澳洲會計學課程論文2

1、愛Woolwor隘ths Ltd扮: A Fin挨ancial 板Analysi靶s搬Submitt拜ed by伴8盎 氨O(jiān)ctober矮 2010氨Table o癌f 案Content斑sTOC o 1-3 h z u HYPERLINK l _Toc273719819 埃1.0 Exe絆cutive 哎Summary哀 PAGEREF _Toc273719819 h 佰3 HYPERLINK l _Toc273719820 稗2.0 敖Introdu俺ction熬 PAGEREF _Toc273719820 h 皚3 HYPERLINK l _Toc273719821 捌3.0 扒Key

2、Obj凹ective班s隘 PAGEREF _Toc273719821 h 壩4 HYPERLINK l _Toc273719822 哀4.0 The巴oretica俺l backg瓣round藹 PAGEREF _Toc273719822 h 哀4 HYPERLINK l _Toc273719823 懊5.0 Res藹earch m百ethodol斑ogy罷 PAGEREF _Toc273719823 h 般4 HYPERLINK l _Toc273719824 礙6.0 Res百earch f鞍indings哎 PAGEREF _Toc273719824 h 般5 HYPERLINK l

3、_Toc273719825 扳6.1 Geo盎graphic稗al comp敖arison般 PAGEREF _Toc273719825 h 唉5 HYPERLINK l _Toc273719826 傲6.1.1 E笆uropean班 Union叭 PAGEREF _Toc273719826 h 叭5 HYPERLINK l _Toc273719827 板6.1.2 T百he Unit斑ed Stat阿es跋 PAGEREF _Toc273719827 h 八5 HYPERLINK l _Toc273719828 板6.1.3 C熬anada罷 PAGEREF _Toc273719828 h

4、般6 HYPERLINK l _Toc273719829 翱6.1.4 K俺orea罷 PAGEREF _Toc273719829 h 壩6 HYPERLINK l _Toc273719830 叭6.2 Com擺parison阿 of ado瓣pting I跋FRS bef骯ore and襖 after 瓣the cri邦sis昂 PAGEREF _Toc273719830 h 愛6 HYPERLINK l _Toc273719831 矮6.2.1 A懊doption巴 of IFR敗S the佰 cases 奧of the 胺United 敗States白 PAGEREF _Toc27371

5、9831 h 藹6 HYPERLINK l _Toc273719832 擺6.2.2. 昂Korea白 PAGEREF _Toc273719832 h 氨7 HYPERLINK l _Toc273719833 奧7.0 Res案earch L盎imitati笆ons氨 PAGEREF _Toc273719833 h 邦8 HYPERLINK l _Toc273719834 巴8.0 Con笆clusion吧 and Re礙commend襖ations矮 PAGEREF _Toc273719834 h 隘8 HYPERLINK l _Toc273719835 巴9.0 把Referen搬ces氨

6、 PAGEREF _Toc273719835 h 傲9 HYPERLINK l _Toc273719836 熬10.0 Re哀port re愛flectio靶n案 PAGEREF _Toc273719836 h 胺10扮1.0 Exe矮cutive 辦Summary按T爸his rep扮ort 傲studies愛 the fi凹nancial邦 statem氨ent of 盎Woolwor八ths and霸 provid瓣es a va吧luation哎 for th懊e compa搬ny, app叭lying t頒he appr俺oach su凹ggested搬 in the挨 corpor

7、扮ate fin襖ance 礙literat霸ure安, for i稗nstance巴, Bredl氨ey and 伴Myers (絆2003). 把E哀mpirica把l analy氨sis sho骯wed tha擺t Woolw愛orths i敗s a 疤defensi辦ve stoc挨k by ap靶plying 扒regress板ion ana把lysis t邦o the m邦arket r扳eturns阿. 拜B癌ased on背 the ma敖rket da板ta, the扮 fair v鞍aluatio艾n of th凹e firm 皚is A$xx八. 礙C翱ompared艾

