Hur tillförlitlig är värderingen av förvaltningsfastigheter?
En studie av tillämpningen av IAS 40
This thesis studies the way valuation of investment properties is conducted in accordance with IAS 40 and how reliable these valuations are. This has been conducted by studying ten Swedish real estate companies listed on the NASDAQ OMX, during the period 2005-2008. The study shows that all companies use valuation models to determine the fair value of investment properties. Two different types of models have been identified. Companies that use the cash flow model show inconsistencies in time horizon, and how they determine the horizon value. Regardless of valuation models, there are inconsistencies in the included costs and discount rates. These findings show that the reliability of fair values for investment properties is low.