Hedge Accounting

which would affect some comments made herein. Accrual accounting, as used in the original issue discount (OLD) regulations, based on a yield curve that is not changed during the life of the transaction, does not reflect, absent a disposition, changes in market or credit risk. With the limited flexibility of such fixed income calculations, this kind of system only approximates a mark-to-market method. "[T]he contingent payment debt formula is an attempt to come close to bifurcation with a set of rules that is simpler to apply." David A. Weisbach, Tax Responses to Financial Contract Innovation, 50 TAX L. REv. 491, 518 (1995). To Professor Weisbach, bifurcation "promises simplicity because it taxes hybrids based on the taxation of components .. " Id. at 507. 1 Ensminger: Concerto for Piano vs. Orchestra Published by IdeaExchange@UAkron, 2001 2 A complete integration system would combine a taxpayer's entire portfolio into a single position to provide. a tax treatment for that position. Deborah H. Schenk, Taxation of Equity Derivatives: A Partial Integration Proposal 50 TAX L. REv. 571, 579 (1995). Integration can also be applied to sets of instruments that are combined for purposes of applying a tax regime, which, as indicated in the following discussion, is an approach that has found considerable popularity in the United States tax system. I For an example where Statement of Financial Accounting Standard [hereinafter, SFAS] No. 133 may require integration, see note 51, infra. Bifurcation as a basic approach to the tax law has its proponents. See Weisbach, supra note 1; Reed Shuldiner, A General Approach to the Taxation of Financial Instruments, 71 TEX. L. REv. 243 (1992). 4 It might be more accurate to say that Congress has reluctantly realized that modification of the realization system is necessary for some degree of equity, and the complexity of such concessions may actually be making adoption of a mark-to-market system more difficult. Modifications or the realization system include the capital/ordinary distinction (whether an asset is sold vs. income from the asset), holding period rules (difference between investment and business assets), cost recovery conventions (business assets need not wait for final disposition to provide some tax benefit), capitalization rules (some current deductions [Vol. 16

The copyright of this thesis vests in the author. No quotation from it or information derived from it is to be published without full acknowledgement of the source. The thesis is to be used for private study or noncommercial research purposes only. Published by the University of Cape Town (UCT) in terms of the non-exclusive license granted to UCT by the author.

This study aimed to identify the determining factors for adopting hedge accounting by Brazilian banks that publish financial statements in IFRS. In order to carry out the tests, the IFRS financial statements of 41 banks were examined from 2015 to 2020. The results of the empirical tests revealed that the adoption of hedge accounting is positively related to the fact that banks have a controlling capital of private nature, be publicly traded (listed on B3), and have investments abroad in the form of facilities or subsidiaries; and the level of participation of customer loans and bonds and securities portfolios in the entities' equity structure. The tests also showed that the size of the banks, the fact that they are listed in B3's governance levels, and the level of profitability of the entities do not help to explain the adoption of hedge accounting by Brazilian banks. The results make it possible to identify patterns in the financial institutions that most adopt hedge accounting and enable economic agents to understand the accounting choices practiced by these entities, considering their relevance for the financial industry -especially regarding the need for risk and capital management in companies in this segment. Additionally, the findings fill a gap in the literature regarding the financial segment, identifying factors that act as incentives for adopting hedge accountingan accounting practice compatible with risk management by Brazilian banks.

Este estudo teve por objetivo identificar os fatores determinantes da adoção do hedge accounting pelos bancos brasileiros que publicam demonstrações financeiras em IFRS. Para a realização dos testes foram examinadas demonstrações financeiras em IFRS de 41 bancos, no período de 2015 a 2020. Os resultados dos testes empíricos revelaram que a adoção do hedge accounting é positivamente relacionada com: (i) o fato de os bancos terem o capital de controle de natureza privada, serem de capital aberto (listados na B3) e possuírem investimentos no exterior, sob a forma de dependências ou subsidiárias; e (ii) o nível de participação das carteiras de crédito a clientes e de títulos e valores mobiliários na estrutura patrimonial das entidades. Os testes demonstraram, também, que o tamanho dos bancos, o fato de serem listados nos níveis de governança da B3 e o nível de rentabilidade das entidades não ajudam a explicar a adoção do hedge accounting pelos bancos brasileiros. Os resultados permitem identificar padrões nas instituições financeiras que mais adotam o hedge accounting e possibilitam aos agentes econômicos entender as escolhas contábeis praticadas por essas entidades, considerando a sua relevância para a indústria financeiraem especial quanto à necessidade de gestão de riscos e de capital em empresas deste segmento. Adicionalmente, os achados suprem um gap de literatura no que tange ao segmento financeiro, identificando fatores que funcionam como incentivos para a adoção da contabilidade de hedgeprática contábil compatível com o gerenciamento de riscos pelos bancos brasileiros. Editado em português e inglês. Versão original em português.

