NUEVAS PROPUESTAS CONTABLES PARA EL TIMESHARING

La ausencia de pronunciamientos contables que aborden, de forma detallada, la problemática que genera la realidad del timesharing ha derivado en la existencia de una gran diversidad de prácticas de reconocimiento contable. Este trabajo tiene como objetivo realizar un análisis crítico de la normativa contable aplicable al timesharing, realizando algunas reflexiones que permitan poner de manifiesto la necesidad de que los principales organismos normalizadores efectúen una consideración más detallada de la problemática que suscitan las diversas transacciones que se derivan de este negocio, contemplando cuidadosamente todos sus términos y condiciones. ABSTRACT The absence of more specific accounting guidelines for the timesharing industry has derived in the existence of a great diversity in accounting recognition practices. In this context, the present study analyzes the aforementioned situation as well as the new trends in accounting standardization in the timesharing industry. Based on the similarities and divergences between the different proposals, we carry out some reflections about the convenience of providing the timesharing industry with an own and deeper set of accounting guidelines

Informativeness of accounting earnings in family firms.

This work examines the relationship between the family control and informativeness of accounting earnings in listed non-financial Spanish companies between 1997 and 2003. The results reveal a negative relationship between the family nature of the controlling shareholder and the credibility of accounting information. Moreover, as the level of voting rights in the hands of the family ultimate owner increases, the informativeness of earnings decreases. Only in family firms where the CEO is hired, the family nature affects positively on the informativeness of accounting earnings.Family firm, reputation, private benefits, informativeness

Empresas políticamente conectadas y credibilidad de la información contable

The objective of this study is to analyse the effect of firms' political ties on earnings informativeness. By examining a sample of politically connected non-financial listed firms over the period 2003-2011 we show that around 48 % of sample firms have appointed at least one politician to their boards. Our analysis also shows an increase in the appointment of high-level politicians to their boards. Moreover, our results show a negative incidence of political connections on earnings informativeness, consistent with an information effect, whereby politicians and shareholders are interested in providing as little information to the market as possible in order to protect the firm's political ties from public scrutiny. In addition, we find a positive incidence of the divergence between the dominant owner's voting and cash flow rights on earnings informativeness in politically connected firms. This latter result is consistent with the presence of an alignment effect, whereby the existence of political ties reduces the dominant owner's incentive to expropriate minority shareholders' wealth, thus increasing earnings informativeness.Este trabajo ha obtenido el 1.er Premio Estudios Financieros 2013 en la modalidad de Contabilidad. El objetivo de este trabajo es analizar la incidencia de la presencia de consejeros políticos en la credibilidad de la información contable divulgada por la empresa. A partir de una muestra de sociedades no financieras cotizadas españolas a lo largo del periodo 2003-2011 se muestra como en torno al 48 % de las empresas cuentan con al menos un consejero político y un incremento de políticos de alto nivel consejeros de las sociedades cotizadas a lo largo del periodo analizado. Además, los resultados muestran una incidencia negativa de la presencia de conexiones políticas en la credibilidad de los resultados contables, como consecuencia de la presencia de un efecto información que conlleva que tanto accionistas como políticos estén interesados en ofrecer al mercado la menor información posible. Asimismo, nuestro trabajo evidencia que en las empresas políticamente conectadas a medida que aumenta la divergencia entre los derechos de voto y cash flow en manos del propietario dominante aumenta la capacidad informativa de los resultados contables. Este resultado es consistente con la presencia de un efecto alineamiento que conlleva una disminución de los incentivos a la expropiación de rentas a los minoritarios ante un aumento de la preocupación por la reputación en escenarios de alto escrutinio público y social

Estructura de propiedad y capacidad informativa de los resultados contables en España

This paper examines the relationship between the ownership structure of listed non-financial Spanish companies and the informativeness of their accounting earnings between 1996 and 2002. The contractual relationships of Spanish companies are set within a governance framework typical of a civil law country. Therefore, they fall under a legal system which, unlike that of Anglo-Saxon countries, provides less protection to outside investors. So, the governance structure is characterized by high concentration of voting rights in the hands of the controlling shareholders, the use of ownership structures that permit the separation of voting rights and cash flow rights, and a notable presence of families in the control of the decision making process. We document a negative relationship between the level of voting rights of the controlling shareholder and the credibility of accounting information. We also find that separation of voting from cash rights does not affect earnings informativeness in Spain

Objetivos de cálculo de coste en las empresas de tratamiento y abastecimiento urbano de agua potable. El coste del agua desalada

Entre las acciones emprendidas por la Unión Europea en el ámbito de la política de aguas, destaca la Directiva 2000/60/EC del Parlamento Europeo y del Consejo, que establece un marco de acción comunitaria en dicho ámbito. Esta norma, ampliamente conocida como Directiva Marco del Agua, indica en su artículo 9 que los miembros de los estados tendrán en cuenta el principio de recuperación de los costes de los servicios de aguas, incluidos lo medioambientales. Teniendo en cuenta dicho precepto legal, las empresas de tratamiento y abastecimiento urbano de aguas tienen la necesidad de generar información sobre los costes en general, y sobre los costes (y otras magnitudes) medioambientales en particular. En el presente trabajo centramos nuestra atención en el cálculo del coste de uno de los outputs de tales empresas, como es el agua desalada.From among actions undertaken by the European Union in the field of water policy, emphasize the Directive 2000/60/EC of the European Parliament and of the Council, that establishes a framework for community action in the refereed field. This standard, widely known as Water Framework Directive, indicates in its article 9 that member states shall take account of the principle of recovery of the costs of water services, including environmental. According to this legal framework, municipal water supply entities must generate information about their general costs and, more particularly, about their environmental costs and other environmental items. So, in this paper we focus on the calculation of the cost of desalinated water, which is one of these entities’ main outputs