Ökonomische Analyse von Konzepten zur Bildung von Bewertungseinheiten: Micro-Hedges, Macro-Hedges und Portfolio- Hedges — wünschenswert im deutschen Bilanzrecht?

Norbert Herzig and Peter Mauritz
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Norbert Herzig: Universität zu Köln
Peter Mauritz: Bereich Financial Services, Frankfurt a. M.

Schmalenbach Journal of Business Research, 1998, vol. 50, issue 2, 99-128

Abstract: Summary Accounting concepts such as micro, macro and portfolio hedges are to be rejected from an economic point of view. This is because it is left up to the disclosing companies to define which of the financial instruments’ profit and losses correspond to others and should therefore be compensated. Using hedge accounting concepts, managers can build up huge hidden reserves which might be used to conceal the true economic development and situation of their companies. The information function of financial accounting deteriorates and agency problems are aggravated by the use of micro, macro and portfolio hedges in the income statements. Decreasing efficiency of the capital markets, a lack of neutrality towards income taxes and useless overcomplication of accounting principles lead to the rejection of any micro, macro or portfolio hedge accounting. SEC, FASB and lAS are right in developing accounting rules which are oriented towards marking to market concepts against — for all too obvious reasons — massive resistance amongst corporates.

Date: 1998
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DOI: 10.1007/BF03371496

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