Convergence in Motion: A Review of Fair Value Levels’ Relevance

IF 4.6 Q1 BUSINESS, FINANCE
Andrei Filip, Ahmad Hammami, Zhongwei Huang, Anne Jeny, M. Magnan, Rucsandra Moldovan
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引用次数: 2

Abstract

ABSTRACT The IFRS 13 post-implementation review by the IASB motivates our investigation on the value relevance of fair value (FV) measurement hierarchy (i.e. level 1, level 2, and level 3). First, using a meta-analysis, which allows us to summarize inconsistent empirical findings, we synthesize studies on the value relevance of the FV hierarchy. Overall, value relevance is lower for level 3 than for levels 1 and 2, but it increases over time. In non-U.S. studies, we note lower value relevance across all levels of FV assets. Underlying asset fundamentals, model risk, and measurement process complexity may contribute to this value relevance gap. Second, from interviews with professionals from financial institutions, we note that, in practice, there has been extensive learning about FV accounting since the 2007–9 Financial Crisis and a formalization of the valuation process that the academic literature has yet to fully recognize. We thus highlight conceptual and methodological issues and areas for research with practical implications.
运动中的趋同:公允价值水平相关性的回顾
国际会计准则理事会(IASB)对《国际财务报告准则第13号》(IFRS 13)实施后的复核促使我们对公允价值(FV)计量层次(即第1层、第2层和第3层)的价值相关性进行了调查。首先,我们使用荟萃分析来总结不一致的实证结果,综合了关于公允价值(FV)计量层次价值相关性的研究。总体而言,级别3的价值相关性低于级别1和级别2,但随着时间的推移会增加。在美国。在研究中,我们注意到FV资产在所有水平上的价值相关性较低。潜在的资产基础、模型风险和度量过程的复杂性可能导致这种价值相关性差距。其次,从对金融机构专业人士的采访中,我们注意到,在实践中,自2007 - 2009年金融危机以来,人们对财务价值会计进行了广泛的学习,并且学术文献尚未充分认识到估值过程的正规化。因此,我们强调概念和方法问题以及具有实际意义的研究领域。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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