En analyse af den regnskabsmæssige præsentation og værdiansættelsen af investe-ringsejendomme under den finansielle krise, samt de revisionsmæssige problem-stillinger i relation hertil, for en mindre virksomhed

Michelle Kähler & Martin Jensen

Student thesis: Master thesis


Since the beginning of the new millennium and up until recently the values of the investment property market have risen significantly. This has come to an end with the financial crisis. The values have de-clined and the market for property does almost not exist at the moment. The purpose of the thesis is to uncover exactly what an investment property is and how the value of properties has changed during the crisis as well as identifying whom the significant stakeholders are, in respect to companies with in-vestment properties. Furthermore it is discovered exactly how the value of investment properties and relevant disclosures is presented in the financial statement for a small sized entity, and measured cor-rectly if the entity uses the fair value accounting and not the cost price method. This includes the use of Mark-to-model calculation using the most frequently and best calculation models available as well as an evaluation on these models. Finally the role of the auditor is discussed in respect to the audit of enti-ties that possess investment properties, which includes the arising of the concept of audit and the spe-cific audit actions needed to be carried out on an entity with investment properties. In this thesis a practical analysis of a small sized entity is made, with regard to the presentation and measurement of the value of the company’s properties, as well as the auditor’s review of the compa-ny’s financial statement. The analysis shows that there are problems regarding the use of value calcula-tion models and the disclosure of information in the financial statement, for the improvement of the company’s stakeholders risk evaluation. The value’s in the Danish financial statements has not reflect-ed the value decline of the market and the case study support, this fact. However it is not concluded that there is a mismatch in the case study’s valuation of properties regarding to the auditor’s evaluation on the fair value. It is seen though, that the disclosures in the financial statement regarding to account-ing policies as well as the management’s review are not sufficient. New standards on accounting do not contribute with further valuable supplement to the financial state-ments, but it is seen, that there are an international focus on the auditors work in accordance with the financial crisis.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2009
Number of pages129