The Decision Usefulness of Fair Value Accounting – A Theoretical Perspective

ABSTRACT

Regulators such as the SEC and standard setting bodies such as the FASB and the IASB argue the case for the conceptual desirability of fair value measurement, notably on the relevance dimension. Recent standards on financial instruments and certain non-financial items adopt the new measurement paradigm. This paper takes issue with the notion of decision usefulness of a fair-value-based reporting system from a theoretical perspective. Emphasis is put on the evaluation of the theoretical soundness of the arguments put forward by regulators and standard setting bodies. The analysis is conducted as economic (a priori) analysis. Two approaches to decision usefulness are adopted, the measurement or valuation perspective and the information perspective. Findings indicate that the decision relevance of fair value measurement can be justified from both perspectives, yet the conceptual case is not strong. The information aggregation notion that underlies standard setters' endorsement of fair value measurement turns out to be theoretically restricted in its validity and applicability. Also, comparative analysis of fair value accounting vs. historical cost accounting yields mixed results. One immediate implication of the research – a condition for the further implementation of fair value accounting – is the need to clarify standard setters' notion of accounting income, its presumed contribution to decision relevance and its disaggregation.     

What does the financial market pricing do? A simulation analysis with a view to systemic volatility,exuberance and vagary

Biondi et al. (Phys A 391(22):5532–5545, 2012) develop an analytical model to examine the emergent dynamic properties of share market price formation over time, capable to capture important stylized facts. These latter properties prove to be sensitive to regulatory regimes for fundamental information provision, as well as to market confidence conditions among actual and potential investors. We comparatively assess accounting models belonging to two main families: historical cost accounting and mark-to-market (fair value) accounting regimes. Regimes based upon mark-to-market measurement of traded security, while generating higher linear correlation between market prices and fundamental signals, also involve higher market instability and volatility. These regimes also incur more relevant episodes of market exuberance and vagary in some regions of the market confidence space, where lower market liquidity further occurs.     

决策有用计量观——关于以公允价值为导向的准则

本文阐述了财务会计概念中有关会计计量属性的理论框架,对国内外关于以公允价值为导向的会计准则进行了研究,以期为我国推广公允价值会计提供参考和借鉴。     

Optimal Precision of Accounting Information in Debt Financing

This paper studies qualitative characteristics of accounting systems that are used in debt financing. We consider a financially constrained firm that provides to lenders information on the value of assets that serve as collateral in a financing contract for a risky investment project. We find that the investor prefers an accounting system that provides biased signals about the value of assets. This bias adjusts the information content of the signals to maximize the probability of undertaking the project. Under fair value accounting, low book values are more precise measures of actual value than high book values, which is consistent with conditional conservatism. Next, we study accounting risk to study the effect of institutions that govern the financial reporting policy based on the optimal precision. We find that fair value measurement introduces greater accounting risk and is preferred by financially constrained firms to measurement at historical cost.     

所有者权益价值会计计量问题探讨

所有者权益价值计量是否准确,核算是否科学,不仅影响股东的权益,而且还决定它提供的会计信息是否有用。本文对所有者权益账面价值与市场价值差异、不同计量模式下所有者权益价值、公允价值计量模式下的所有者权益等问题进行了初步的研究和探讨。     

公允价值计量模式下所有者权益问题探讨

所有者权益计量是否准确、真实,不仅影响股东的权益,而且还决定它提供的会计信息是否有用。实际中我们发现,在现行的公允价值计量模式下,会计计量的所有者权益与股权价值相差较大,本文针对这一问题进行了分析,并提出相应的解决方法。     

基于会计目标的“事项会计”

信息技术已经给社会、经济带来了巨大的变化,“决策有用观“普遍被人们所接受,但构筑于价值法基础上的财务会计强调货币计量和报表揭示,只能履行受托责任。信息需求的多样性已经完全超出了现行会计界定的范围,也超出了现行会计信息的容量。本文从会计目标与“事项会计“的关系入手进行了分析,认为只有事项会计才能实现“委托责任观“与“决策有用观“的统一。     

Beratungserfolg – eine Betrachtung des State of the Art der Ansätze zur Messung und Erklärung des Erfolges von Beratungsleistungen

This paper deals with the actual question of how to measure and to evaluate the success of consulting services. It provides an overview of existing models and concepts concerning the measurement of consulting success and discusses the applicability and limits of these concepts. We show that there are very different perspectives which can be classified according to their research interest and object of investigation. Moreover, we describe their practical implications as well as their limitations. Finally we assess the different perspectives and provide advice on possible future research.     

