The historical evolution of accounting in China (novissima sinica): effects of culture (2nd part).

Este artículo intenta explicar los criterios que sustentan la idea de que la contabilidad China ha sido conformada durante el pasado siglo con arreglo a factores culturales, económicos y políticos. Asimismo se propone estudiar los fenómenos históricos experimentados por la contabilidad china en el transcurso de los años, y evaluar comparativa y críticamente los efectos culturales de los mismos con las transformaciones políticas y económicas que han tenido influencia en el desarrollo de la contabilidad China. This paper attempts to argue the criteria which claim that Chinese accounting has been shaped by together with cultural, economical and political factors in the last century. This paper also aims to compare historical phenomena which occurred in Chinese accounting over the years, and then to assess comparatively or critically the effects of culture with politic and the economic transformations on the development of Chinese accounting.Contabilidad comparativa, contabilidad china, factores culturales, historia, sociología. Chinese accounting, comparative accounting, cultural factors, evolution, history, sociology.

The historical evolution of accounting in China (novissima sinica): effects of culture (2nd part).

Este artículo intenta explicar los criterios que sustentan la idea de que la contabilidad China ha sido conformada durante el pasado siglo con arreglo a factores culturales, económicos y políticos. Asimismo se propone estudiar los fenómenos históricos experimentados por la contabilidad china en el transcurso de los años, y evaluar comparativa y críticamente los efectos culturales de los mismos con las transformaciones políticas y económicas que han tenido influencia en el desarrollo de la contabilidad China. This paper attempts to argue the criteria which claim that Chinese accounting has been shaped by together with cultural, economical and political factors in the last century. This paper also aims to compare historical phenomena which occurred in Chinese accounting over the years, and then to assess comparatively or critically the effects of culture with politic and the economic transformations on the development of Chinese accounting.Contabilidad comparativa, contabilidad china, factores culturales, historia, sociología. Chinese accounting, comparative accounting, cultural factors, evolution, history, sociology.

Verdsettelse av Spotify Technology S.A.

Hensikten med denne oppgaven er å presentere en omfattende verdivurdering av Spotify Technology S.A. per våren 2023. Oppgaven søker spesifikt å estimere en aksjekurs som kan gi en kjøps- eller hold-anbefaling basert på aksjens markedsverdi. For å oppnå dette, gir oppgaven først en omfattende gjennomgang av Spotify Technology S.A. og bransjen selskapet opererer i. Deretter behandles flere teoretiske metoder for å verdsette et selskap, inkludert hvordan man estimerer kontantstrømmer og beregner en avkastning ved hjelp av den diskonterte kontantstrømmodellen. Videre ser vi på relativ verdsettelse, som krever en strategisk analyse for å kunne forutse fremtidige kontantstrømmer på en effektiv måte. For å oppnå størst mulig presisjon i kontantstrømestimatet suppleres dette med en regnskapsanalyse. For å observere forskjeller i resultatene blir de beregnede kontantstrømmene og avkastningsratene utsatt for en sensitivitetsanalyse. Videre utføres en relativ verdsettelse ved å sammenligne Spotify med lignende selskaper og beregne ulike aksjekurser ved hjelp av ulike multiplikatorer. Spotifys aksjekurs ble bestemt av både den fundamentale og den relative verdsettelsen, som var henholdsvis 103,9 USD og 139,7 USD. Etter en grundig vurdering ble det brukt et vektet gjennomsnitt på 80-20 i favør av den fundamentale verdien, noe som resulterte i en endelig aksjekurs på 110,9 USD. Spotifys aksjekurs var 133,6 USD per 28. april 2023. Som et resultat ble det utstedt en hold-anbefaling for Spotifys aksjer basert på denne verdsettelsen. Denne oppgavens bidrag til feltet ligger i å gi en grundig verdsettelse av Spotify Technology S.A. Resultatene kan være nyttige for investorer, analytikere og markedsaktører som er interessert i å ta informerte beslutninger om å investere i Spotify Technology S.A.This thesis' primary objective is to present an extensive valuation of Spotify Technology S.A. as of spring 2023. The research specifically seeks to estimate a share price that could offer a buy or hold recommendation based on the share price's market value. To accomplish this, the paper first provides a comprehensive review of Spotify Technology S.A. and the industry in which it operates. Following that, several theoretical methods of valuing a corporation are addressed, including how to estimate cash flows and calculate a rate of return using the discounted cash flow model. Furthermore, the study looks into relative valuation, which necessitates a strategic analysis in order to effectively anticipate future cash flows. To provide the highest level of precision in cash flow estimation, this is supplemented by an accounting analysis. To observe differences in findings, the calculated cash flows and return rates are subjected to a sensitivity analysis. Furthermore, a relative valuation is performed by comparing Spotify to similar corporations and calculating various share prices using different ratios. Spotify's share price was determined by both the fundamental and relative valuations, which were 103.9 USD and 139.7 USD, respectively. After a thorough assessment, a weighted average of 80-20 in favor of fundamental value was applied, resulting in a final share price of 110.9 USD. Spotify's share price was 133.6 USD as of the 28th of April 2023. As a result, a hold recommendation was issued for Spotify's shares based on this valuation. This thesis's contribution to the field lies in providing a thorough valuation of Spotify Technology S.A. The results can be helpful to investors, analysts, and market participants interested in making informed decisions about investing in Spotify Technology S.A

