantial increase in SDG reporting quality over time but a distinct lack of disclosure of quantitative and forward-looking information. Further analyses reveal the relevance of both financial and non-financial stakeholders. Specifically, SDG disclosure is particularly associated with a high relevance of socially responsible investors, customers or environment-related public pressure, while financial analysts, employees and the media are not associated with SDG disclosure.
摘要本研究考察了企业年度报告中可持续发展目标(sdg)的披露情况。对于STOXX欧洲600指数中列出的欧洲公司样本,报告期为四年,我们使用文本分析来评估两家公司在其年度报告中对可持续发展目标的明确参考以及可持续发展目标主题的隐含流行程度。此外,我们使用内容分析方法,基于11个报告项目,手动评估公司对可持续发展目标的披露质量。结果显示,随着时间的推移,可持续发展目标报告的质量大幅提高,但明显缺乏量化和前瞻性信息的披露。进一步的分析揭示了财务和非财务利益相关者的相关性。具体而言,可持续发展目标披露与社会责任投资者、客户或环境相关公众压力的相关性特别高,而金融分析师、员工和媒体与可持续发展目标披露的相关性不高。
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引用次数: 40
Did the International Financial Reporting Standards Increase the Audit Expectation Gap? An Exploratory Study 《国际财务报告准则》是否增加了审计期望差距?探索性研究
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-02-01 DOI: 10.1080/17449480.2020.1865549
Pierre Astolfi
Abstract I examine the role of IFRS on the Audit Expectation Gap (AEG). Past research, mostly based on Porter [(1993). An empirical study of the audit expectation-performance gap. Accounting and Business Research, 24(93), 49–68. https://doi.org/10.1080/00014788.1993.9729463]’s work, does not identify the contribution of accounting standards to the AEG. Yet, IFRS may play a crucial role in an auditor’s mission, because accounting standards now result in more complex and more subjective rules and financial statements. I examine whether IFRS are a factor explaining the perception of the AEG and its components by auditors and preparers of financial information. And, if so, what does this impact, more specifically, result from? Using survey data of 158 auditors and preparers of financial information working in an IFRS environment, I find that the contribution of IFRS to the AEG is underestimated while it is, in fact, at least as important as auditing standards. In addition, respondents think that IFRS generated more complexity (especially regarding issues raised by IFRS 9, IAS 36/IFRS 3 or IFRS 2) and more subjectivity, which contributed to the AEG, and led users of financial statements to be more demanding towards auditors. Auditors are perceived as supposed to be able to offset difficulties suffered by investors regarding the complexity and subjectivity of IFRS. However, the capacity of auditors themselves to fully understand the complexities resulting from IFRS may be overestimated. Furthermore, the results show that auditors’ skills and training seem to be insufficient regarding the increasing complexity of IFRS. Lastly, I find that less experienced respondents underestimate the contribution of accounting standards to the AEG.
摘要我研究了国际财务报告准则在审计期望差距(AEG)中的作用。过去的研究,主要基于Porter[(1993)。审计期望绩效差距的实证研究。会计与商业研究,24(93),49-68。https://doi.org/10.1080/00014788.1993.9729463]的工作,没有确定会计准则对AEG的贡献。然而,《国际财务报告准则》可能在审计师的使命中发挥着至关重要的作用,因为会计准则现在导致了更复杂、更主观的规则和财务报表。我研究了《国际财务报告准则》是否是解释审计师和财务信息编制者对AEG及其组成部分的看法的一个因素。如果是这样的话,更具体地说,这种影响是由什么引起的?通过对158名在IFRS环境中工作的审计师和财务信息编制者的调查数据,我发现IFRS对AEG的贡献被低估了,而事实上,它至少与审计标准一样重要。此外,受访者认为,《国际财务报告准则》产生了更大的复杂性(尤其是关于《国际财务报表准则第9号》、《国际财务会计准则第36号》/《国际财务财务报告准则第3号》或《国际财务报告准则第2号》提出的问题)和更多的主观性,这有助于AEG,并导致财务报表用户对审计师的要求更高。审计师被认为能够抵消投资者在《国际财务报告准则》的复杂性和主观性方面遇到的困难。然而,审计师自己充分理解《国际财务报告准则》所产生的复杂性的能力可能被高估了。此外,研究结果表明,鉴于《国际财务报告准则》日益复杂,审计师的技能和培训似乎不足。最后,我发现经验不足的受访者低估了会计准则对AEG的贡献。
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引用次数: 6
The Value Relevance of Fair Value Levels: Time Trends under IFRS and U.S. GAAP 公允价值水平的价值相关性:国际财务报告准则和美国公认会计准则下的时间趋势
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2021-01-02 DOI: 10.1080/17449480.2021.1900581
Andrei Filip, Ahmad Hammami, Zhongwei Huang, Anne Jeny, M. Magnan, Rucsandra Moldovan
ABSTRACT The IASB's post-implementation review of IFRS 13 Fair Value Measurement motivates our analysis of the evolution of the value relevance of fair value (FV) levels over time on banks that report under IFRS and U.S. GAAP. For both sets of standards, results provide evidence that is consistent with (1) an increase in value relevance across all three FV levels over time, and (2) a convergence of the value relevance of the three FV levels over time. However, FV levels exhibit systematically higher value relevance under U.S. GAAP compared to IFRS. Such gap has closed to some extent since the enactment of IFRS 13. This evolution is likely due to learning about FV accounting and changes in financial reporting regulations that increased disclosure requirements. These findings confirm the IASB's conclusions that FV levels’ disclosure is useful to users of financial statements, but also emphasizes preparers and investors’ learning over time.
