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1
Salzsieder, Leigh. "Fair Value Opinion Shopping." Behavioral Research in Accounting 28, no. 1 (July 1, 2015): 57–66. http://dx.doi.org/10.2308/bria-51238.
Повний текст джерелаАнотація:
ABSTRACT This study reports the results of an experiment designed to provide empirical evidence related to fair value opinion shopping. The experiment provides initial evidence that managers are likely to shop for fair value opinions from external valuation professionals in the absence of a requirement to disclose that behavior to the board or auditor. Disclosure becomes a meaningful deterrent when the beneficiary of opinion shopping is perceived to be the manager. However, disclosure is an ineffective deterrent when the beneficiary is perceived to be shareholders.
2
Zhang, Yi, Gin Chong, and Ruixin Jia. "Fair value, corporate governance, social responsibility disclosure and banks’ performance." Review of Accounting and Finance 19, no. 1 (November 13, 2019): 30–47. http://dx.doi.org/10.1108/raf-01-2018-0016.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to investigate the interaction between mandatory disclosures and voluntary disclosures of banks and the information content of corporate disclosures on firm performance. Design/methodology/approach Based on the US-listed banks from 2007 to 2015, this paper examines the interplay among the fair-value measurement, corporate governance disclosure and voluntary social responsibility disclosure. In addition, the paper examines the extent of such disclosure of mandatory items (fair-value measurement) versus voluntary items (corporate governance and social responsibility issues) on banks’ performance in terms of their return on equity and return on asset. Findings This paper finds that banks with a higher social responsibility disclosure score and stronger corporate governance tend to have lower percentages of Level 3 fair-value assets. Banks with a higher Level 3 fair-value asset disclosure have a lower financial performance. Practical implications This paper provides evidence of the interplay of various corporate disclosures by banks and implies that banks use fair-value measurements to disguise their poor performance. The findings provide insights for the policymakers, investors and regulators to assess banks’ disclosure. Originality/value This paper extends the study of banks’ fair-value measurements and is the first study to examine the interaction between voluntary and mandatory disclosures. This study sheds lights on the theories of performativity, agency and stakeholder by demonstrating the information contents of corporate disclosures on firm performance.
3
Annabi, Amira, and Alicja K. Reuben. "On Post-Crisis Banks’ Fair Value Measurement Disclosure." Journal of Research in Administrative Sciences 9, no. 1 (June 15, 2020): 1–11. http://dx.doi.org/10.47609/jras2020v9i1p1.
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4
Roggi, Oliviero, and Alessandro Giannozzi. "Fair value disclosure, liquidity risk and stock returns." Journal of Banking & Finance 58 (September 2015): 327–42. http://dx.doi.org/10.1016/j.jbankfin.2015.04.011.
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5
Alfarisyi, Naupal, Yossi Diantimala, Rizal Yahya, and Muhammad Saleh. "Biological Assets and Firm Value: Do Fair Value Measurement and Disclosure Matter?" Jurnal Dinamika Akuntansi dan Bisnis 9, no. 2 (September 23, 2022): 205–22. http://dx.doi.org/10.24815/jdab.v9i2.24694.
Повний текст джерелаАнотація:
This study aims to investigate whether value of biological assets measured by fair value and disclosure of biological assets has influence on firm value. The samples are agricultural companies listed on the Indonesia Stock Exchange between 2018 and 2020 with 51 firm-year observations. Using multivariate analysis, this study found that value of biological assets measured by their fair value has a significantly positive effect on firm value, while the disclosure level of biological assets does have impact on firm value. The control variables, namely profitability, leverage, and growth, significantly affect firm value. This study provides a new perspective and empirical evidence in the research topic because this research focuses on the impact of the application of Indonesian statement of financial standard No. 69 regulating fair value of assets and disclosure of biological assets on firm value.
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Müller, Maximilian A., Edward J. Riedl, and Thorsten Sellhorn. "Recognition versus Disclosure of Fair Values." Accounting Review 90, no. 6 (January 1, 2015): 2411–47. http://dx.doi.org/10.2308/accr-51044.
Повний текст джерелаАнотація:
ABSTRACT This paper examines pricing differences across recognized and disclosed fair values. We build on prior literature by examining two theoretical causes of such differences: lower reliability of the disclosed information, and/or investors' higher related information processing costs. We examine European real estate firms reporting under International Financial Reporting Standards (IFRS), which require that fair values for investment properties, our sample firms' key operating asset, either be recognized on the balance sheet or disclosed in the footnotes. Consistent with prior research, we predict and find a lower association between equity prices and disclosed relative to recognized investment property fair values, reflecting a discount applied to disclosed fair values. We then predict and find that this discount is mitigated by lower information processing costs (proxied via high analyst following), and some support that it is also mitigated by higher reliability (proxied via use of external appraisals). These latter results are documented using subsample analyses to test one attribute (either information processing costs or reliability) while holding the other constant. Overall, these findings are consistent with fair value reliability and information processing costs providing complementary explanations for observed pricing discounts assessed on disclosed accounting amounts. Data Availability: Data are available from public sources identified in the manuscript.
7
Bens, Daniel A., Mei Cheng, and Monica Neamtiu. "The Impact of SEC Disclosure Monitoring on the Uncertainty of Fair Value Estimates." Accounting Review 91, no. 2 (August 1, 2015): 349–75. http://dx.doi.org/10.2308/accr-51248.
Повний текст джерелаАнотація:
ABSTRACT We investigate the role played by the Securities and Exchange Commission (SEC) in monitoring fair value disclosures in regulatory filings. Specifically, we assess whether SEC action via the issuance of fair value comment letters to registrants is followed by reductions in uncertainty about the firms' fair value estimates. We hypothesize that registrants that receive a comment letter focusing on their fair value disclosure policies experience reductions in investor uncertainty regarding their fair value estimates in the post-letter period, compared to the pre-letter period. Supporting this prediction, we find that for the periods after the fair value comment letters, the associations between Level 2 and 3 fair value assets and our measures of uncertainty are significantly reduced. These findings are robust to a series of tests designed to ensure that we do not simply capture general changes in market uncertainty levels for firms investing in these types of assets. Our study contributes to the further understanding of market participants' perception of fair value disclosures by investigating the role of SEC enforcement. This finding is important given recent criticisms of fair value reporting emanating from the highest levels of government and industry. Data Availability: Data are available from public sources identified in the paper.
8
Gudonytė, Birutė, and Kristina Rudžionienė. "The relationship between the financial crisis and the measurement of fair value in financial statements." Buhalterinės apskaitos teorija ir praktika, no. 15 (April 10, 2014): 43–51. http://dx.doi.org/10.15388/batp.2014.15.4.
