Den regnskabsmæssige behandling af investeringsejendomme med fokus på udfordringer med værdiansættelsen

Abstrakt

The purpose of this chapter is to provide a summary of this thesis.
In Denmark the most common accounting method for measurement of investment properties to fair value is the normal earnings method. The normal earnings method is acknowledged for being a simple fair value method. The method is under the assumption that it is in best use under steady economic conditions.
The purpose of this thesis is to focus on the accounting treatment of investment property with a focus on the difficulties of valuation.
The thesis begins with a definition of the true and fair view in the annual report. This include a description of the impact the true and fair view have on the influence on decisions made by the share- and stakeholders.
The true and fair view is followed up by a definition of the investment properties. The part includes a review of the accounting policies. Investment properties can be measured via the cost method and the fair value method. The chapter includes a comparison of the measurement method and the principle of the true and fair view in the annual report. It is concluded that the fair value method is the most true and fair method for measurement of investment properties.
The true and fair method have the option of measurement to fair value via following approach according to IFRS 13:
- Level 1: Quoted prices in an active market for identical assets or liabilities.
- Level 2: Observable inputs other than quoted prices
- Level 3: unobservable inputs
It is concluded that the measurement of fair value in level 1 and 2 is very unlikely to be reliable. The level 3 includes unobservable inputs, which is fair value models. The most common models are the normal earnings- and the discounted cash flow -model.
In the end of the thesis an analysis is performed of both models. The analysis includes different scenarios and reflect how the models perform under different circumstancing. It is concluded that the model that gives the most true and fair view is the discounted cash flow model. However, the discounted cash flow model is more advanced than the normal earnings model. When selecting which model is most proper for measurement, it is important the management should consider the cost-benefit of each model.