8、to the矮 班current藹 market埃 price,傲 it is 霸xx% abo笆ve/belo把w the f凹air val凹uation 愛based o拌n assum稗ptions 靶drawn f案rom his背torical骯 market骯 data a擺nd fina跋ncial r哎eports.皚 奧T氨he firm霸 is the耙refore 辦underva暗lued/ov斑ervalue皚d. 般2艾.0 熬Introdu岸ction傲T氨his 靶submiss安ion叭 拔serves辦 for se扒veral p扮urposes傲. 拌

9、H辦istoric捌al pric扳e data 白of the 白company白 and th扮e board傲 market隘 index 板are dra扳wn from斑 Yahoo!哎 Financ盎e to cl扳assify 巴whether安 the st疤ock is 胺defensi俺ve or r疤isky fr白om thei阿r histo皚rical r邦eturns,八 based 斑on the 氨capital叭 asset 敗pricing捌 model 板propose斑d by Sh敖arpe (1板963). 熬B昂ased on白 the sl拔o

10、pe obt巴ained f稗r(nóng)om the扒 俺regress骯ion吧 analys鞍is, the艾 cost o啊f equit百y is de哀termine百d in th絆e 拜precedi鞍ng岸 sectio搬n. 疤3拜.0 芭Determi埃ne the 胺cost of疤 equity瓣 for th八e firm案 邦T暗o deter哎mine翱 搬t(yī)he cos霸t of eq佰uity of疤 the fi岸rm, a t案ypical 頒approac癌h 昂is to c皚onsider拔 the us把e of ca埃pital a背sset pr案ic

11、ing m八odel 奧4拔.0 澳Cash Fl癌ow Fore昂casts 隘T柏o deter邦mine th把e value瓣 of the挨 firm, 把a neces傲sary st頒ep is t奧o forec安ast the斑 future鞍 cash f絆low. 扮B佰ased on胺 the pr班o-forma敗 financ艾ial sta伴tements敗 rebuil藹t in th隘e previ扒ous sec翱tion, t版he free板 cash f奧low ana靶l(wèi)ysis w傲ill fol瓣low the哎 approa安ch sugg罷e

12、sted b傲y Damod凹aran (2扒007) an壩d xx (2巴003). 挨5昂.0 Rese耙arch me氨thodolo唉gy柏This se扮ssion o艾utlines岸 the re辦search 凹methodo白logies 昂used in班 this s藹ubmissi拔on. 半First o把f all, 奧a set o凹f regio胺ns will襖 be stu胺died in昂 this r伴eport t瓣o give 挨an outl叭ook on 隘the pac熬e of im傲plement癌ation o安f IFRS 凹arou

13、nd 敗the glo礙be. Nex奧t, this唉 submis案sion st昂udies w斑hether 熬there h盎as been按 change扒d in ad矮opting 半IFRS by頒 invest拔igating奧 the co氨rporati板ons, re澳gulator扳y bodie按s and i啊nvestor敗s. Deve背loping 柏regions岸 and de埃veloped白 econom吧ies wil把l be co鞍mpared 扳in adop搬t(yī)ing IF岸RS so a霸s to co白mpare t背he fact艾

14、ors aff扒ecting 版the pac隘e of ad笆opting 襖IFRS. 靶6巴.0 Rese耙arch fi邦ndings芭6凹.1 Geog靶raphica扮l compa按rison氨6啊.1搬.1唉 Europe俺an Unio扳n吧Europea頒n Union癌 has mo挨ved the斑 ahead 霸in adop八ting IF礙RS comp邦ared to稗 other 芭countri巴es哎. In Ju柏ne 2000絆, the E邦uropean叭 Commis埃sion pu吧blished扳 the do白cument,柏 斑EU Fi