Повний текст джерелаАнотація:
Literature suggests that the main goal of fair value evaluation is more reliable and relevant information disclosure to external users. However, in 2007, at the beginning of the global financial crisis, the benefits of fair value, as well as the opportunity to provide information about the true and fair view of a company, were called into question. Opponents of the fair value claim that the fair value was the main reason for the global financial crisis, but the advocates disagree; therefore, the correlation between the fair value and crisis is controversial. It reflects the problem of the thesis: how the system of fair value accounting influenced the financial crisis?
Object of the paper: the method of true value measurement.
Aim of the paper: to evaluate the measurement of fair value and its potential impact on the financial crisis in Lithuania.
After analysing the evaluation of 25 Lithuanian listed companies by disclosure of fair value, it can be state that stock companies evaluate more property than liabilities by disclose the fair value. A correlation coefficient was determined while assessing the correlation between the application of fair value in financial reports and financial crisis in Lithuania, but it disapproved the correlation.
9
Druzhilovskaya, Emilia Sergeevna. "New disclosure requirements for fair value in financial statements." Buhuchet v zdravoohranenii (Accounting in Healthcare), no. 02 (February 4, 2022): 6–16. http://dx.doi.org/10.33920/med-17-2202-01.
Повний текст джерелаАнотація:
Currently, fair value is already actively used in the Russian Federal Accounting Standards (FAS). To an even greater extent, the projects of the new FAS are expanding the scope of application of this value in domestic accounting. As a result, in the future there will most likely not be a single item of accounting for which fair value is not used. Thus, the rules related to the fair value are becoming more and more relevant. It should be noted that the FAS does not establish these rules, but refers organizations (including healthcare organizations) to the regulations of the International Financial Reporting Standard (IFRS) 13. This standard, in turn, is currently at the stage of amendments. Thus, the developers plan to make significant adjustments to the requirements for disclosure of information about fair value in financial statements established by this standard. Since these changes may also affect Russian accounting (due to the active use of such value in it), it is necessary to analyze in detail the above new requirements already now to be ready for their application in the future. In addition, this analysis will also be relevant for numerous domestic organizations that prepare their financial statements in accordance with IFRS. This article is devoted to the study of the above issues. Analysis and synthesis, grouping method, comparison, analogy method, systemic approach, logical approach were used as research methods. As a result of the research carried out, the new requirements of IFRS 13 for disclosure of information about fair value in financial statements are subdivided in the article into groups and subgroups, and a critical analysis of the relevant regulations relating to these groups has been carried out. At the same time, the article identified the main problems in this area and identified ways to solve them.
10
Magpantay, Damito Doria. "How to Report Receivables at Fair Value?" International Journal of Accounting and Financial Reporting 3, no. 1 (June 2, 2013): 189. http://dx.doi.org/10.5296/ijafr.v3i1.3710.
Повний текст джерелаАнотація:
The problem of asymmetric information faced by creditor-firms arising from deceitful manipulation of credit information by debtor-firms lingers because current disclosure standards fail to capture relevant information about the measure of creditworthiness of debtor-firms.
11
Sangchan, Pinprapa, Haiyan Jiang, and Md Borhan Uddin Bhuiyan. "The decision usefulness of reported changes in fair values and fair value measurement-related disclosure for debtholders: evidence from Australian real estate industry." Accounting Research Journal 33, no. 6 (October 21, 2020): 729–47. http://dx.doi.org/10.1108/arj-11-2019-0222.
Повний текст джерелаАнотація:
Purpose This paper aims to examine the information content of changes in fair values of investment property reported under international accounting standards (IAS) 40 and International Financial Reporting Standards (IFRS) 13 to debtholders. This study further examines the effect of fair value hierarchy inputs, valuer types and the quality of fair value measurement-related disclosure on the information usefulness of changes in fair value. Design/methodology/approach This paper performs a panel regression on the cost of debt capital and changes in fair value of investment properties, and fair value measurement features using data covering periods 2007–2015 from Australian real estate companies. Findings The findings suggest that changes in fair value of investment property are informative about the real estate firm’s future cash flow to debtholders. Also, the findings show that the use of unobservable inputs in an active market (Level 3 inputs) and Level 2 has no different impacts on the cost of debts. Also, this paper documents that employing the directors solely in valuation may lead to a higher cost of debts. Furthermore, this paper reports that an extensive fair value disclosure appears no additional value in the debt decision. Originality/value Collectively, the findings indicate that although the use of unobservable inputs is common in the real estate sector, information on the changes of the fair value of investment properties are informative to debtholders. The findings have important implications for accounting standard setters to consider revisiting the IAS 40 and IFRS 13 on whether the independent valuation should be required and whether the extensive disclosure requirement is worthwhile.
12
Jeong, Seok Woo, Nam Chul Jung, and Kwang Bok Hue. "Disclosure Quality Related to Fair Value and Value Relevance of Accounting Information." Korean Accounting Review 47, no. 4 (August 31, 2022): 1–31. http://dx.doi.org/10.24056/kar.2022.08.001.
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Damian, Maria Ionela, Jiří Strouhal, Carmen Giorgiana Bonaci, and Razvan V. Mustata. "Financial Reporting Disclosure Practices: Particular Case of Fair Value Measurement." International Advances in Economic Research 20, no. 1 (July 19, 2013): 123–24. http://dx.doi.org/10.1007/s11294-013-9429-9.
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14
Hong, Philip K., and Seokyoun Hwang. "Fair value disclosure of pension plan assets and audit fees." Advances in Accounting 41 (June 2018): 88–96. http://dx.doi.org/10.1016/j.adiac.2018.01.002.
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Israeli, Doron. "Recognition versus disclosure: evidence from fair value of investment property." Review of Accounting Studies 20, no. 4 (August 23, 2015): 1457–503. http://dx.doi.org/10.1007/s11142-015-9335-x.
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Ahn, Jaehan, Rani Hoitash, and Udi Hoitash. "Auditor Task-Specific Expertise: The Case of Fair Value Accounting." Accounting Review 95, no. 3 (October 11, 2019): 1–32. http://dx.doi.org/10.2308/accr-52599.
Повний текст джерелаАнотація:
ABSTRACT PCAOB inspections repeatedly indicate deficiencies in audits of fair-value (FV) estimates, prompting regulators to improve the related auditing standards. We predict that auditor task-specific FV expertise, gained from work experience during the audit of FV measurements, can contribute to higher audit quality. Utilizing FV-related restatements and comment letters, we find that expertise in auditing Level 3 FV estimates at the office level is associated with greater FV audit quality. Level 2 FV expertise or national level FV expertise is not associated with higher FV audit quality. Following the receipt of a comment letter, we further find that auditor FV expertise is associated with lower comment letter remediation costs and higher FV disclosure quality. Finally, we find that the value relevance of Level 3 FV disclosures increases with the extent of auditor FV expertise. Collectively, our results highlight that auditor fair value expertise contributes to the credibility and usefulness of FV disclosures.