U.S. generally accepted accounting principles allow managers discretion in deciding what period costs reported on the income statement are classified as R&D expense. Our study investigates factors that contribute to managers classifying routine, re-occurring operating expenses as R&D expense, i.e., engage in R&D classification shifting. We develop an R&D expectation model that includes variables that proxy for firms’ budgeted and discretionary R&D spending, and use the residuals from the model to proxy for firms’ R&D classification shifting. We find that firms engage in more R&D classification shifting when they miss their earnings benchmarks, but analyst following and institutional ownership mitigate the classification of operating expenses as R&D expense. These findings are robust to a multitude of sensitivity tests. Additional analysis documents that firms missing their year-end earnings forecast and engaged in R&D classification shifting make more R&D narritives in their fourth ...

We report the results of a decision simulation conducted among 349 adults whose task was to invest in a hypothetical 401(k) retirement plan. We varied the number of mutual funds offered for investment and observed the effects on the incidence and extent of participation. The results indicate that larger fund assortments tend to reduce participation among women, but increase it among men. Implications and suggestions for future research are discussed. About the Authors: Maureen Morrin, an associate professor of marketing at Rutgers University, conducts research on a variety of topics that impact the consumer decision making process including branding, atmospherics (e.g., scent and touch), and financial decision making. Her dissertation, which examined the impact of brand extensions on parent brand memory retrieval, was awarded an honorable mention by the American Marketing Association and was subsequently published in the Journal of Marketing Research. Professor Morrin is a graduate of New York University (Ph.D.). She also is a graduate of Thunderbird, the American Graduate School of International Management (MBA), and Georgetown University (BSFS). Her corporate work experience includes five years in packaged goods advertising and brand management. J.

In this paper, we examine the correlations between hedge fund strategy indices and asset classes. Based on the Dynamic Conditional Correlation (DCC) GARCH Model, we estimate the correlations between hedge fund, stock, and bond indices during bull and bear markets. The results reveal that there are significant correlations between hedge funds and the stock market, especially during the recent financial crisis that took place from 2007 to 2009.

The primary problem facing listed deposit money banks in Nigeria is their struggle to achieve sustainable growth in a volatile economic environment. This study investigated the impact of hedge accounting disclosures on the sustainable growth of these banks, focusing on commodity hedge disclosure, interest rate hedge disclosure, and foreign exchange rate disclosure, while controlling for market capitalization. Using an ex post facto research design, the study analyzed secondary data from 11 selected banks over a period of 10 years from 2014 to 2023. The method of data analysis was random effect regression technique. The findings revealed that commodity hedge disclosure (COMD) and interest rate hedge disclosure (INTD) have significant positive effects on the sustainable growth rates of listed deposit money banks in Nigeria. Conversely, foreign exchange rate disclosure (FEXD) has a significant negative effect on sustainable growth, indicating that high levels of foreign exchange risk exposure, when disclosed, may reduce investor confidence and perceived stability. The study concluded that hedge accounting disclosures significantly impact sustainable growth of listed deposit money banks in Nigeria.  It recommended the management of listed deposit money banks in Nigeria should enhance commodity and interest rate hedge disclosures to improve the quality of foreign exchange risk communication.

Hedge funds have become an important part of the financial sector. The development of the hedge funds in the Nordic countries has been rather robust. Therefore, it is important to identify the determinants of the hedge fund performance and isolate the managerial performance, i.e., the Jensen’s alpha. To this end, this paper construct cross sectional and panel model for the Nordic hedge funds over 2005–2018. The Fung-Hsieh 8-factor model and other models are developed to identify the determinants of the Nordic hedge fund performance. The effects of crises of different nature (local to global, hedge funds to banking sector) are also tested. The results indicate that Nordic hedge funds are capable to generate positive alpha during the crisis even exceeding the alpha of the economically stable time periods.