15、na胺ncial R襖eportin瓣g Strat哎egy: Th扒e Way F捌orward隘, which佰 啊suggest跋ed唉 that a板ll publ胺icly li拔sted co百mpanies叭 prepar案e their斑 consol澳idated 哎account昂s in ac背cordanc鞍e with 捌IAS by 骯2005. 邦G哎iven th凹e scale癌 of the礙 唉pledge敗, more 翱than 9,艾000 lis爸ted com拜panies 胺are now辦 using 盎IFRS wh靶en gene挨rat

16、ing 皚their c芭onsolid敗ated f八inancia阿l state辦ments, 埃accordi頒ng to s矮tatisti爸cs comp拌iled in懊 the Da哀nskes 半(2006) 辦researc礙h. 澳In addi傲tion, m頒ember s巴tates o岸f the E辦uropean傲 Union 把(EU) al芭low com爸panies 凹to use 八IFRS fo叭r corpo扳rate in昂come ta板x state拔ments. 翱Today, 耙most EU按 countr佰ies req拜uire

17、co叭mpanies澳 to gen芭erate r襖eports 凹that ar霸e in co敖mplianc凹e with 啊local G隘enerall半y Accep隘ted凹 Accoun艾ting Pr傲inciple半s (GAAP昂) for t氨ax purp辦oses, b八ut thos阿e repor啊ts don愛t have 昂to be i靶n compl氨iance w芭ith IFR斑S. In p絆ractice拜, compa敖nies ma笆y be im百plement班ing IFR疤S, as l暗ocal GA叭AP guid跋elines

18、 礙increas熬ingly c礙onverge扒 with I白FRS.奧6把.敗1.愛2 The U跋nited S八tates安The Sec安urities矮 and Ex芭change 盎Commiss翱ion (SE叭C) was 岸a suppo百rter to斑wards a阿 unifor疤m accou瓣nting s罷tandard愛 in the氨 world百.熬 They s疤uggeste骯d offic癌ially t傲hat US 胺corpora藹tions s唉hould a靶dopt IF瓣RS by t奧he end 矮of 2014辦. 唉H捌ow

19、ever,巴 they h白ave tur佰ned the奧ir view盎 to the鞍 opposi板te side瓣 after 跋the fin骯ancial 鞍crisis.盎 熬T白he 搬ambiguo安us礙 耙treatme白nt案 method絆s吧 on spe懊cial pr辦opose v壩ehicle 芭and cre霸dit ins鞍trument昂s remai皚ned the跋 concer拌n of SE矮C offic襖ials on按 adopti佰ng IFRS版 盎for US 般corpora襖tions. 爸Moreove吧r, they搬 s

20、ugges八ted tha熬t it in瓣curred 拔a huge 百cost fo班r 按compani吧es百 to cha頒nge the氨 accoun板ting me搬t(yī)hod. 叭6擺.俺1.扒3 Canad半a佰 般T背he Cana安dian Ac唉countin瓣g Stand擺ards Bo拜ard 瓣made a 百major c熬hange i懊n 2005.百 They d邦ecided 艾to adop哎t熬 IFRS 敖rather 鞍than th唉e背 U.S. G把AAP. 岸The boa疤rd has 瓣announc頒ed a fi按xed de

21、a胺dline o澳f 2011 阿for com拜panies 唉to adop按t IFRS 藹in 2007捌. IFR叭S will 翱be requ胺ired fo氨r inter稗im哎 report暗s for p耙ublic l氨isted c胺ompanie佰s. 邦6啊.1.4 Ko邦rea凹A啊 domest礙ic vers案ion of 芭the Gen捌erally 八Accepte扮d Accou胺nting P襖rincipl叭es (GAA鞍P) has 癌been ad板opted b隘y K翱o凹rean co扳mpanies半 before懊 the As

22、礙ian Fin靶ancial 扒Crisis 捌at the 爸dawn of骯 the la氨st deca凹de. 佰H叭owever,拌 the In斑ternati耙onal Mo把netary 哎Fund (I扒MF) adv鞍ised K阿o澳rean co熬mpanies哎 to imp皚rove tr邦anspare耙ncy in 懊account疤ing. 百E稗ver sin骯ce the 疤suggest白ion by 皚the IMF挨, Korea柏n compa搬nies ha傲ve inve扒stigate敖d to in昂tegrate拌 their 頒fin

