Företags potentiella manipulation av tillväxttakt i goodwillnedskrivningstestet : En kvantitativ studie av svenska och finska börsnoterade företag

Bakgrund och problem: I och med den nya standarden IAS 36 ska företagen göra uppskattningar angående den långsiktiga tillväxttakten i goodwillnedskrivningstestet. Detta innebär en möjlighet att manipulera tillväxttakten för att på så vis undvika eller framkalla nedskrivning av goodwill. Problemformulering: Hur påverkar utvalda variabler företags potentiella manipulation av angiven tillväxttakt? Syfte: Syftet med studien är att bidra med förklaringar till vad som påverkar att företag redovisar för höga respektive för låga tillväxttakter i goodwillnedskrivningstestet. Metod: Denna studie bygger på en kvantitativ metod där urvalet består av samtliga svenska och finska börsnoterade företag med redovisad goodwill. Utifrån existerade kunskap formuleras fyra hypoteser som testas mot empirin. Resultat och slutsats: Resultatet av denna studie visar inga signifikanta samband mellan den beroende variabeln manipulation och de oberoende variablerna storlek, skuldsättningsgrad, bransch och redovisningstillsyn. Den deskriptiva statistiken visar att i stort sett hälften av företagen manipulerar tillväxttakten.

Den goda viljan och framtida lönsamhet : En studie om nedskrivning av goodwill är en ledande indikator på framtida minskad lönsamhet i svenska och finska börsnoterade bolag

Bakgrund: Goodwill är en omdebatterad immateriell tillgångspost. En nedskrivning ska enligt redovisningsstandarden IAS 36 baseras på bolagens framtida ekonomiska utveckling. Därmed kan en nedskrivning vara en indikation på hur bolagets ekonomiska framtid kommer att gestalta sig. Tidigare forskning visar att bolagsledningens subjektiva bedömningar kan leda till att nedskrivningens relevans kan ifrågasättas. Syfte: Enligt IFRS 3 och IAS 36 ska goodwill värderas till det framtida uppskattade värde som tillgången ska generera. Grundtanken med standarderna är att öka tillförlitligheten och relevansen för att bättre återspegla bolagens ekonomi i de finansiella rapporterna. Utifrån grundtanken bör en nedskrivning av goodwill vara en ledande indikator på framtida minskad lönsamhet. Vi avser därmed att undersöka om det finns ett samband mellan nedskrivning av goodwill och minskad framtida lönsamhet i svenska och finska börsnoterade bolag samt om det finns en skillnad mellan länderna när det gäller sambandet. Metod: Uppsatsen är baserad på en kvantitativ metod med en deduktiv ansats där sekundärdata hämtats från databas samt årsredovisningar. Informationen har samlats in för att därefter testas med regressionsanalyser. Slutsats: Studien kan inte styrka att standarden ger en bättre återspegling av bolagens ekonomi i de finansiella rapporterna. Resultatet visar att hanteringen av goodwill kan ske utifrån ett opportunistiskt beteende då nedskrivningen kan vara baserad på en redan realiserad försämring av goodwill istället för att vara baserad på framtida bedömningar. Resultatet antyder att tillsynen inte är harmoniserad inom EU, då det finns en signifikant skillnad mellan Sverige och Finland två år efter nedskrivningen. Studiens resultat kan användas till att ifrågasätta gällande standardens utformning.

A problemática da dicotomia contabilística ao nível dos subsídios ao investimento

A globalização dos mercados, articulada com a abertura das fronteiras dentro da União Europeia, e com a diversidade de sistemas contabilísticos, acentuou a necessidade de criar um único sistema contabilístico que fosse aceite internacionalmente e, ao mesmo tempo, que facilitasse o acesso aos mercados de capitais internacionais. O novo Sistema de Normalização Contabilística (SNC) adotado em Portugal é baseado essencialmente em princípios, conduzindo à existência de novos conceitos e à necessidade de incorporar novas formas de entender a contabilidade. Constata-se que os procedimentos contabilísticos impostos pelo SNC, no caso particular da Norma de Contabilidade e Relato Financeiro (NCRF) 22 - Contabilização dos Subsídios do Governo e Divulgação de Apoios do Governo, são mais exigentes e pormenorizados do que os previstos no anterior sistema normativo nacional, em vigor até 31/12/2009. Verifica-se ainda que esta norma, no que diz respeito ao tratamento contabilístico dos subsídios relacionados com ativos, não segue o preconizado na atual International Accounting Standard (IAS), ou Norma Internacional de Contabilidade (NIC) 20 - Contabilização dos Subsídios do Governo e Divulgação de Apoios do Governo. Pretende-se assim analisar as referidas normas, enumerando as suas principais diferenças, e constatar como os outros países da União Europeia contabilizam estes subsídios. The globalization of markets, combined with the opening of borders within the European Union, and the diversity of accounting systems, emphasized the need to create a single accounting system that is internationally accepted and at the same time, improving access to markets international capital. New Accounting Standards System adopted in Portugal is essentially based on principles leading to the existence of new concepts and the need to incorporate new ways of understanding accounting. It appears that the accounting procedures required by the SNC, particularly in the case of NCRF 22 - Accounting for Government Grants and Disclosure of Government Assistance, are more stringent and detailed than those of the preceding national regulatory system in force until 31/12/2009. It also appears that this standard with regard to the accounting treatment of grants related to assets, does not follow the recommendations in the current IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance. The aim is to analyze the standards, enumerating the main differences, and see how the other UE countries account for these allowances.

