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Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 This paper aims to make an assessment and diagnosis of the financial situation of Inditex (in this paper we will refer to it as the Zara group) and their immediate competitors such as Primark, Cortefiel, Sfera, Pepe Jeans, Kiabi and Punto Roma, focusing our study in the calculation and interpretation of key financial ratios, as well as in the connections between them, and, finally, drawing some conclusions that allow to catch a glimpse of the most significant differences between the clear sector leader and its most immediate competitors.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The continued growth of the collective investment industry and in particular that of socially responsible investment funds (SRF) has given rise to a need for a tool that reflects the behavior of the price of these funds, as well as analyze the evolution that they have undergone in recent years. In this work I propose the development of a stock market index of the SRF for the Spanish market. To do this, we consider all investment funds domiciled in Spain that meet the criteria of SRI and construct the index, called IBEX FISR. A comparative analysis of the index developed with respect to the reference in the sector, FTSE4Good IBEX is subsequently performed. The results showed no statistically significant differences between the returns of the two indices, while among its risks yes. Performance measures allow concluding that SRF have better performance in a binomial risk-return.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 Given the difficulty of access to credits for the Spanish population, this study examines the feasibility of microcredits as a tool for financial and social inclusion of specific groups. Specifically, this paper analyzes the effectiveness of microcredit programs granted in Spain, in particular the development of microcredit programs such as Microbank, the social bank of "La Caixa" in the period 2010-2013. This analysis concludes that microcredits are a funding source that helps generating self-employment, facilitates entrepreneurship among women and improve youth unemployment

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The purpose of this project is to conclude which the best strategy is in order to provide our investment with a consistent return on investment in the stock market. It is currently known that fixed-income investments are not profitable because fixed interest rates are near zero, sometimes even negative. Therefore, different strategies with equity portfolios had to be tried. Specifically, short-term strategies (day trading) were compared with medium/long-term strategies. Day trading strategies operate on charts with real-time stock market, and for this it is necessary to understand the technical analysis, which is essential in this strategy. A technical analysis is used to analyze price development with the purpose of forecasting future price trends. However, there is another analysis complementing the technical one: the fundamental analysis. The fundamental analysis focuses on macroeconomic factors and attempts to solve the same problem, that is, to determine the direction prices are likely to move. This analysis has been mainly used to make decisions in the medium/long-term.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball de Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The recent socio-economic and financial crisis that took place globally at the end of the last decade led to an exponential growth in what regards the development of companies with respect to business failure. With this study, by providing empirical evidence in this field of research, the verification of the usefulness of financial information provided by the type of analyzed companies is intended, especially regarding to the role played by the economic and financial ratios facing the possibility that the company suffers financial degeneration processes that lead to failure, and, in some cases, its subsequent disappearance. In order to accomplish this objective, various statistical analysis of a data on a sample of medium, small and micro enterprises belonging to various productive sectors of the Valencian Community will be carried.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 Lease accounting is on the rise for years. Currently, the main accounting standard setters worldwide, the IASB and the FASB, are involved in a project to change the lease standards since the current standards do not seem to satisfy the needs of the financial statement users, and are said to being used opportunistically. My end-of-degree project is framed within this setting and its objectives are threefold: firstly, I summarize the main aspects of the lease accounting debate, the reasons why the standard setters are changing the standards, and the main aspects of the new standard, which will probably be issued at the end of 2015; second, I revise the related literature in order to look for a better understanding of both the reasons of the regulatory change and its potential economic effects. Finally, I carry on a detailed content analysis on how the Spanish listed companies report the information about leases in their financial statements to evaluate the extent to which current accounting standards are applied by companies; the empirical analysis finishes with an assessment of the magnitude of the off balance sheet debt reported by the companies in the sample, estimated using alternative methodologies.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The purpose of this work is to perform a thorough review of the literature on the fundamental socio-demographic, political, economic and budgetary facts that affect the transparency of local governments. For the purpose of this study, we analysed different authors in their empirical studies to determine which are the most associated with the transparency factors of local governments. In addition, it will carry out an analysis of the evolution of the transparency index of local governments and on the corruption perception index in Spain. Studies indicate that the municipalities of greater size, with a GDP per capita greater and with higher budget have influence in an increase in transparency. However, factors such as unemployment, corruption and the capital of province decrease the level of transparency. Finally, the current legislation is moving slowly to stimulate the dissemination of information.

