Inhoud
Samenvatting FAT .................................................................................................................................................... 4
Hoofdstuk 1 “Introduction” ................................................................................................................................. 4
1.1 “The objective of this book” ..................................................................................................................... 4
1.2 “The 2007—2008 Market Meltdowns” ..................................................................................................... 4
1.6 “Role of accounting research” ................................................................................................................... 4
1.7 “Information asymmetry” ......................................................................................................................... 4
1.8 “Fundamental problem of FAT” ................................................................................................................. 5
1.13 “Relevanceof financial accounting theoriy to accounting practice” ........................................................ 5
Hoofdstuk 2 “Accounting under ideal conditions” .............................................................................................. 6
2.1 “Overview” ................................................................................................................................................ 6
2.2 “The present value model under certainty ............................................................................................... 7
2.3 The present value model under uncertanty .............................................................................................. 8
2.4 “Examples of present value accounting ................................................................................................. 8
2.5 “Historical cost accounting revisited” .................................................................................................... 9
2.6 “The non-existence of true net income” ............................................................................................. 10
Hoofdstuk 3 “THE DECISION USEFULNESS APPROACH” .................................................................................... 11
3.1 Overview ................................................................................................................................................. 11
3.2 THE DECISION-USEFULNESS APPROACH ................................................................................................. 11
3.3 SINGLE-PERSON DECISION THEORY......................................................................................................... 11
3.4 THE RATIONAL, RISK-AVERSE INVESTOR .................................................................................................. 13
3.5 THE PRINCIPLE OF PORTFOLIO DIVERSIFICATION .................................................................................... 13
3.6 INCREASING THE DECISION-USEFULNESS OF FINANCIAL REPORTING .................................................... 14
3.7 THE REACTION OF PROFESSIONAL ACCOUNTING BODIES TO THE DECISION-USEFULNESS APPROACH . 14
Hoofdstuk 4 “EFFICIENT SECURITIES MARKETS” ............................................................................................... 16
4.1 Overview ................................................................................................................................................. 16
4.2 EFFICIENT SECURITIES MARKETS ............................................................................................................. 16
4.3 MPLICATIONS OF EFFICIENT SECURITIES MARKETS FOR FINANCIAL REPORTING ................................... 17
4.4 THE INFORMATIVENESS OF PRICE ........................................................................................................... 17
4.5 CAPM AND MARKET MODEL ................................................................................................................... 18
4.6 Information asymmetry ........................................................................................................................... 19
4.7 THE SOCIAL SIGNIFICANCE OF SECURITIES MARKETS THAT WORK WELL ............................................... 19
Hoofdstuk 5 “THE VALUE RELEVANCE OF ACCOUNTING INFORMATION”......................................................... 20
5.1 Overview ................................................................................................................................................. 20
5.2 OUTLINE OF THE RESEARCH PROBLEM ................................................................................................... 20
5.3 The Ball and Brown Study ....................................................................................................................... 21
5.4 Earnings response coefficients ................................................................................................................ 22
5.5 A caveat: the best accounting policy ....................................................................................................... 23
, 5.6 The value relevance of other financial statement information ............................................................... 23
Hoofdstuk 6 “THE VALUATION APPROACH TO DECISION USEFULNESS” ........................................................... 24
6.1 Overview ................................................................................................................................................. 24
6.2 BEHAVIOURAL FINANCE V. MARKET EFFICIENCY AND INVESTOR RATIONALITY ..................................... 24