17
Sangchan, Pinprapa, Md Borhan Uddin Bhuiyan, and Ahsan Habib. "Value-relevance of reported changes in fair values and measurement-related fair value disclosures: evidence from the Australian real estate industry." Asian Review of Accounting 30, no. 1 (December 8, 2021): 121–51. http://dx.doi.org/10.1108/ara-06-2021-0104.
Повний текст джерелаАнотація:
PurposeThe paper aims to investigate the value-relevance of changes in fair values of investment property reported under International Accounting Standards (IAS) 40 and International Financial Reporting Standards (IFRS) 13.Design/methodology/approachMultivariate regression models are used to regress cumulative market-adjusted stock returns of real estate firms on changes in fair values, along with control variables and corporate governance variables, in order to examine the research question.FindingsUsing hand-collected data from the Australian Real Estate Industry (AREI), the authors find that changes in fair values of investment property are value-relevant for equity investors. The authors further find that using unobservable inputs in an active market (Level 3 inputs) does not diminish the information content of fair values. The authors document that properties valued exclusively by directors have a significantly reduced value-relevance, whereas property valuations made collectively by both directors and independent valuers have superior value-relevance, possibly owing to the combination of inside knowledge and externally imposed monitoring. Collectively, the findings suggest that in the real estate industry, where unobservable inputs are commonly used to determine fair values of properties, the fair values determined subjectively are perceived to be sufficiently informative and relevant.Research limitations/implicationsThe authors' findings have important implications for accounting standard-setters in considering whether an external valuation should be required and whether the extensive measurement-related fair value disclosure requirements are useful.Originality/valueThe study extends previous archival evidence and complements prior commentaries on experimental and analytical work in the Australian regulatory environment.
18
Mechelli, Alessandro, Vincenzo Sforza, Alessandra Stefanoni, and Riccardo Cimini. "The value relevance of the fair value hierarchy. Empirical evidence from the European Union." FINANCIAL REPORTING, no. 2 (October 2018): 7–35. http://dx.doi.org/10.3280/fr2018-002002.
Повний текст джерелаАнотація:
This paper investigates the value relevance of the fair value hierarchy disclosed for financial instruments through a sample of 97 financial entities listed over the period 2011-2016 in the stock markets of 23 European countries. Its main objectives are threefold. First, by analysing the European setting, the paper means to study the value relevance of the fair value hierarchy to judge the choice of the International Accounting Standard Board (IASB) to extend the disclosure of the hierarchy to all the assets and liabilities. Second, the paper aims to evaluate the choice of abandoning management intent as a criterion for the classification and measurement of financial instruments investigating the effect that such an intent has on the value relevance of the fair value hierarchy. Finally, by studying the effect that exposure to risks has on the value relevance of the fair value hierarchical levels, the paper plans to investigate the implications that the disclosure of the hierarchy could have on the rules of Basel 3 capital adequacy. Formulating three different research hypotheses, the findings validate them providing evidence that the value relevance of fair value measurement depends on the source of inputs used to estimate fair value and that both management intent and the risk intensity of the asset book only affect the value relevance of the less reliable fair value estimates. These results are useful for standard setters and regulators. Actually, for the investors decisions, they suggest the importance of disclosing the fair value hierarchy for all the assets and liabilities as required by IFRS 13, as well as the advantage of replacing in IFRS 9 the management intent criterion with the business model test and the characteristics of the instruments for the classification and measurement of financial assets. For the future, the findings suggest the opportunity to introduce filters within the common equity tier 1 for the less reliable fair value estimates. This paper's current and future implications for standard setters and regulators are to avoid earnings management and capital management behaviour possibly affecting the quality of financial reporting.
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Ahmed, Anwer S., Emre Kilic, and Gerald J. Lobo. "Does Recognition versus Disclosure Matter? Evidence from Value-Relevance of Banks' Recognized and Disclosed Derivative Financial Instruments." Accounting Review 81, no. 3 (May 1, 2006): 567–88. http://dx.doi.org/10.2308/accr.2006.81.3.567.
Повний текст джерелаАнотація:
We provide evidence on how investor valuation of derivative financial instruments differs depending upon whether the fair value of these instruments is recognized or disclosed. Expanded disclosures and accounting practices prior to SFAS No. 133 and mandatory recognition of derivative fair values after SFAS No. 133 provide a natural setting for comparing the valuation implications of recognized and disclosed derivative fair value information. This unique setting mitigates many of the research design problems with recognition versus disclosure studies. Using a sample of banks that simultaneously hold recognized and disclosed derivatives prior to SFAS No. 133, we find that the valuation coefficients on recognized derivatives are significant, whereas the valuation coefficients on disclosed derivatives are not significant. Further, using a sample of banks that have only disclosed derivatives prior to SFAS No. 133, which are recognized after SFAS No.133, we find that while the valuation coefficients on disclosed derivatives are not significant, the valuation coefficients on recognized derivatives are significant. These results are consistent with the view that recognition and disclosure are not substitutes. Our findings suggest that SFAS No. 133 has increased the transparency of derivative financial instruments.
20
McDonough, Ryan P., and Catherine M. Shakespeare. "Fair value measurement capabilities, disclosure, and the perceived reliability of fair value estimates: A discussion of Bhat and Ryan (2015)." Accounting, Organizations and Society 46 (October 2015): 96–99. http://dx.doi.org/10.1016/j.aos.2015.05.003.
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Laghi, Enrico, Sabrina Pucci, Marco Tutino, and Michele Di Marcantonio. "Fair value hierarchy in financial instrument disclosure. Is there transparency for investors? Evidence from the banking industry." Journal of Governance and Regulation 1, no. 4 (2012): 23–38. http://dx.doi.org/10.22495/jgr_v1_i4_p2.
Повний текст джерелаАнотація:
The debate on fair value accounting is still open although the last 20 years have been spent in looking for solutions by academics, practitioners and institutions. After long and continuous discussion both on the basic concepts and the information level contained in fair value measurements and on the different solutions that are possible to adopt in mark to market measurements, IASB and FASB have recently issued new standards on fair value measurements applying some principles not only to financial instruments but also to property and other investments. To verify if the solutions adopted in these Standards really improve the disclosure level and the “usefulness of data for investors”, this paper analyzes the actual level of transparency and the “usefulness” of the “fair value hierarchy” (which from some points of view synthesized the Board’s way of thinking regarding to fair value) which has already been introduced for financial instruments by IFRS 7, Financial Instruments: Disclosure. The paper presents results of an empirical investigation on a sample of domestic and foreign listed banks that adopted fair value hierarchy in line with SFAS 157 and IFRS 7 recommendations. Research questions can be summarized as follows: (i) does fair value hierarchy improve transparency in financial instrument evaluation in bank annual reports, or can it be considered as a tool for earnings management?