Big Bath and Impairment of Goodwill : A study of the European telecommunications industry

Income decreasing strategies conducted by management could be harmful for various stakeholders. One example is big bath accounting, which could be accomplished in numer- ous ways. This study focus on big baths achieved by recognising impairments of goodwill. Purpose - The purpose of this study is to examine patterns of association between big bath accounting and impairment of goodwill within the telecommunication service industry in Europe. Further, this study aim at contributing to the discussion regarding utilisation of big baths through impairments of goodwill, and takes the perspective of an external stakehold- er. Delimitations - The study is restricted to European telecommunication entities comprised in STOXX Europe 600 Index. Method - This study was conducted using a hybrid of qualitative and quantitative research strategy with a deductive approach. The five indicators used to identify various big bath behaviours were inspired and derived from theory and previous research. Data from 2009 to 2015 was collected from the companies’ annual reports and websites, and analysed by the help of codification of each fulfilled indicator where 2009 merely served as a compara- tive year for 2010. By the use of a scoreboard the collected data was summarised on an ag- gregated yearly basis as the industry, not the specific companies, were analysed. Empirical findings - The results of this study suggests that big baths are executed among tele- communication companies within Europe. These are conducted simultaneously as impair- ments of goodwill are present, facilitated by earning management. A possible explanation is considered to be the room for interpretation inherent in IAS 36, enabling goodwill impair- ments to be recognised on managers’ command. Thereby an impairment could be “saved” for better or worse circumstances, or recognised when there exist an opportunity to max- imise (the manager's) wealth in the future. This study reveal the co-occurrence of goodwill impairments and big bath-indications, however a review of causal relationships are not en- abled by the limitations of the chosen method. 

Mediterranean diet: the impact on cardiovascular risk and metabolic syndrome in HIV patients, in Lisbon, Portugal

Introduction - Metabolic syndrome (MS) is common in HIV-infected individuals and it is associated with higher cardiovascular risk (CVR). Mediterranean diet has been associated with a better metabolic control and lower CVR. Materials and methods - From December 2013 to May 2014, individuals between 18 and 65 years of age, who attended the outpatient HIV Clinic at the University Hospital Santa Maria, Lisbon, were selected. Adherence to Mediterranean diet was evaluated with MedDietScore, a scale from 0 to 55 that punctuates 11 food items according to the frequency of intake. Higher scores represent higher adherence. CVR was assessed using D.A.D tool (classified as low, moderate or high risk). We excluded individuals with opportunistic disease, hospitalized in the past three months or with renal disease diagnosis. All participants gave written informed consent. Results - In the 571 HIV patients included, 67.1% (n=383) were male, 91.6% (n=523) Caucasian, with a mean age of 46.5±8.9 years. Patients were divided in two groups: naïve (7.5%; n=43) or on antiretroviral treatment (ART) (92.5%; n=528). Mean length of HIV diagnosis was 6.7±6.5 years (naïve) and 13.3±6.1 years (ART); TCD4+ counts were above 500 cel/mm3 in 55.8% (n=24) and 67.6% (n=357) of the patients, respectively. MS was present in 33.9% (n=179) of patients in ART group and 16.3% (n=7) in naïve group. Presence of MS was associated with ART group (OR=2.7; p=0.018). MS was also associated with older age in this group (p=0.000). Overall, mean MedDietScore was 27.3±5.5. Higher score was associated with older age (r=0.319; p=0.000). Naïve patients presented a trend to higher adherence to Mediterranean diet (65.1% vs 51.7% in naïve group; p=0.090). No relation between MS and Mediterranean diet was found. Higher CVR was associated with the presence of MS in the ART group (p=0.001). In this group, individuals with moderate CVR presented higher rates of adherence to Mediterranean diet (p=0.036) when compared to low and high CVR score. Conclusions - In this cross-sectional study, naïve individuals presented a trend to higher adherence to Mediterranean diet. On the ART group, higher adherence to Mediterranean diet was found in individuals with moderate CVR score. We think that this might suggest that this group of patients adopt this diet only in the presence of metabolic alterations or perceived CVR. Prospective studies in HIV patients are required to determine the impact of adherence to Mediterranean diet on the reduction of CVR.

