hig.sePublikationer
Ändra sökning
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • harvard-cite-them-right
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • sv-SE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • de-DE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
The International Financial Repoerting Standards (IFRS) as implemented into the forestry accounting
Högskolan i Gävle, Akademin för utbildning och ekonomi, Avdelningen för ekonomi, Företagsekonomi. (Hållbarhetsredovisning)
University of Natural Resouces and Life Sciences, Vienna. (Skogsbrukets redovisning)
2016 (Engelska)Ingår i: Advances and Challenges in Managerial Economics and Accounting, Vienna, 2016, s. 91-92Konferensbidrag, Muntlig presentation med publicerat abstract (Övrigt vetenskapligt)
Abstract [en]

Forest industrie hsave shares, bonds etc. on the public market place, use the International Financial Reporting Standards (IFRS), and for the accounting of the growing stock of their forests International Accounting Standard (IAS) 41 Agriculture (EU 2009, Herbohn & Herbohn 2006).The market based fair value (FV) is the starting point of the IFRS and IAS 41. The FV uses ‘the expected net cash flows discounted at a current market determined pretax rate if market determined prices are not available (EU 2009, Herbohn 2009). The FV recognises the changes both in stumpage prices and the growing stock, the last of which are based on the forest management plans (FMP). The FMP relies on and benefits from the long traditions of forest inventories, growth modelling, determining optima rotation, silvicultural recommendations etc. as well as FMP software using simulation and optimisation etc., all of which have been developed long before fair value accounting (FVA). The final felling happens in the North, say, after 80 years, which implies a certain ambiguity of the stumpage prices and discount rates.The paper summarizes work on this issue, preliminary ending with questionnaire based on interviews addressing IFRS practices ofScandinavian forest companies. First, different forestry accounting traditions have been reviewed (Hogg & Jöbstl 2008,Sekot 2007). Second, theoretical bases and consequences of the FVA have been discussed (Argiles et al. 2011). Third, the pros and cons of IAS 41 as documented in the scientific literature have been analysed (Ayanto 2011, Elad & Herbohn 2011). Fourth, the development of stumpage prices has been studied and summarised in the first interview question. Fifth, forest regeneration and other costs have been discussed as well as addressed by questions no two and three. Sixth, the use of this input information and the FMP are analysed and formulated as the fourth question (Penttinen & Rantala 2008, Penttinen et al. 2004). Seventh, the discount rate dilemma has been analysed and is reflected in terms of a que stion (Eckel et al. 2003). Even market risk and bare land accounting were inquired as well. Eight, the disclosure of the growing stock has been studied and addressed. Ninth, all closing of the books of the Scandinavian forest industries using IAS 41 have been analysed,covering the periods from 2009 to 2015 (Tornator 2016). The results document the use of discount rates from 5.5% to 7.5%. It is common practice to report the FV sensitivity with respect to the discount rate, stumpage price and silvicultural cost changes. The prices used are primarily medium term averages of several years, which have even been reviewed by the management and in some cases also by external experts. The typical forecasting period is ten years, and a simple price change percentage isa pplied thereafter, if any. Some companies estimate discount rates using weighted average cost of capital (WACC) in which the cost of equity capital is based on the capital asset pricing model (CAPM). Also in this context, external experts have been in volved in some cases. Risk free interest rate is typically derived from a Euro rate. The interest requirement of the equity capital is updated semi-annually and that of the debts quarterly. Young stands are valued at cost. According to the interviews, the application ofIFRS is a quite big but not an impossible burden. However, a comparison between different entities is difficult, because the standard does not provide any exact guidelines. The findings of the closing of the books and interviews are finally summarised and discussed.

Ort, förlag, år, upplaga, sidor
Vienna, 2016. s. 91-92
Nationell ämneskategori
Samhällsvetenskap
Identifikatorer
URN: urn:nbn:se:hig:diva-26612OAI: oai:DiVA.org:hig-26612DiVA, id: diva2:1209429
Konferens
International IUFRO Symposium, 9-11 May 2016, Vienna Austria
Tillgänglig från: 2018-05-23 Skapad: 2018-05-23 Senast uppdaterad: 2018-06-05Bibliografiskt granskad

Open Access i DiVA

PowerPoint(1001 kB)14 nedladdningar
Filinformation
Filnamn ATTACHMENT01.pdfFilstorlek 1001 kBChecksumma SHA-512
dd0e636cbceb5f39f98ac96b8271339d45114ad7b532ab3dcf3669125dca8a67de2292fd1a73233e2d1391e11d973ce64df3a271eb2fc33a8b626d15dc470ca0
Typ attachmentMimetyp application/pdf

Personposter BETA

Penttinen, Markku

Sök vidare i DiVA

Av författaren/redaktören
Penttinen, Markku
Av organisationen
Företagsekonomi
Samhällsvetenskap

Sök vidare utanför DiVA

GoogleGoogle Scholar
Antalet nedladdningar är summan av nedladdningar för alla fulltexter. Det kan inkludera t.ex tidigare versioner som nu inte längre är tillgängliga.

urn-nbn

Altmetricpoäng

urn-nbn
Totalt: 29 träffar
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • harvard-cite-them-right
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • sv-SE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • de-DE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf