Finanskrisens betydning for den regnskabsmæssige behandling af investeringsejendomme i årsrapporten for mindre ejendomsinvesteringsselskaber, og nytteværdien af årsrapporten for regnskabsbruger

Kristoffer Julin

Student thesis: Master thesis


The financial crisis that started in 2008 has had a big impact on the real estate market in Denmark. After a long period of rising prices, the real estate market experienced a rapid decline in prices during the crisis. This has resulted in an increased focus on measurement of value of investment properties. Smaller property investment companies have few users of the financial statements with a homogeneous information needs. Users of the financial statements mainly need safe and reliable information represented to meet their information needs. The usefulness of the financial statement is highest when using measurement attributes and valuation models that ensure low risk, low uncertainty and credible representation. The legislation is designed so that it covers the needs of all companies in the respective accounting class. Smaller property investment companies can, because of the structure of the company, own a substantial property portfolio and still, relative to the Danish Financial Statements Act, be considered a small company. It is therefore an important question, wether the legislation regarding property investment companies and modifications hereof, secure the users, of the financial statement of smaller property investment companies, most value of the financial statements. The development in accounting legislation is moving towards fair value as the measurement attribute. This increases the risk of uncertainty in the valuation. At the same time the trend is moving towards better documented financial statements of property investment companies. The development has been both positive and negative, in relation to the usefulness of the financial statements, for smaller Property investment companies users. The analysis in the thesis shows that the financial crisis has not had a significant impact on companies' compliance with the legislation. The financial statements In the analysis shows a high degree of compliance with the legislation applicable to all companies. Also the financial statements in the analysis shows a lower degree of compliance on the part of the legislation that is specific to property investment companies. The analysis also shows that the level of information in the financial statements is enhanced during the crisis, and that the financial statment user in generally has got enhanced value of the financial statements. For those companies, who has chosen to change the measurement attribute from cost price valuation to fair value accounting, the usefulness of the financial statements, for the users of smaller property investment companies finaciel statement, however has declined.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2014
Number of pages98