摘要国际会计准则理事会对《国际财务报告准则第13号——公允价值计量》的实施后审查促使我们分析了根据《国际财务报表准则》和美国公认会计原则报告的银行公允价值水平的价值相关性随时间的演变。对于这两组标准,结果提供的证据与(1)所有三个FV水平的价值相关性随着时间的推移而增加,以及(2)三个FVV水平的价值关联性随着时间的流逝而收敛一致。然而,与《国际财务报告准则》相比,根据美国公认会计原则,公允价值水平系统地表现出更高的价值相关性。自《国际财务报告准则》第13号颁布以来,这种差距已在一定程度上缩小。这种演变可能是由于对公允价值会计的了解以及财务报告法规的变化增加了披露要求。这些发现证实了国际会计准则委员会的结论,即FV水平的披露对财务报表的用户有用,但也强调了编制者和投资者随着时间的推移的学习。
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引用次数: 6
The use of Public Interest Arguments in the European Accounting Field 公共利益论在欧洲会计领域的运用
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2020-11-27 DOI: 10.1080/17449480.2020.1841904
C. Fabio
This paper explores how the global standard setter and the European Union (EU) use public interest arguments; the study discusses these in relation to the perceptions of the actors included in the ...
本文探讨了全球标准制定者和欧盟(EU)如何利用公共利益论据;该研究讨论了这些与演员的看法,包括在…
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引用次数: 1
Management Reports of Dutch Companies: Their Availability and Compliance with Legal Disclosure Requirements 荷兰公司的管理报告:它们的可用性和遵守法律披露要求
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2020-11-27 DOI: 10.1080/17449480.2020.1829656
Ruud G. A. Vergoossen, Ferdy van Beest
Abstract Unlike the vast majority of the EU member states, the Netherlands incorporated an option provided by the EU Accounting Directive that exempt companies from the obligation to file the management report with the trade register when a copy of it can be obtained from the company upon request. About 60% of the companies use this filing exemption option, but the availability of the management reports of these companies appears to be poor, because they are (very) reluctant to fulfill a request, rejecting it or do not respond to it at all. Therefore, it is interesting to examine whether the choice of how the management report is published, is associated with the level of compliance with disclosure obligations. In order to do that, we create a disclosure score based on the legal disclosure requirements. Multivariate analysis shows that disclosure compliance of management reports that are filed with the trade register is significantly higher than of those not filed but made available by the company. We also find a significant positive relationship between disclosure compliance and the length of management reports. Compliance levels appear not to be significantly associated with the timeliness of publication, company size and the size of the external auditor’s firm. Based on our research findings we advocate the removal of the filing exemption option on management reports.