Este estudo tem como principal objetivo verificar se determinantes como “tamanho” e “dívida” são capazes de influenciar as companhias brasileiras do segmento do Novo Mercado a adoção do Hedge Accounting. Com o intuito de atingir os objetivos propostos, realizou-se uma pesquisa descritiva, uma vez que descreveu fenômenos e experimentos realizados no estudo de natureza quantitativa por utilizar técnicas estatísticas para classificar e quantificar dados extraídos da amostra. A amostra inicial foi composta por 137 companhias de capital aberto que publicaram seus demonstrativos financeiros relativo ao exercício de 2016 e desta foram extraídas todas as companhias que não possuíam contratos ativos de derivativos no ano pesquisado. Desta maneira, somente foram consideradas como base amostral de estudo 91 companhias deste segmento. Verificou-se ainda que a variável relacionada ao faturamento está diretamente associada a escolha contábil, diferente das variáveis associadas as dívidas que afas...

Accounting information system is necessary
for the success of governmental agencies in long
terms. The quality of Governmental agencies cannot
be evaluated without suitable supervision tools.
All Governmental agencies should evaluate the impact
of various incidents of controlled resources. Accounting
information system plays important role in
Governmental agencies in acceptance and survival
of a strategic situation. Accounting information system
needs suitable and effective internal control system
to perform properly and to be away from risks.
One of the main responsibilities of managers is to
analyze the effectiveness of internal control. Managers
should be responsible for their performance
and clarify information and enforce financial discipline
and fight against economic and financial corruption
which is necessary for the effective internal
control in Governmental agencies and organizations
that the establishment of strong and effective internal
controls leads to transparency of financial reporting
and promotion of financial and operational capacity.
Since the government is considered as the public
sector, the impacts of strong internal control in this
sector and its impact on the amount of responsibility
of managers’ accountability gets special importance.
In this article, besides describing internal control, we
try to discuss its relationship with the responsibility
of managers’ accountability.

This work proposes an accounting calculation scheme for hedging swaps based on the requirements listed under International Accounting Statement (IAS) 39. In particular we developed a procedure that assists risk managers in the identification of the hedging efficiency between a group of loans (or bonds) and swaps held in a bank portfolio qualifying for hedge accounting. The proposed scheme aims at associating to any given swap of the bank portfolio, a certain collection of loans (or bonds) whose risk exposures offset each other. The final result is the construction of a number of hedges that are effective according to IAS 39.

To understand the nature of hedge fund managers’ skills, we study the implementation of risk arbitrage by hedge funds using their portfolio holdings and comparing them with those of other institutional arbitrageurs. We find that hedge funds significantly outperform a naive risk-arbitrage portfolio by 3.7% annually on a risk-adjusted basis, whereas non–hedge fund arbitrageurs fail to outperform the benchmark. Our analysis reveals that hedge funds’ superior performance does not reflect fund managers’ ability to predict or affect the outcome of merger and acquisition deals; rather, hedge fund managers’ superior performance is attributed to their ability to manage downside risk.

Anticipated purchase of oil structured as forecasted transaction Cash Flow Yes Yes Memo Anticipated purchase of oil structured as a firm commitment Fair Value Yes Yes Memo Part B Price-Decreasing Anticipated purchase of oil structured as forecasted transaction Cash Flow Yes Yes Memo Anticipated purchase of oil structured as a firm commitment Fair Value Yes Yes Memo Overview Warfield Company is considering hedging the risk associated with (1) an available-forsale (AFS) security portfolio and (2) an anticipated oil purchase. The case requires providing Warfield's Board of Directors with the accounting and financial statement impact of the proposed hedges for the two transactions. Both Part A and Part B are set up to compare and contrast the accounting and reporting differences of a cash flow versus a fair value hedge under Statement of Financial Accounting Standards No. 133, Accounting for Derivatives Instruments and Hedging Activities (SFAS No. 133). Each part takes one set of circumstances and explains both a cash flow and fair value hedge. Part A of this case demonstrates the hedge accounting for the hedge of a recognized asset: an AFS security portfolio. Management can designate the hedged risk to be the risk associated with cash flows or the fair value of the AFS securities. This part requires students to complete journal entries for the hedge of the cash flows and the fair value of the security portfolio and provides students with a mechanical exercise to understand hedge accounting. In addition to completing the journal entries, students are asked to summarize the financial statement impact of each hedge. Completion of the summary helps the students to ''see'' the hedge. Students are then asked to evaluate the two hedge scenarios as preparation for class discussion. Part B illustrates the hedge of a forecasted transaction (a cash flow hedge) and the hedge of a firm commitment (a fair value hedge). This part requires the completion of the journal entries for each hedge structure and summary of the financial statement impact. This part also provides an opportunity for students to see what happens in different pricing scenarios. Students are asked to complete a memo to the Board of Directors summarizing their understanding of the transaction structures and related hedge accounting. Students are also asked to discuss the circumstances in which one structure may be preferred over the other.

