The association between firm characteristics and CFO's opinions on the fair value option for non-financial assets |
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| Authors: | Boochun Jung Hamid Pourjalali Eric Wen Shirley J. Daniel |
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| Affiliation: | 1. School of Accountancy, Shidler College of Business, University of Hawai''i at Mānoa, 2404 Maile Way, Honolulu, HI 96822, United States;2. School of Business, Yonsei University, 134 Shinchon-Dong, Seodaemoon-Ku, Seoul, 120-749, Republic of Korea |
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| Abstract: | 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. |
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| Keywords: | Fair value Value relevance FAS 157 FAS 159 Adoption of standards |
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