Värderelevansen av IFRS 15 –Intäkter från avtal med kunder –En eventstudie om den svenska aktiemarknadens reaktion på den nya intäktstandarden

Detta är en Kandidat-uppsats från Göteborgs universitet/Företagsekonomiska institutionen

Författare: Malin Karlsson; Andreas Strömqvist; [2018-06-26]

Nyckelord: ;

Sammanfattning: This study investigates how the Swedish stock market reacts to adjustments in accounting forrevenues following the new revenue standard, IFRS 15. Due to prior financial scandalsregarding revenues, criticism and discussions of the earlier revenue standard, as well ascompanies changing their way of doing business, a need for a new regulation was developed.FASB and IASB started the project with IFRS 15 in 2002 and it was released in 2014. Thepurpose of IFRS 15 was to develop a new revenue standard that could be used in allindustries and capital markets, to create better transparency and thus better comparabilityamong companies. Another aim was to create a better guidance on how to account forrevenues. Companies need to apply the new standard in 2018. However, companies who getquantitative effects due to the standard, need to report these in the last quarterly report of2017. With that background, the purpose of this study is to investigate how the Swedish stockmarket reacts to the new information of accounting according to IFRS 15, to tell if theadjustments following the new standard are perceived as value relevant or not. In addition tothe main purpose, this study also assesses if there is a prominent market reaction withinTelecommunications and IT, an industry where companies are perceived to be more affectedby IFRS 15 than other industries. In order to fulfill the purpose, an event study wasperformed. Overall, we do not find any evidence supporting that investors react in thepredicted direction. Therefore, the adjustments in accounting for revenues due to the newstandard cannot be concluded as value relevant for the Swedish stock market. Moreover,there are no significant results showing that there is a prominent abnormal return within theTelecommunications and IT industry.

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