VÄRDERING OCH REDOVISNING AV FÖRVALTNINGSFASTIGHETER I KONJUNKTURNEDGÅNG

Sammanfattning: In the year of 2005 the international standard IAS 40 came in to use in Sweden, this lead to an opportunity for the corporations to choose either to evaluate their investment properties according to the historical cost accounting principal. The model contains the obtaining price with reduction for the planned writing off. The alternative that IAS40 offers is the fairvalue principal, which evaluate the investment properties by consideration of the income versus outcome and surrounding factors for every accounting period Since the fairvalue is buildt on numbers the corporations them self choose what to publish and for how long the value depreciation should be lasting before it should be taken up as an unrealized value change in the reporting material. This means that there is a big chance that the evaluation can be distorted Since we just recently have had strong cyclical variation and are on our way from an excess boom into a weak economic climate, this will be the first study performed about fair value in a weak economic climate since the adoption of IAS40. The purpose of the essay is to find out how well the booked value of investment properties owned by corporations listed on the Swedish stock market accord with the fairvalue that the market and the Swedish property index indicates on. To be able to test this connection we gathered information from the corporation’s annual reports which we compiled to see how the market comprehends. Hypotheses were concluded thru out the search of theoretic background in the hunt for an explanation to the possible difference between the booked evaluation and the guidelined evaluation. The hypotheses where tested in the program SPSS and the results from the tests form the background for our conclusions. The conclusions is that there is a differing of 2, 85 % in the year of 2008 between the revaluations in the corporations listed on the stock market and the guidelined value from SFI. Since we have only looked at 17 companies the result have to be regarded with great caution, but none the less it seems as the differing partly can be explained by the information asymmetry and partly by the debt-equity ratio despite of the differing we can establish that the investment properties evaluation to a high degree follows the cyclical variations on the real estate market.