23、anci跋al stat背ements 岸to inte阿rnation瓣al stan佰dard. T搬hey sta霸rted pl扒anning 半and cam埃e to ad瓣opt IFR邦S gradu艾ally. 版6.襖2 Compa拔rison o絆f adopt搬ing IFR鞍S befor隘e and a暗fter th哀e crisi鞍s搬6爸.2.1 Ad把option 懊of IFRS把 the 瓣cases o翱f the U矮nited S辦tates霸With th敗e green拔 light 礙from th暗e SEC, 哀U.S. co白rpora

24、ti奧ons wer安e welco八me to t扮he new 按account拔ing sta癌ndards 哀instead扮 of U.S案. GAAP.罷 With t背he inte稗nsifica把tion of拌 the gl搬obaliza艾tion, m澳ore and挨 more U把.S. cor礙poratio絆ns 擺seek bu百siness 岸from ov癌erseas.班 邦O敗verseas背 invest白ments a扮ccount 版for an 骯increas按ing por敗tion of癌 top li班ne and 拌bottom 癌l

25、ine of俺 the fi八nancial辦 statem佰ents fo暗r US 絆corpora藹tion壩s. 耙A叭ccordin巴g to 般a surve礙y done 絆by the 背U.S Tre爸asury, 絆oversea霸s equit白y 艾investm白ent凹 showed把 a big 頒jump in挨 this d伴ecade. 絆Equity 拌investm暗ent in 八Europe 昂doubled柏 in 3 y案ears ti氨me betw拔een 200艾3 and 2霸006. 白Therefo敖re, the辦re was 暗a

26、n urge扒nt need昂 for th熬em to a般dopt IF擺RS to g搬ive inv般estors 氨more tr吧anspare胺ncy on 奧their f叭inancia鞍l(fā) posit骯ions. 埃Before 氨the 愛financi斑al熬 暗crisis俺, the S班EC took笆 a扒n aggre白ssive 拌positio岸n on th藹e 案harmoni稗zation 稗of IFRS暗. It of唉fered a拔 road m案ap to m稗igrate 笆GAAP 芭to IFRS疤 叭that wo愛uld lea熬

27、d to al板l publi安c compa版nies re爸porting皚 under 翱IFRS俺 by 201版4笆. 壩M般ultinat胺ional c霸ompanie澳s were 哎given p耙ermissi翱on to a背dopt IF阿RS befo八re the 柏purpose啊d deadl般ine. 凹However熬, in a 把recent 藹speech 柏by SEC 皚Directo安r of Co背rporate靶 Financ笆e, Whit稗e, he c耙laimed 罷that th襖e IFRS 澳should 鞍not be 哀co

28、nside伴red as 熬the uni皚versal 胺account霸ing sta拌ndard. 耙In his 奧speech,瓣 White 班(20挨08艾) comme霸nted th按at He a翱lso com拜mented 捌that th敗e SEC c佰annot s絆ee a s耙ingle r礙ational扒e for w背hy the 皚Commiss八ion sho敗uld be 昂looking案 at IFR拜S for U藹.S. com伴panies矮. 唉T柏his ind襖icated 邦that wi鞍thout a癌 strong藹 sup

29、por跋t from 敗the reg頒ulatory拔 body, 安US corp哀oration艾s stepp岸ed back皚ward to伴 a furt懊her int吧egratio熬n of ac盎countin艾g stand把ards af稗ter the哀 crisis捌. 拜 白R柏aising 俺concern昂s from 辦the cor礙porate 熬side ha襖ve been礙 spotte氨d on th芭e plan 吧from th熬e corpo骯rate si佰de. 辦A扳ccordin壩g to a 昂survey 澳conduct礙ed

30、 in 2擺008 to 敗financi擺al prof扒essiona絆ls, clo昂se to h挨alf of 吧respond傲ents qu邦estione案d about百 the cu巴rrent t版ime l拜ine of 佰impleme啊nting I俺FRS. 拔A骯ddition白al cost拔s incur把red in 把the pre哎paratio扳n of fi敖nancial擺 statem傲ents, t哎ogether伴 with e邦conomic哀 slowdo頒wn, mad巴e compa芭nies邦昂 burden鞍 heavie擺r.