Treball de Final de Grau en en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 Microcredit is a financial tool essential to eradicate poverty in developing countries and to end financial exclusion in developed countries. The Grameen Bank was created by Muhammad Yunus, the founder of microcredit; it has become the most famous financial institution dedicated to microcredits worldwide. The growth of Grameen Bank has been spectacular, coming to accumulate 10,124 million dollars in microcredits in 2010. In 2013, Manos Unidas claimed that 64% of Grameen borrowers exceeded the poverty line thanks to microcredits. The MicroBank was created in 2007 as the social bank of "La Caixa". At present, it is the only bank specialized in microcredits in Spain and aims to be the European social banking reference. In just six years, it has come to accumulate 1,293 million Euros

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball de Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 En la última década se ha ido denunciado por los usuarios la falta de divulgación de riesgo por parte de las empresas en sus estados financieros. Una mayor divulgación de riesgos tiene como consecuencia una serie de ventajas que benefician tanto a usuarios como a las empresas, como reducciones de coste de capital. El objetivo de este estudio es comprobar si las empresas divulgan más información sobre riesgo en periodos de crisis financiera o en periodos de prosperidad económica. También se explican las diferentes tendencias sobre la divulgación de información sobre diferentes tipos de riesgo en los años estudiados. Para ello se ha analizado una muestra de empresas españolas no financieras del IBEX-35 en el año 2006 y 2011 utilizando una metodología nueva propuesta en el estudio de Cabedo y Tirado (2009). Los resultados obtenidos demuestran que estas empresas si han divulgado más información en periodos de crisis. In the last decade the users have been denounced the lack of information about risk disclosure in the financial statements of the companies. One increase disclosure of risks translates directly in a high number of advantages that benefit both users as firms, like capital cost reductions. The objective of this study is to check if companies disclose more risk disclosure in financial crisis or in periods of economic prosperity. Furthermore, the behaviour of different trends about the types of risk is explained also in this study. For it has been analysed a sample of non-financial Spanish companies that listed in IBEX-35 in 2006 and 2011 using a new methodology proposed in the study of Cabedo and Tirado (2009). The results obtained show that these companies have disclosed more information about risk in times of crisis, i.e. more in 2011 than 2006.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 Coca-Cola’s case is a research paper based on cocacola bottling companies in Spain. Its aim is to analyse its financial statements and the conclusions about its corresponding profitability and liquidity indicators to finally reach the conclusion that this large reorganizations and the labour force adjustment plan suffered were not really argued and the alleged causes were not certain at all. So we can see that Coca-Cola’s company was trying to get on train of what was happening during the financial and economic crisis in Spain.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The writing that is developed below is the analysis of profitability, and further development of the financial viability of an investment project. That analysis is focused on the decision of implementing the product known as Prama System in the company Consultoría Impulsaesport through its sport center situated in Castellon. While carrying out this project, a constant communication between the author of this text and the applicant company has been maintained. The exchange of information has served to make some adjusted estimates needed to develop the desires of the company. Therefore, the results obtained from the investment analysis of that system developed in the following pages have served as a contribution to clarify the intention of the company on the implementation of this product.

Treball de Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The aim for this End of Degree Project is two-fold. Firstly, we are going to produce a measure -Transparency Index of municipalities of Comunitat Valenciana (ITACV) - that will enable us to quantify the level of transparency attained in each municipality. Secondly, results from 65 Valencian municipalities are used to test if it is statistically significant to the determinants of transparency. We find deficits exist in the promulgation of the information on the part of the municipalities. The Tobit model regression shows interesting results; the population, unemployment, debt and taxes per capita influence and increase the financial transparency but, a population with a higher number of 65 years and older in a municipality and transferences received, contribute to reduce a transparency level. While several previous findings of the literature are confirmed, some new results are also obtained.

