Inversiones en Empresas
En esta sección se presentan diversos estudios relacionados con los múltiples temas que se desprenden del tratamiento que las Normas Internacionales de Información Financiera (IFRS por su sigla en inglés) le otorgan a las “Combinaciones de Negocios”, a las “Participaciones en Negocios Conjuntos”, así como las“Inversiones en Asociadas”. La presentación de los estudios se estructura en dos categorías. La primera comprende trabajos realizados por Observatorio IFRS, mientras que la segunda categoría se centra en proporcionar bibliografía de interés.
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Normas Internacionales de Contabilidad e Información Financiera e Interpretaciones que regulan esta área de información: |
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| IFRS 3 | : | Combinación de Negocios |
| IFRS 10 | : | Estados Financieros Consolidados (Vigente a partir de 01 de Enero de 2013) |
| IFRS 11 | : | Negocios Conjuntos (Vigente a partir de 01 de Enero de 2013) |
| IFRS 12 | : | Revelación de Participación en Otras Entidades (Vigente a partir de 01 de Enero de 2013) |
| IAS 27 | : | Estados Financieros Consolidades y Separados |
| IAS 28 | : | Inversiones en Asociadas |
| IAS 31 | : | Participaciones en Negocios Conjuntos |
| SIC 12 | : | Consolidación-Entidades de Cometido Especial |
| SIC 13 | : | Entidades Controladas Conjuntamente-Aportaciones No Monetarias de los Participantes |
Referencias bibliográficas de interés:
CÓDIGO: BIE - 001
Dunne, K. (1990). An empirical analysis of management's choice of accounting treatment for business combinations. Journal of Accounting and Public Policy. Volume 9, Issue 2, Pp.111–133
Abstract
The accounting treatment for business combinations is one of the most controversial issues in contemporary accounting theory. The two methods of accounting for business combinations, purchase accounting and pooling of interests accounting, are governed by Accounting Principles Board Opinion Number 16 (APB 16). Although many believed that APB 16 would dramatically decrease the use of the pooling of interests method, some studies conducted after the issuance of this pronouncement suggest that pooling of interests accounting is still frequently used and that management has considerable discretion in choosing between the two accepted methods (Rayburn 1975; Anderson and Louderback 1975).
This research project provides a partial explanation for the continued use of pooling of interests accounting despite the recommendation of several accounting studies (Wyatt 1963; Catlett and Olson 1968; AAA 1966) that the purchase method be used because that method more accurately reflects the economic substance of the transaction. Four factors (owner-control, accounting-based compensation plans, lending agreements, and political visibility) are hypothesized to affect the decision between pooling and purchase. The factors are operationalized by the use of proxy variables and a sample of 158 firms participating in acquisitions of small target firms from 1983 through 1985 are used to test the hypotheses. An additional analysis is conducted to control for tax effects and method of payment. The results show that for the firms in the sample there are firm-specific characteristics associated with the use of the two accounting treatments. The findings provide evidence that economic and political considerations play a significant role in management's choice of the accounting treatment for business combinations.
Disponible en:
http://www.sciencedirect.com/science/article/pii/027842549090014Q
CÓDIGO: BIE - 002
Dunse, N. and Hutchison, N. (2004) Trade-related valuations and the treatment of goodwill. Journal of Property Investment & Finance. Volumen 22, No. 3, pp. 236-258.
Abstract
Guidance Note 1 of the Red Book states that the valuation of an operational entity includes four components: the land and buildings; the trade fixtures and fittings; the trading potential, excluding personal goodwill; and the benefit of any transferable licenses and consents. Accounting changes in recent years have increasingly recognised the importance of intangible assets such as intellectual capital and goodwill. Similarly, recent tax changes demonstrate the government's acceptance of the importance of such items in achieving and maintaining business competitiveness. This paper has two key objectives: first, to analyse the application of the Red Book to trade-related valuations, paying particular attention to the treatment of goodwill and second, to critically evaluate the accounting treatment of goodwill and in particular the application of Financial Reporting Standard 10. In order to understand the workings of the market, the corporate hotel sector was used as a case study. The key findings of the research are that valuers expressed considerable unease with the apportioning of market value between tangible assets and goodwill, there was no consensus on how (or if) goodwill could be measured reliably. Second, that the valuation methods adopted are, to a degree, naïve. While explicit changes are made to the cash-flow projections, there is insufficient appreciation of the changing risk profile that might lead to an adjustment to the earnings multiplier. The accounting difficulties and inconsistencies concerning goodwill arise largely because of inadequate valuation methods. Recent tax changes also point to the need for a robust and defendable valuation methodology. Application of one such theoretically sound approach to valuing goodwill (the bridge model) is illustrated in this paper. While the research focused on the corporate hotel sector, the findings have wider implications for other sectors of the market where operational entities are valued with regard to their trading potential.