31、 爸There h皚as been佰 heated扳 debate唉 among 拔account氨ing pro爸fession芭als and熬 other 扮stakeho巴lders a骯bout th八e finan啊cial re案porting安 qualit百y and t搬he addi礙tional 哎costs i百ncurred靶 by cor艾poratio班ns in a敖dopting案 IFRS. 拜Fuelled疤 by the俺 financ癌ial cri扮sis, ex班tra cos版ts in a般dopting白 IFRS b版ecomes 般th

32、e maj昂or conc版ern in 邦budget 傲plannin澳g in th啊e U.S. 氨corpora擺tions. 白6敖.2.2. K案orea百Korea s背ets an 扮example把 of how敗 integr罷ation o班f inter班nationa翱l accou傲nting s頒tandard板 pick u埃p its p斑ace in 襖speed a愛fter th頒e globa礙l finan癌cial cr矮isis. 罷Accordi芭ng艾 to the敖 Associ伴ation o笆f Korea板 Listed骯 Comp

33、an凹ies, al拔most tw瓣o-third吧 of pub胺lic lis挨ted com哎panies 隘has com柏pleted 壩their i皚nternal板 invest挨igation哎 to the扒 implem愛entatio啊n of IF礙RS. 罷B癌y 2011,按 financ拜ial com般panies,氨 such a隘s banks巴, insur埃ance co稗mpanies隘 and 跋brokera按ge頒 firms 笆have ob頒liged t板o publi版sh thei拔r finan板cial st埃atement白s

34、 in co扮mpliant霸 with I半FRS.暗7岸.0 Rese爸arch Li胺mitatio背ns藹This su擺bmissio盎n compa稗r(nóng)es the鞍 pace o哎f adopt昂ing IFR哎S in va百rious r案egions 版in the 隘world. 辦Our ana熬lysis i埃s limit懊ed to s扮tudying唉 the im佰plement埃ations 板of IFRS絆 in a s澳elected氨 sample熬 set of扳 countr搬ies onl伴y. As m扮entione傲d in Sl敖ett

35、en a熬nd Rama氨nna (20把10), ac扮countin疤g stand澳ards re敗present跋 equili版brium, 懊and the頒y co-de爸velop w佰ith eco艾nomic, 芭politic案al, and拜 cultur氨al inst叭itution八s. (Hai隘l, Leuz笆, and W霸ysocki,傲 2009).阿 Cultur岸al fact斑ors and笆 shareh稗olding 半structu敗res sho伴uld als翱o be ta埃ken int埃o consi霸deratio按n when

36、矮this to俺pic is 半studied奧. 靶8藹.0 Conc扳lusion 礙and Rec懊ommenda斑tions芭F伴ew will礙 disagr瓣ee that按 the co笆nsensus疤 of rea爸ching s絆ome for頒m of un白iform a敗ccounti白ng stan挨dard is八 essent瓣ial for愛 the he皚althy 斑develop愛ment哀 of 岸busines巴s扳 commun伴ity. 頒Exactly巴 how mu哎ch is a叭 long-u扳nresolv隘ed issu柏e. An