Treball Final de Grau en Finences i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 This Project shows how to design a cost system for a company focused on the powder coating paint manufacture. It begins with the description of the structure of a powder coating factory (raw materials, productive process, employees...) After that, we find a theoretical cost system design of a specific company. We can check that, the system is reached by the company through "Requests". It appears, also, the direct and indirect costs and its production chart. Finally, we can find a practical application of the system with real data of the month of March, getting at the end of the cost analysis a beneficial result for the business. While doing this final degree project, I could reach my main objective, to design the best cost system adapted to COLOREAME S.L. company.

Treball de Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2015-2016 Society has been through a lengthy economic situation of recession that has produced that society establishes further interest beyond the banking system. The aim of this End of Degree Dissertation is to explain and to analyse how we have been got to the point of working in our country as an entity of the Ethical Banking, regarded as an alternative to the Traditional Banking. We also should take into account the concept’s explanation and the engines that make Ethical Banking and why we should choose it. Furthermore, we will analyse its main entities. Ethical Banking gives the possibility to its customers to say where they want to invest their money. They would always act with transparency, they keep their social work, they provide sustainability and they also liaise with their environmental cause.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The legacy of extractive political and economic institutions of the USSR paved the way for development in Asia. Today this has revealed that in countries like Uzbekistan, where the president has been in office for twenty-five years gaining more and more power as if no replacement would be possible, the exercise of total control is a true phenomenon. In North Korea, where a hereditary communist dynasty has shown the very worst in how a centralized government´s greed and power benefits no one but itself. How these policies have affected countries and neighboring regions has changed the political and economic landscape and rules of international relations. The policies created more pluralistic institutions and thus have changed the course of history—the objective of this report.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2013-2014 The work consists of doing a literature review about “The January effect” or “Turn of the year”. Nowadays January effect is considered one of the most important stock exchange's anomalies, we focus in its historical evolution and its presence in different countries, considering some of these such as the relevant. The different causes which explain the January effect have a fundamental role in this work. We make an exhaustive analysis about the possible causes of the January effect, being Tax loss selling hypothesis and Window-Dressing the most important among all which exists. There were few critiques advocated against the January effect, the supporters show empirical studies demonstrating the January effect, while the opponents do the opposite claiming theories. In this work we come up with a general balance of the theoretical possibility to reason the truthfulness of the January effect in different studies. Once the research is done, we show that the majority of researchers verified and continue verifying the truthfulness of the January effect, despite they asociated differential causes for its existence. The January effect is only damaged deppending on the way to estimate and the sample perido calculated. However currently the January effect is an anomaly because continues happening, although due to the aknowleadge of it, it has been lossing power. During the cronollogy research it will be demostrated, that the January have lost power, however it continues happening around the world.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2014-2015 The aim of this paper is to analyze whether independent and institutional directors on board as well as chief executive officer (CEO)’ compensation of Spanish listed firms affect firm performance. We hypothesise that firm value is positively affected by independent and institutional directors on board and by CEO’s remuneration. Firm value has been measured by means of the Tobins_Q. The results, based on a sample of 96 firms listed on the Madrid Stock Exchange in 2013, show that independent and institutional directors on board impact positively on firm value, while CEO’s compensation does not have effect on it.

