Richard Goulding , Colin Haslam , Adam Leaver , Jonathan Silver
{"title":"房地产的 \"分配装置\":公允价值会计和英国房地产的资产化","authors":"Richard Goulding , Colin Haslam , Adam Leaver , Jonathan Silver","doi":"10.1016/j.cpa.2024.102729","DOIUrl":null,"url":null,"abstract":"<div><p>Research on housing financialization argues that property assets are important stores of value that collateralise global systems of financial accumulation. Yet remarkably little is known about how those assets are constructed, valued and generate returns. This paper draws on the assetization literature to unpack how investment properties are constructed as ‘assets’, applying an accounting lens to locate their growing importance within the move towards a fair value accounting regime. We argue that property investors benefit from a generous 'distributional apparatus' - that is, a collection of rules, norms, reporting technologies and market-orienting devices that act as both a resource and an incentive to engage in practices of valuation that maximise potential distributions. In the case of property assets, accounting rule IAS40 determines how housing assets should be recognised in an annual statement; the RICS Red Book acts as a market device which articulates with IAS40, providing rules and principles on the techniques of valuation and revaluation; and the ICAEW provides guidance on whether revaluations amount to a ‘realised profit’ which can be distributed to shareholders legally. Together these three features underpin the assetization process in investment property. We use two case studies to show that this apparatus acts as a flexible resource as companies build different valuation and distribution strategies around the RICS Red Book revaluation process, with different risk implications. Our findings contribute to financialization, assetization and accounting scholarship.</p></div>","PeriodicalId":48078,"journal":{"name":"Critical Perspectives on Accounting","volume":"99 ","pages":"Article 102729"},"PeriodicalIF":8.3000,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1045235424000285/pdfft?md5=13b61f0dc81d799ee6964928cb3d7370&pid=1-s2.0-S1045235424000285-main.pdf","citationCount":"0","resultStr":"{\"title\":\"A ‘Distributional Apparatus’ for real estate: Fair value accounting and the assetization of UK property\",\"authors\":\"Richard Goulding , Colin Haslam , Adam Leaver , Jonathan Silver\",\"doi\":\"10.1016/j.cpa.2024.102729\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Research on housing financialization argues that property assets are important stores of value that collateralise global systems of financial accumulation. Yet remarkably little is known about how those assets are constructed, valued and generate returns. This paper draws on the assetization literature to unpack how investment properties are constructed as ‘assets’, applying an accounting lens to locate their growing importance within the move towards a fair value accounting regime. We argue that property investors benefit from a generous 'distributional apparatus' - that is, a collection of rules, norms, reporting technologies and market-orienting devices that act as both a resource and an incentive to engage in practices of valuation that maximise potential distributions. In the case of property assets, accounting rule IAS40 determines how housing assets should be recognised in an annual statement; the RICS Red Book acts as a market device which articulates with IAS40, providing rules and principles on the techniques of valuation and revaluation; and the ICAEW provides guidance on whether revaluations amount to a ‘realised profit’ which can be distributed to shareholders legally. Together these three features underpin the assetization process in investment property. We use two case studies to show that this apparatus acts as a flexible resource as companies build different valuation and distribution strategies around the RICS Red Book revaluation process, with different risk implications. Our findings contribute to financialization, assetization and accounting scholarship.</p></div>\",\"PeriodicalId\":48078,\"journal\":{\"name\":\"Critical Perspectives on Accounting\",\"volume\":\"99 \",\"pages\":\"Article 102729\"},\"PeriodicalIF\":8.3000,\"publicationDate\":\"2024-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1045235424000285/pdfft?md5=13b61f0dc81d799ee6964928cb3d7370&pid=1-s2.0-S1045235424000285-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Critical Perspectives on Accounting\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1045235424000285\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Critical Perspectives on Accounting","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1045235424000285","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
A ‘Distributional Apparatus’ for real estate: Fair value accounting and the assetization of UK property
Research on housing financialization argues that property assets are important stores of value that collateralise global systems of financial accumulation. Yet remarkably little is known about how those assets are constructed, valued and generate returns. This paper draws on the assetization literature to unpack how investment properties are constructed as ‘assets’, applying an accounting lens to locate their growing importance within the move towards a fair value accounting regime. We argue that property investors benefit from a generous 'distributional apparatus' - that is, a collection of rules, norms, reporting technologies and market-orienting devices that act as both a resource and an incentive to engage in practices of valuation that maximise potential distributions. In the case of property assets, accounting rule IAS40 determines how housing assets should be recognised in an annual statement; the RICS Red Book acts as a market device which articulates with IAS40, providing rules and principles on the techniques of valuation and revaluation; and the ICAEW provides guidance on whether revaluations amount to a ‘realised profit’ which can be distributed to shareholders legally. Together these three features underpin the assetization process in investment property. We use two case studies to show that this apparatus acts as a flexible resource as companies build different valuation and distribution strategies around the RICS Red Book revaluation process, with different risk implications. Our findings contribute to financialization, assetization and accounting scholarship.
期刊介绍:
Critical Perspectives on Accounting aims to provide a forum for the growing number of accounting researchers and practitioners who realize that conventional theory and practice is ill-suited to the challenges of the modern environment, and that accounting practices and corporate behavior are inextricably connected with many allocative, distributive, social, and ecological problems of our era. From such concerns, a new literature is emerging that seeks to reformulate corporate, social, and political activity, and the theoretical and practical means by which we apprehend and affect that activity. Research Areas Include: • Studies involving the political economy of accounting, critical accounting, radical accounting, and accounting''s implication in the exercise of power • Financial accounting''s role in the processes of international capital formation, including its impact on stock market stability and international banking activities • Management accounting''s role in organizing the labor process • The relationship between accounting and the state in various social formations • Studies of accounting''s historical role, as a means of "remembering" the subject''s social and conflictual character • The role of accounting in establishing "real" democracy at work and other domains of life • Accounting''s adjudicative function in international exchanges, such as that of the Third World debt • Antagonisms between the social and private character of accounting, such as conflicts of interest in the audit process • The identification of new constituencies for radical and critical accounting information • Accounting''s involvement in gender and class conflicts in the workplace • The interplay between accounting, social conflict, industrialization, bureaucracy, and technocracy • Reappraisals of the role of accounting as a science and technology • Critical reviews of "useful" scientific knowledge about organizations