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1.
本文从公允价值的理论研究人手,选择 FASB 和 IASB为代表的国外公允价值最新研究成果,通过评析 FASB《财务会计准则公告第157号——公允价值计量》的运用找出对我国的启示。  相似文献   

2.
2006年9月美国正式发布了财务会计准则第157号——公允价值计量,2008年9月美国金融危机全面爆发,在公允价值准则的规定下金融机构因资产市场价值的“自由落体式”下滑产生了巨大的减值和损失,美国证监会和美国财务会计准则委员会在企业界、政府和议会的压力下,对157号会计准则进行了重新研究和分析,并于2009年4月9日发布了公允价值准则第4号员工立场公告(FASB STAFF POSITION),该公告对157号公允价值准则进行了补充和完善,为在“市场萎靡”情况下资产债务公允价值的计量提供了一定的灵活性。  相似文献   

3.
2006年9月,FASB正式发布第157号财务会计准则(FAS157)"公允价值计量".这份准则的发布引起了IASB和各国准则制定机构的强烈反响.  相似文献   

4.
正一,引言公允价值是近年来国际会计实务领域的一大挑战,也是会计研究中的一个热点话题。公允价值作为一种计量属性,因具有高度的相关性,得到了FASB和IASB的极大推崇。在美国财务会计准则委员会(FASB)发布的150项准则、国际会计准则委员会(IASC)/国际会计准则理事会(IASB)发布的50项准则中,分别有50项和23项准则涉及公允价值(Truong and Zijl,2005)。近年来,作为规范公允价值确认、计量和披露的公允价值计量准则无疑更受到业内的关注。FASB于2006年9月发布了《美国财务会计准则第157  相似文献   

5.
以财务报告为目的的资产评估   总被引:1,自引:0,他引:1  
上个世纪八九十年代发生在美国的储贷危机被认为是储贷机构使用历史成本计量法的财务报告掩盖了问题贷款,没能真实地反映企业真实的财务状况,影响了投资者对经营风险的判断,从而导致了多家金融机构破产。2006年美国财务会计准则委员会(FASB)发布《美国财务会计准则第157号公告:公允价值计量》(SFASNo.157[1]),公允价值概念开始在会计准则中大规模地应用和推广。  相似文献   

6.
美国公允价值计量准则的最新发展及借鉴   总被引:5,自引:0,他引:5  
美国财务会计准则委员会(FinancialAccountingStandardsBoard,FASB)在为期两年多的时间里,在相续发布了“公允价值计量(FairValueMeasurements)”征求意见稿和公告工作草案之后,于2006年9月正式发布了美国财务会计准则第157号(StatementofFinancialAccountingStandards,SFASNO.157)——公允价值计量。美国一般公认会计准则(GenerallyAcceptedAccountingPrinciples,GAAP)中有超过40个会计准则要求(或允许)报告主体按照公允价值计量资产和负债。但在SFASNo.157发布之前,有关公允价值计量的方法是散乱且缺乏一致性的,特别是对于…  相似文献   

7.
国际     
FASB与IASB发布公允价值计量准则 近日,美国财务会计准则委员会(FASB)与国际会计准则理事会(IASB)共同发布了关于公允价值计最和披露的最新规定。《国际财务报告准则第13号公允价值计量》(IFRS13)与  相似文献   

8.
随着美国金融危机全球蔓延,第157号财务会计准则公告(SFAS157)提及的"公允价值"计量也饱受争议。金融界普遍认为第157号会计准则导致金融机构过分对资产按市价减计,造成亏损和资本充足率下降,进而促使金融机构加大资产抛售力度,从而引发"多米诺骨牌"效应。本文将从会计的公允价值计量基本内涵、产生发展及其对第157号会计准则争论背后的利益冲突来论述金融危机与会计公允价值计量之间的关系,并预测公允价值计量的走向。  相似文献   

9.
对美国《SFAS157——公允价值计量准则》的评议及借鉴   总被引:1,自引:0,他引:1  
公允价值是近年来会计领域讨论的热门话题。美国是公允价值计量研究和应用最为前沿的国家,本文就美国财务会计准则委员会于2006年9月发布财务会计准则第157号——公允价值计量的最新研究成果进行介绍,同时就该准则在公允价值计量上的积极作用与不足进行探计。  相似文献   