Oil and gas producers industry developments - 1993; Audit risk alerts

https://egrove.olemiss.edu/aicpa_indev/1156/thumbnail.jp

Objectives of financial statements: Selected papers

Committee members are: Cyert, Richard M.; Davidson, Sidney;Edwards, James Don; Gellein, Oscar S.;Parker, C. Reed;Reinhart, Andrew J.; Trueblood, Robert M.;Wagner, Howard O.;Weston, Frank T.

Equity research: solaredge technologies, inc

Este trabalho efetua uma análise abrangente da empresa SolarEdge com o objetivo de estimar o seu valor intrínseco ajustado a um conjunto de pressupostos sobre a dinâmica de negócio futuro da empresa. A SolarEdge desenvolve o seu negócio no setor das energias renováveis e é reconhecida globalmente como líder no setor. Dada a sua importância, é imperativo compreender o seu valor e potencial de investimento uma vez que a empresa é cotada no NASDAQ onde os investidores tomam decisões de investimento diárias. Este projeto utiliza o método dos Fluxos de Caixa Descontados como principal técnica de avaliação da empresa e estima o valor da empresa com base em 3 cenários alternativos, fornecendo insights essenciais para facilitar decisões de investimento bem informadas. A trajetória do setor de energia renovável está alinhada com as necessidades globais de energia e os imperativos ambientais, posicionando a energia solar como pioneira até 2050. Novas abordagens, incluindo armazenamento de energia e melhorias na rede, atenuam os desafios de intermitência, aumentando o potencial das contribuições de energia renovável. Integral ao setor é a convergência de considerações ambientais, sociais e de governança (ESG), ressaltando seu alinhamento com os objetivos centrais e as implicações sociais das empresas de energia renovável. As conquistas da SolarEdge estão enraizadas na inovação, estabilidade financeira, alcance global e fortes relações com os clientes. Sua vantagem competitiva é fortalecida por sistemas inversores exclusivos e crescimento de receita consistente. No entanto, a empresa deve navegar pelas mudanças nas regulamentações, na dinâmica do mercado e na concorrência de forma criteriosa. Embora os pontos fortes estejam na inovação e na presença internacional, as vulnerabilidades surgem da dependência do produto e da rivalidade do setor. Para capitalizar os pontos fortes e mitigar os pontos fracos, a SolarEdge deve buscar estrategicamente oportunidades como eficiência de custos, iniciativas ecologicamente corretas e alinhamento tecnológico. Apesar desses esforços, a vigilância contra riscos, incluindo produtos falsificados, custos crescentes e volatilidade do mercado, é fundamental para o crescimento duradouro. Dada a crescente importância da energia renovável no paradigma global, tomar decisões de investimento sólidas depende da compreensão dos pontos fortes, vulnerabilidades e dinâmica do setor de uma empresa. Este projeto utiliza uma abordagem qualitativa e quantitativa integrada, aprimorando as opções de investimento com perspetivas informadas. A análise qualitativa consiste numa revisão abrangente dos relatórios financeiros da empresa e outras fontes de informação publicados pela empresa e por entidades externas. A análise quantitativa envolve o uso de técnicas de avaliação, como análise dos fluxos de caixa descontados e análise de múltiplos, para estimar o valor atual da SolarEdge. Os dados analisados revelam que a SolarEdge tem beneficiado de um forte crescimento das suas receitas ao longo dos últimos anos e que existem perspetivas favoráveis ao desenvolvimento sustentado do negócio nos próximos anos. No entanto, o negócio exige cautela devido ao aumento das responsabilidades e despesas operacionais. O forte crescimento das receitas deverá abrandar nos próximos anos e a empresa deve tornar-se mais eficiente no que respeita à