The work focuses on an empirical methodology that aims to strengthen the contents studied in the subjects of Cost and Management Accounting in a real environment; where the actors change, the student arrives as an active observer and company managers provide information full of experience. Initially this contact was a real shock and thanks to the work of tutoring and the invaluable involvement of the company I have been ordering descriptions, contrasts and proposals In this sense, the most relevant aspect of the modus operandi of the company is the implementation of standards in acceptance of projects and works, the management of the company has been who initially helped me in the understanding of this procedure. At the beginning my main concern was obtain dates, excel sheets with numbers. Then I could have a large list of excel with numbers, but when the study was progressing I start to be more interested in the explanations and the answers. I would also like to point out that the company has given me its turnover and dates, but the company is reticent about to show the personal dates at the study. Noted that the company will improve its procedures, introducing significant changes in the management and control based on the control of direct labour per hour, both for the treatment of personnel costs and for the allocation of manufacturing overhead by applying the budgeted manufacturing overhead rate; in fact, in the next Rehabilitation they will begin to control working hours attributed to the activities. They also will redefine the indirect costs with the goal to reach the Full Cost, improving their cost identification and creating the basis for allocate at the different stages of distribution and allocation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The current high level of competence requires any organization to dispose of an optimum cost control. The Activity-Based Costing (ABC) System enables creating a strategic planning in the firm and in the cost management and it also offers adjusted cost computing. In this project we present an ABC cost model for a supermarket, adapting such model to the characteristics of the sector and the firm by analyzing its cost structure and specifying the daily activity in the store. This is made with a view to create a cost management system adapted to the needs of the firm that will allow it to optimize costs and make strategic decisions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The classical investment assessment criteria and the emergence of new methods have been addressed in this paper. These are responsible for measuring the social impact caused by investments, to study whether they are substitutes or can be complementary. All this is materialized in a case study where NPV criterion is implemented with the SROI for the same investment and it was found that they do not have to reach the same result. The person in charge of making the decision regarding investment will study the case to decide what is more convenient for the company, ensure profitability saving investment, or do it with an NPV close to 0 or even negative in exchange for creating value in society that indirectly impact positively on the future of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The world is currently under a convergence process towards the adoption of IFRS, which are claimed to be a set of high-quality accounting standards. This final degree project focuses on one of the multiple dimensions of financial reporting quality, namely conservatism. I review the literature related to how the IFRS adoption has influenced on this characteristic of the financial reporting. In doing so, I make a key distinction between conditional and unconditional conservatism. Unlike the unconditional form of conservatism, conditional conservatism, understood as the faster recognition of bad news than good news, is considered to improve accounting quality. The findings of the academic literature are mixed and reveal that reporting quality, and specifically conservatism, is not only influenced by the standards. Other institutional, regulatory and cultural factors are important in determining the quality of financial information. Further research is needed in order to isolate the effect of the standards.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 In this paper we will present a case study on business management. In this case study, we will study one of the most popular and relevant nonprofit organizations in Spain, ONCE Foundation. To analyse their business endeavour we will use the last annual accounts that have been published on their website. By analyzing this we can know their incomes, expenses, their support and how they allocate their investments/reinvestments. In this manner, we will inquire whether this business entity through their business management posseses a feasible social management, whether their practices are sustainable and transparent and above all whether this business entity posseses autonomy in the mid- and long-term.

Jobbie was first developed in March 2015 by two students of computer engineering and an industrial designer. The idea came from a previous project that was being jointly developed by the existing co-founders of Jobbie. After emerging the idea, the three members began to build a complete prototype of the application based on the philosophy of " Lean Start -up ". The basic premise of this philosophy is that a startup is not a company but a temporary organization whose goal is to find a model of viable and scalable business through a series of experiments that serve to learn, and all surrounded by great uncertainty. (Source: Blog Emprenderalia: “Aprende a crear tu empresa con lean startup”, 2016). Once they obtained the prototype, they drawn a first draft of the business plan associated with Blast of Partners. This company, dedicated to promote projects from its earliest stages, became the fourth partnerof Jobbie in order to help the founding partner with aspects that they did not know as marketing, the formal application to founding opportunities and legal aspects. Thanks to this support, Jobbie partners S.L. Developers have access to a co-working space where they can work freely and further develop its product. Currently Jobbie Developers S.L is a company dedicated to the technology industry, whose product,Jobbie, is an application of collaborative economy based on the supply and demand for instantaneous micro jobs, so users can delegate specific tasks and / or earn extra money by performing these tasks.