The Effect Of Sfas No 142 On The Ability Of Goodwill Predicting Future Cash Flows
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The Effect Of Sfas No 142 On The Ability Of Goodwill Predicting Future Cash Flows
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Author : Cheol Lee
language : en
Publisher:
Release Date : 2007
The Effect Of Sfas No 142 On The Ability Of Goodwill Predicting Future Cash Flows written by Cheol Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This study investigates the effects of Statement of Financial Accounting Standard No. 142 (SFAS No. 142) on the ability of goodwill to predict future cash flows. SFAS No. 142 allows substantial unverified managerial discretion and leads to a significant magnitude of economic impact on financial statements, resulting in critical debates over the consequence of its adoption. I find that the ability of goodwill to predict future cash flows has improved since the FASB adopted SFAS No. 142. Further analysis documents that goodwill's explanatory power for future cash flows is enhanced in the partitioned sample with a high level of managerial discretion, but not in the sample with a low level of managerial discretion in the pre-SFAS No. 142 period. Overall, contrary to the position of critics of SFAS No. 142, results support the view taken by the FASB and proponents of SFAS No. 142: expanding managerial discretion with the adoption of SFAS No. 142 improves managers' ability to signal future cash flows and this positive effect is stronger than the offsetting the effect of opportunistic reporting.
Evidence From Goodwill Non Impairments On The Effects Of Using Unverifiable Estimates In Financial Reporting
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Author : Karthik Ramanna
language : en
Publisher:
Release Date : 2009
Evidence From Goodwill Non Impairments On The Effects Of Using Unverifiable Estimates In Financial Reporting written by Karthik Ramanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
SFAS 142 requires managers to estimate reporting unit values to determine goodwill write-offs. Those estimates often use unverifiable discounted-future-cash-flows providing managers with more discretion than historically afforded in financial reporting. Ex post, managers can claim their unit value estimates were not realized due to factors outside their control, claims that are difficult to objectively falsify. In promulgating SFAS 142, standard setters assume managers, on average, use unverifiable discretion to convey private information on future cash flows; in contrast, agency theory predicts managers, on average, use unverifiable discretion opportunistically. We test these alternative hypotheses using a sample of firms with market indications of goodwill impairment. Our evidence, while consistent with agency theory, does not confirm the private information hypothesis.
Proceedings Of The International Conference Theory And Applications In The Knowledge Economy Take 2019
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Author : Florian Kragulj
language : en
Publisher: Eduardo Tomé
Release Date : 2019-07-10
Proceedings Of The International Conference Theory And Applications In The Knowledge Economy Take 2019 written by Florian Kragulj and has been published by Eduardo Tomé this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-10 with Business & Economics categories.
Foreword Ten years is a long time. In 2009 a bunch of friends gathered in Portugal for a conference that was to precede TAKE. In 2011 we repeated. Then, after a strange sequence of events, we finally organized TAKE for the first time in 2015 in Aveiro, followed by Zagreb, Poznan and now Vienna. Florian Kragulj was in the first TAKE in Aveiro and from the start showed the highest level of enthusiasm and professionalism in the event. These characteristics were kept alive during all the 15 or so months during which we organized TAKE 2019. That this edition of TAKE involves several entities linked with academia, i.e. WU Vienna University of Economics and Business, the Austrian Economic Chamber and the Institute for Applied Research on Skilled Crafts and Trades (IAGF). This in itself a big success and a sign of the Conference improvement. Also, we may see, by analysing the papers and in particular the streams, that TAKE has been following the economic times, and this year we have several papers on the Gig Economy. Only good conferences adjust, the others get stuck in time. And success in Conferences is about teams. And in TAKE that team, is indeed, a very large group of people including the co-chairs, the local organizing team, the material organizers (Book of Abstracts and Proceedings), the stream leaders, and the paper reviewers – without all these persons nothing could have been done. And finally we had to depend on the authors, and their willingness to work with us. Without the work of these large dozens of devoted and skilled people TAKE 2019 would not have existed. May I also mention that this time and with Florian’s impulse and skill the organization of TAKE was improved in technological terms – in short we became techno – we used a website to deliver the mail list, a website to receive the scientific material and another website to receive the fees. All these were investments that eventually paid of, and that will guarantee a more stable organization for TAKE in the future. And we owe it to Florian. However, as the Human Resource Development part of TAKE (and more than anyone Gary Mc Lean) would remind us – “We are humans, Eduardo”, and technology helps, but in the end, is attention to detail, capacity to deal with the bizarre and to accommodate the weirdness making sometimes the impossible possible that differentiates a good conference, made doing things right, from an excellent conference, based in doing the right things. And on this last matter, believe me, we in TAKE are among the best in the world, because apart from being outstanding scholars, and good colleagues, we are an amazing group of friends, and friendship is the best way to turn good conferences into outstanding ones. Many thanks, from the heart and enjoy the Conference. Eduardo Tomé Conference Chair, Universidad Europeia Lisbon, July 2019, Lisbon, Portugal
Advances In Quantitative Analysis Of Finance And Accounting New Series Vol 15
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Author : Cheng F. Lee
language : en
Publisher: Center for PBBEFR & Airiti Press
Release Date : 2017-01-01
Advances In Quantitative Analysis Of Finance And Accounting New Series Vol 15 written by Cheng F. Lee and has been published by Center for PBBEFR & Airiti Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-01 with Business & Economics categories.
Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Facts And Issues About Goodwill Impairment Losses In Sfas No 142 Adoption Year
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Author : Kang Cheng
language : en
Publisher:
Release Date : 2008
Facts And Issues About Goodwill Impairment Losses In Sfas No 142 Adoption Year written by Kang Cheng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
For most companies, fiscal year 2002 was the adoption year for Statement of Financial Accounting Standard (SFAS) No. 141: Business Combinations and No. 142: Goodwill and Other Intangible Assets. This article analyzes financial statements reported under the new rules and reaches the following conclusions: 1). In the adoption year, the impacts on reported earnings can be deep, but uneven across firms; some companies show dramatic negative impacts while most companies show mild positive impacts. 2). Measurement and disclosure of goodwill's fair value, and the basis for impairment losses, when necessary, becomes more technical and more demanding on statement users. 3). Goodwill fair value impairment losses take place across industries and do not seem to be related to industry economic performance. Overall, under the new rules, goodwill as an asset on the accounting book is more challenging and less predictable.
Evidence On The Use Of Unverifiable Estimates In Required Goodwill Impairment
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Author : Karthik Ramanna
language : en
Publisher:
Release Date : 2009
Evidence On The Use Of Unverifiable Estimates In Required Goodwill Impairment written by Karthik Ramanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted managers will, on average, use the fair value estimates to convey private information on future cash flows. The current fair value of goodwill is unverifiable because it depends in part on management's future actions (including managers' conceptualization and implementation of firm strategy). Thus, agency theory predicts managers will, on average, use the discretion in SFAS 142 consistent with private incentives. We test these hypotheses in a sample of firms with market indications of goodwill impairment. Our evidence, while consistent with some agency-theory derived predictions, does not confirm the private information hypothesis.
Accounting For M A
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Author : Amir Amel-Zadeh
language : en
Publisher: Routledge
Release Date : 2020-04-29
Accounting For M A written by Amir Amel-Zadeh and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-29 with Business & Economics categories.
Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.
Line Item Analysis Of Earnings Quality
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Author : Melumad Nahum
language : en
Publisher: Now Publishers Inc
Release Date : 2009
Line Item Analysis Of Earnings Quality written by Melumad Nahum and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Line-Item Analysis of Earnings Quality provides a comprehensive summary and analysis of the specific earnings quality issues pertaining to key line item components of the financial statements. After providing an overview of earnings quality and earnings management, Line-Item Analysis of Earnings Quality analyzes key line items from the financial statements. For each key line item, the authors: review accounting principles; discuss implications for earnings quality; evaluate the susceptibility of the item to manipulation; describe analyses and red flags which may inform on the item's quality. Line-Item Analysis of Earnings Quality will prove useful in conducting fundamental and contextual analyses through its analysis and evaluations.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2008
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Dissertations, Academic categories.
Ifrs In A Global World
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Author : Didier Bensadon
language : en
Publisher: Springer
Release Date : 2016-05-13
Ifrs In A Global World written by Didier Bensadon and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-13 with Business & Economics categories.
This book, dedicated to Prof. Jacques Richard, is about the economic, political, social and even environmental consequences of setting accounting standards, with emphasis on those that are alleged to be precipitated by the adoption and implementation of IFRS. The authors offer their reasoned critiques of the effectiveness of IFRS in promoting genuine global comparability of financial reporting. The editors of this collection have invited authors from 17 countries, so that a great variety of accounting, auditing and regulatory cultures, and educational perspectives, is amply on display in their essays.