Subjectivity in fair-value estimates,audit quality,and informativeness of other comprehensive income

This study empirically examines whether difference in audit quality is reflected in the pricing of other comprehensive income (OCI). Specifically, we first investigate whether OCI measures of Big 4 clients are more value-relevant than those of non-Big 4 clients. Considering different degrees of subjective management judgment involved in the OCI reporting process, we then explore whether the differential valuation effect of OCI between Big 4 and non-Big 4 clients is more pronounced for more subjective OCI components (e.g., minimum pension liability and foreign currency-translation adjustment) than a less subjective component (e.g., marketable securities adjustment). We predict that the aggregate OCI of a Big 4 client is more value-relevant than that of a non-Big 4 client. We also hypothesize that the differential valuation effect between Big 4 and non-Big 4 clients can be attributed to the amount of subjective assumption and judgment required in estimating OCI. Consistent with our predictions, we find that aggregate OCI audited by a Big 4 auditor has incremental information content over earnings, compared to OCI audited by a non-Big 4 auditor. More interestingly, our results also show that the differential valuation effect between Big 4 and non-Big 4 clients is stronger for OCI components of a more subjective nature. Our results are robust even after controlling for self-selection bias, the potential effect of the financial crisis, and other related effects.     

Epistemic commitment and cognitive disunity toward fair-value accounting

This paper critically explores knowledge/professionalization relationships in a jurisdictional context characterized by shifting standards of practice. Focusing on the growing movement toward fair value within accounting standards, we examine practitioners' reactions to the growing compulsory application of fair-value accounting standards. To make sense of these reactions, we introduce the notion of epistemic commitment, that is to say one's degree of allegiance to a given knowledge template. Utilizing 27 interviews with Canadian experienced accountants, we rely on epistemic commitment to analyze the extent of variability in practitioners' reactions to the standardization movement toward fair-value accounting. Our analysis demonstrates an important level of variability in practitioners' epistemic commitment toward fair-value accounting, highlighting a lack of cognitive unity in the field. Our findings point to other important professionalization issues: practitioners' inclinations to refer to profitability issues when reflecting on the appropriateness of standards; practitioners' conception of accounting as an objective technology; practitioners' hesitations in voicing deep-level concerns over implementation ambiguities and lack of professional cognitive authority. Overall, our study raises doubts about the professional status of accountancy.     

与公允价值确认相关的审计证据研究

与公允价值相关的特殊会计业务在新会计准则中占有很重要的地位,也必将对审计业务形成一定程度的冲击。本文着眼于与公允价值相关的会计业务,侧重于政府审计机构,从审计证据的角度对如何实施与此相关的审计业务进行了探讨。本文结合公允价值业务对由此形成的特殊原始凭证及其与政府审计的关系进行了分析;以此为基础,对与公允价值确认有关的审计证据进行了分类分析,对相关审计证据的规范化进行了探讨。     

公允价值会计危机:争论及思考

全球金融危机引发了对公允价值会计(FVA)的激烈争论。这对FVA能否顺利开展、能否将其扩展至其他领域形成了严峻挑战。本文主要突出四个问题:第一,大多数争论源自于对FVA引发问题的困扰;第二,尽管准则制定者对危机时期的市值计价问题给予了适当关注,但FVA适用问题仍不太明确;第三,历史成本会计(HCA)不大可能成为补救方法,HCA也存在许多问题,这些问题应该比FVA的问题大;第四,尽管很难责怪FVA准则本身,但是就它的实施而言,仍是一个潜在的问题。     

The role of financial reporting in debt contracting and in stewardship

In this paper, I review the role that financial accounting plays in contracts aimed at mitigating agency problems between shareholders and managers and between shareholders and debtholders. The paper discusses the reasons why and how financial accounting numbers are used in debt and stewardship contracting. It further considers the effects of conservatism and fair-value accounting on the relevance of financial reports for contracting. The paper provides some key takeaways from academic literature for accounting practice and regulation.     

对公允价值会计的再认识——基于异质信念视角

G20领导人2009年呼吁国际会计准则委员会和美国会计准则委员会加倍努力,在2011年6月之前通过其独立的准则制定程序,形成一套单一的高质量的全球会计准则。新准则的核心无疑是公允价值会计的应用问题。大量涌现的价值相关性研究并未成为准则制定的依据,因而也不能成为扩大公允价值会计应用范围的现实证据。以异质信念为切入点,从公允价值会计的"奋斗目标"出发,深入分析其固有缺陷所导致的不完美性,并结合对中美公允价值会计的历史反思,以中国哲学的中庸思想为指导,提出公允价值会计的哲学定位,并基于这一思想,对公允价值会计在中国的具体应用做出进一步思考。     

金融危机下公允价值计量模式的探讨——基于IASB公允价值计量

美国金融危机爆发后,公允价值的地位备受质疑,金融界以及一些国会议员与会计界就是否采用公允价值计量展开了激烈的争论。在强大的压力下,IASB和SEC、FASB并没有改变公允价值计价的基本原则和取向,但对公允价值的具体应用进行了修正。从IASB公允价值计量（征求意见稿）的视角,分析了公允价值计量模式的特点、适用条件以及金融危机对会计环境的影响,提出了金融危机环境下运用公允价值计量模式的思路与措施。