Inhoudsopgave
Doel FAT.......................................................................................................................... 3
History............................................................................................................................ 3
Informatieasymmetrie..................................................................................................... 3
Adverse selection......................................................................................................... 3
Moral hazard................................................................................................................. 4
Probleem FAT............................................................................................................... 4
Decision usefulness......................................................................................................... 4
2 hoofdvragen:............................................................................................................. 4
Risico aversie............................................................................................................... 4
Bayes theorie............................................................................................................... 5
Portfolio diversificatie................................................................................................... 5
Beta.............................................................................................................................. 6
Management discussion and analysis...........................................................................6
Efficient securities markets.............................................................................................6
Efficient markt – semi-sterk.......................................................................................... 6
Logische inconsistentie................................................................................................ 7
Voluntarly disclosure.................................................................................................... 7
CAPM............................................................................................................................ 7
Efficiënte kapitaalmarkten en externe verslaggeving.....................................................7
Waarderelevantie......................................................................................................... 7
Ball and Brown studie................................................................................................... 8
Earnings response coefficients (ERC)...........................................................................8
Valuation approach......................................................................................................... 8
Irrationele investeerders.............................................................................................. 8
Markt bubbel................................................................................................................ 9
Conclusie valuation approach.......................................................................................9
Efficient contracting theory........................................................................................... 10
Contracten.................................................................................................................. 10
Rigiditeit..................................................................................................................... 10
Eeconomic consequences........................................................................................... 11
Game theory.............................................................................................................. 11
An analysis of conflict................................................................................................... 11
Agency theory............................................................................................................ 11
Informatievoorsprong manager..................................................................................12
Nature of contract...................................................................................................... 12
Holmstrom.................................................................................................................. 12
Performance measure................................................................................................ 12
Executive compensation plan.......................................................................................13
Elementen ECP........................................................................................................... 13
Earnings management.................................................................................................. 13
Patronen EM............................................................................................................... 13
, Accruals...................................................................................................................... 13
Waarom EM?.............................................................................................................. 14
Good or bad?.............................................................................................................. 14
Standard setting: economic issues................................................................................14
2 soorten informatie:.................................................................................................. 14
Optimale hoeveelheid informatie...............................................................................15
Market failures............................................................................................................ 15
Incentives om informatie te produceren.....................................................................15
Market based incentives – a closer look.....................................................................15
Decentralized regulation............................................................................................ 15
Standard setting: political issues..................................................................................15
2 theorieën regulation................................................................................................ 15
Due process................................................................................................................ 16
Criteria standard setting............................................................................................. 16
Conclusie.................................................................................................................... 16
, Doel FAT
Financial Accounting Theory provides a critical awareness of the current financial accounting
and reporting environment, taking into consideration the divers interests of both external users
(investors and banks) and management.
FAT biedt kritisch inzicht in de huidige omgeving van financiële verslaggeving, rekening houdend
met de belangen van zowel externe gebruikers (investeerders en banken) als managers.
History
Until late 1960s normative accounting theory (wat is de beste manier om de winst te
bepalen)
From late 1960s shift to decision usefulness* = bruikbare informatie verschaffen
(informatie zo bruikbaar en nuttig mogelijk maken)
2007-2008 market meltdowns
Consequences for preparers and auditors:
Transparante financiële rapportage;
De boekhouding van de reële waarde kan de gebruikswaarde onderschatten;
Uit balansactiviteiten moeten volledig worden gerapporteerd;
Kredietrisico en liquiditeitsproblemen
2 issues:
Back to conservative accounting? (or continuing with fair value accounting?) = trade of
tussen betrouwbaarheid en relevantie
Rules-based versus principles based (= COS) accounting standards?
Rol van accounting research:
Accounting standaarden ontwikkelen en begrijpen die bijdragen aan decision usefulness
approach (je wilt naar relevantie, maar gaat soms ten koste van betrouwbaarheid) and
making standards.
De accounting omgeving verbeteren en beter begrijpen (wat zijn de belangen van de
managers, agency modellen)
Informatieasymmetrie
= een partij beschikt over meer informatie dan de andere partij ten aanzien van bepaalde business
transacties.
Adverse selection Moral hazard
Pre contract Post contract
Inside-information Behaviours
Hidden information Hidden action
Oplosing: full disclosure Oplossing: bonuscontracten
Adverse selection
= een partij (management) heeft kennis waarover de andere partij (investeerders) niet beschikt.
inside information / hidden information
Dus: investeerders hebben niet alle informatie over de kenmerken of de eigenschappen van een
bedrijf.
