En studie om svenska börsnoterade fastighetsbolag : hur väl lämnas upplysningar om förvaltningsfastigheters värdering och varför kan detta skilja sig åt?

Abstract: Property companies’ results are affected by unrealized changes in value of properties. Since market values are never completely reliable there is always a risk with revaluation with property´s value. The fair value is determined only when a sale is completed. The paper studies how well the Swedish listed property companies reported under the accounting standard, IAS 40. That applies to investment properties with regard to the four qualitative characteristics understandability, comparability, reliability and relevance. The essay is delimited to the study of paragraph 75 of IAS 40 and the Swedish listed property companies’ annual report from 2010.The aim of this essay is to study how well the selected companies reports and analyze why differences may occur. As a framework for analysis it has been used Agency theory and theory of incentives for information disclosure. According to the accounting standard the annual reports have been examined and compared and to ensure interpretations of the standard qualitative interviews with accountants has been done. The conclusion is that IAS 40 paragraph 75 is perceived and interpreted similar to the selected companies and there are marginal differences in the interpretation of the four qualitative characteristics. The result demonstrates that all companies report accurately reflecting the fact that real estate is a capital intensive industry with the need for external financing.