IFRS 9 ‘Financial instruments’: Anticipated effects of the standard change at Kesko Group

IFRS 9 Financial instruments presents the classification and measurement, the impairment and the hedge accounting requirements for accounting of financial instruments. The standard was set by the International Accounting Standards Board to replace IAS 39 Financial instruments: Recognition and Measurement on 1 January 2018. Hence, the long-criticized and complexly experienced requirements for accounting of financial instruments will undergo the most significant reform. This thesis addresses anticipated effects of IFRS 9, focusing on the challenges the new classification and measurement requirements bring forth in the case organization Kesko. This thesis was conducted as an action research, in which, a case study method was applied. The thesis was conducted with a twofold manner, which involved general analysis of IFRS 9 and further covered distinct ambitions related to the case organization. For the general part, empirical data was gathered by interviewing two IFRS experts from KPMG and PwC, while the interviews within the case organization constituted for the case study. Further, the literature on the IFRS 9 was such scant that the theoretical examination was merged with the IFRS experts’ quotations that also strived to contribute to the overall objective of reinforcing the body of research related to the subject. This thesis indicates that IFRS 9 will most fundamentally reform the impairment and the hedge accounting requirements of financial instruments. Regard to impairment, the changes are anticipated to increase the amount of loan-loss provisions, whereas the relaxed hedge accounting requirements are expected to encourage more companies to commence the application of hedge accounting. The thesis provides empirical support on that the term business model for managing financial assets, introduced in IFRS 9, is ably hard to comprehend and remains ambiguous. It goes on to argue that the most prominent issue in defining the business model for managing financial assets is the limits set in IFRS 9 for selling financial assets. In consideration of Kesko, this thesis finds that the key effects of IFRS 9 are anticipated to be the reshaping of the organization’s treasury policy and further examination of the possibility to apply hedge accounting for foreign exchange derivatives. What is more, the thesis presumes that complying the requirements of IFRS 9 Kesko will apply the hold to collect and sell model for managing financial assets in future.

Deteção/quantificação de eritrócitos com hemoglobina fetal na gravidez e pós parto utilizando um analisador hematológico

Introdução: As células F(CF) são eritrócitos contendo hemoglobina (Hb) F e outros tipos de hemoglobina. São encontradas em indivíduos de todas as idades, ao contrário dos eritrócitos fetais, só encontrados em fetos e recém-nascidos. Nestes eritrócitos fetais, a Hb F é o tipo dominante de Hb. Estudos publicados indicam que a gravidez pode levar a um aumento progressivo de células com Hb F no sangue materno, devido à presença de CF e/ou de células fetais, estas últimas frequentemente associadas a hemorragia feto–materna (HFM). Objetivo: (1) Determinação da percentagem (%) de células com Hb F em sangue materno, usando um anticorpo Anti-Hb F num analisador hematológico. (2) Quantificação de CF e/ou células fetais na gravidez e pós o parto. (3) Elaboração de algoritmo para a triagem de HFM. Material e Métodos: Estudadas 168 amostras de sangue materno: 29 no 1º trimestre da gravidez (1ºT); 43 no segundo (2º T); 82 no terceiro (3ºT), 14 pós-parto (PP) (amostras entre dia 0 e dia 7, após parto); 32 controlos negativos (Ctl N) com homens adultos saudáveis e 30 controlos positivos (Ctl P), obtidos por mistura de sangue do cordão com sangue do adulto, AB0 compatíveis. Amostras processadas no analisador hematológico Cell-Dyn Sapphire tm, em modo RBC Flow, após ajuste de parâmetros IAS, FL1 e FL3, utilizando um reagente com iodeto de propídio e 2,5 uL de anticorpo monoclonal anti-Hb F FITC. Imagens analisadas pelo software FCS Express V3. Análise estatística com Kruskal-Wallis e teste t-Student (significância estatística p <0,05). Cut-off para HFM obtido pelo valor mínimo, em %, em que se detetam células fetais na amostra Ctl P. Resultados: foram encontradas diferenças estatisticamente significativas na % células com Hb F (P<0,0001) nos grupos estudados. % CF aumenta com a gravidez:1ºT vs Ctl N - p <0,0217 e também durante a gravidez 1ºT Vs 3ºT – P=0,0007. Mesmo depois do PP a % CF está aumentada Ctl N vs PP: - p<0,0001. Valores médios de % CF residuais em adultos saudáveis: 0,53. Maioria das amostras nos diferentes grupos estudados apresenta % CF acima do valor residual (>0,53%): 66% no grupo 1ºT, 83 % no 2º T e 91% no 3º T. Valor cut-off para suspeita de HFM de 1,70% de células com Hb F. Teste preciso (CV+- 4%) para baixas % de células com Hb F. Discussão/Conclusão: Há um aumento células com Hb F durante a gravidez e esse aumento permanece no período PP. Em duas amostras do 3ºT obteve-se % células com Hb F elevada, superior ao cut-off (≥1,70%), sendo detetada uma população de prováveis células fetais. A presença células fetais nestas amostras foi confirmada por citometria de fluxo com Anti-Hb F/ Anti-CA, com subsequente diagnóstico de HFM. Esta metodologia é simples, rápida e não dispendiosa, quando aplicada a um analisador hematológico, representa uma mais-valia no rastreio da HFM. No futuro, pode integrar o protocolo de análises de rotina das grávidas, permitindo detetar as HFM silenciosas, que são a origem de muitas anemias de causa desconhecida em recém-nascidos.