Disponible en:
http://www.emeraldinsight.com/journals.htm?articleid=845201
CÓDIGO: BIE - 003
Kenny, S. and Larson, R. (1993). Lobbying behaviour and the development of international accounting standards The case of the IASC's joint venture Project. European Accounting Review Volume 2, Issue 3, pp. 531-554.
Abstract
This paper studies the role of lobbying in an international (i.e., harmonization) accounting standards setting and examines the IASC's process of promulgating International Accounting Standard (IAS) 31, ‘Financial Reporting of Interests in Joint Ventures'. Our study begins with an examination of the Exposure Draft (ED 35, ‘Financial Reporting of Interests in Joint Ventures') preceding IAS 31 and analyses the lobbying efforts observed during the promulgation process. Consistent with prior literature, the paper analyses lobbyists and their lobbying positions. During the time frame of the study (1989 and 1990), the IASC changed its due process, which affords us the opportunity also to analyse the IASC's strategic approach to public input. Accordingly, this study incorporates aspects of institutional theory as it relates to strategic choice by organizations.
The comment letters received by the IASC regarding ED 35 were analysed using a form of content analysis. The analyses generally support the hypothesized relationships; namely, lobbying firms tend to be very large, and they lobby against any change in the status quo; professional and trade organizations lobby on behalf of their constituents and tend to support the majority positions held by those constituents; and the regulatory body (IASC) seeks acceptance from its constituency by adapting its position to that which is more palatable to the lobbyists. The interaction between respondents and the IASC is consistent with an institutional theory explanation of organizational change and adaptation to environment pressures.
Few individual firms lobbied the IASC Rather, the bulk of the respondents to ED 35 were professional associations and organizations. The result contrasts markedly with both our expectations and prior research involving lobbying of the FASB. The dearth of corporate respondents to ED 35 implies that multinational corporations do not yet see the IASC as a serious regulatory organization. Further, few legal, governmental or regulatory organizations required compliance with IASs during 1989 and 1990, when IAS 31 was being deliberated.
Disponible en:
http://www.tandfonline.com/doi/abs/10.1080/09638189300000050
CÓDIGO: BIE - 004
John R. Robinson and Philip B. Shane. Acquisition Accounting Method and Bid Premia for Target Firms. The Accounting Review. Volumen 65, No. 1, pp. 25-48.
Abstract
Previous research suggests that certain benefits may derive from the method used to account for business combinations and may affect how bidding firms structure and classify corporate acquisitions. This paper investigates whether benefits derived from accounting method are reflected in bid premia for target firms. Three estimates of bid premia are examined in 95 stock-for-stock acquisitions, 59 accounted for as poolings, and 36 accounted for as purchases. Sampling restrictions, covariance analysis, and a nonparametric matched pair comparison control for potentially confounding variables identified from prior research on bid premia determinants. The results show an association between acquisition accounting method and bid premia for target firms.
Disponible en:
http://www.jstor.org/stable/info/247875
CÓDIGO: BIE - 005
Shalev, R. (2009). The Information Content of Business Combination Disclosure Level. The Accounting Review. Volumen 84, No. 1, pp. 239–270.
Abstract
This study explores causes and effects of business combinations disclosure level. Investigating the association between disclosure level on business combination and acquirers' future performance, I find that acquirers' future performance as measured by the change in ROA and by abnormal stock returns increases with abnormal levels of disclosure on business combinations. Investigating the determinants of business combination disclosure, I find that the disclosure level on business combinations decreases with abnormal levels of the purchase price allocated to goodwill. Both results provide evidence consistent with disclosure theory and suggest that acquirers tend to provide less forthcoming disclosure on less favorable acquisitions (“bad news”). I also provide evidence consistent with investors failing to immediately incorporate the information content of business combination disclosure level into their information set and evidence that investors are quicker to react to firms with negative abnormal disclosure.
Disponible en:
http://aaajournals.org/doi/abs/10.2308/accr.2009.84.1.239
CÓDIGO: BIE - 006
Seetharaman, A., Balachandran, M. and Saravanan, A. (2004). Accounting treatment of goodwill: yesterday, today and tomorrow Problems and prospects in the international perspective. Journal of Intellectual Capital. Volumen 5 No. 1, pp. 131-152.
Abstract
The issue of goodwill has been debated in many countries throughout the world. Despite numerous efforts and the existence of accounting standards and exposure drafts issued by various professional bodies internationally, there is yet to be a universally accepted accounting treatment for goodwill. The opinion on this subject differs and changes frequently. The dichotomy of having to preserve prescribed recognition criteria on the one hand and the need to report useful information on the other has led to the many controversial issues debated on the subject of goodwill. This study centres around the international accounting treatment of goodwill in the past, present and future. This study reviewed some of the issues that surrounded the accounting for goodwill where it was found that goodwill accounting had faced many problems. Besides problems, this project also looks into the prospect of the accounting for goodwill in the cyberspace era and emergence of the knowledge-based economy. This study confirms that controversy remains internationally with no solution in sight in the foreseeable future internationally.