obtenção de margens mais robustas e que permitam gerar maiores níveis de cash-flow. O cenário base desenvolvido assume que a empresa apresentará em 2023 um volume de negócios de 4,1 biliões de dólares e que este valor crescerá ao ritmo de 18% anual durante os próximos 5 anos. Estes valores de crescimento são prudentes uma vez que são mais baixos que as expectativas da empresa e estão em linha com a expectativa média dos analistas financeiros que seguem a empresa. Considerando uma solidificação das margens da empresa e a estimativa de novos investimentos, estima-se que a empresa será capaz de gerar anualmente valores de free-cash flow entre os 372 milhões de dólares e 863 milhões de dólares entre os anos de 2023 e 2027. As estimativas efetuadas neste trabalho permitem concluir que, no cenário base, o valor atual da empresa ronda os 11,26 biliões de dólares ($199,81 por ação). Este valor compara com o valor de mercado à data de 31 de Julho de 2023 no montante de 13,3 biliões de dólares ($236,79 por ação), o que significa que a empresa está um pouco sobrevalorizada. O cenário mais pessimista aponta para um valor atual de 7,0 biliões de dólares ($124,33 por ação) e o cenário mais otimista aponta para um valor atual de 19,1 biliões de dólares ($338,75 por ação). Os resultados deste trabalho contribuem para que os investidores possam tomar decisões de investimento na SolarEdge de forma mais informada através da discussão de toda a infamação analisada neste projeto.This work performs a comprehensive analysis and valuation of SolarEdge, a notable participant in the renewable energy sector, with the objective of providing essential insights to facilitate well-informed investment decisions. Employing an integrated qualitative and quantitative approach, this study enhances investment choices with informed perspectives. The qualitative analysis consists of a comprehensive review internal and external sources of information and the quantitative analysis involves the use of the discounted cash flow to estimate the fair value of SolarEdge's. The trajectory of the renewable energy sector aligns with global energy needs and environmental imperatives, positioning solar energy as a frontrunner by 2050. Novel approaches, including energy storage and grid enhancements, mitigate intermittency challenges, augmenting the potential of renewable energy contributions. Integral to the sector is the convergence of Environmental, Social, and Governance (ESG) considerations, underscoring their alignment with the core objectives and societal implications of renewable energy enterprises. SolarEdge's achievements are rooted in innovation, financial stability, global reach, strong customer relations. Its competitive edge is fortified by unique inverter systems and consistent revenue growth. However, the company must navigate shifting regulations, market dynamics, and competition judiciously. While strengths lie in innovation and international presence, vulnerabilities arise from product dependency and industry rivalry. To capitalize on strengths and mitigate weaknesses, SolarEdge should strategically pursue opportunities such as cost efficiency, eco-friendly initiatives, and technological alignment. Despite these endeavors, vigilance against risks including counterfeit products, rising costs, and market volatility is pivotal for enduring growth. The valuation of SolarEdge reveals that, in the middle scenario, the fair value of the company is $11.23 billion dollars or$199.81 per share, which is slightly higher than the current market value of the company ($13.3 billion dollars on 31st of July 2023). The discussion of the assumptions and the alternative valuations using worst and best scenarios contribute to investors take more informed decisions related with SolarEdge