Pre contract hier is van sprake voordat de transactie
plaatsvindt
Oplossing full disclosure (als de markt in redelijke
mate efficiënt werkt, kunnen investeerders alle info
verwerken en is de fundamentele waarde bekend)
Doel FAT.......................................................................................................................... 3
History............................................................................................................................ 3
Informatieasymmetrie..................................................................................................... 3
Adverse selection......................................................................................................... 3
Moral hazard................................................................................................................. 4
Probleem FAT............................................................................................................... 4
Decision usefulness......................................................................................................... 4
2 hoofdvragen:............................................................................................................. 4
Risico aversie............................................................................................................... 4
Bayes theorie............................................................................................................... 5
Portfolio diversificatie................................................................................................... 5
Beta.............................................................................................................................. 6
Management discussion and analysis...........................................................................6
Efficient securities markets.............................................................................................6
Efficient markt – semi-sterk.......................................................................................... 6
Logische inconsistentie................................................................................................ 7
Voluntarly disclosure.................................................................................................... 7
CAPM............................................................................................................................ 7
Efficiënte kapitaalmarkten en externe verslaggeving.....................................................7
Waarderelevantie......................................................................................................... 7
Ball and Brown studie................................................................................................... 8
Earnings response coefficients (ERC)...........................................................................8
Valuation approach......................................................................................................... 8
Irrationele investeerders.............................................................................................. 8
Markt bubbel................................................................................................................ 9
Conclusie valuation approach.......................................................................................9
Efficient contracting theory........................................................................................... 10
Contracten.................................................................................................................. 10
Rigiditeit..................................................................................................................... 10
Eeconomic consequences........................................................................................... 11
Game theory.............................................................................................................. 11
An analysis of conflict................................................................................................... 11
Agency theory............................................................................................................ 11
Informatievoorsprong manager..................................................................................12
Nature of contract...................................................................................................... 12
Holmstrom.................................................................................................................. 12
Performance measure................................................................................................ 12
Executive compensation plan.......................................................................................13
Elementen ECP........................................................................................................... 13
Earnings management.................................................................................................. 13
Patronen EM............................................................................................................... 13
, Accruals...................................................................................................................... 13
Waarom EM?.............................................................................................................. 14
Good or bad?.............................................................................................................. 14
Standard setting: economic issues................................................................................14
2 soorten informatie:.................................................................................................. 14
Optimale hoeveelheid informatie...............................................................................15
Market failures............................................................................................................ 15
Incentives om informatie te produceren.....................................................................15
Market based incentives – a closer look.....................................................................15
Decentralized regulation............................................................................................ 15
Standard setting: political issues..................................................................................15
2 theorieën regulation................................................................................................ 15
Due process................................................................................................................ 16
Criteria standard setting............................................................................................. 16
Conclusie.................................................................................................................... 16
, Doel FAT
Financial Accounting Theory provides a critical awareness of the current financial accounting
and reporting environment, taking into consideration the divers interests of both external users
(investors and banks) and management.
FAT biedt kritisch inzicht in de huidige omgeving van financiële verslaggeving, rekening houdend
met de belangen van zowel externe gebruikers (investeerders en banken) als managers.
History
Until late 1960s normative accounting theory (wat is de beste manier om de winst te
bepalen)
From late 1960s shift to decision usefulness* = bruikbare informatie verschaffen
(informatie zo bruikbaar en nuttig mogelijk maken)
2007-2008 market meltdowns
Consequences for preparers and auditors:
Transparante financiële rapportage;
De boekhouding van de reële waarde kan de gebruikswaarde onderschatten;
Uit balansactiviteiten moeten volledig worden gerapporteerd;
Kredietrisico en liquiditeitsproblemen
2 issues:
Back to conservative accounting? (or continuing with fair value accounting?) = trade of
tussen betrouwbaarheid en relevantie
Rules-based versus principles based (= COS) accounting standards?
Rol van accounting research:
Accounting standaarden ontwikkelen en begrijpen die bijdragen aan decision usefulness
approach (je wilt naar relevantie, maar gaat soms ten koste van betrouwbaarheid) and
making standards.
De accounting omgeving verbeteren en beter begrijpen (wat zijn de belangen van de
managers, agency modellen)
Informatieasymmetrie
= een partij beschikt over meer informatie dan de andere partij ten aanzien van bepaalde business
transacties.
Adverse selection Moral hazard
Pre contract Post contract
Inside-information Behaviours
Hidden information Hidden action
Oplosing: full disclosure Oplossing: bonuscontracten
Adverse selection
= een partij (management) heeft kennis waarover de andere partij (investeerders) niet beschikt.
inside information / hidden information
Dus: investeerders hebben niet alle informatie over de kenmerken of de eigenschappen van een
bedrijf.
Pre contract hier is van sprake voordat de transactie
plaatsvindt
Oplossing full disclosure (als de markt in redelijke
mate efficiënt werkt, kunnen investeerders alle info
verwerken en is de fundamentele waarde bekend)