22
Qingyu, Zhang. "Fair Value Hierarchy and Audit Fees: An Empirical Analysis based on the Listed Banks in China." E3S Web of Conferences 214 (2020): 02022. http://dx.doi.org/10.1051/e3sconf/202021402022.
Повний текст джерелаАнотація:
The key to the criticism of fair value lies in the lack of measurement in the active market quotation, while the fair value hierarchy hopes to make up for the reliability of fair value information by increasing disclosure. Using listed commercial bank data from 2007 through 2016, this paper documents that the assets and liabilities measured by fair value are significantly positively associated with audit fees. The positive association between audit fees and the fair value obtained via Level 2 or Level 3 inputs is greater than that Level 1.These results indicate that when the fair value needs to be estimated, the auditor needs to increase audit effort with resulting in higher audit fees. Moreover, the balance of assets and liabilities that fair-valued using Level 2 inputs is the largest and accounts for the highest proportion, which leads to more substantial changes in audit expenses. This result is consistent with the scale determinism of audit expenses. At the same time, due to the impact of professional judgment on the fair value hierarchy and the absence of corresponding supervision, the management has the motivation to use hierarchy for earnings management. The assets and liabilities that fair-valued using Level 2 inputs may represent the characteristics of fair value earnings management, audit risk is higher.
23
Song, Eun-Jin. "A Study on Research Trends of the Fair Value Disclosure and Measurement." Academic Society of Global Business Administration 16, no. 5 (October 30, 2019): 1–20. http://dx.doi.org/10.38115/asgba.2019.16.5.1.
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Chen, Vincent Y. S., Edmund C. Keung, and I.-Min Lin. "Disclosure of fair value measurement in goodwill impairment test and audit fees." Journal of Contemporary Accounting & Economics 15, no. 3 (December 2019): 100160. http://dx.doi.org/10.1016/j.jcae.2019.100160.
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Aliabadi, Sara, Alireza Dorestani, and Rasul Afifi. "THE EFFECTS OF SFAS NO. 159, FAIR VALUE DISCLOSURE, ON COMMERCIAL BANKS." Journal of Academy of Business and Economics 13, no. 1 (March 1, 2013): 25–34. http://dx.doi.org/10.18374/jabe-13-1.3.
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Liapis, Konstantinos J., and Evangelos D. Politis. "Disclosure of the Laffer economic effect in property valuations to fair value." Journal of Property Investment & Finance 36, no. 3 (April 3, 2018): 305–18. http://dx.doi.org/10.1108/jpif-10-2016-0079.
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GRIFFIN, JEREMY B. "The Effects of Uncertainty and Disclosure on Auditors' Fair Value Materiality Decisions." Journal of Accounting Research 52, no. 5 (August 26, 2014): 1165–93. http://dx.doi.org/10.1111/1475-679x.12059.
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Demski, Joel S., Haijin Lin, and David E. M. Sappington. "Asset Revaluation Regulation with Multiple Information Sources." Accounting Review 83, no. 4 (July 1, 2008): 869–91. http://dx.doi.org/10.2308/accr.2008.83.4.869.
Повний текст джерелаАнотація:
ABSTRACT: We examine the design of asset revaluation policies in settings where a regulator can mandate fair value disclosure in order to mitigate a lemons problem in the asset resale market. The welfare-maximizing policy generally prescribes fair value certification for the lower asset values and (less costly) historical cost reporting for the higher asset values. The potential for voluntary certification can reduce welfare by increasing equilibrium certification costs and promoting underinvestment in socially valuable projects. Thus, a single regulated source of information (mandated disclosure) can be preferable to two sources of information (mandated and voluntary disclosure).
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Jr, Phillip Neely, and Ray Muhammad. "Fair Value Accounting on the Housing Crisis." Business and Management Studies 2, no. 3 (July 20, 2016): 1. http://dx.doi.org/10.11114/bms.v2i3.1755.
Повний текст джерелаАнотація:
The circumstances which led to the development of each of these methods of accounting will be examined to better understand the context in which each technique was to be incorporated and its effect. Analysis will be performed on whether the use of these accounting practices changed since their inception and if so, for what purpose. The researcher will discuss how and if these accounting procedures become instrumental in relation to the valuation of housing assets, particularly in America. As a result of the financial crisis, some experts have expressed the opinion that Fair Value Accounting as opposed to the historical cost approach exacerbated the housing crisis while others have developed opinions that Fair Value Accounting had no negative affect on the crisis and in fact allowed for greater transparency in disclosure. The finding will analyze the effect of Fair Value Accounting on the housing crisis and whether the historical cost valuation method would be more effective and less subject to risk in home asset valuation by bank holding companies. Research findings will determine which method is most effective and whether an alternate model of valuation would provide a more reliable accounting practice for the housing market.
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Im, Chae Chang, Ahrum Choi, and Sungtaek Yim. "Fair Value Accounting And Financial Stability – Based On The Adoption." Journal of Applied Business Research (JABR) 32, no. 6 (November 2, 2016): 1825. http://dx.doi.org/10.19030/jabr.v32i6.9826.
Повний текст джерелаАнотація:
Fair value accounting refers to the accounting method which an asset or liability is estimated based on the current market price, so called fair value. Under the fair value accounting, it is more difficult for managers to hide bad information, because the value of an asset or liabilities is re-estimated periodically to reflect the changes in fair value in the market. In this case, firms’ financial stability will be increased. On the other hand, fair value accounting can intensity the volatility of the numbers in the financial statement, which leads to decreases the financial stability. This papers empirically examines the effect of the fair value accounting on the financial stability based on the IFRS adoption in Korea. Using the non-financial firms listed in KOSPI and KOSDAQ from 2000 to 2013, we find that the expansion of fair value accounting increases financial stability. The results support the argument that fair value accounting prohibits managers from hiding bad information, rather it enforces the disclosure of value-relevant information to the investors. The results are consistent with a battery of robustness checks. Thus, the overall results show that the expansion of fair value accounting increase financial stability.
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DEACONU, Adela, Ioana CIURDAS, and Carmen Giorgiana BONACI. "Fair Value Complexity and the Audit Risk." Audit Financiar 19, no. 161 (March 2, 2021): 191–200. http://dx.doi.org/10.20869/auditf/2021/161/007.