Database of materials on users\u27 needs for information : from a study conducted by the Special Committee on Financial Reporting, Volume 2

https://egrove.olemiss.edu/aicpa_comm/1290/thumbnail.jp

Do cross-border M&As pay off? Empirical evidence on Italian acquirers

openMy research is focused on Italian companies that engage in outbound cross-border M&As. Specifically, I am interested in analyzing the accounting performance of bidders involved in these deals. According to KPMG's M&A reports for 2022, the Italian M&A industry experienced significant growth between 2013 and 2022, with a CAGR of +158% and a rise in completed deals from 381 to 1184 annually over the past decade, resulting in a total value increase from 31 billion to 80 billion. With my work, I aim to identify the characteristics of Italian companies that engage in cross-border M&As, and how their available resources impact their decision-making. I also intend to investigate whether the performance of Italian acquirers improves after M&As, particularly in terms of profitability and marginality, as measured by ratios such as Return on Assets (ROA) and EBITDA margin, compared to Italian companies with similar characteristics that did not engage in cross-border M&As. To measure the causal effect of international acquisitions on business performance, we used a difference-in-differences approach combined with propensity score matching.My research is focused on Italian companies that engage in outbound cross-border M&As. Specifically, I am interested in analyzing the accounting performance of bidders involved in these deals. According to KPMG's M&A reports for 2022, the Italian M&A industry experienced significant growth between 2013 and 2022, with a CAGR of +158% and a rise in completed deals from 381 to 1184 annually over the past decade, resulting in a total value increase from 31 billion to 80 billion. With my work, I aim to identify the characteristics of Italian companies that engage in cross-border M&As, and how their available resources impact their decision-making. I also intend to investigate whether the performance of Italian acquirers improves after M&As, particularly in terms of profitability and marginality, as measured by ratios such as Return on Assets (ROA) and EBITDA margin, compared to Italian companies with similar characteristics that did not engage in cross-border M&As. To measure the causal effect of international acquisitions on business performance, we used a difference-in-differences approach combined with propensity score matching

Climate change adaptation in industry and business

This report delivers a best practice framework to integrate financial risk assessment, governance and disclosure with existing governance principles around climate change adaptation.AbstractThe Australian business community has long been aware of the risks and opportunities associated with greenhouse gas mitigation and climate change policies. Some businesses have taken initial steps to adapt to the expected effects of climate change; however, most enterprises are only vaguely aware of the breadth of adaptation that may be required. Associated with strategic adaptation are the principles of financial/operational risk management and governance, as well as financial impact disclosure to investors and regulators. We develop a consolidated framework in which boards and executive managers can develop a robust approach to climate change adaptation governance, climate change risk assessment and financial disclosure. The project outlines a matrix of disclosures required for investors to enable them to evaluate corporate exposure to climate change risk.The project initially comprised a set of workshops with members of the Australian business community, industry representatives, regulatory authorities and academics with expertise in business risk and disclosure effects. Each workshop focused on a separate theme that built upon the work of previous workshops. A set of follow-up discussions was held with some of the key members who contributed to the project, including the Australian Stock Exchange (ASX) Investor Group on Climate Change (IGCC), the Australian Accounting Standards Board (AASB) and the Australian Institute of Company Directors. This discussion permitted each body to comment on the final report, advise on the mechanics of the costing, reporting and disclosure approaches of climate change adaptation, and lend their expertise to the formulation of an appropriate framework.The scope of the research is constrained to firm behaviour and the requirements for investor disclosure and governance of adaptation activities. The project therefore focuses on financial analyses – including real options – undertaken by firms with regard to investing in climate change adaptation activities and projects. While the economic costs and benefits are important to organisational adaptation activities, they represent a secondary level of analysis that may need to be carried out on either an independent or cumulative scale by governments or other bodies to measure the wider effects.As the degree of sophistication in climate change adaptation activities, modelling and cost estimation increases, along with the anticipated growth in interest of both company boards and managers, it is expected that accounting standards, ASX listing rules and disclosures required under the Corporations Act would need to explicitly reflect these corporate actions. The asset allocation of banks, mutual funds, superannuation funds and other investments is also likely to adapt as companies quantify their exposure to climate change. The makeup of assets in investment portfolios may therefore markedly shift, and thus indirectly adjust to the climate change adaptation activities of companies in the broader market