摘要与绝大多数欧盟成员国不同,荷兰纳入了《欧盟会计指令》提供的一项选项,该选项免除了公司在提出要求时向贸易登记处提交管理报告副本的义务。大约60%的公司使用这种备案豁免选项,但这些公司的管理报告的可用性似乎很差,因为他们(非常)不愿意满足请求,拒绝或根本不回应。因此,研究管理报告发布方式的选择是否与遵守披露义务的程度有关是一件有趣的事情。为了做到这一点,我们根据法律披露要求创建了一个披露分数。多元分析表明,向贸易登记处提交的管理报告的披露合规性明显高于未提交但由公司提供的管理报告。我们还发现,披露合规性与管理报告的长度之间存在显著的正相关关系。合规水平似乎与公布的及时性、公司规模和外部审计师事务所的规模没有显著关联。根据我们的研究结果,我们主张取消管理报告的备案豁免选项。
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引用次数: 0
Alternative Performance Measures: Determinants of Disclosure Quality – Evidence from Germany 替代绩效指标:披露质量的决定因素——来自德国的证据
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2020-11-17 DOI: 10.1080/17449480.2020.1829655
Stephanie Jana, K. McMeeking
ABSTRACT Alternative performance measures (APMs) might be used to improve the information environment or strategically to mislead the market. The recently introduced European Securities and Markets Authority APM guidelines are intended to enhance corporate financial disclosures. We analyse the disclosure quality and determinants of all types of APMs in management reports of German listed firms for two financial periods. Although the quantity of APM disclosures is extensive, it differs across firms’ characteristics, and there is considerable room for improvement regarding disclosure quality. APM disclosure quality is positively associated with firm size and negatively associated with profitability. However, not all firms’ characteristics can be applied per se as universal determinants of APM disclosure quality, and a distinction must be made between different types of APMs. For example, high ownership concentration is negatively associated particularly with the quality of profitability APMs. Firms’ leverage is positively associated with the disclosure quality of non-profitability APMs.
摘要替代绩效指标(APM)可能用于改善信息环境或战略性地误导市场。最近推出的欧洲证券和市场管理局APM指南旨在加强公司财务披露。我们分析了两个财政期间德国上市公司管理报告中所有类型APM的披露质量和决定因素。尽管APM披露的数量广泛,但各公司的特征不同,在披露质量方面还有相当大的改进空间。APM披露质量与公司规模呈正相关,与盈利能力负相关。然而,并非所有公司的特征本身都可以作为APM披露质量的普遍决定因素,必须区分不同类型的APM。例如,高所有权集中度与盈利能力APM的质量呈负相关。企业的杠杆作用与非盈利APM的披露质量呈正相关。
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引用次数: 4
Cost and Informativeness of Regulatory Reports: Evidence from the UK 监管报告的成本和信息性:来自英国的证据
IF 2.8 Q2 Economics, Econometrics and Finance Pub Date : 2020-11-10 DOI: 10.1080/17449480.2020.1833056
Shuai Yuan
Abstract The 2006 EU Directive established an EU-wide system for public oversight of the audit profession. In the UK, since 2008 the Financial Reporting Council (FRC) has published inspection reports for major audit firms, which include overall quality ratings for the individual audit engagements of each audit firm under review. This study examines the FRC’s ratings, and measures their impact on audit fees and audit firm switching. A significant increase in audit fees is found when the audit firm has a higher proportion of engagements with deficient ratings, probably arising from the additional effort and resources needed to meet the FRC’s requirements. This impact is more concentrated among clients with Big 4 audit firms. However, there is no evidence that FRC ratings affect clients’ likelihood of switching audit firms, suggesting that inspection results may not signal audit quality, and thus do not affect clients’ audit firm appointment decisions. The results provide evidence that inspection ratings may increase audit costs, but may not be valuable in distinguishing audit quality, and thus have no effect on audit committees’ audit firm appointment decisions. This finding advances understanding of the effectiveness of the audit inspection regime, and provides auditing regulators with guidance on policy making.
2006年欧盟指令建立了一个欧盟范围内的审计行业公共监督体系。在英国,自2008年以来,财务报告委员会(FRC)已经发布了对主要审计公司的检查报告,其中包括对每个审计公司的个别审计业务的总体质量评级。本研究考察了FRC的评级,并衡量了它们对审计费用和审计公司转换的影响。当审计事务所有较高比例的业务评级不足时,审计费用会大幅增加,这可能是由于需要额外的努力和资源来满足财务汇报局的要求。这种影响更多地集中在四大审计事务所的客户身上。然而,没有证据表明FRC评级会影响客户切换审计事务所的可能性,这表明检查结果可能并不表明审计质量,因此不会影响客户的审计事务所任命决策。结果表明,检查等级可能会增加审计成本,但在区分审计质量方面可能没有价值,因此对审计委员会的审计事务所任命决策没有影响。这一发现促进了对审计检查制度有效性的理解,并为审计监管机构的政策制定提供了指导。
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引用次数: 1
期刊
Accounting in Europe
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