Disponible en:
http://www.emeraldinsight.com/journals.htm?articleid=884013
CÓDIGO: BIE - 007
Soonawalla, K. (2006). Accounting for Joint Ventures and Associates in Canada, UK, and US: Do US Rules Hide Information?. Journal of Business Finance & Accounting. Volumen 33(3) & (4), 395–417.
Abstract
Unlike US GAAP, accounting principles in Canada and the UK require disclosure of disaggregated components of joint ventures and associates. Using comparative analysis of Canadian, UK and US data, this study investigates the potential loss of forecasting and valuation relevant information from aggregating joint venture and associate accounting amounts. Findings show that aggregating joint venture and associate investment numbers, and aggregating joint venture revenues and expenses, each leads to loss of forecasting and valuation relevant information. Thus, current US accounting principles likely mask information that financial statement users could use to predict future earnings and explain share prices.
Disponible en:
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-5957.2006.00609.x/full
CÓDIGO: BIE - 008
Stoltzfus, R., and Epps, R. (2005) An empirical study of the value-relevance of using proportionate consolidation accounting for investments in joint ventures. Accounting Forum. Volume 29, Issue 2, pp. 169–190.
Abstract
This research examines bond risk premiums to determine whether creditors of companies with investments in joint ventures reflect legal or implicit measures of the debts of joint ventures. The legal view suggests that the amount of potential loss from an investment in a joint venture is limited to the investment. The implicit view suggests that the operations of the joint venture and the venturer are interdependent. Equity method accounting reflects the legal view and proportionate consolidation reflects the implicit view.
The study examines whether bond risk premiums are more highly associated with accounting numbers from proportionate consolidation than equity method accounting. The study uses data from 10Ks, the Wall Street Journal, and Moody's Bond Record from May 1, 1995 through April 30, 1998. These 4 years are used because US interest rates were fairly stable during this period, which is an important factor when examining bond risk premiums. Additionally, the companies in the study needed to remain stable across the window of study – no mergers, acquisitions, buy-outs, or liquidations – in order to maintain a comparative sample over the entire time period. The risk premium model uses measures of default that change between equity method accounting and proportionate consolidation. Differences in the explanatory power of the model determine how creditors view the joint venture debts.
The study shows that approximately half of equity investments represent investments in joint ventures. Furthermore, the average joint venture uses debt to finance about two-thirds of the assets. The results show that proportionate consolidation fails to improve the explanatory power of the model when examining the entire set of companies that invest in joint ventures. However, the data reject the null hypothesis of no improvement with proportionate consolidation when examining companies who guarantee the debt of their joint venture. The policy implication of this study indicates that a change to proportionate consolidation would provide more value-relevant information to creditors when companies guarantee the debt of the joint venture.
Disponible en:
http://www.sciencedirect.com/science/article/pii/S0155998204000754
CÓDIGO: BIE - 010
Wines, G., Dagwell, R., y Windsor, C. (2007). Implications of the IFRS goodwill accounting treatment, Managerial Auditing Journal, Volumen 22 Issue 9, pp.862 – 880.
Abstract
Purpose – This paper aims to critically examine the change in accounting treatment for goodwill pursuant to international financial reporting standards (IFRSs) by reference to the Australian reporting regime.
Design/methodology/approach – The paper discusses and compares the former Australian and the new IFRS treatments for goodwill. This comparison focuses on the advantages and potential complexities of the new method, with the aim of identifying the issues and challenges that preparers, independent auditors and those involved in corporate governance face in complying with the new requirements.
Findings – The paper highlights that the identification and valuation of cash-generating units and goodwill require numerous assumptions to be made in estimating fair value, value in use and recoverable amount. Considerable ambiguity and subjectivity are inherent in the IFRS requirements.
Research limitations/implications – Findings suggest that future research should examine how financial report preparers and corporate governance mechanisms are dealing with the complex change required by the new goodwill accounting treatment and how the many critical issues involved in auditing the resulting figures are being addressed.
Practical implications – The research has practical implications for financial report preparers in identifying the issues that must be addressed in complying with the international goodwill accounting treatment. In turn, the paper highlights conceptual issues of relevance to auditors in their role of providing assurance on the resulting accounting numbers. It also has implications for others involved in corporate governance, such as audit committee members, in emphasising the areas in which they should be providing oversight of the accounting judgments. These issues are of relevance in any reporting regime based on IFRSs.
Originality/value – While much has been written about the mechanics of the new goodwill accounting requirements, there has been a lack of critical research highlighting the many problems and ambiguities that will arise in the application of those rules.
Disponible en:
http://www.emeraldinsight.com/journals.htm?articleid=1630425&show=abstract