آیا روش مبتنی بر کنترل به صورت تلفیقی بهتر از رویکرد مبتنی بر مالکیت، ارزش بازار را انعکاس میدهد؟

Motivated by the recent Discussion Paper (DP) issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on how to define reporting entities, this study investigates the value relevance of consolidated statements under the ownership-based approach of U.S. Accounting Research Bulletin No. 51 (ARB 51) and the control-based approach of International Accounting Standard No. 27 (IAS 27). The results show that consolidated financial statements based on a broader definition of control provide more useful accounting information than those based only on majority-ownership control. We also address one concern raised in the DP, namely, whether a reporting entity should use the common control model to include entities that are under common control of an individual investor or family. The results suggest that accounting standard boards should include the common control model in defining the group reporting entity for firms with complex ownership structures.

The objective of this study is to evaluate whether consolidated financial statements under the control-based approach exhibit higher value relevance than statements under the ownership-based approach. On May 29, 2008, the International Accounting Standards Board (IASB) issued a Discussion Paper (DP), “Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Reporting Entity.” This DP was jointly developed by the Financial Accounting Standards Board (FASB) and IASB as part of deliberations on the reporting entity concept for the two boards' common conceptual framework. In the DP, the two boards consider whether they should define the composition of a group reporting entity based on a broader definition of control than ownership.1 The reasoning is that, if a group reporting entity comprises the controlling entity (the parent) and its controlled entities (i.e., subsidiaries), majority ownership (i.e., over 50%) is not a necessary condition for attaining control. Instead, they propose defining control based on a “controlling entity model,”2 which defines control as the parent's power over another entity and the ability to obtain benefits (or to reduce the incidence of losses). To obtain feedback on these proposals, the FASB and IASB presented a series of questions and called for comments.

As part of a joint project to develop a common conceptual framework for financial reporting, a discussion paper (DP) jointly issued by the IASB and the FASB sought feedback on the definition of group reporting entity. The question at the core of the DP is how to delineate the scope of a group reporting entity for the purpose of compiling consolidated financial statements. Specifically, the DP requests comments on three inquiries: (1) whether composition of a group reporting entity should be based on control; (2) whether the controlling entity model should be used as the primary basis to define a group entity; and (3) whether in some circumstances it is best to use a common control model that is more comprehensive than the controlling entity model.