This study investigates empirically the effects that hedge funds can have on the stability of the financial system. We conclude that hedge funds are in general less risky than banks. We do not find much evidence for the fear that hedge fund failures can trigger a systemic crisis in the banking sector. The main risk resides in hedge fund failures that may bring down a bank and thereby indirectly also endanger the stability of other banks and the payment system. If the hedge fund industry is to be regulated further, it should be for this reason.

This work proposes an accounting calculation scheme for hedging swaps based on the requirements listed under International Accounting Statement (IAS) 39. In particular we developed a procedure that assists risk managers in the identification of the hedging efficiency between a group of loans (or bonds) and swaps held in a bank portfolio qualifying for hedge accounting. The proposed scheme aims at associating to any given swap of the bank portfolio, a certain collection of loans (or bonds) whose risk exposures offset each other. The final result is the construction of a number of hedges that are effective according to IAS 39.

This study examines the sensitivity of CEO compensation to fair value gains and losses in derivatives for firms in the U.S. oil and gas industry. Our evidence indicates that firms use derivatives for both hedging and non-hedging purposes and that the derivative gains have a substantial impact on firms' overall earnings. We find that CEOs are rewarded for hedge derivative gains, more so in firms facing high financial contracting costs. However, we find that non-hedge derivative gains are also rewarded. Furthermore, the CEO compensation is more sensitive to non-hedge derivative gains than it is to non-hedge derivative losses. This is surprising because non-hedge derivatives often relate to speculation or inefficient hedging. Overall, our results suggest that the board does not fully distinguish between the nature of derivative activities and rewards all gains in a similar fashion. The presence of accounting financial expert on the compensation committee, however, does improve efficient contracting.

What percentage of their portfolio should investors allocate to hedge funds? The only available answers to the above question are set in a static mean-variance framework, with no explicit accounting for uncertainty on the active manager's ability to generate abnormal return, and usually generate unreasonably high allocations to hedge funds. In this paper, we apply the model introduced in Cvitanić, Lazrak, Martellini and Zapatero (2002b) for optimal investment strategies in the presence of uncertain abnormal returns to a database of hedge funds. We …nd that the presence of model risk signi…cantly decreases an investor's optimal allocation to hedge funds. Another …nding of this paper is that low beta hedge funds may serve as natural substitutes for a signi…cant portion of an investor risk-free asset holdings.

O objetivo deste estudo foi caracterizar as publicações nacionais e internacionais sobre a aplicação do valor justo nos instrumentos financeiros. Este estudo é classificado como quantitativo com características exploratório-descritivas. As variáveis de pesquisa utilizadas foram “valor justo” e “instrumentos financeiros”. A coleta de dados foi realizada por meio de revisão sistemática da literatura. A busca de publicações internacionais foi realizada nas bases de dados ISI – Web of Knowledge e Scopus. Já a busca por publicações nacionais foi conduzida nos periódicos e anais de congressos do Brasil, elencados na área de Administração, Contabilidade e Turismo do sítio WebQualis, disponibilizado pela Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES). O tratamento dos dados foi realizado por meio de estudo bibliométrico. Os resultados apontam para a predominância estadunidense nos estudos sobre o tema. Também detectou-se a existência de uma atenção especial dos autores ...

