Regnskabsmæssige behandling af aktier efter IFRS 9, og hvordan spiller IFRS 13 en rolle i indregning og efterfølgende måling af disse aktiver og de hertil knyttede oplysningskrav ud fra IFRS 7

Abstract

This thesis examines how IFRS 9, IFRS 13 and IFRS 7 influence the accounting treatment, measurement, and disclosure requirements of equity instruments in holding companies, with a particular focus on Novo Holdings A/S. IFRS 9 introduces a model for the classification and measurement of financial assets, based primarily on the entity’s business model and the contractual cash flow characteristics of the asset. IFRS 13 supports this by providing a consistent framework for fair value measurement, while IFRS 7 outlines de- tailed disclosure obligations related to financial risks and valuation. The thesis combines theoretical analysis with a qualitative case study of Novo Holdings A/S and its investments in both listed and unlisted shares. The analysis draws on the com- pany’s annual report as well as interviews with its external auditors from PwC, highlighting the practical challenges in implementing and applying the valuation and classification requirements under IFRS 9 and IFRS 13 – particularly the critical role of judgment and estimation. A key part of the analysis concerns the accounting treatment of newly acquired shares, including the classification into FVPL, and the use of fair value estimations via the dis- counted cash flow – DCF-model – especially for unlisted shares. The thesis concludes that while IFRS 9 offers flexibility for entities to align financial reporting with their investment strategy, it also imposes increased requirements for documentation, transparency and audit scrutiny. The main conclusion is that IFRS 9’ classification model provides a more accurate and principle-based approach to accounting for financial assets. However, it increases the complexity and demands on preparers and auditors – particularly regarding valuation estimates and disclosure requirements, which are further supported by IFRS 13 and IFRS 7. The case study illustrates how Novo Holdings A/S navigates these challenges in practice.