دانلود رایگان مقاله الزویر در مورد ارزیابی و تاثیر تعادل کیفی درونی (کلیک کنید)
توضیحات :
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مشخصات این مقاله :
عنوان مقاله :
Adjustment of valuation inputs and its effect on value relevance of fair value measurement
ترجمه فارسی عنوان :
راه اندازی ارزیابی درونی و تاثیر آن بر رابطه کیفی به مقیاس متوسط
سال انتشار : 2014
متعلق به مجله یا ژورنال : مقالات تحقیقات در مقررات حسابداری – Research in Accounting Regulation
فرمت: PDF
تعداد صفحات: 13
شماره پروژه: 5050
کلمات کلیدی :
Fair value transfers, FAS 157-3, FAS 157-4, Value relevance
انتقال ارزش منصفانه, FAS 157-3, FAS 157-4, ارتباط ارزش
چکیده :
Abstract
The fair value accounting standards; i.e., FAS 157, FAS 157-3 and FAS 157-4, specify the circumstances where firms need to adjust valuation inputs to fair value measurements in
response to changes in market conditions. Such an adjustment inherently involves substantial management judgment and is accompanied with transfers of assets and liabilities among the different levels of the fair value hierarchy. We study the effect of adjusting valuation inputs to reflect market variations on value relevance of fair value measurements by comparing the value relevance of fair value assets between the banks that make transfers of assets and the banks that make no transfers. Overall, we find a significant increase in value relevance of fair value measurements for banks that transferred assets into/out of the Level 3 category. Our study examines a challenging situation in the application of fair
value standards; i.e., determining fair value when there is a change in market conditions.Fair value measurement under such a situation involves substantial management judgment and potential estimate errors and manipulation. Our findings provide useful information for researchers, regulators and accounting professionals to assess the market’s perception of the reliability of fair value information when management exercises substantial discretion in adjusting valuation inputs under changing market conditions.
مقدمه این مقاله :
Introduction
To increase the consistency and comparability of fair value measurements, Financial Accounting Standards 157 (FAS 157), fair value measurements, provides a single definition of fair value as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.1 It also stipulates the fair value hierarchy, which requires companies to maximize the use of observable inputs (i.e., Level 1 and Level 2 inputs that are quoted prices in an active market), when available, and to minimize the use of unobservable inputs (i.e., Level 3 inputs that are based on valuation models and companies’ own estimates) in determining fair value (FASB, 2006).2 Since market-based inputs are both more verifiable and more reliable indicators of market participants’ assumptions than unobservable inputs, there had not been much controversy over the appropriate use of observable inputs vs. unobservable inputs in fair value measurement until the financial crisis in 2008.
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دانلود رایگان مقاله الزویر در مورد ارزیابی و تاثیر تعادل کیفی درونی (کلیک کنید)