Повний текст джерелаАнотація:
This paper checks if the auditors in an emergent context, where the fair value (FV) concept, its implementation and audit are relatively new, are aware of the estimation risk induced by the valuation process (the FV provider and FV disclosure), depending on the quality of internal control (IC). An experiment was applied to a group of auditors and master students, using two elements pertaining to FV reporting: “Valuation attributes and sensitivity of data”, respectively “Methods, assumptions and model”. This experiment revealed that: (1) FV audit risk is lower when the estimation is made by an external, instead of an internal valuator; (2) the master’s students, compared to more experienced professional auditors, manifest an overconfidence in the external Valuation Report in terms of valuation attributes, data availability and solutions adopted to test the sensitivity of value; (3) the audit risk is lower when the valuator is external and hence the auditors verify in detail the information provided in the Valuation Report as inputs and methods applied; (4) when IC is strong as quality, the verification of methods, assumptions and model induces for auditors a higher risk than the other FV disclosed component, valuation attributes and sensitivity of data, in the case of management estimation.
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Delgado-Vaquero, David, José Morales-Díaz, and Miguel A. Villacorta. "Relevance of Fair Value Disclosures in Spanish Credit Institutions." Revista de Contabilidad 25, no. 2 (July 1, 2022): 175–89. http://dx.doi.org/10.6018/rcsar.431971.
Повний текст джерелаАнотація:
Spanish quoted credit institutions have applied IFRS for their consolidated financial statements since 2005. IFRS implied the implementation of the fair value measurement model for a greater number of financial instruments than previously, as well as the disclosure of the difference between fair value and book value for those financial instruments not measured at fair value on the balance sheet. In line with the value relevance literature, and through the application of an Ohlson model, we have analyzed whether fair value disclosures contribute to explaining the difference between the equity book value and the equity market value of the sample entities. We have modeled several variables related to the possible goodwill of the entities in order to increase the model’s explanatory power. Our paper is the first to focus exclusively on Spanish quoted credit institutions as well as to use an ample timeframe which includes pre-crisis, crisis and post-crisis periods (2004 to 2019). The results show that, generally speaking (and in contrast to previous studies focused on other regions), fair value disclosures within the sample entities are not relevant for investors. There are several possible explanations for these results which are related to the specific characteristics of Spanish credit institutions and to the time period utilized for the sample. Conversely, entity size was found to have a statistically significant impact on the value-relevance of the goodwill explanatory factors. Las entidades de crédito cotizadas españolas han venido aplicado las NIIF desde el ejercicio 2005. La implementación de las NIIF conllevó la aplicación del modelo de valor razonable para más instrumentos financieros y, además, el desglose de la diferencia entre el valor razonable y el valor en libros de los instrumentos financieros no valorados a valor razonable en el balance. Siguiendo la literatura denominada value relevance y aplicando un modelo de Ohlson, hemos analizado si los desgloses de valor razonable contribuyen a explicar la diferencia entre el valor contable y el cotizado del patrimonio neto de las entidades de la muestra. Hemos modelizado varias variables con relación al posible fondo de comercio de las entidades, con el objetivo de mejorar el poder de explicación del modelo. Nuestro trabajo es el primero que se enfoca exclusivamente en entidades de crédito cotizadas españolas y en un amplio período de tiempo que incluye épocas pre-crisis, épocas de crisis y post-crisis (2004 a 2019). Los resultados muestran que, en general (y, a diferencia de las conclusiones de otros estudios previos para otras muestras) los desgloses de valor razonable no son relevantes para los inversores. Hay varias posibles explicaciones para este resultado, relacionadas con las características de las entidades de crédito españolas y los años a los que se refiere la muestra. Por otro lado, el tamaño de la entidad tiene un impacto estadístico significativo en la relevancia de los factores explicativos del fondo de comercio.
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Lee, Su Jeong, Young Jun Kim, Eugenia Y. Lee, and Ga-young Choi. "Market Reactions to Announcements of Valuation Losses on Conversion Rights Embedded in Convertible Instruments." Journal of Derivatives and Quantitative Studies 28, no. 1 (February 29, 2020): 35–61. http://dx.doi.org/10.37270/jdqs.28.1.2.
Повний текст джерелаАнотація:
Convertible instruments are financial instruments embedded with conversion rights such as convertible bonds or convertible preferred stocks. Under the Korean International Financial Reporting Standards (K-IFRS), the embedded conversion rights with certain conditions (i.e., a refixing clause) are recognized as derivative liabilities and are recognized at fair value in issuer’s financial statements. Since the value of convertible rights varies with the underlying stock value, an increase in the issuers’ stock price causes the issuers of convertible instruments to announce large derivative valuation losses. Using disclosures under the title of ‘Loss from Derivatives Trading’ from the KOREA EXCHANGE (KRX) during January 2016 through December 2019, this study examines market reactions to the disclosure of valuation losses on conversion rights embedded in convertible instruments. We find the following results. First, abnormal stock returns on the loss announcement date are significantly negative. Second, abnormal trading volumes peak on the loss announcement date. Third, abnormal stock returns persist in the long-term. Collectively, our findings suggest that investors perceive the loss disclosures as negative news, but fail to impound the information into issuer’s stock prices effectively. This study emphasizes the importance of education on convertible instruments and improvement in the disclosure requirements on valuation losses of conversion rights embedded in convertible instruments by providing evidence that investors face difficulty in understanding the related disclosures.
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Kolev, Kalin S. "Do Investors Perceive Marking-to-Model as Marking-to-Myth? Early Evidence from FAS 157 Disclosure." Quarterly Journal of Finance 09, no. 02 (March 25, 2019): 1950005. http://dx.doi.org/10.1142/s2010139219500058.
Повний текст джерелаАнотація:
Capitalizing on the disclosure mandated by FAS 157, I examine the equity market’s perception of the reliability of internally generated fair value estimates. For the sample of S&P 1,500 financial institutions for the first three quarters of 2008, I document a significantly positive association between stock price and fair values measured using unadjusted market prices (FAS 157 Level 1), other observable inputs (Level 2), and significant unobservable inputs (Level 3), with valuation coefficients generally increasing in the observability of the measurement inputs. Using the reconciliation of the change in Level 3 net assets, I then directly examine the periodic re-measurement of the fair value estimates and document a significantly positive association between Level 3 net gains and quarterly returns. This result manifests even among observations with thin capital cushion, poorer information environment, and weaker corporate governance. Collectively, the findings are consistent with the conjecture that investors perceive the management-provided, mark-to-model, fair value estimates sufficiently reliable to use in firm valuation and do not discard them as “markings-to-myth.”
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Bata, Cletus Rivaldo Dedo, and Sofian Sofian. "DO RISK MANAGEMENT DISCLOSURE AFFECT FIRM VALUE THROUGH PROFITABILITY?" JOURNAL OF ACCOUNTING, ENTREPRENEURSHIP AND FINANCIAL TECHNOLOGY (JAEF) 4, no. 1 (October 28, 2022): 47–66. http://dx.doi.org/10.37715/jaef.v4i1.3089.