Estudio comparativo sobre tendencias en investigación de Ingenieros Administradores de Sistemas e Ingenieros Mecánicos Administradores.

El presente estudio compara el grado de desarrollo de competencias requeridas para el desarrollo de proyectos de investigación por estudiantes de ingeniería de la Universidad Autónoma de Nuevo León (UANL). Utilizando una muestra de 70 estudiantes de los programas educativos Ingeniero Administrador de Sistemas (IAS) e Ingeniero Mecánico Administrador (IMA) de la Facultad de Ingeniería Mecánica y Eléctrica (FIME) de la UANL. Se realizó un análisis exploratorio estudiando los datos cuantitativos mediante estadística descriptiva. Los resultados de la investigación permiten observar las características de los estudiantes de cada carrera y lo que fortalece su perfil profesional hacia la investigación de los estudiantes de la carrera Ingeniero Administrador de Sistemas (IAS) e Ingeniero Mecánico Administrador (IMA).

Aplicación de las políticas de crédito de FONAVIPO por medio las instituciones autorizadas (IA's) para facilitar el otorgamiento de créditos de vivienda al sector informal del área metropolítana de San Salvador.

La investigación se origina por la necesidad de FONAVIPO en obtener información sobre los requisitos que están imponiendo las Instituciones Autorizadas (IA´s) a las personas del Sector Informal del área metropolitana de San Salvador al momento que solicitan créditos para Vivienda, teniendo como propósito principal Identificar las políticas de crédito que influyen en el otorgamiento de créditos de vivienda al momento que este se solicita, con el fin de que mediante su aplicación se flexibilicen los requisitos para solicitar créditos para vivienda y así cumplir con los objetivos de FONAVIPO. De esta forma la institución contribuirá a reducir el número de familias sin acceso al crédito para una vivienda digna. La investigación ha sido abordada bajo la metodología del esquema científico, a través del Método Deductivo y con un diseño No Experimental. A nivel general dentro de los resultados más relevantes obtenidos de la investigación se tiene que: los créditos más solicitados por las personas del Sector Informal son compra de vivienda y compra de lote, pero además la mayoría de las personas manifiestan que el crédito no les fue otorgado, por no tener capacidad de pago, record crediticio y por falta de documentación que respalde sus ingresos además se pudo identificar que el Fondo Nacional de Vivienda Popular (FONAVIPO) sólo da a conocer las Instituciones Autorizadas (IA’s) y los tipos de crédito que otorgan, al momento que las personas visitan dicha institución para solicitar información sobre créditos de vivienda, como también se observó que las personas que laboran en las Instituciones Autorizadas (IA’s) no proporcionan la información necesaria sobre las líneas de crédito que promueve FONAVIPO Ante esta situación se diseña una Propuesta Sobre la Aplicación de las Políticas de Crédito de FONAVIPO que incluye una propuesta de requisitos de crédito, Medidas de Control para las Instituciones Autorizadas, así como también Medidas de Apoyo para FONAVIPO para que se dé a conocer en los diferentes medios de comunicación la siguiente información: Ubicación actual de FONAVIPO, los beneficios que brinda la Institución, los proyectos disponibles, los destinos de los créditos y sus Instituciones Autorizadas (IA’s).