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  3. Nyenrode Business Universiteit (Nyenrode)
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Samenvatting FAT premaster
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Aan de hand van deze samenvatting heb ik een 8,6 gehaald voor het tentamen van FAT. Deze samenvatting is geschreven in het Nederlands, maar de belangrijke begrippen zijn in het Engels geschreven en dikgedrukt, omdat op het tentamen naar deze begrippen gevraagd kan worden.

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  • Nee
  • Hoofdstuk 1 t/m 13
  • 27 juli 2024
  • 100
  • 2022/2023
  • Samenvatting

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  • scott
  • fat
  • nyenrode
  • financial accounting theory

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Voorbeeld van de inhoud

Inhoudsopgave

INHOUDSOPGAVE...............................................................1


1 – INTRODUCTION...........................................................13


1.1 – The objective of this book...................................................................................................... 13


1.2 – Some historical perspective.................................................................................................... 13


1.3 – The 2007-2008 Market Meltdown..........................................................................................15


1.4 – Efficiënt contracting............................................................................................................... 16


1.5 – A note on ethical behaviour................................................................................................... 17


1.6 – Rule-based versus principles-based accounting.......................................................................17


1.7 – The complexity of information in Financial Accounting and reporting.....................................17


1.8 – The role of accounting research..............................................................................................17


1.9 – The importance of information asymmetry.............................................................................18


1.10 – The fundamental problem of financial accounting theory.....................................................18


1.11 – Regulation as a reaction to the fundamental problem...........................................................19


1.12 – The organization of this book............................................................................................... 20

1.12.1 – Ideal conditions......................................................................................................................20

1.12.2 – Adverse selection...................................................................................................................20

1.12.3 – Moral Hazard..........................................................................................................................20

1.12.4 – Standard Setting.....................................................................................................................20

1.12.5 – The process of Standard Setting............................................................................................21




1

, 1.13 – Relevance of financial accounting theory to accounting practice...........................................21



2 – ACCOUNTING UNDER IDEAL CONDITIONS......................23


2.1 – Overview............................................................................................................................... 23


2.2 – The present value model under certainty...............................................................................23


2.3 – The present value model under uncertainty...........................................................................23


2.4 – Examples of present value accounting....................................................................................24

2.4.1 – Embedded value.......................................................................................................................24

2.4.2 – Reserve Recognition accounting..............................................................................................24

2.4.3 – Critique of RRA.........................................................................................................................24


2.5 – Historical cost accounting revisited......................................................................................... 25

2.5.1 – Comparison of Different Measurement Bases.........................................................................25


2.6 – The non-existence of true net income.....................................................................................25



3 – THE DECISION USEFULNESS APPROACH TO FINANCIAL

REPORTING.............................................................................26


3.1 – Overview............................................................................................................................... 26


3.2 – The decision usefulness approach...........................................................................................26


3.3 – Single-person decision theory................................................................................................. 27

3.3.1 – Decision Theory Applied..........................................................................................................27

3.3.2 – The Information System...........................................................................................................27

3.3.3. - Information Defined.................................................................................................................29


3.4 – The rational, risk-averse investor............................................................................................ 29




2

,3.5 – The principle of portfolio diversification.................................................................................29


3.6 – Increasing the decision usefulness of financial reporting.........................................................30

3.6.1 – Introduction..............................................................................................................................30

3.6.2 – Objectives of Management Discussion and Analysis...............................................................30

3.6.3 – Example....................................................................................................................................30

3.6.4 – Is MD&A useful?.......................................................................................................................30


3.7 – The reaction of professional accounting bodies to the decision usefulness approach...............30

3.7.1 – Conceptual framework.............................................................................................................30



4 – EFFICIENT SECURITIES MARKETS..................................33


4.1 – Overview............................................................................................................................... 33


4.2 – Efficient securities markets..................................................................................................... 33

4.2.1 The Meaning of Efficiency...........................................................................................................33

4.2.2 – How do market prices fully reflect all available information?.................................................34


4.3 – Implications of efficient securities markets for financial reporting...........................................35

4.3.1 – Implications..............................................................................................................................35


4.4 – The informativeness of price..................................................................................................36

4.4.1 – A logical inconsistency.............................................................................................................36


4.5 – A model of cost of capital....................................................................................................... 36

4.5.1 – A capital asset pricing model (CAPM)......................................................................................36

4.5.2 – Critique of the Capital Asset Pricing Model.............................................................................36


4.6 – Information asymmetry.......................................................................................................... 37

4.6.1 – A closer look at information asymmetry..................................................................................37

4.6.2 – Fundamental value...................................................................................................................37




3

, 4.7 – The social significance of securities markets that work well....................................................37



5 – THE VALUE RELEVANCE OF ACCOUNTING INFORMATION 39


5.1 – Overview............................................................................................................................... 39


5.2 – Outline of the research problem.............................................................................................39

5.2.1 – Reasons for market responses.................................................................................................39

5.2.2 – Finding the market response...................................................................................................39

5.2.3 – Separating market-wide and firm-specific factors...................................................................39

5.2.4 – Comparing returns and income...............................................................................................40


5.3 – The Ball and Brown study (1968)............................................................................................ 40

5.3.1 – Methodology and findings.......................................................................................................40

5.3.2 – Causation versus association...................................................................................................40

5.3.3 – The outcomes of the BB study.................................................................................................41


5.4 – Earnings response coefficients (ERC).......................................................................................41

5.4.1 – Reasons for differential market responses..............................................................................41

5.4.2 – Implications of ERC research....................................................................................................42

5.4.3 – Measuring Investors Earnings expectations............................................................................43


5.5 – A caveat about the “best” accounting policy...........................................................................43


5.6 – The value relevance of other financial statement information................................................43



6 – THE MEASUREMENT APPROACH TO DECISION

USEFULNESS...........................................................................44


6.1 – Overview............................................................................................................................... 44


6.2 – Are securities markets fully efficient?.....................................................................................44

6.2.1 – Introduction..............................................................................................................................44

4

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