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Les normes comptables actuelles permettent-elles une comptabilisation des stock-options à leur juste valeur?

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  • Philippe Desbrières

    ()
    (Université de Bourgogne)

Abstract

(VF)Ces dernières années, les stock-options ont été au cœur de scandales financiers dans plusieurs pays qui ont entraîné une forte demande de transparence, en particulier sur ce mode de rémunération destiné aux dirigeants. L’objectif de cet article est de présenter, dans une première partie, les modalités de comptabilisation des stock-options selon la norme européenne IFRS 2 et la norme américaine FAS 123. La seconde partie est consacrée aux incidences et à une analyse critique de la comptabilisation des stock-options, notamment au regard de l’exigence de comptabilisation de ce mécanisme incitatif à sa juste valeur. (VA) In many countries, executive stock options (ESOs) have been subject to financial scandals during these last years, that encountered for a deep need of transparency, particularly about this compensation device for managers. The aim of this paper is to present, in a first part, the ways of expensing ESOs in through the European IRFS 2 and the American FAS 123 standards. The second part analyses ESOs accounting and its consequences, namely regarding the requirements about measuring this incentive mechanism at its fair value.

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Bibliographic Info

Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1061002.

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Length: 18 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:dij:wpfarg:1061002

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Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Keywords: normes comptables; stock-options; rémunération des dirigeants.;

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References

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  1. Brian J. Hall & Kevin J. Murphy, 2000. "Stock Options for Undiversified Executives," NBER Working Papers 8052, National Bureau of Economic Research, Inc.
  2. Huddart, Steven & Lang, Mark, 1996. "Employee stock option exercises an empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 21(1), pages 5-43, February.
  3. Brian J. Hall & Kevin J. Murphy, 2000. "Optimal Exercise Prices for Executive Stock Options," NBER Working Papers 7548, National Bureau of Economic Research, Inc.
  4. Cuny, Charles J. & Jorion, Philippe, 1995. "Valuing executive stock options with endogenous departure," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 193-205, September.
  5. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  6. Desbrieres, Philippe & Mercier, Samuel, 2001. "Enjeux éthiques des formules d'actionnariat des dirigeants," Economics Papers from University Paris Dauphine 123456789/3358, Paris Dauphine University.
  7. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
  8. Cox, John C. & Ross, Stephen A. & Rubinstein, Mark, 1979. "Option pricing: A simplified approach," Journal of Financial Economics, Elsevier, vol. 7(3), pages 229-263, September.
  9. Huddart, Steven, 1994. "Employee stock options," Journal of Accounting and Economics, Elsevier, vol. 18(2), pages 207-231, September.
  10. Aboody, David, 1996. "Market valuation of employee stock options," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 357-391, October.
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