Öz
Bilanço dışı finanslama tekniği olan özel amaçlı şirketler, ülkemizde kullanılmamakla birlikte ABD’de geçmişi1970’li yıllara kadar uzanmaktadır. Adından da anlaşılacağı gibi bu şirketler kendilerini kuran sponsor şirketlerin belirledikleri bir amaç için kurulurlar ve sadece bu amacı gerçekleştirmeye çalışırlar. ÖAŞ kurmanın sağladığı avantajlardan birincisi sponsor şirketin belirlediği amacı gerçekleştirirken bununla ilgili finansal risklerigizleyebilmesi, diğeri ise bu şirketlerin sponsor şirketlerinin elde edeceğine göre daha az maliyetli fon elde et mesidir. Fakat zamanla bu teknik asıl amacı dışında sponsor şirketlerin borçlarını gizlemekte kullanılmış, özellikle de Enron olayından sonra FASB bu teknikle ilgili yeni düzenlemeler yapmak zorunda kalmıştır
Anahtar Kelimeler
Kaynakça
- BRAZELTON Julia, AMMONS Janice; Enron And Beyond : Technical Analysis of Accounting, Corporate Governance And Securities Issues, Commerce Clearing house, Fall 2002.
- BETHANY Mclean, PETER Elkind, Gümüş Kurşun, Enron’un İnanılmaz Yükselişi ve Önlemeyen Çöküşü, Çeviren Canan Feyyat, Scala Yayıncılık. FEI Research Foundation Report, Special Purpose Entities: Understanding The Guidelines, January 2002.
- GORTON Gary, SOULELES Nicholas S., “Special Purpose Vechicles And Securitization”, NBER Working Paper, No: 11190, March 2005
- HANCOCK Ellen M., BRITT David C.; “New Accounting For SPEs”, KPMG Defining Issues, March 1 2002.
- HARTGRAVES Al L., BENSTON George J.; “The Evolving Accounting Standards For Special Purpose En- tities And Consolidations”, Accounting Horizons, September 2002.
- KAHN Jeremy, “Off Balance Sheet–And Out of Control”, Fortune, Vol.145, Iss.4, Feb 2002.
- MACALUSO Michael, WILKINSON Abby; “The Special Purpose Entity After Enron”, Real Estate Finance, Vol.19, Iss.6, Apr 2003.
- MUNTER Paul, “SPEs And Financial Instruments Subject of New Standards”, The Journal of Corporate Ac- counting & Finance, Vol.14, ıss.4, May/Jun 2003.
- SCHWARCZ Steven L., “Enron And The Use And Abuse of Special Purpose Entitiesin Corporate Structu- res”, Financier, Vol.9, Nos. 1-4, 2002.
- SOOROOSH Jalal, CIESIELSKI Jack T.; “Accounting For Special Purpose Entities Revised : FASB Inter- pretation 46(R9)”, The CPA Journal, Vol.74, Iss.7, July 2004.
- http://www.bankerme.com/bme/2005/mar/how_to_rate_sukuk.asp
- http://www.vinodkothari.com/fin46vk.htm
- http://www.vinodkothari.com/spv.htm
Öz
Special Purpose Entities, also referred to as off-balance sheet arrangements, havent been used in Turkey, yet butit has a history as far back as the 1970s in US. As it is understood by its name, SPEs are created for a limitedpurpose which is determined by their sponsors and they engage only in businesses for this purpose. Sponsorsmay benefit from these entities in two ways; first, these entities enable the sponsor to isolate financial risk of thepurpose and seceond they are able to raise funds at lower interest rates than those available to their sponsors.But in time, these entities have been used for keeping their sponsors’ debt off their balance sheet, especially after Enron crisis FASB responded by ussuing a proposed interpretation of existing accounting principles
Anahtar Kelimeler
Kaynakça
- BRAZELTON Julia, AMMONS Janice; Enron And Beyond : Technical Analysis of Accounting, Corporate Governance And Securities Issues, Commerce Clearing house, Fall 2002.
- BETHANY Mclean, PETER Elkind, Gümüş Kurşun, Enron’un İnanılmaz Yükselişi ve Önlemeyen Çöküşü, Çeviren Canan Feyyat, Scala Yayıncılık. FEI Research Foundation Report, Special Purpose Entities: Understanding The Guidelines, January 2002.
- GORTON Gary, SOULELES Nicholas S., “Special Purpose Vechicles And Securitization”, NBER Working Paper, No: 11190, March 2005
- HANCOCK Ellen M., BRITT David C.; “New Accounting For SPEs”, KPMG Defining Issues, March 1 2002.
- HARTGRAVES Al L., BENSTON George J.; “The Evolving Accounting Standards For Special Purpose En- tities And Consolidations”, Accounting Horizons, September 2002.
- KAHN Jeremy, “Off Balance Sheet–And Out of Control”, Fortune, Vol.145, Iss.4, Feb 2002.
- MACALUSO Michael, WILKINSON Abby; “The Special Purpose Entity After Enron”, Real Estate Finance, Vol.19, Iss.6, Apr 2003.
- MUNTER Paul, “SPEs And Financial Instruments Subject of New Standards”, The Journal of Corporate Ac- counting & Finance, Vol.14, ıss.4, May/Jun 2003.
- SCHWARCZ Steven L., “Enron And The Use And Abuse of Special Purpose Entitiesin Corporate Structu- res”, Financier, Vol.9, Nos. 1-4, 2002.
- SOOROOSH Jalal, CIESIELSKI Jack T.; “Accounting For Special Purpose Entities Revised : FASB Inter- pretation 46(R9)”, The CPA Journal, Vol.74, Iss.7, July 2004.
- http://www.bankerme.com/bme/2005/mar/how_to_rate_sukuk.asp
- http://www.vinodkothari.com/fin46vk.htm
- http://www.vinodkothari.com/spv.htm
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Araştırma Makalesi |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Nisan 2006 |
| Yayımlandığı Sayı | Yıl 2006 Sayı: 18 |