新会计准则中公允价值的应用分析

为实现会计标准国际趋同,我国新的《企业会计准则—基本准则》明确将公允价值作为会计计量属性之一,并在17个具体会计准则中不同程度地运用了这一属性,堪称本次准则修改的一大亮点。公允价值计量依赖于成熟的经济环境、完善的市场信息系统和高素质的评估队伍,因此我国对于公允价值采取了适度引入的审慎态度,颇具现实意义。公允价值在我国的运用必须随着经济发展、法制健全和公司治理的日趋完善,积极稳妥地走渐进式的发展道路。     

基于决策有用性的财务报告方式选择

决策有用性是会计信息披露的目标,而决策有用的前提是会计信息应具有可靠性和相关性。可靠性和相关性犹如鱼和熊掌一样,往往不可兼得。以信息观或计量观为基础的财务报告方式在满足可靠性和相关性的程度上存在着差异。文章从财务报告的信息观和计量观的角度,分析了财务报告方式选择的条件,并提出了提高会计信息有用性的几点建议。     

公允价值会计:以历史和环境为视角的研究

本文通过对公允价值会计演进历史的回顾,及对公允价值会计适用的经济环境的分析,说明公允价值计量属性和经济的虚拟性有着密切关系,同时履行中合约的会计处理,也促使人们采用公允价值这一计量属性。笔者认为会计准则建设中适时的体现会计计量的公允性,不仅对整个财务会计系统建构有着重要意义,而且也充分体现了会计中的“真实和公允”的原则。     

The Problems of Accounting Standards

The main purpose of company accounts is stewardship, so accounting standards based on ‘decision‐usefulness for investors’ are misconceived. And making the standards compulsory ‘Instructions’ rather than voluntary ‘Suggestions’ causes many additional problems. All we really need is the Companies Act requirement for accounts to show ‘a true and fair view’.     

公允价值会计在新会计准则中的应用分析

新会计准则中公允价值的应用是会计准则改革的创新点。本文通过对国际会计准则和英美等国利用公允价值现状的述评,对公允价值的含义、与公允价值有关概念框架及会计准则在我国具体会计准则中应用的分析,为正确认识公允价值提供参考。     

公允价值在新会计准则中的影响分析

2006年财政部颁布了新的会计准则。新会计准则体系中,公允价值的应用成为其创新点。本文对公允价值计量属性在我国应用的扩大是否可行进行了比较分析,并阐述了自己的观点。     

公允价值定义及计量属性综述

公允价值从其被提出就引起了争论,并成为会计理论研究的焦点。国外对公允价值的研究已有多年,而我国对公允价值的研究还很短。新会计准则的实施使公允价值再一次引起了理论与实务界的关注。本文对现有公允价值的定义及其公允价值计量属性的观点进行了综述,以期对公允价值的推广和应用提供参考。     

浅谈我国对公允价值的选择与应用分析

会计计量是会计系统的核心职能,而计量属性的选择又是会计计量的基础。会计界对公允价值的讨论焦点,由"是否采用公允价值"转变为"如何用好公允价值"。在此基础上,对我国会计准则中公允价值计量的具体运用,引入公允价值的必要性,存在的现实问题及原因进行分析,提出了完善公允价值计量的措施。     

稳健性视角下公允价值对会计信息质量的影响

稳健性是会计有效确认与计量的重要保证,对会计理论和实务具有深远的影响。要合理处理会计稳健性与公允价值计量属性的平衡关系,就应当将二者相互交融起来,以提升会计信息质量,确保信息的相关性和可靠性。同时,在公允价值运用中应严格界定其概念及层次,完善公允价值的估值方法和评估过程,实行公允价值与历史成本两种计量属性并存的模式,减少公允价值对当期损益的影响,完善信息披露制度,最大限度地发挥公允价值的积极作用,使其更好地为信息使用者服务。     

公允价值计量模式研究

公允价值计量问题一直是学术界讨论的热点,新会计准则的实施使公允价值计量开始成为实务界关注的重要会计问题。本文系统地介绍了公允价值计量模式,论证了公允价值计量模式产生、发展的历史必然性,并针对我国的现实情况提出了对公允价值计量模式实施的建议。     

对需求论会计目标的质疑与会计目标的重新构建

决策有用观是目前对会计目标比较一致的观点，但不能将“决策有用性”简单地理解为唯需求决定目标，单纯靠需求决定会计目标有循环谬误之嫌。彻底否定真实收益的现实计量可能性是过于武断的。放弃对真实收益的追求，会计就缺少了目标定位，将会失去方向。会计目标应当分为终极目标、基本目标和具体目标三个层次，具体目标应当是基于资源优化配置的以决策有用的真实收益为核心的目标体系。