Повний текст джерелаАнотація:
Investors are parties who determine a company’s sustainability because the funds invested by investors are a source of funds for the company. Investors do not only consider financial statements but also the nonfinancial side, namely the value of a company and how the company manages risk. The company’s value can be seen from the fair market value of the share price. If the stock price of a company is high, the value of the company is also high, thereby increasing investor confidence in investing. Therefore, this study examines the effect of enterprise risk management disclosures on firm value through profitability. The design of this research is quantitative research with hypothesis testing. The population in this study are banking companies listed on the Indonesia Stock Exchange from 2018 – 2020. The sampling technique used is purposive sampling so that a sample of 40 companies is obtained. The research period used is three years (2018 – 2020) which has total sample data is 120. The analytical method used is multiple linear regression using the SPSS version 23 application to process the data. The test results prove that the Company’s Risk Management Disclosure positively affects Firm Value and Profitability. While profitability does not affect firm value and does not have a significant impact on mediating the influence of corporate risk management on firm value.
Keywords: enterprise risk management disclosure, firm value, profitability
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Badertscher, Brad A., Jeffrey J. Burks, and Peter D. Easton. "The Market Pricing of Other-Than-Temporary Impairments." Accounting Review 89, no. 3 (December 1, 2013): 811–38. http://dx.doi.org/10.2308/accr-50685.
Повний текст джерелаАнотація:
ABSTRACT When the fair value of an investment security falls below amortized cost and there is significant doubt that the firm can hold the security until the fair value recovers, an other-than-temporary impairment (OTTI) is recognized in net income. Thus, an OTTI is a disclosure about the prospect of recovering an unrealized loss. Our findings suggest that investors priced banks' OTTI recognition during and after the financial crisis. Investors were unable to fully anticipate reported OTTIs, and priced OTTIs incrementally to reported unrealized gains/losses. After banks were required to bifurcate OTTIs, investors priced only the portion of OTTI recognized in earnings. Our results suggest that reporting unrealized losses in earnings via an OTTI changes how investors price the losses. The results inform recent standard-setting initiatives to expand disclosure about changes in fair value. JEL Classifications: M41; M42; M44. Data Availability: Data are available from sources identified in the paper.
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Ju, Ilwoo. "Thinking about fair balance: how prescription drug advertising disclosure prominence works?" International Journal of Pharmaceutical and Healthcare Marketing 11, no. 1 (April 3, 2017): 2–15. http://dx.doi.org/10.1108/ijphm-09-2016-0051.
Повний текст джерелаАнотація:
Purpose The purpose of the study was to examine the effects of prescription drug advertising health risk disclosure prominence and the mediating role of introspective message attention. Design/methodology/approach An experiment was conducted to test varying levels of health risk disclosure prominence in prescription drug advertising (high vs low). Findings The results showed that a more prominent health risk disclosure than a less prominent one enhanced introspective message attention, risk knowledge and risk perception of the drug’s side effects. In addition, the introspective attention mediated the health risk disclosure effects on risk knowledge and risk perception. Research limitations/implications The artificial experimental setting should be considered. In addition, various therapeutic categories and health risk disclosure formats need to be examined. Practical implications To ensure fair balance in prescription drug advertising, message designers should present a sufficient level of health risk disclosure prominence. Social implications To encourage consumers to make informed prescription drug decisions, health risk information provided through prescription drug advertising may be important. Health-marketing promotional messages should address fair balance by considering health risk disclosure prominence. Originality/value Although the FDA has issued its risk communication guidance draft for pharmaceutical manufacturers to ensure fair balance between benefit and risk information in pharmaceutical promotion, little empirical research has been conducted to test the health risk disclosure prominence effects on consumers’ health-related perception about the drug. This study fills the gap in the literature.
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Fortin, Steve, Ahmad Hammami, and Michel Magnan. "Fair value's effects on closed-end funds' discounts and premia: is level 3 the sole perpetrator?" Managerial Finance 46, no. 8 (February 22, 2020): 1001–22. http://dx.doi.org/10.1108/mf-04-2018-0163.
Повний текст джерелаАнотація:
PurposeThis study examines the long-term link between fair valuation uncertainty and discounts/premia in closed-end funds. This study argues that, in exploring the close-end funds puzzle, prior research generally omits to consider the uncertainty surrounding the measurement of funds' financial disclosure, as reflected in the fair value hierarchy, when investment specialty differs across funds.Design/methodology/approachRegressions were employed to explore how the fair value hierarchy affects closed-end funds' discounts/premia when investment specialty differs. The authors also examine the effects pre- and post-2012 to explore if that relationship changes due to the additional disclosure requirements enacted at the end of 2011.FindingsThe authors find that the three levels of the fair value hierarchy have effects that vary according to a fund's specialty. For equity specialized funds, Level 3 significantly increases discounts and decreases premia, suggesting the impact of valuation uncertainty that underlies Level 3 estimates; this relationship disappears (decreases in severity) for premia (discount) experiencing funds post-2012. In contrast, Level 1 and Level 2 do not have any significant effect on discounts or premia except that post-2012, Level 2 begins to display discount decreasing effects. For bond specialized funds, no significant association was noted between premia and any of the fair value levels except that post-2012, Level 3 begins to display premium increasing effects. However, results are different for discounts. The authors note that Level 1 valuations significantly increase discounts, but only post-2012; Level 2 valuations significantly decrease discounts (pre- and post-2012), consistent with such estimates incorporating unique and relevant information; and Level 3 valuations do not have a significant effect on discounts.Originality/valueThe results of this study revisit prior evidence and indicate that results about the effects of fair value measurement and the closed-end funds' puzzle are sensitive to the period length being considered and the investment specialty of the fund. The authors also note that additional disclosure regarding Level 3 valuation inputs decreases market concern for valuation uncertainty and increases the liquidity benefits of investing in Level 3 carrying funds.
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Doorgakunt, Lakshi Devi Boolaky. "Fair value hierarchy in financial instruments disclosure - do audit committee and internal audit matter." International Journal of Corporate Governance 10, no. 2 (2019): 113. http://dx.doi.org/10.1504/ijcg.2019.10022886.
Повний текст джерела
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Doorgakunt, Lakshi Devi Boolaky. "Fair value hierarchy in financial instruments disclosure - do audit committee and internal audit matter." International Journal of Corporate Governance 10, no. 2 (2019): 113. http://dx.doi.org/10.1504/ijcg.2019.101511.
Повний текст джерела
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Hirst, D. Eric, Patrick E. Hopkins, and James M. Wahlen. "Fair Values, Income Measurement, and Bank Analysts' Risk and Valuation Judgments." Accounting Review 79, no. 2 (April 1, 2004): 453–72. http://dx.doi.org/10.2308/accr.2004.79.2.453.
