Información sobre I+D y valoración de empresas

Duarte Atoche Teresa (), Pérez López José Ángel () and Camúñez Ruíz José Antonio ()
Additional contact information
Duarte Atoche Teresa: Universidad de Sevilla
Pérez López José Ángel: Universidad de Sevilla
Camúñez Ruíz José Antonio: Universidad de Sevilla

Contaduría y Administración, 2012, vol. 57, issue 4, 107-136

Abstract: U.S. GAAP require the full expensing of R&D expenditures. However, International Financial Reporting Standards (IFRS) require capitalization of R&D cost if it meets certain criteria (IAS 38). At the moment, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) agreed to undertake efforts to reduce or eliminate certain narrow differences between IFRS and U.S. GAAP. In regard to R&D expenditures, the IASB and FASB staff research will continue. This paper aims at examining the relevance and reliability of information about R&D expenditures, trying to estimate the company value in the Stock Market. Our method consists of different specifications of a valuation model, that is, the Ohlson Model (1995). The sample is composed of U.S. and U.K. listed automotive firms over a 10-year period (1995-2004). Our findings indicate that investors consider that current R&D is an expense and that lagged R&D is an asset. Accordingly, the international regulation should follow IASB standards.

Keywords: gastos en I+D; normas internacionales de contabilidad; modelo de Ohlson; valor de mercado (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.revistas.unam.mx/index.php/rca/article/viewFile/33656/30725 (application/pdf)
http://contaduriayadministracionunam.mx/articulo-2-284-33.html (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nax:conyad:v:57:y:2012:i:4:p:107-136

Access Statistics for this article

Contaduría y Administración is currently edited by Francisco López-Herrera (Editors in Chief)

More articles in Contaduría y Administración from Accounting and Management Contact information at EDIRC.
Bibliographic data for series maintained by Alberto García-Narvaez (Technical Editor) ().