Årsregnskabets fremstilling af aktiebaseret vederlæggelse: En empirisk analyse af oplysningskvaliteten samt en sammenligning hvorvidt interessenterne finder fremstillingen brugbar

Christian Emil Hyldig

Student thesis: Master thesis


Share-based payment has through the last 15 years been a popular remedy of wages in Danish companies. Share-based payment is used in order to minimize the dilemma known as the principal-agent problem, as well as to maintain and motivate the right staff. 45% of the companies on the Danish stock exchange are using this instrument, mostly directed at the management and leading employees. The stakeholder support that these two groups are the ones receiving this kind of salary. When rendering the account, a company using share-based payment has some specific regulatory conditions to follow. Furthermore in order to evaluate the arrangement a set of provisions ensuring a certain amount of information in the accounting is set. These provisions are set in order to make sure that the stakeholder has the opportunity of keeping control of the administration of the com-pany. This compulsory provision named IFRS 2 Disclosures, a part of the IFRS 2, which is an in-ternational standard of the IASB, was introduced in Denmark in 2004. IFRS 2 Disclosures is rule based, which ensures that companies as a minimum needs to orientate the content of the provision. In general, the companies through a good orientation of their arrangements actually enable the user of the financial statements to evaluate the arrangements. It is however only 55, 29 % of the compa-nies, who complies with the provisions of IFRS 2 Disclosure. Most companies fail to inform, how they have calculated their volatility – numbers showing that only 60% of the companies actually in-form the method of calculation. There are furthermore 8 companies, who experiences considerable challenges observing other parts of the IFRS 2 Disclosures. Thus, the surveyed pattern shows that the larger a company is, including a greater exposure, the better the quality of the information given is due to be. 51% of the stakeholders are satisfied with the information given them by the companies. There is however a big difference between the groups of the stakeholder, when divided after their qualifica-tions. Professional investors and accountants are in general satisfied with a degree of respectively 74% and 64%, whereas private investors are strongly discontented. This difference is probably mainly due to the difference in qualifications, as the professional investors and accountants has the educational qualifications enabling them to better understand the used terms. In other cases, ques-tions however reveal that private investor has a good understanding of the terms used in the IFRS 2 Disclosures. Furthermore, the stakeholders in general agree that the IFRS 2 has improved the qual-ity of the information. The consequence of the financial crisis has been that many stakeholders are more negative against share-based payment (56%). They also declare that they henceforward will use more time scruti-nizing this part of the financial statements. Therefore, companies in the future need to strengthen their communication towards the stakeholder in order to give the right impression of the financial statements.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2009
Number of pages122