10.
2006年9月,美国财务会计准则委员会(FASB)发布了单独的公允价值计量准则(SFAS157)。这一准则规范了公允价值的计量及披露,并且在公允价值的定义、估价方法、公允价值层级等很多方面都有所创新。我国会计准则中对于公允价值的规定相比较而言还很落后,所以需要借鉴SFAS157的很多方面,最终制定并完善公允价值计量的会计及审计准则。  相似文献   

11.
Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates. Consistent with these disclosures being driven by investors’ concerns about the reliability of their SFAS 157 estimates, we find that firms with more opaque estimates are more likely to provide such disclosures. We then examine whether these disclosures improve investors’ perception about the reliability of fair value estimates. We find that they are associated with higher market pricing and lower information risk for Level 3 estimates. Further analyses of the disclosures reveal that the following types of information are particularly important to investors: discussion of the external and independent pricing of fair value estimates and their proper classification according to the SFAS 157 hierarchy. Overall, our results suggest that the voluntary reliability disclosures that firms provide beyond SFAS 157’s three-level estimates help reduce investors’ uncertainty toward the more opaque fair value estimates.  相似文献   

12.
We examine whether US banks’ fair value net assets, measured according to the three-level hierarchy introduced in SFAS 157, are associated with information asymmetry during the 2008 financial crisis. Our results show that bid–ask spread, a proxy for information asymmetry, is positively associated with fair value net assets, and the degree of association is contingent upon the three-level hierarchy, with bid–ask spreads being lowest for Level 1 (the most transparent valuation inputs) and highest for Level 3 (the least observable). Also, there is some evidence that SFAS 157 led to a reduction in bid–ask spread, and we find that quarterly changes in Level 1 and Level 2 fair value net assets are significantly associated with changes in bid–ask spread in 2008 when the spread was rapidly rising, but not in 2009 when it was falling. Our findings suggest that the three-level hierarchy under SFAS 157 provides investors with useful information, and fair value is associated with uncertainty, as measured by bid–ask spread, before and during the financial crisis.  相似文献   

13.
This study focuses on the operation of the Level 1, 2, and 3 measurement uncertainty hierarchy embedded in the SFAS 157 accounting for financial assets. Prior studies conclude the SFAS 157 fair value measurement model and prevailing financial market conditions are causal factors for the lower value relevance of the Level 3 financial assets. The contribution of our paper is to provide evidence on an additional, hitherto undocumented source of measurement uncertainty impacting the relevance of SFAS 157 financial assets to investors: the type of asset appearing in Level 3 financial assets as a result of asset securitizations and SFAS 140 securitization accounting. The paper also presents evidence that suggests the SFAS 166 amendments were unable to fully address informational transparency for financial assets arising from securitizations. The key contribution is evidentiary insights suggesting the prescribed measurement model has a relatively lower impact on measurement uncertainty and relevance of financial assets compared to the effects of the asset type.  相似文献   

14.
SFAS 157 provides a common definition for fair value while SFAS 159 expands the applicability of the fair value option. This paper analyzes the responses of 209 CFOs of U.S. firms to a survey asking whether they would choose the fair value option for non-financial assets (FVONFA) and investigates the determinants of CFOs' responses to the option. One of our results suggests that CFOs in the U.S. are resistant to the FVONFA, consistent with prior studies based on firms in Europe and Australia. Our results also suggest that firm size, leverage, the amount of non-financial assets, and expertise in fair value measurements all positively affect the CFOs' responses to the FVONFA.  相似文献   