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The objective of this paper is to analyze how the presence of institutional directors, independent directors and women directors affects the total board compensation of Spanish listed firms. We hypothesize that board compensation is positively affected by the percentage of institutional directors, independent directors and women on the board seats. The results, based on a sample of 98 listed firms from the Madrid Stock Exchange, report that independent directors do not have effect on the total board compensation, while institutional directors and women directors affect positively the board compensation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The main objective of this final degree project is to analyze the process of investment carried out by the entities of private equity and venture capital, with parameters of social responsibility. The incorporation of responsible investment in a company can be complex for venture capital entities. Once analyzed the risk capital, and socially responsible investment, we will use UNPRI as a guide, which helps venture capital and private equity entities to orient themselves when introducing the responsible investment in companies involved, to study specifically the case of the company Permira.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 A company of the citrus sector is a good candidate for implementing a system of costs based on activities, since most costs that are generated in the development of their business are indirect in regarding citrus. In addition, it is a traditional sector and in many cases they are family businesses that must adapt to new models of management and cost control, so that they can adapt to an increasingly competitive environment. To carry out the practical implementation of the system, the different costs that arise throughout the process from citrus are going to be identified, from picking the citrus to its preparation and, next, they will be accumulate in the activities identified in the target company. After removing the cost of these, activity rates will be calculated to impute the cost to the different manufacturing types offered by the company

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The disclosure of risk-related information is of great importance in today’s highly uncertain environment. Furthermore, it is evident that there is a need for both relevant and high-quality information. It has become clear that this information is essential for both the making of important decisions as well as the ability to create accurate forecasts. Studies that have been performed on the disclosure of risk information that has been Spanish companies’ show that a high percentage of the analysed companies are reporting on some sort of risk, additionally we can clearly see that the reported risks are pre-dominantly non-financial risks. The results that we have obtained with this study have shown that the variables of corporate governance and the variables of control that we have analysed are not significantly related to the disclosure of risk information. Furthermore, the three evaluated hypotheses show that the variables related to corporate governance, such as board size, board independence, and the percentage of capital held by the board do not significantly affect the disclosure of risks by the Spanish companies that we have analysed in this study.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 In this project I will explain the concept and history of Microfinance, focusing on the origin of Grameen Bank, and later I will explain how Islamic Finance and Banking works, which products offer and the differences with traditional banking system. At the end I will explain the answers of a survey that I realize about the knowledge of Islamic finance and the entrepreneur spirit, with two different samples: Spanish university students and Erasmus students in Bahcesehir University in Istanbul.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 The emissions trading scheme has emerged as the main mechanism to deal with the global problem of climate change. The frustrated attempt to create a standard on greenhouse gas emissions has led to that currently there is a great diversity in accounting practices. This paper aims to explore the national standards that have been developed by some countries in order to solve the problems of registration and evaluation of units of carbon in the financial statements in their own territory, as well as to present a case study based on local regulations. This case study will show that accounting diversity can have a serious impact on the decision-making capacity of external users (shareholders, lenders, suppliers, regulators, etc.). Finally, this study shows the need to harmonize the accounting regulations to provide clear information and uniform of the impacts of cap and trade in its financial statements of companies and thus facilitate the comparability between companies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 This dissertation consists of a study on the Spanish ceramic sector, a study in which the ceramic industry is analyzed from different perspectives. First of all, the ceramic industry in the global market is examined in order to obtain the position Spain ranks compared to other countries; second, this thesis focuses on the national level and, next, the subsectors that make up this industry are examined: the subsector of glaze and that of ceramic tiles. At this point, the focus of this study changes from observing both subsectors as somewhat complementary to obtaining a competitive vision between both of them, carrying out a comparative study of the composition of their annual accounts, profitability and liquidity in order to discover which is the most beneficial subsector, and, therefore, which is the one that contributes to a greater extent to the favorable position of the Spanish ceramic sector in the global market.