Redovisning till verkligt värde
Tillämpningen av IAS 40 i svenska fastighetsbolag
The aim of our master thesis is to study the way valuation of real estate is conducted by real estate companies. Furthermore we want to identify the factors that affect the relevance and reliability of the valuation. The reason for this is the introduction of IFRS, in 2005, and the application of the IAS 40 rules stating that real estate are to be recognized at fair value on the balance sheet. To do this we have performed a case study on 10 Swedish real estate compa-nies listed on the Stockholm stock exchange, OMX, Large Cap and Mid Cap list to see how the share value has performed in relation to the reported net asset value since 2005 and how they value their collection of properties. We also studied the assumptions made by real estate company analysts. The analysis concluded, after a study of the historical information and per-formance, and an executed sensitivity analysis, that there are discrepancies between the share price and reported NAV. We also concluded that the way the NAV is calculated and reported is of relevance for the shareholder, and the assumptions in the valuation models affect the performance to such extent that the reliability is questionable.