Ekonomihgskolan Kandidatuppsats

VT 2006

Verkligt vrde eller anskaffningsvrde - vad styr valet?

Handledare: Frfattare:

Torbjrn Tagesson Andreas Helgesson 810615

Pr Petersson 810203

Frord

Vi vill framfra ett varmt tack till alla som stttat oss i vrt arbete med denna uppsats. Vi vill

speciellt tacka vr handledare Torbjrn Tagesson fr bra handledning och Gsta Karlsson fr

den hjlp vi ftt med statistiken.

Andreas Helgesson Pr Petersson

Abstract

On June 7, 2002, the Council of the European Union adopted the so called IAS-regulation. It

requires that all EU companies, listed on a stock exchange market, prepare their consolidated

financial statements, from 2005 onwards, in compliance with the IASB accounting standards.

In Sweden the introduction of the new reagulation has involved great changes and has in

many areas allowed scope for valuations and judgements.

IAS 40-Investment Property prescribes the accounting treatment for investment property and

replaces the Swedish Financial Accounting Standards Councils recommendation RR 24. A

great difference between IAS 40 and RR 24 is that IAS 40 permits a choice between the fair

value model and the historical cost model for the appraising of investment property. In

compliance with RR 24 it is not allowed to use the fair value model.

The aim of our study is to explain what affects the companies choice of the fair value model

or the historical cost model. We have used the Positive Accounting Theory, about the rational

acting of individuals and their maximizing of self-interest. We have also used the Institutional

theory that says that people not necessarily act like typical self-maximizing individuals

since they are influenced by institutional factors.

With a statistical analysis and arrangement of data collected from the companies annual

financial reports we try to find a connection between different types of companies and their

choice of either the fair value model or the historical cost model.

Our study shows that we by a certainty of 94.1 % can predict a companys choice between the

fair value model or the historical cost model provided that we know their line-of-business,

their firm of accountants and if the companys management has a bonus connected to the

reported profit or not. Furthermore, we describe some of the IAS/IFRS effects on the annual

financial reports published in 2006.

Sammanfattning

EU:s ministerrd antog den 7 juni 2002 den s kallade IAS-frordningen. Den innebr att det

frn och med den 1 januari 2005 blev tvingande fr samtliga brsnoterade fretag i den

europeiska unionen att upprtta sin koncernredovisning i enlighet med IASB:s

redovisningsstandard. Det nya internationella regelverkets infrande i Sverige har inneburit

stora frndringar och har p flera omrden lmnat utrymme fr uppskattningar och

bedmningar.

IAS 40-Investment Property anger hur frvaltningsfastigheter skall behandlas och erstter

Redovisningsrdets rekommendation, RR 24. En stor skillnad mellan IAS 40 och RR 24 r att

IAS 40 medger val mellan att vrdera frvaltningsfastigheter till verkligt vrde eller

anskaffningsvrde. Enligt RR 24 r det inte tilltet att redovisa frvaltningsfastigheter till

verkligt vrde.

Syftet med denna studie r att frklara vad som styrt fretagens val att redovisa

frvaltningsfastigheter till verkligt vrde eller till anskaffningsvrde. Till hjlp har vi anvnt

oss av Positive Accounting Theory som handlar om att mnniskor agerar rationellt och strvar

efter att maximera sin egen nytta. Vi har ocks anvnt institutionell teori som gr ut p att

mnniskor inte ndvndigtvis agerar som man kan frvnta av en nyttomaximerande individ

eftersom de styrs av institutionella faktorer.

Genom att statistiskt analysera och bearbeta data som samlats in frn fretags

rsredovisningar sker vi samband som beskriver vilken typ av fretag som valt att vrdera

frvaltningsfastigheter till verkligt vrde respektive anskaffningsvrde.

Studien visar att vi med 94,1% skerhet kan prediktera fretags val mellan verkligt vrde och

anskaffningsvrde om vi vet vilken branschtillhrighet fretaget har, vilken revisionsbyr

fretaget anlitar samt om fretagets ledning har bonus kopplad till resultatet eller ej.

Dessutom beskriver vi ngra av de effekter som IAS/IFRS har haft p rsredovisningarna fr

2005, utgivna 2006.

Verkligt vrde eller anskaffningsvrde vad styr valet? Helgesson & Petersson

Innehllsfrteckning

1. Inledning ............................................................................................................................... 1

1.1 Bakgrund .......................................................................................................................... 1

1.2 Aktuell debatt ................................................................................................................... 5

1.3 Problemformulering ......................................................................................................... 7

1.4 Syfte ................................................................................................................................. 7

2. Vetenskaplig metod .............................................................................................................. 8

3. Rekommendationer............................................................................................................ 10

3.1 IAS 40 Investment Property (frvaltningsfastigheter) ................................................ 10

3.1.1 Vad r en frvaltningsfastighet? ............................................................................. 10 3.1.2 Redovisning i balansrkningen ............................................................................... 10 3.1.3 Verkligt vrde enligt IAS 40 och dess effekter ....................................................... 12 3.1.4 Anskaffningsvrde enligt IAS 16 och dess effekter................................................ 12

4. Teori..................................................................................................................................... 13

4.1 Ekonomisk teori ............................................................................................................. 13

4.1.1 Agentteorin.............................................................................................................. 13 4.1.2 Positive Accounting Theory.................................................................................... 15

4.2 Institutionell sociologisk teori ........................................................................................ 19

4.3 Sammanstllning av samtliga hypoteser ........................................................................ 22

5. Empirisk metod .................................................................................................................. 23

5.1 Val av empirisk metod ................................................................................................... 23

5.2 Sekundrdata .................................................................................................................. 23

5.3 Val av metod fr datainsamling ..................................................................................... 24

5.3.1 Survey...................................................................................................................... 26 5.3.2 Intervju .................................................................................................................... 26 5.3.3 Fallstudie ................................................................................................................. 27

5.4 Operationalisering .......................................................................................................... 27

5.5 Underskningens kvalit ................................................................................................ 32

5.5.1 Validitet och reliabilitet........................................................................................... 32 5.5.2 Felkllor .................................................................................................................. 32 5.5.3 Bortfallsanalys......................................................................................................... 33

5.6 Analysmetoder ............................................................................................................... 34

5.6.1 Bivariata analysmetoder.......................................................................................... 34 5.6.2 Multivariat analysmetod.......................................................................................... 35

6. Empirisk analys .................................................................................................................. 36

6.1 versiktsinformation...................................................................................................... 36

6.2 Hypotesprvning (Bivariat analys) ................................................................................ 38

i

Verkligt vrde eller anskaffningsvrde vad styr valet? Helgesson & Petersson

6.2.1 Sammanstllning bivariat analys............................................................................. 49 6.3 Hypotesprvning (Multivariat analys) ..................