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 In Spain between 2007 and 2010 there has been a restructuring in the sector of savings banks, which has led to the virtual disappearance of dominant positions by mergers and subsequent changes in ownership structure becoming into banks. This paper carries out a description of the Spanish financial system and in particular the evolution of the savings banks. The purpose of this paper is to test whether the variables as the size of assets, credit risk and efficiency of Spanish savings banks are related and forming with profitability for several years before the financial crisis of the past 2007 and before the complete restructuring of the Spanish financial system in 2009, and from which it can be concluded that the size and credit risk have no significant relationship with the profitability of such institutions against the majority opinion of authors they have also analyzed these variables. Also if the efficiency variable has a negative and significant relationship to the profitability of the savings banks, coinciding with most authors.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2014/2015 In this paper the financial audit and its role in banks will be studied. The audit has undergone a significant evolution due to the complexity of the economic situation, the opening of subsidiaries worldwide, as well as the large size of the companies and the introduction of new technologies. Therefore, the audit is of paramount importance for society in general. However, after the economic and financial public scandals, the audit profession is partly declining. Because of that, the objective of this Bachelor’s Degree thesis is to analyze the evolution of the financial audit and its connection with other relevant concepts. For this, all the concepts related to the audit will be examined, a study of the events that took place in Bankia, CAM and Banco de Valencia and the role played by the audit in them will be analyzed, and, finally, we will discuss why these events took place and which actions can be undertaken.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 Bitcoin is a virtual currency created in January of 2009 by Satoshi Nakamoto. This currency is based in a peer-to-peer electronic cash system and presents some characteristics that make it different from other virtual currencies and the fiat currencies too. These particular characteristics are for example: the decentralization, the finite number of coins, the anonymity, the possibility of use it around the world and so on. Moreover, in the Bitcoin system the supply of new units of currency is not controlled by the central authorities or a company, the new Bitcoins are generated in the mining process. The mining process consists in the resolution of cryptographic algorithms and is the base of the Bitcoin system because with this: new coins are introduced, the transactions between Bitcoin directions are confirmed and registered and is the process that allows to avoid the double spending. All of these characteristics make that the Bitcoin is seen by the people as a possible alternative to the currently payment systems.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs 2013-2014 The Bachelor's Degree Final Project has been done for the purpose of design a cost accounting system for Porcelanosa SA. Distributed in different parts. In a first, a description of your organization, this is divided into different departments that are tasked to the proper functioning of the company. And their production activity, which is primarily responsible for conducting pavements, coatings and special pieces. Secondly, the description of its system costs, which allows the company to integrate all its costs to its information system, to better understand where the company makes more expenditure, where this gets more benefits... Finally, an application example of the company for a period of one week, in which we see their costs in their production activities and the benefits obtained.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 The state of budget transparency at a global level is not satisfactory, according to the results of the Open Budget Survey 2012. It found that the average of the 100 countries surveyed is 43 out of 100. Studies show that there have been improvements in recent years, but that progress is very slow. Public participation in the budget process in most countries is scarce, while legislatures and Supreme Audit Institutions (SAIs) are generally strong, but sometimes suffer from deficiencies or limitations in their tasks. International organizations have developed codes of good practice for transparency and various studies have shown it benefits budget transparency in countries. Thanks to these, there has been a global consensus to promote budget transparency and improve governance, participation of civil society and economic development.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 Globalization has introduced a lot of changes in production systems of companies at international level. The decentralization of production has ignited a debate in certain sectors of society about how companies act when they engage with their stakeholders. A large number of companies have implemented Corporate Social Responsibility (CSR) policies in order to respond to new challenges that arise. However, there is a commonly held opinion that these policies are sometimes used as a measure to preserve exclusively the image of those companies. This paper attempts to analyse, based on commonly accepted criteria, if the information supplied by the company Inditex regarding the CSR is sufficient to evaluate its market behaviour and to assess its level of sustainability.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 In this work we will study the accounting of non-profit organizations. This sector is very heterogeneous and this is in continuous development. These organizations are characterized principally by the pursuit of the social profit. We will talk about the existing legislation for these entities, tax and accounting, but we will focus in the analysis of accounting regulation due to this represent the central theme of our work. For this, we will study with accurately regulations of non-profit organizations, and these will be compared with the companies’ regulations. Furthermore we will analyze accounting differences that we found between non-profit entities and enterprises.