Este artigo apresenta um estudo comparativo sobre a evidenciação e o tratamento contábil de derivativos nos balanços contábeis, tanto pelas normas nacionais como internacionais, realizando uma revisão dos principais aspectos metodológicos dos instrumentos financeiros derivativos. São abordadas as instituições brasileiras que disciplinam as operações com

This paper examines the relationship between Risk Management Committee (RMC) characteristics and the extent of hedging activities disclosure within the annual reports of the Malaysian listed companies. In particular, relationships are tested on RMC size, independence, RMC meeting, RMC gender diversity and RMC training. Our regression analysis shows that RMC independence significantly and negatively influences the extent of hedging activities information disclosure, while RMC meeting positively influences the disclosure. The implications of these findings are discussed.

The aim of this study is to clarify the concept of hedge accounting, foreign currency transactions and the problems arising from dealing with them, and to highlight the local and international accounting rules related to hedge accounting to reduce the risks of fluctuations in the currency exchange rates of the units by developing the financial reporting of local units in accordance with international reporting standards To achieve this objective, a sample of Iraqi units was selected to be exposed to the risks of fluctuations in foreign exchange rates, The study reached a number of conclusions, the most important of which are: Many companies and banks in the local environment a lot of losses due to fluctuations in the exchange rates of foreign currency. Hedge accounting is a mechanism to avoid the risks faced by the unit through the use of financial instruments of derivatives, the study recommended that: The Iraqi units should use hedge accounting to address the risks faced by the un...

Hedge funds have traditionally served wealthy individuals and institutional investors with the promise of delivering protection of capital and uncorrelated positive returns irrespective of market direction, allowing them to better manage portfolio risk. However, the financial crisis of 2008 has heightened investor sensitivity to the high fees, illiquidity, lack of transparency, and lockup periods typically associated with hedge funds. Hedge fund replication products, or clones, seek to answer these challenges by providing daily liquidity, transparency, and immediate exposure to a desired hedge fund strategy. Nonetheless, although lowering cost and adding simplicity by using a common set of factors, traditional replication products might offer lower risk-reward performance compared to hedge funds. This research explores hedge fund replication further by examining the importance of constructing clones with specific factors relevant to each hedge fund strategy, and then compares the strategy specific clone risk and reward performance against both actual hedge fund performance and hedge fund clones constructed using a more general set of common factors. Testing shows that using strategy specific factors to replicate common hedge fund strategies can offer superior risk-reward performance compared to previous general model clones.

El presente trabajo de investigación titulado "Estudio de factibilidad del uso de bicicletas públicas como transporte alternativo en la ciudad del Puyo" promoviendo una movilidad amigable con el medio ambiente. Por lo que se realizó una investigación cuantitativa, teniendo un diseño de investigación de tipo descriptivo por lo que se aplicaron 365 encuestas a los habitantes de la ciudad del Puyo. Como efecto del análisis y tabulación de los resultados obtenidos se logró conocer las variables que impedían el uso de la bicicleta, además de la aceptación, precios que estarían dispuestos a pagar los usuarios, y que a su vez se implementaron 5 rutas con un total de 13.73 km, velocidad de diseño, adquisición de 65 bicicletas; la construcción de 5 estaciones, 6 parqueaderos, y 5 áreas de mantenimiento, las cuales garantizaran un buen funcionamiento del sistema dentro de un horario de 06:00 a 21:00. Finalmente se menciona que el presente trabajo de investigación fue analizado desde varias perspectivas como la ambiental, social, económica y técnica, con lo que resultó viable la implementación del sistema de bicicletas públicas, se considera conveniente realizar socializaciones con los usuarios de bicicletas, así como de medios de transporte motorizado

Crown Oil, Inc. is a family-owned heating oil distributor that offers customers the opportunity to lock-in a fixed price per gallon in advance of the heating season by signing up for a price protection plan. As a result of offering these plans, Crown Oil assumes the risk of price changes, which it then hedges by acquiring exchange-traded future and option contracts. This case provides an introduction to the economic nature of derivative instruments and hedging and to the related accounting and reporting issues. The appropriate timing of revenue recognition for the upfront fees that Crown Oil receives from customers entering into a price protection contract is also explored in the case, as is the opportunity for earnings management. The case provides the opportunity to research the professional accounting literature, apply existing standards, and communicate recommendations to management

