Förtäckt värdeöverföring
En analys av 17
AbstractEffective January 1, 2005 publicly listed companies were obliged to adopt a new financialreporting standard (IFRS/IAS). The objective of IFRS/IAS was to increase transparency andcomparability in financial reports between companies. The authors have chosen to write aboutIAS 40 where the accounting treatment for investment property and related disclosurerequirements are regulated.The purpose of this thesis is to investigate potential effects of valuation of investmentproperty at fair market value for real estate companies at times when market price decreasesand to investigate what an acceptable difference for the valuation could be.To fulfil this purpose the authors have chosen a qualitative method interviewing accountants,property analysts and a credit analyst to obtain a deeper understanding of the problem. Basedata for the thesis have been collected during meetings, telephone interviews and e-mails.Additional data was collected from public available sources such as the internet, relevantprofessional magazines and professional newsletters. The authors have designed a modelshowing how Income and Balance Sheet statements are influenced by changed valuation ofinvestment property. Our model is meant to show what consequences changes is propertyvaluation may have for real estate companies.When companies are using a fair market value the outcome will mainly be influenced bychanged value of the investment property. Exacly how a downturn in the economy willimpact property companies is impossible to forecast, but the authors have concluded that thereis an increased risk of higher losses compared to the situation before implementation of IAS40. The authors have concluded that there is no defined limit for how much one valuationmay differ from another. Our respondents have all assessed an acceptable difference to be fiveto ten percent. When a decreased value of a couple percent of investment property mayeliminate the profitability in a company, the authors have identified a significant risk formanagement teams to advocate an adjusted value of the property to increase profit or todecrease losses.