Auswirkung einer Umstellung der Rechnungslegung von HGB auf IFRS auf das Bilanzrating - Mit Implikation für die BilMoG-Umstellung - (English shop)

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This dissertation addresses a problem in the field of credit standing analysis (creditworthiness assessment) conducted by credit institutions. For this purpose, rating procedures are employed which determine the probability of default of a loan on the basis of a combination of quantitative (financial statement rating) and qualitative analysis. At present, IFRS and BilMoG financial statements are analysed using financial statement rating systems that are based on historical HGB data. As a consequence, a systematic analytical error occurs. In this context, the research question is examined as to whether and, if so, what influence a transition of accounting from the former version of the HGB to IFRS has on the financial statement rating. Building on this, an analysis is conducted as to whether conclusions can be drawn from these findings regarding the effects of the BilMoG transition on the financial statement rating.

The study shows that the differing recognition and measurement rules for the accounting treatment of research and development costs, long-term construction contracts, leases, hedging relationships (hedge accounting) and pension provisions lead to substantial quantitative transition effects and in some cases strongly influence the ratios relevant to the rating. By means of two empirical analyses of the transition financial statements of sixteen DAX30 groups and of the HGB and IFRS separate financial statements of eight medium-sized enterprises, previously derived hypotheses on the effects of an IFRS transition on the financial statement rating are tested. Following the empirical analyses, the question is pursued of how individual accounting issues that are responsible for a substantial part of the quantitative transition effects influence the financial statement rating. Using a model company, the effects of the accounting treatment of research and development costs, long-term construction contracts, leases, hedging relationships (hedge accounting) and pension provisions on the financial statement rating of the Sparkassen are examined in isolation. It is demonstrated that, considered in isolation, the financial statement rating is positively influenced by the transition of accounting to IFRS in the case of measures in the areas of research and development, fair value hedging and long-term production. By contrast, measures in the areas of leasing (for the lessee) and pension provisions lead to a negative influence on the financial statement rating. Recommendations for analysis are developed for credit institutions on how to deal with the effects that arise. They provide the basis for a justified overruling in order to take into account the described effects of the IFRS transition with regard to the accounting issues mentioned in the course of the credit standing analysis. The recommendations are oriented, on the one hand, towards the accounting purpose of accountability associated with the principle of creditor protection and, on the other hand, towards the accounting purpose of decision support. Finally, based on the insights gained into the effects of the IFRS transition on the financial statement rating and on the fact that the BilMoG transition brings German commercial law closer to IFRS, conclusions can be drawn as to how the financial statement rating is influenced by a transition of accounting from the former to the new commercial law.