6.3 EFFICIENT SECURITIES MARKET ANOMALIES .......................................................................................... 25
6.4 Limits to arbitrage ................................................................................................................................... 25
6.5 A DEFENCE OF AVERAGE INVESTOR RATIONALITY .................................................................................. 26
6.7 SUMMARY OF CHALLENGES TO SECURITIES MARKET EFFICIENCY .......................................................... 26
6.8 The low value relevance of financial statement information .................................................................. 26
6.9 OHLSON'S CLEAN SURPLUS THEORY ....................................................................................................... 26
6.10 AUDITORS’ LEGAL LIABILITY................................................................................................................... 27
Hoofdstuk 7 “THE VALUATION APPROACH TO DECISION USEFULNESS” ........................................................... 28
7.1 Overview ................................................................................................................................................. 28
7.2 CURRENT VALEA ACCOUNTING ............................................................................................................... 28
7.5 PRIMARY FINANCIAL INSTRUMENTS ....................................................................................................... 28
7.13 CONCLUSIONS ON VALUATION APPLICATIONS ...................................................................................... 29
Hoofdstuk 8 “Efficient Contracting theory and accounting” ............................................................................. 30
8.1 Overview ................................................................................................................................................. 30
8.2 EFFICIENT CONTRACTING THEORY AND ACCOUNTING ........................................................................... 30
8.3 SOURCES OF EFFICIENT CONTRACTING DEMAND FOR FINANCIAL ACCOUNTING INFORMATION ......... 31
8.4 ACCOUNTING POLICIES FOR EFFICIENT CONTRACTING .......................................................................... 31
8.5 CONTRACT RIGIDITY ................................................................................................................................ 31
8.6 EMPLOYEE STOCK OPTIONS .................................................................................................................... 31
8.7 DISCUSSION AND SUMMARY OF ESO EXPENSING .................................................................................. 32
8.8 DISTINGUISHING EFFICIENCY AND OPPORTUNISM IN CONTRACTING ................................................... 32
8.9 SUMMARY OF EFFICIENT CONTRACTING FOR DEBT AND STEWARDSHIP ............................................... 32
8.10 IMPLICIT CONTRACTS ............................................................................................................................ 32
8.11 SUMMARY OF EFFICIENT CONTRACTING .............................................................................................. 33
Hoofdstuk 9 “AN ANALYSIS OF CONFLICT” ........................................................................................................ 34
9.1 Overview ................................................................................................................................................. 34
9.2 Agency theory ......................................................................................................................................... 34
9.3 MANAGER'S INFORMATION ADVANTAGE ............................................................................................... 35
9.4 Samenvatting: arbeidsovereenkomst tussen de eigenaar van het bedrijf en de manager ..................... 35
9.5 PROTECTING LENDERS FROM MANAGER INFORMATION ADVANTAGE .................................................. 35
9.6 Implications of agency theory for accounting ......................................................................................... 35
9.7 RECONCILIATION OF EFFICIENT SECURITIES MARKET THEORY WITH ECONOMIC CONSEQUENCES ....... 36
9.8 CONCLUSIONS ON THE ANALYSIS OF CONFLICT ...................................................................................... 36
Hoofdstuk 10 “EXECUTIVE COMPENSATION”.................................................................................................... 37
, 10.1 Overview ............................................................................................................................................... 37
10.2 Are incentive contracts necessary? ....................................................................................................... 37
10.3 A MANAGERIAL COMPENSATION PLAN ................................................................................................ 38
10.4 THE THEORY OF EXECUTIVE COMPENSATION ....................................................................................... 38
10.5 EMPIRICAL COMPENSATION RESEARCH ................................................................................................ 38
10.6 THE POLITICS OF EXECUTIVE COMPENSATION ...................................................................................... 39
10.7 THE POWER THEORY OF EXECUTIVE COMPENSATION .......................................................................... 39
10.8 THE SOCIAL SIGNIFICANCE OF MANAGERIAL LABOUR MARKETS THAT WORK WELL ........................... 39
10.9 CONCLUSIONS ON EXECUTIVE COMPENSATION ................................................................................... 39