AQR Capital Management, LLC, ("AQR") provide links to third-party websites only as a convenience, and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by us of any content or information contained within or accessible from the linked sites. If you choose to visit the linked sites, you do so at your own risk, and you will be subject to such sites' terms of use and privacy policies, over which AQR.com has no control. In no event will AQR be responsible for any information or content within the linked sites or your use of the linked sites. The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of AQR Capital Management, LLC, its affiliates or its employees. This information is not intended to, and does not relate specifically to any investment strategy or product that AQR offers. It is being provided merely to provide a framework to assist in the implementation of an investor's own analysis and an investor's own view on the topic discussed herein. Past performance is not a guarantee of future results. Hypothetical performance results have many inherent limitations, some of which, but not all, are described herein. The hypothetical performance shown was derived from the retroactive application of a model developed with the benefit of hindsight. Hypothetical performance results are presented for illustrative purposes only.

Institutional 13F stockholdings reveal stark differences between the investment philosophy and skill of hedge funds and mutual funds. Hedge funds tend to buy stocks with low past returns, while mutual funds tend to be trend followers. The two-thirds of hedge funds that follow contrarian strategies are the only fund category that generates a positive alpha, outperforming their risk-and characteristic-adjusted benchmarks by 2.4% per year. Contrarian hedge funds tend to be on the correct side of the trade in their interactions with all other fund types, and their most profitable trades are purchases of stocks sold by momentum mutual funds and momentum hedge funds. The superior performance of contrarian hedge funds is persistent and arises from strategies that are more complex than purchasing stocks with low past returns. Aggregate stock-by-stock short sales further support the existence of superior investment skills among contrarian hedge funds.

This paper finds significant price momentum in US corporate bonds. The analysis is based on 3.2 million monthly observations from 77,150 bonds from two transaction and three dealer-quote databases over the period from 1973 to 2008. Bond momentum profits are significant in the second half of the sample period, 1991 to 2008, and amount to 64 basis points per month. Momentum strategies are only profitable among non-investment grade bonds, where they yield 190 basis points per month. Similar to recent findings in equities, profits disappear after removing the worst-rated bonds-about 8% of all observations. Contrary to equities, bond momentum profits derive primarily from winners. However, losers trade more than winners, giving them a greater share in momentum profitability in tradebased data. Our findings do not support market opaqueness, illiquidity, investor under-reaction, and systematic risk as explanations of corporate bond momentum.

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been "solved" and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools.

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to risk management characteristics (a companion piece investigates the managerial characteristics of HFs). It discusses the successes and the shortfalls to date in developing more sophisticated risk management frameworks and tools to measure and monitor HF risks, and the empirical evidence on the role of the HFs and their investment behaviour and risk management practices on the stability of the financial system. It also classifies the HF literature considering the most recent contributions and, particularly, the regulatory developments after the 2007 financial crisis.

Objetivo: Este ensaio teórico busca apresentar conceitos, argumentos e discussões acerca da adoção e utilização das IFRS, com foco em seus princípios subjacentes e bases de mensuração. Metodologia: Revisão da literatura com a apresentação e discussão de argumentos de autores que pesquisaram sobre a utilização das IFRS e seus princípios subjacentes e bases de mensuração. Resultados: Os padrões contábeis baseados em princípios são tidos, por uma corrente de autores, como uma possível solução para o problema da harmonização contábil. Porém, outra corrente de autores afirma que a padronização contábil baseada em princípios, embora possa resultar em relatórios financeiros com maior qualidade são menos assertivos, tendo em vista a existência de subjetividade no conteúdo das demonstrações financeiras. Tal fato leva à conclusão de que seria impossível a harmonização absoluta da normatização contábil. Contribuições do Estudo: O estudo propõe apontamentos a respeito da discussão sobre as IFRS...

Međunarodni odbor za računovodstvene standard usvojio je Međunarodni standard financijskog izvještavanja (MSFI) 13 koji za cilj ima na jedinstven način definirati mjerenje fer vrijednosti i javnu objavu tih mjerenja. MSFI 13 ne mijenja zahtjev od društva da koristi fer vrijednost, već daje smjernice o tome kako mjeriti fer vrijednost. Obveznici primjene ovog standarda su svi obveznici primjene MSFI-a pri utvrđivanju fer vrijednosti. Ključne riječi: MSFI 13, fer vrijednost, mjerenje fer vrijednosti SUMMARY-International Accounting Standards Board (IASB) adopted the International Financial Reporting Standard (IFRS) 13, which aims to uniquely define the fair value measurement and publication of these measurements. IFRS 13 does not change the requirement from the company to use fair value, but provides guidance on how to measure fair value. Taxpayers applying this standard are all obliged to apply IFRS-and in determining fair value.