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 This final degree project focuses on the valuation of non financial fixed assets by Spanish listed firms, which must prepare their individual and consolidated financial statements following different sets of standards: the Spanish PGC for the individual statements and the IASs-IFRSs adopted by the EU for the consolidated accounts. Therefore, these companies have two choices as regards the revaluation of non financial fixed assets. In their individual accounts the Spanish local GAAP only allows the historical cost model, but they could choose to voluntarily adopt the ad hoc balance sheet updating regulations that the government issues from time to time, the latest in 2012. In turn, within the consolidated financial statements the companies have the option to choose the revaluation model contemplated in IASs 16 and 40 instead of the traditional historical cost model. The project describes the differences between the two sets of regulations, provides with a detailed review of the last balance sheet updating regulation, included within the Law 16/2007, and analyzes the two revaluation decisions by the companies included within the Ibex 35.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 The main objective of this End of Degree Project is to test whether more conservative banks before the economic crisis –i.e., those who exhibited timelier loan loss recognition-, were able to extend more loans to their borrowers after the burst of the real estate bubble in Spain. To do this, we use a unique database (SABI), which allows us to match borrowers and lenders financial statements for the period 1997-2009. Our findings suggest that a) financial entities with higher capital buffers before the crisis exhibit a lower reduction in its lending to non-financial firms during the crisis, b) commercial banks and saving banks with more timely loan loss recognition prior to the crisis exhibit a lower reduction in its lending to non-financial firms during the crisis, c) firms borrowing from banks with more timely loan loss recognition prior to the crisis exhibit a lower likelihood of bankruptcy during the crisis.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 Credit union firms which carry out activities more normal in financial entities whose main objective is to pursue the needs of their associates and third parties. The Spanish financial system is made up of banks, savings banks and cooperatives. The banks are the identities with the highest turnover and the cooperative hold a much inferior position as they only represent 4.1% of the banking system. Since the year 2012 the cooperative had undergone a restructuring process forming IPS, therefore decreasing the number of cooperative. Currently the number of cooperatives is still decreasing at an accelerate rate. As in January, 2012 there were 80 cooperative registered in the World Council of Credit Unions (WOCCU) and in April in the same year only 40 are still remaining.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 This work will study the socio-demographic determinants, political, budgetary and economic, that affect the transparency of local entities. To perform the study, we have chosen the transparency index data for the 110 largest municipalities of Spain, in 2012 has been chosen from the information offered by the website of the organization Transparency International Spain. The results indicate that the budget imbalance and population, influence an increase in the level of transparency. On the contrary, factors such as debt per capita, unemployment and provincial capital, affect a decrease in the level of transparency. In addition, through the evolution of the global index it has been possible to conclude that legislation on transparency and the organizational Transparency International Spain, have helped to stimulate the disclosure of the information from local governments.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 In an uncertain economic environment and an increasingly globalized economy, a thorough risks control is necessary. Noteworthy among them, because of its importance in the banking activities, the credit risk. The Basel Committee, is the responsible for setting the standards for measuring credit risk and with the main objective of ensuring the solvency of the banking system, proposes two measurement models: SA and IRB. The role of banks as a lender provides the basis of economic growth for many businesses and therefore the economy of a country. Of particular concern is the case of SMEs. Many studies reflect the importance of the implementation of internal methods for measuring MCR for these businesses and concludes that, applying internal methods is achieved levels of capital requirements lower than applying the standard method. The purpose of this work is the study of MCR measurement under the regulations established by the BIS focusing, in particular, on credit risk. Furthermore, to emphasize the importance of measuring credit risk and the difficulty of estimating the PD, an empirical application has been developed which will reveal differences in MCR using the SA as opposed to the IRB Basic Approach.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2013-2014 This paper attempts to study the main accounting perspectives regarding emission allowances with a special focus on the derived problems of accounting divergence due to the lack of specific guidance addressing the accounting issues of this particular area. With that purpose, the study will introduce the fundamental accounting issues concerning GHG emissions. The current state of both international and some national GAAP (IFRS, U.S. and Spanish) related to GHG emissions is discussed below along with the diversity in existing practices. This accounting divergence hinders the ability of shareholders, regulators and creditors to truly understand the firms´ financial situation since it undermines the comparability of financial statements. Therefore, the ultimate goal of this report is to show the need for formal accounting guidelines concerning the recognition, measurement and disclosure of emission rights, highlighting the significant impact of emission gases on firms’ accounting and financial statements.