Comprehensive income is becoming increasingly important as an indicator of corporate performance at an international level [SFAS 130 by the FASB (1997) and NIC 1 by the IASB, revised in 2007, among others]. Given this importance, this paper intends to assess its impact on the Return on Equity (ROE), as opposed to the more traditional net income, for the period 2004-2008 for the select group of the Spanish IBEX-35 listed companies. Moreover, working on this period will also allow us to verify the incidence of comprehensive income on the ROE within a context of economic crisis, especially for the year 2008, with a large recession and steep drops in the stock markets. For this empirical study, we took as reference the pertinent information disclosed in the Consolidated Annual Reports of these listed companies, formulated pursuant to the IFRS by the IASB, especially pursuant to IAS 1.The non-parametric Wilcoxon Signed-Rank Test was used to perform the corresponding statistic comparisons, as the variables in certain years did not conform to normalcy. The results of our paper show a statistically significant impact of the ROE calculated pursuant to comprehensive income as opposed to the ROE determined pursuant to the net income. This was evidenced for three of the five years that were studied, especially for 2008, when there was a spectacular decline in the ROE calculated pursuant to the comprehensive income as opposed to that calculated pursuant to the net income. We consider this could be a contribution to the international debate regarding the need to include other measurements of corporate performance that are broader than the traditional net income in certain ratios of the fundamental analysis. This could represent the basis for adopting financial decisions that are much more in tune with the reality of the market.

The purpose of this article is to assess the Overall Impact, and by Industries, of Comprehensive Income on Net Income for a sampling of 136 European groups listed on NYSE and NASDAQ from 1999 to 2004. To this end we took as reference the consolidated information disclosed pursuant to SFAS 130 issued by FASB in the reconciliations to the US GAAP when they presented their Annual Reports to the SEC with form 20-F and Industry Classification Benchmark -ICB- (Dow Jones Indexes and FTSE). In order to contrast the corresponding hypotheses, a set of non-parametric tools were used, as the data was far from normality. The results of our paper, which are ground-breaking at an international level, show a statistically significant impact of Comprehensive Income on Net Income for the sample group in most of the years that were analyzed. However, when this impact is itemized by Industries we find that there are hardly any statistically significant differences between them, which allows us to affirm that by adopting Comprehensive Income, within the context that we have studied, we are witness to a phenomenon which, along general lines, affects corporate groups in a similar fashion, independently of the nature of the activities that they carry out.

El resultado global está cobrando cada vez más fuerza como referente del resultado empresarial frente al más tradicional resultado neto, en particular, desde la revisión en el año 2007 de la Norma Internacional de Contabilidad nº 1 (NIC 1) del Comité de Normas Internacionales de Contabilidad (IASB). Además, se está asistiendo al impacto del mismo a nivel internacional a través de la adopción de las normas de este organismo, como ocurre en Venezuela con los Boletines de Aplicación de las mismas, emitidos por la Federación de Colegios de Contadores Públicos. Ante este escenario, este trabajo pionero a nivel internacional, plantea como objetivo esencial evaluar empíricamente cómo impacta el resultado global en los grupos empresariales atendiendo a su dimensión, con especial atención a las grandes corporaciones por su reticencia a la adopción del mismo por temor a perjudicar sus resultados. Para ello, se toma una muestra de 136 grupos empresariales europeos cotizados en NYSE y NASDAQ con información revelada según normas norteamericanas. Como metodología de contraste se emplean herramientas no paramétricas al estar los datos muy alejados de la normalidad. En concreto, como pruebas a priori se utiliza el Test de Kruskal-Wallis reforzado con el de la Mediana y como pruebas a posteriori el Test de la U de Mann-Whitney reforzado con el de Kolmogorov-Smirnov para dos muestras. Los resultados muestran un acusado impacto negativo del resultado global frente al resultado neto, en algunos casos espectacular, que conduce a diferencias significativas, en particular, entre los pequeños y grandes grupos empresariales, lo que puede ser de utilidad para la gerencia y el resto de usuarios.

In this study we will empirically evaluate the overall impact, and by industries, of Basic Earnings per Share calculated according to Comprehensive Income against the same ratio determined in accordance with Net Income, for a sample of ninety-two Spanish groups listed on the Madrid Stock Exchange during 20042007, in agreement with the information contained in their Consolidated Financial Statements pursuant to IASB GAAP and industry classification adopted in this market.In order to contrast the corresponding hypotheses, a set of non-parametric tools were used, as the data was far from normalcy. The results of our paper, which are ground-breaking at an international level, show a statistically significant impact of Basic Earnings per Share calculated according to Comprehensive Income against the same ratio determined pursuant to Net Income for the sample group in all of the years that were analyzed. On the other hand, when approaching the study by industries, we have observed quite uniform behavior between them in the sense that we found a remarkable impact on listed companies in all industries, which is why in general terms we are witnessing a phenomenon that affects the listed companies regardless of the nature of their business activities.These evidences, apart from suggesting a new dimension in the fundamental analysis, of particular interest to analysts and investors, justifies the disclosure of Basic Earnings per Share determined according to Comprehensive Income, not only in the notes, but also in the main body of the Statement of Comprehensive Income.

Con este trabajo nos planteamos como objetivo esencial analizar los problemas derivados de los acuerdos de refinanciación preconcursales en las empresas viables con problemas de insolvencia, en concreto, los cambios introducidos por el Real Decreto-Ley 3/2009, de 27 de marzo, en la Ley Concursal. Además, también queremos poner de relieve otros aspectos relativos a los acuerdos de refinanciación durante el concurso de acreedores, en particular, ante la negociación del convenio, que, en nuestra opinión, debiera haber contemplado también dicho real decreto, para que así al aplicar la Ley Concursal se pueda contribuir a alcanzar con éxito la reestructuración de las empresas y, con ello, la satisfacción de acreedores en los supuestos de concurso de empresas viables en un contexto de crisis.