Повний текст джерелаАнотація:
We examine how fair-value-income measurement affects commercial bank equity analysts' risk and value judgments. Normatively, holding information and other underlying economics constant, bank analysts' risk and valuation assessments should distinguish between banks with different risks, but should not depend on how banks measure income. In our experiment, we vary income measurement—full-fair-value (all fair-value changes recognized in income) versus piecemeal-fair-value (some fair-value changes recognized in income, others disclosed in the notes). We also vary interest-rate-risk exposure (exposed versus hedged). We find that bank analysts' risk and value judgments distinguish banks' exposure to interest-rate risk only under full-fair-value-income measurement. Our evidence contributes to research concerned with financial performance reporting, risk, and fair-value accounting by demonstrating that differences in income measurement affect fundamental judgments of specialist analysts. Our findings are striking because they: (1) point toward an important role for measurement and recognition of fair-value gains and losses in income, and (2) suggest that note disclosure is not a substitute for financial-statement recognition (even for professional analysts specializing in banks and working in a context that involves assessment of core operations of a bank). These results should be of interest to accounting standard setters as they evaluate whether to require full-fair-value-income measurement.
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Raubenheimer, Elsje. "Accounting estimates in financial statements and their disclosure by some South African construction companies." Journal of Economic and Financial Sciences 6, no. 2 (July 31, 2013): 383–400. http://dx.doi.org/10.4102/jef.v6i2.266.
Повний текст джерелаАнотація:
Accounting estimates form part of the preparation of financial statements and should not affect faithful representation. The use of accounting estimates does not yield exact amounts, but, rather, amounts based on assumptions. The frequency of use of accounting estimates in financial statements depends on the measurement criteria prescribed by International Financial Reporting Standards (IFRSs). For example, in the absence of prices in an active market, and if measurement is at fair value, the fair value is based on assumptions. Disclosure of the assumptions on which accounting estimates are based enables the users of financial statements to judge if amounts are faithfully represented. The objective of the research on which this article is based was to establish what IFRSs require in terms of the disclosure of assumptions and estimation uncertainty and also if listed companies in the construction and materials sector comply with these disclosure requirements.
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Ernanda, Mercedes Daimler Benz. "The Impact of Pernyataan Standar Akuntansi Keuangan 68 Application Guidelines for Banking Sector Issued by Otoritas Jasa Keuangan (OJK)." Journal of International Conference Proceedings 5, no. 3 (September 29, 2022): 88–96. http://dx.doi.org/10.32535/jicp.v5i3.1784.
Повний текст джерелаАнотація:
This study will discuss the impact of PSAK 68 application guidelines in banking sectors related to fair value measurement in Indonesia. Otoritas Jasa Keuangan (OJK) issued the Pernyataan Standar Akuntansi Keuangan (PSAK) 68 application guidelines for the banking sector during the COVID-19 pandemic in order to support the implementation of PSAK 68 from Ikatan Akuntan Indonesia (IAI) regarding fair value measurement. The PSAK 68 application guidelines encourage banks to present financial statements that accurately represent the company's actual financial position and financial performance by measuring the fair value based on facts. This study uses qualitative methods by evaluating the application of fair value disclosure with the asset valuation of banking sector companies in Indonesia. This study concluded that the guidelines issued by OJK have an impact on banking entities in maintaining the company's financial position during the pandemic and can encourage the growth of the banking sector in a sustainable manner. Keywords: Banking sector, fair value measurement, financial performance, financial position, PSAK 68
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Hassan, Mohamat Sabri, Majella Percy, and Jenny Goodwin-Stewart. "The transparency of derivative disclosures by Australian firms in the extractive industries." Corporate Ownership and Control 4, no. 2 (2007): 257–70. http://dx.doi.org/10.22495/cocv4i2c2p2.
Повний текст джерелаАнотація:
This paper investigates the transparency of derivative disclosures of Australian firms in the extractive industries using 1998 to 2001 financial reports. The quality of financial reporting has become a major corporate governance issue since the collapse of prominent companies such as Enron in the United States, HIH Insurance in Australia, and, of particular relevance here, Barings PLC in the United Kingdom, where the losses were caused by derivative instruments. Disclosure transparency is an important component of the quality of financial reporting. We measure transparency based on a disclosure index developed from AASB 1033 Presentation and Disclosure of Financial Instruments. We examine the relationship between transparency and firm characteristics represented by size, performance, growth opportunities, auditor and type of extractive firm. The results indicate that the transparency of derivative disclosures among firms in the extractive industries has increased over the period. However, there is still evidence of non-compliance with the disclosure requirements, especially in relation to net fair value. We find that firm size, price-earnings ratio and debt-to-equity ratio, and to a lesser extent, market-to-book ratio and profitability are associated with disclosure transparency.
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Murtianingsih, Murtianingsih, and Anas Hari Setiawan. "THE IMPLEMENTATION OF FAIR VALUE ON SHORT TERM ASSESMENT OF BIOLOGICAL ASSETS." Journal of Accounting and Business Education 1, no. 1 (September 29, 2016): 40. http://dx.doi.org/10.26675/jabe.v1i1.6728.
Повний текст джерелаАнотація:
<p>This study aims to identify and analyze the implementation of fair value and the impact of the use of bases the recognition, measurement, and disclosure of the biological assets with the object of research PT. Malindo Feedmill Tbk which further research is also useful for agriculture companies in managerial decision making. This research is descriptive quantitative concluded based on data and clarify the picture of the implementation of fair value is based on International Accounting Standard (IAS) 41 and perform comparative measurements of biological assets PT. Malindo Feedmill, Tbk based acquisition price. From the results of this study concluded that the difference in the material due to fair value measurement that refers to IAS 41 in determining the market value following the fluctuations of the market, but in IAS 41 does not distinguish between fair value treatment against several categories of biological assets. This is certainly less relevant when applied to some types of biological assets, such as short term biological assets at PT. Malindo Feedmill Tbk.</p><p><strong>Keywords: </strong>biological assets, fair value, historical cost, ias 41<strong></strong></p>
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Dignah, Ashwag, Radziah Abdul Latiff, Zulkefly Abdul Karim, and Aisyah Abdul Rahman. "Fair Value Accounting and the Cost of Equity Capital: The Moderating Effect of Risk Disclosure." SHS Web of Conferences 34 (2017): 07005. http://dx.doi.org/10.1051/shsconf/20173407005.