Sažetak. Cilj rada je prikazati jedan model za kvantifikaciju rizika i tri metode za izračun rizične vrijednosti, kvantitativne mjere rizika. Metode izračuna rizične vrijednosti (eng. Value at Risk, skraćeno VaR) statističke su metode pomoću kojih se mjeri i upravlja razinom financijskog rizika investicijskog portfelja kroz određeni vremenski period. U radu ukratko opisujemo povijest kvantitativnog modeliranja rizika i pojam rizične vrijednosti. U nastavku prikazujemo tri metode kvantificiranja rizične vrijednosti: povijesnu metodu, parametarsku metodu (metoda varijance i kovarijance) i pojednostavljenu Monte Carlo simulaciju. Izračuni su prikazani na primjerima. Izračuni rizika gubitka vrijednosti provedeni su na portfelju od pet hrvatskih dionica na dnevnoj osnovi, uz razinu vjerojatnosti od 95 %. Rezultati triju metoda daju slične rezultate, ali svaki od pristupa ima prednosti i mane.

Structural health monitoring of the large infrastructural objects (high buildings, bridges, tunnels, dams, etc.) is in the domain of civil and geodetic engineers who use different methods and instruments for this task. Dam movement is influenced by various factors among which the most important are: thermal variations, hydrostatic pressure and dam ageing. This research investigates influence of thermal variations on dam crest movement by using statistical methods: autoregressive integrated moving average (ARIMA) and multiple linear regression. Dam crest movement data is obtained by using optical alignement method on the concrete gravity dam HP Salakovac. In the first part of this research correlation between dam crest movement and concrete temeprature is determined, the second part deals with short term concrete temperature prediction and in the final part of this research previously fitted statistical models are used for dam movement prediction. The results showed that proposed model based on statistical methods can provide quality prediction of dam crest movement.

The purpose of this study to compare the previous research about how the nonfinancial companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have disclosed information regarding the usage of derivatives, and the accounting treatment of these derivatives. The results of these studies indicate that banks and the non-financial companies listed in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses arising from these transactions as "held for trading" instead of applying "hedge accounting", since they could not meet the compulsory criterions described in the IAS 39.

This comparative study examines the reporting of derivatives according to hedge accounting and the effect of derivatives on the financial positions of the banks in the European Union and Turkey. We found that all of the banks in Europe examined in the study reported their hedge purpose derivatives according to hedge accounting. In contrast, only a small portion of banks in Turkey prefer to use hedge accounting. We conclude that avoiding volatility of reported earnings can be the most important motive to apply hedge accounting for banks in Europe given their high volume of derivatives. Since the volume of derivatives is very low for banks in Turkey, volatility of earnings is not a concern. However, the burdensome requirements for hedge accounting in International Accounting Standards (IAS) 39 and lack of qualified personnel with knowledge of derivative accounting may be the reason why they do not utilise its treatment.

The purpose of this study to compare the previous research about how the nonfinancial companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have disclosed information regarding the usage of derivatives, and the accounting treatment of these derivatives. The results of these studies indicate that banks and the non-financial companies listed in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses arising from these transactions as "held for trading" instead of applying "hedge accounting", since they could not meet the compulsory criterions described in the IAS 39.

This comparative study examines the reporting of derivatives according to hedge accounting and the effect of derivatives on the financial positions of the banks in the European Union and Turkey. We found that all of the banks in Europe examined in the study reported their hedge purpose derivatives according to hedge accounting. In contrast, only a small portion of banks in Turkey prefer to use hedge accounting. We conclude that avoiding volatility of reported earnings can be the most important motive to apply hedge accounting for banks in Europe given their high volume of derivatives. Since the volume of derivatives is very low for banks in Turkey, volatility of earnings is not a concern. However, the burdensome requirements for hedge accounting in International Accounting Standards (IAS) 39 and lack of qualified personnel with knowledge of derivative accounting may be the reason why they do not utilise its treatment.