Hoofdstuk 11 “Earnings Management” ............................................................................................................ 40
11.1 Overview ............................................................................................................................................... 40
11.2 PATTERNS OF EARNINGS MANAGEMENT .............................................................................................. 40
11.3 EVIDENCE OF EARNINGS MANAGEMENT FOR BONUS PURPOSES ........................................................ 41
11.4 OTHER MOTIVATIONS FOR EARNINGS MANAGEMENT ......................................................................... 42
11.5 THE GOOD SIDE OF EARNINGS MANAGEMENT .................................................................................... 42
11.6 THE BAD SIDE OF EARNINGS MANAGEMENT ........................................................................................ 42
11.7 CONCLUSIONS ON EARNINGS MANAGEMENT ...................................................................................... 42
Hoofdstuk 12 “Earnings Management” ............................................................................................................ 43
12.1 Overview ............................................................................................................................................... 43
12.2 REGULATION OF ECONOMIC ACTIVITY .................................................................................................. 43
12.3 WAYS TO CHARACTERIZE INFORMATION PRODUCTION .................................................................. 44
12.4 FIRST-BEST INFORMATION PRODUCTION ........................................................................................ 44
12.5 MARKET FAILURES IN THE PRODUCTION OF INFORMATION ................................................................ 44
12.6 CONTRACTUAL INCENTIVES FOR INFORMATION PRODUCTION............................................................ 45
12.7 MARKET-BASED INCENTIVES FOR INFORMATION PRODUCTION .......................................................... 45
12.8 A CLOSER LOOK AT MARKET-BASED INCENTIVES .................................................................................. 45
12.9 ARE FIRMS REWARDED FOR SUPERIOR DISCLOSURE? .......................................................................... 45
12.10 DECENTRALIZED REGULATION............................................................................................................. 46
12.11 HOW MUCH INFORMATION IS ENOUGH? ........................................................................................... 46
Hoofdstuk 13 “STANDARD SETTING: POLITICAL ISSUES” .................................................................................. 47
13.1 Overview ............................................................................................................................................... 47
13.5 CRITERIA FOR STANDARD SETTING ....................................................................................................... 48
13.9 SUMMARY OF ACCOUNTING FOR INTERNATIONAL CAPITAL MARKETS INTEGRATION......................... 48
13.10 CONCLUSIONS AND SUMMING UP ..................................................................................................... 48
Artikelen ................................................................................................................................................................ 49
, Samenvatting FAT
Hoofdstuk 1 “Introduction”
1.1 “The objective of this book”
Dit boek gaat over de theorie van boekhouding, niet over hoe te boekhouden. Het betoogt dat
boekhoudstudenten, nadat ze zijn blootgesteld aan de methodologie en praktijk van boekhouden, nu de
bredere implicaties van financiële boekhouding moeten onderzoeken voor een eerlijke en efficiënte werking
van onze economie. Ons doel is de lezer een kritisch bewustzijn te geven van de huidige omgeving voor
financiële boekhouding en rapportage, rekening houdend met de uiteenlopende belangen van zowel externe
gebruikers als management.
1.2 “The 2007—2008 Market Meltdowns”
Gevolgen voor opstellers en accountants:
→ Transparante financiële rapportage;
→ Waardering op basis van reële waarde kan de gebruikswaarde onderschatten;
→ Buiten de balans gehouden activiteiten dienen volledig gerapporteerd te worden;
→ Kredietrisico en liquiditeitskwesties.
Er vinden aanzienlijke veranderingen plaats in de normen: twee kwesties
→ Terug naar conservatieve boekhouding? (of doorgaan met waardering op basis van reële waarde?)
→ Regel gebaseerde versus principe gebaseerde boekhoudnormen?
1.6 “Role of accounting research”
1. Om de implicaties voor de boekhoudpraktijk te overwegen (benadering van beslissingsnut en het opstellen
van normen).
2. Om het begrip van de boekhoudomgeving te verbeteren (modellen van belangenbehartiging hebben onze
kennis van de belangen van managers in de boekhouding verbeterd, bijvoorbeeld bij executive
compensatieplannen en winstbeheer).
1.7 “Information asymmetry”
Informatie-asymmetrie: Sommige partijen bij zakelijke transacties hebben een informatievoordeel ten opzichte
van anderen. Er zijn twee typen:
Adverse selection: adverse selectie treedt op wanneer één partij kennis bezit die de andere partij niet heeft.
Adverse selectie heeft betrekking op de relevantie van informatie. De belangrijkste vorm van adverse selectie is
inside information. We kunnen "financiële boekhouding en rapportage" zien als een mechanisme om het
probleem van adverse selectie te beheersen door inside information betrouwbaar om te zetten in outside
information. Adverse selectie wordt vooral bekeken vanuit het investeringsperspectief. Omdat de ene partij
toegang heeft tot informatie waar de andere partij niet over beschikt, bestaat de mogelijkheid dat investeerders
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