Повний текст джерела
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Tahat, Yasean, T. Dunne, S. Fifield, and D. Power. "The value relevance of financial instruments disclosure: evidence from Jordan." Asian Review of Accounting 24, no. 4 (December 5, 2016): 445–73. http://dx.doi.org/10.1108/ara-11-2014-0115.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to: examine the value relevance of financial instruments disclosure (FID) provided by Jordanian listed companies under International Financial Reporting Standard (IFRS 7) as compared to that supplied under IAS 30/32; provide evidence about the value relevance of high vs low levels of FID; and investigate which components of FI-related information are more value relevant. Design/methodology/approach A sample of 70 Jordanian listed companies is used in this monograph. A disclosure index checklist was constructed to measure FI information provided by the sample companies. In addition, a valuation model is employed to test the association between FID and market value. Findings Although evidence is provided that FI information was value relevant over the two periods of investigation, the information supplied after the implementation of IFRS 7 was more strongly associated with market values. An analysis of the sub-components of FID reveals that the details about balance sheet, fair value and risk information matter when valuing equity. Overall, the results indicate that investors value FI-related information when making their equity pricing decisions. The result suggests that compliance with IFRS mandatory disclosure requirements does produce relevant financial statements. Research limitations/implications The results of the current study have a number of implications for policy makers. First, they provide a great deal of insight for the IASB about the relevance of its standards to countries outside the western context. In addition, the findings provide valuable insights for policy makers in Jordan who are concerned about the implications of mandatory disclosures. Originality/value The analysis of FID in developing countries in general, and in Jordan in particular, has been overlooked by the extant literature and therefore this study is the first of its kind to examine this research issue for a sample of Jordanian firms.
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Jayasooriya, S. D., and K. D. Gunawardana. "Managerial Perception of Intellectual Capital Disclosure Practices of Listed Companies in Sri Lanka." International Journal for Innovation Education and Research 4, no. 12 (December 31, 2016): 206–14. http://dx.doi.org/10.31686/ijier.vol4.iss12.78.
Повний текст джерелаАнотація:
There is no any common method available in the financial reporting practices to disclose the intellectual capital in the financial statements. In this study it was aimed to examine the managerial perception of intellectual capital disclosure practices in the listed companies in Sri Lanka. The main problem was to find out the issues of existing intellectual capital disclosure practices and how managerial perceptions affecting to the disclosure practices of intellectual capital in listed companies of Colombo Stock Exchange. The sample was taken as 20% from the total companies covering all the sectors. It was found that the neediness of disclosing the intellectual capital to get the clear picture of the organizations wealth and success. According to the managerial perception, at the initial stage, it is fair to produce a common method to disclose intellectual capital rather going to value them. Further, it is a must to investigate the total scope of intellectual capital to identify the common variables.
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Beaudoin, Cathy A., and Susan B. Hughes. "APT, Inc.: An Application of Impairment Testing and Fair Value Estimation Using International Financial Reporting Standards." Issues in Accounting Education 29, no. 1 (September 1, 2013): 181–94. http://dx.doi.org/10.2308/iace-50610.
Повний текст джерелаАнотація:
ABSTRACT APT, Inc., a wholly owned subsidiary of a Canadian publicly owned company that reports using International Financial Reporting Standards (IFRS), owns a student rental complex on land leased from a U.S. university. APT, Inc.'s Director of Accounting must determine whether the apartment complex is impaired and determine the fair value of the property for financial statement disclosure purposes. As such, both he and the students assigned the case must rely on the guidance included in International Accounting Standards (IAS) 36, 40, and IFRS 13. Unlike most impairment examples included in textbooks, students are not provided with either fair value or value in use information. Rather, they must estimate the higher of the fair value less costs of disposal or value in use based upon information provided in the case. Thus, students are required to apply higher-order learning skills as they grapple with numerous decisions (e.g., discount rates, cash flow projections, relevant comparable properties and their recent selling prices). Master of Accountancy and M.B.A. students who used the case report it improves their understanding of impairment and fair value techniques. Overall, students reported they found the case a valuable learning experience, and that the case increased the extent they thought about the complexities of impairment and fair value issues.
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Anisa, Anisa. "Pengaruh IFR dan Tingkat Pengungkapan Informasi terhadap Nilai Perusahaan dengan Relevansi Nilai sebagai Variabel Intervening." JABI (Jurnal Akuntansi Berkelanjutan Indonesia) 4, no. 1 (March 24, 2021): 53. http://dx.doi.org/10.32493/jabi.v4i1.y2021.p53-72.
Повний текст джерелаАнотація:
Abstract This research is conducted to investigate Internet Financial Reporting (IFR) and the level of information disclosure on firm value with the value relevance of accounting information as an intervening variable. This research used secondary data for the period 2008-2019 on banking companies listed on the Indonesia Stock Exchange. The sampling technique used saturated sampling. Tools for processing data using SPSS 22. Data analysis using path analysis. The results showed that IFR and the level of information disclosure had a positive effect on value relevance when tested simultaneously. The higher the application of IFR and the level of information disclosure the higher the value relevance. Meanwhile, IFR and the level of information disclosure have a negative effect on firm value. The results show that the application of IFR is good and the level of disclosure of the information is fair disclosure, but the market reaction is down, as evidenced by the value of the stock market value is smaller than the book value (undervalue). Value relevance has no effect on firm value. The results showed that the value relevance is high, but the market value is low. So that it has no value for investors in the company to get capital gains. This means that accounting information has lost its function to influence investors in making decisions. However, value relevance itself is a variable that intervenes between IFR and the level of information disclosure simultaneously on firm value.Keywords: IFR; value of the firm; value relevance; disclosure. AbstrakPenelitian ini bertujuan untuk menguji pengaruh Internet Financial Reporting (IFR) dan tingkat pengungkapan informasi terhadap nilai perusahaan dengan relevansi nilai informasi akuntansi sebagai variabel intervening. Penelitian ini menggunakan data sekunder periode tahun 2008-2019 pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Teknik pengambilan sampel menggunakan sampling jenuh. Alat untuk mengolah data menggunakan SPSS 22. Analisis data menggunakan analisis jalur atau path analysis. Hasil penelitian menunjukkan IFR dan tingkat pengungkapan informasi mempunyai pengaruh positif terhadap relevansi nilai bila diuji secara simultan. Semakin tinggi penerapan IFR dan tingkat pengungkapan informasi semakin tinggi pula relevansi nilainya. Sedangkan IFR dan tingkat pengungkapan informasi memiliki pengaruh negatif terhadap nilai perusahaan. Hasil penelitian menunjukan bahwa penerapan IFR nya baik dan tingkat pengungkapan informasinya pun fair disclosure, namun reaksi pasar nya turun, ini terbukti dari nilai nilai pasar saham lebih kecil dari nilai bukunya (under value). Relevansi nilai tidak memiliki pengaruh terhadap nilai perusahaan. Hasil penelitian menunjukan bahwa relevansi nilai tinggi, namun nilai pasarnya rendah. Sehingga tidak mempunyai value bagi investor di perusahaan untuk mendapatkan capital gain. Hal ini berarti informasi akuntansi telah kehilangan fungsinya mempengaruhi investor dalam pengambilan keputusan. Namun relevansi nilai sendiri merupakan variabel intervening antara IFR dan tingkat pengungkapan Informasi secara simultan terhadap nilai perusahaan.Kata kunci: IFR; nilai perusahaan; relevansi nilai; disclosure.