15.
This paper proposes that an assumption of reasonable market efficiency is at the essence of the relevance of fair value for financial reporting purposes. The paper's examination of this proposal begins with a review of recent academic literature on market efficiency, and on evidence of inefficiencies and their implications for the ability of the efficient market hypothesis to explain what market prices represent. It concludes that there is wide acceptance in this literature that a reasonable level of efficiency can generally be presumed to exist in active, well‐regulated capital markets. The paper examines the essential attributes of a reasonably efficient market for fair value measurement purposes, and some basic implications for its reliable estimation. This is done in comparison with the provisions of the fair value measurement standard of the Financial Accounting Standards Board (FASB) (Statement of Financial Accounting Standards [SFAS] No. 157). It is concluded that the concept of reasonable market efficiency could provide a sound conceptual framework for defining fair value that is founded in real, observable market prices. It is demonstrated that, in contrast, SFAS No. 157 does not provide a clear, unequivocal concept of fair value, and that it permits estimates of fair value that have no demonstrable basis in real, observable market prices. Nevertheless, it appears that arguments typically put forward by the International Accounting Standards Board and the FASB for the relevance of fair value for financial reporting purposes do imply a presumption of reasonably efficient markets.  相似文献   

16.
Analysis of the examples given by the FASB to show how fair values, defined as exit prices, should be determined in specified circumstances is revealing. Such prices require determining what hypothetical companies might pay for assets, a costly procedure at best. Even though SFAS 157 specifies exit values, several examples employ values in use and entrance values. Although transaction costs must be excluded, they often are not. Fair valuation of non-financial assets, required in certain circumstances (e.g., business combinations), is particularly difficult to apply. Furthermore, exit values of such assets as work-in-process inventories and special-purpose machines, as defined by SFAS 157, often are zero or negative. Importantly, assets and liabilities restated at exit prices yield balance sheets and income statements that are of little, if any, value to investors in ongoing firms. Further, the examples presented show that fair values could be readily manipulated. Implementation of SFAS 157, therefore, is likely to be costly to investors and independent public accountants.  相似文献   

17.
美国公允价值计量准则评介   总被引:61,自引:2,他引:59  
于永生 《会计研究》2007,9(10):11-15
"公允价值计量"是一个国际性的财务报告难题。2006年9月FASB发布"公允价值计量准则"(SFAS157),制定了新的公允价值定义和计量指南。本文介绍SFAS157的主要理论:脱手价计量目标、市场参与者观和公允价值级次,分析这些理论的形成背景和现实意义,归纳SFAS157的主要特征并探讨它对改进我国新准则公允价值计量应用的借鉴作用。  相似文献   

18.
This study examines the association between fair value measurements and the cost of equity capital under different fair value valuation methods, and assesses the impact of corporate governance on this relationship for US financial firms. We find that firms’ cost of equity capital is negatively associated with more verifiable fair value assets and positively related to less verifiable fair value assets. Furthermore, the positive association between less verifiable fair value assets and the cost of equity capital is mitigated under better corporate governance. The differential impact between more and less verifiable assets becomes smaller for firms with stronger governance. Our findings contribute to the ongoing debate on fair value regulation by investigating the economic consequences of adopting Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) and the importance of audit committee financial expertise on fair value reporting. We also provide evidence on the importance of board independence, internal control strength, auditor industry specialists, and audit committee financial experts in fair value reporting.  相似文献   

19.
This study examines the value-relevance of banks' derivative disclosures under Statements of Financial Accounting Standards (SFAS) Nos. 119 and 133. Using the complete time-series of SFAS No. 119 disaggregated notional value disclosures and the most recently available SFAS No. 133 fair value data, this study investigates whether such expanded disclosures provide incremental information content beyond earnings and book value. Our results indicate that banks' notional principal amount disclosures are value-relevant, and that this evidence of incremental information content is robust to the inclusion of recently available fair value data and alternative model specifications. JEL Classification: M41, G21  相似文献   

20.
We examine how fair value accounting affects debt contract design, specifically the use and definition of financial covenants in private loan contracts. Using SFAS 159 adoption as our setting, we find that a small but significant proportion of loans (14.5%) modify covenant definitions to exclude the effects of SFAS 159 fair values. Only a limited number of these modifications exclude assets elected at fair value (less than 7%), while all exclude liabilities elected at fair value. Notably, we document that covenant definition modification is unassociated with ex ante fair value elections. We find that covenant definition modification positively varies with common incentive problems attributed to fair value accounting and negatively varies with benefits attributed to fair value accounting. Our results suggest that fair value accounting is not uniformly detrimental for debt contracting and fair value adjustments are included when they are most likely to improve performance measurement.  相似文献   

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