37、d 拜few wou傲ld disp稗ute tha罷t widen奧ing glo矮bali靶z鞍ation o昂f marke伴ts and 爸politic伴s impli拌es some哀 narrow啊ing of 阿rule di辦fferenc皚es amon扒g natio奧ns, tho佰ugh her般e too t稗he opti按mal deg跋ree of 跋uniform唉ity is 頒far fro擺m clear版.跋 The de壩gree of拜 harmon靶ization扳, howev柏er, dep哎ends on扒 the ta阿ngible 罷

38、economi笆c benef笆its of 啊corpora頒tions b吧y adopt艾ing uni傲form ac邦countin柏g stand胺ards in瓣 the re皚gion. 捌9.0 半Referen案ces吧Choi, F搬.板, Frost昂 D.S., 啊and Mee啊k, G擺.佰 K, (19藹99) 叭辦Interna吧tional傲 礙Account扳ing襖凹, 哀N礙ew 礙Y澳ork: 扮Prentic跋e Hall,霸 Upper 按Saddle 挨River唉.敖 壩Clarkso擺n, P., 班J. Gued霸es and 邦R. T

39、hom佰pson (1藹996), 翱On the 頒Diversi巴ficatio叭n, Obse靶rvabili靶ty, and八 Measur跋ement o霸f Estim盎ation R笆isk, 頒Journal敗 of Fin癌ancial 擺and Qua班ntitati壩ve Anal罷ysis邦, March靶, pp. 6埃9-84.皚Daske,唉 扳H. (200啊6) 啊頒Economi伴c Benef矮its of 絆Adoptin骯g IFRS 扳or US-G襖AAP H傲ave the隘 Expect艾ed Cost芭 of Equ愛ity Cap懊ital

40、 Re霸ally De罷creased哎?癌靶 百Journal傲 of Bus隘iness F巴inance 傲& Accou熬nting拜, 33(3)斑 & (4),伴 埃pp. 哎329373耙Diamond壩, D. W.澳 and R.跋 E. Ver盎recchia扒 (1991)八, Disc哀losure,澳 Liquid盎ity, an佰d the C絆ost of稗 鞍Capital傲, 絆Journal愛 of Fin胺ance巴, Vol. 擺46, No.瓣 4, pp.百 1325-1挨359.壩Hail, L扒., C. L叭euz, an笆d P. Wy芭so

41、cki. 拜(芭2009斑)安. Glob凹al acco挨unting 氨converg背ence an氨d the p絆otentia隘l adopt靶ion of 柏IFRS by擺 the Un半ited St啊ates: A阿n analy笆sis of 版economi襖c and p隘olicy f柏actors.叭 Worki按ng Pape班r, avai扒lable o哀n SSRN.敖Lawrenc叭e, S. (盎1996), 擺懊Interna拌tional 斑Account俺ing岸爸. Londo埃n: Inte拜rnation按al Thom般son Bus哀i

42、ness P傲ress.版Ramanna板, K., a靶nd Slet熬ten, E.埃 (2010)翱 版Network擺 Effect半s in Co埃untries澳 Adopt拔ion of 艾IFRS挨.奧 Retrie壩ved on 俺30把th礙 Septem扮ber 201般0 from傲 HYPERLINK /abstract=1590245 拜http:/半ssrn.co案m/abstr艾act=159般0245澳 襖Samir笆, 伴S吧.昂M.壩, and S跋letten,鞍 E. (20癌03班) 罷Harmoni拜zation 襖of Acco版unting 凹

43、Standar壩ds把. Retr襖ieved o絆n 30芭th扒 Septem拌ber 201艾0 from HYPERLINK /resource_file/11430p681-684.pdf 昂http:/啊www.ica挨/r翱esource扒_file/1壩1430p68佰1-684.p敖df把White霸, 巴J壩. (20凹08哀) 氨IFRS an扳d U.S. 絆Compani礙es: A L埃ook Ahe按ad癌八, 唉Retriev背ed on 3哀0俺th拌 Septem啊ber 201版0 from胺 HYPERLINK /news/speech/2008/spch060508jww.htm 伴www.sec昂.gov/ne擺ws/spee矮ch/2008叭/spch06把05