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2023 | OriginalPaper | Buchkapitel

7. Fair Value-Accounting – Grundlagen und Stand der wissenschaftlichen Diskussion

verfasst von : Martin Tettenborn, Lilia Pasch

Erschienen in: Unternehmensbewertung und ökonomische Analyse

Verlag: Springer Fachmedien Wiesbaden

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Zusammenfassung

Ziel dieses Beitrags ist es zunächst, die Grundlagen der Bewertungsprämissen und -techniken des IFRS 13 aufzuzeigen und darauf aufbauend einen Literaturüberblick über die Fair Value-bezogene Rechnungslegungsforschung zu geben. Der Beitrag zeigt auf, dass es sich beim Fair Value um einen Wertmaßstab handelt, der durch seine Marktorientierung zwar einem Grundprinzip folgt, aber aufgrund der Verfügbarkeit der Marktdaten als Grundlage der Bewertung im Ergebnis sehr heterogen ist. Die empirische Rechnungslegungsforschung ist ebenfalls weit gefächert und kommt zum Teil einheitlichen aber auch zu widersprüchlichen Ergebnissen bezogen auf verschiedene Forschungsschwerpunkte.

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Vorheriges Kapitel ESG in der Unternehmensbewertung

Nächstes Kapitel Neue Herausforderungen bei M&A und die Implikation für die Unternehmensbewertung

Dabei wurde das Ranking des Verbands der Hochschullehrer für Betriebswirtschaft e.V. zugrunde gelegt, https://vhbonline.org/fileadmin/user_upload/JQ3_RECH.xlsx. Zugegriffen am 16. März 2022. Folgende Zeitschriften waren in der Suche vorhanden und hatten das entsprechende Rating: Accounting Review; Journal of Accounting and Economics; Journal of Accounting Research; Accounting, Organizations and Society; Contemporary Accounting Research, Review of Accounting Studies, European Accounting Review.

Für eine Literaturübersicht zu diesem Thema siehe Acharya und Ryan (2016) sowie Ravenscroft und Williams (2021).

Eine Übersicht der empirischen Literatur zur Goodwill-Bilanzierung findet sich bei Amel-Zadeh et al. (2021).

Für weiterführende Literatur zu diesem Thema siehe Chakravarthy (2019).

Einige Artikel befassen sich mit mehreren Themenbereichen. Auf eine Zuordnung von Artikeln zu mehreren Themenbereichen wurde verzichtet.

Nachfolgend wird aus Vereinfachungsgründen stets das generische Maskulinum verwendet. Gemeint sind alle Angehörige aller (Geschlechter-)Identitäten.

Nur die im OCI erfassten Gewinne- oder Verluste der damals als availabe-for-sale klassifizierten Wertpapiere erweisen sich in der Studie von Dhaliwal et al. (1999) als wertrelevant.

Bis zum Inkrafttreten des Statement of Financial Accounting Standards (SFAS) 133 im Jahr 2000 waren nicht alle Derivate in der Bilanz auszuweisen (Ahmed et al., 2006, S. 570–571).

Zum gleichen Ergebnis kommt auch Israeli (2015). Dieser Beitrag wird in Abschn. 7.3.5.4.1 diskutiert.

Als Messgrößen werden die Hierarchiestufe bzw. das Kompetenzniveau eines Bewertungsgutachters verwendet.

Als Messgröße wird das Ausmaß der Nutzung externer Bewertungsgutachten verwendet.

Als Messgröße wird die Analysten-Coverage verwendet.

Als Messgröße wird die Risikoprämie von Bonds verwendet.

Als Messgröße wird der Anteil von Stufe 2- und Stufe 3-Finanzinstrumenten in der Bilanz verwendet.

Als Messgröße werden die Unternehmens-Betas verwendet.

Dabei handelt es sich um sog. conditional conservatism, d. h. die konservative Bilanzierung findet ex-post bzw. in Abhängigkeit von den Umständen statt: Bei ausreichend ungünstigen Umständen werden Vermögenswerte abgeschrieben, bei günstigen Umständen aber nicht wieder zugeschrieben. Letzteres gilt als konservative Bilanzierung (Beaver & Ryan, 2005, S. 269).

Als Maß für die Zeitnähe der Informationsbereitstellung dient der Koeffizient in einer Regression mit dem Einkommen einer Periode als abhängige und der Aktienkursrendite dieser Periode als unabhängige Variable.

Dieser Effekt stellt sich jedoch nur in einem Umfeld mit hohem Risiko ein, das die Motivation der Prüfer zur Berücksichtigung dieser Hinweise erhöht.

Als Messgrößen werden der Bid-Ask-Spread und die Standardabweichung der Aktienkursrendite verwendet.

In Großbritannien war die Nutzung beizulegender Zeitwerte für die Bewertung der als Finanzinvestition gehaltenen Immobilien bereits vor der IFRS-Einführung möglich.

Als Messgröße wird der Anteil der Großaktionäre sam Unternehmen verwendet.

Als Messgröße wird z. B. die Zugehörigkeit des CFO zur Vereinigung der 100 größten australischen Unternehmen verwendet.

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Titel: Fair Value-Accounting – Grundlagen und Stand der wissenschaftlichen Diskussion
verfasst von: Martin Tettenborn
Lilia Pasch
Verlag: Springer Fachmedien Wiesbaden
Buch: Unternehmensbewertung und ökonomische Analyse
Print ISBN: 978-3-658-40234-1

Electronic ISBN: 978-3-658-40235-8

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-3-658-40235-8_7