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Author : Feng Tang
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (77 download)
Download or read book Two Essays on Fair Value Accounting and Compensation Contracts written by Feng Tang and published by . This book was released on 2011 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaoyan May Bao
Publisher :
ISBN 13 : 9781303312342
Total Pages : 94 pages
Book Rating : 4.3/5 (123 download)
Download or read book Two Essays on Fair Value Accounting written by Xiaoyan May Bao and published by . This book was released on 2013 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research has focused on the impact of fair value accounting on equity markets. The impact of fair value accounting on debt maturity structure and credit risk has not been addressed in the literature. In essay one I investigate how the increased influence of the balance sheet approach on accounting standards is associated with the maturity structure for the most affected companies as indicated by the volatility ratio found in Demerjian (2011). I find that the balance sheet approach is associated with a higher portion of short-term maturity debt in a debt maturity sample, suggesting that short-term maturity debt is used to control the agency cost of debt arising from the balance sheet focus for the sample period from 1988 to 2012. These findings imply that the balance sheet approach, as one of the most significant trends in accounting standards, plays an important role in determining the maturity structure of debt, which is one of key elements of corporate financial policy. In essay two I examine the impact of fair value accounting on credit risk with the focus on Level 3 assets to investigate whether the disclosure of Level 3 assets provides useful information to debt markets. The characteristics that distinguish Level 3 assets from Level 1 assets and Level 2 assets are Level 3 assets' lack of an active market, either directly or indirectly, and the Level 3 assets more subject to management's manipulations. I find that higher amounts of Level 3 assets are associated with lower credit ratings. In addition, I find that larger amounts of Level 3 assets are associated with larger bond spreads for firms near a credit upgrade or downgrade. These findings have important implications because they indicate that fair value measurements may be useful to market participants in debt markets. Before the implementations of fair value measurements, the measurements of assets without active markets (Level 3 assets) have not been observable and so have been treated similarly to other components of assets that reduce the cost of debt at an aggregate level. This contributes to the debt valuation literature by providing evidence that market participants in debt markets distinguish assets without active markets (Level 3 assets) from the other components of assets once the measurements for Level 3 assets become observable.
Author : Georgios Serafeim
Publisher :
ISBN 13 :
Total Pages : 362 pages
Book Rating : 4.:/5 (671 download)
Download or read book Essays on Fair Value Reporting written by Georgios Serafeim and published by . This book was released on 2010 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three papers in the dissertation examine reporting of fair values by financial institutions. In the first paper I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. In the second paper, we examine whether information risk is reflected in equity betas for a large sample of U.S. banks, exploiting recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3, which indicate progressively more illiquid and opaque fianancial instruments. Finally the third paper contributes to one of the central debates from the 2008 financial crisis: whether fair value accounting positively or negatively impacted firm valuation during this period.
Author : Mark L. Zyla
Publisher : John Wiley & Sons
ISBN 13 : 1118282795
Total Pages : 427 pages
Book Rating : 4.1/5 (182 download)
Download or read book Fair Value Measurement written by Mark L. Zyla and published by John Wiley & Sons. This book was released on 2012-10-23 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: FAIR VALUE MEASUREMENT Practical Guidance and Implementation "Writing Fair Value Measurement was a monumental task fraught with controversy not only in the U.S., but also abroad. Having coauthored a book with Mark as well as written one myself, I was even more impressed that Mark was able to navigate these fair value minefields and produce a work that will be a tremendous help to accountants and non-accountants alike. If you are looking for a 'one-stop' book on fair value measurement, this is it!" Neil J. Beaton, CPA/ABV, CFA, ASA, Managing Director, Valuation Services, Alvarez & Marsal "In recent years, the FASB and the IASB have added many requirements for various assets and liabilities to be measured at fair value. In this book, Zyla clearly describes how to implement fair value measurement and how investors and creditors should interpret it. The crisp writing and illuminating analysis will help readers to grasp the essence of fair value accounting and to apply it wisely." J. Edward Ketz, Associate Professor of Accounting, Pennsylvania State University "The focus of the book is on fair value measurement based on level 3 inputs. This is a critical area of valuations for financial reporting due to a false comfort given by routine application of evaluating models and assumptions without real possibilities of calibration. Mark Zyla offers an extraordinary help in understanding the reliability of the inputs and the outputs of the different methodologies and the inherent biases in each of them. The book is a precious support for better valuation both in U.S. GAAP and in IFRS fair value reporting." Mauro Bini, Full Professor of Corporate Finance, Bocconi University; Chairman, Management Board OIV (Organismo Italiano di Valutazione) Essential guidance on the fair value measurement process Now in a second edition, Fair Value Measurement: Practical Guidance and Implementation helps you succeed in understanding the fair value accounting rules that entities must follow. The result is a resource that you can rely on to understand the importance of valuation and the concepts that define it. In basic, nontechnical language, author Mark Zyla presents practical direction for best practices of financial valuation as well as for understanding the many FASB pronouncements involving fair value. An essential guide for auditors and valuation specialists, Fair Value Measurement: Practical Guidance and Implementation, Second Edition brings you up to speed on what fair value really means.
Author : Shaofeng Zheng
Publisher :
ISBN 13 :
Total Pages : 113 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Impact of Fair Value Accounting on Firms' Performance and Pension Assets written by Shaofeng Zheng and published by . This book was released on 2017 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation comprises of two essays: 1) The Effects of Fair Value Measurements (IFRS 13) on Operating Performance and Market Performance, and on Value Relevance of Firms across European Countries; 2) The Disclosure of Fair Value Pension Asset under SFAS No. 158, Pension Assumptions, and Earnings Manipulation. Fair value accounting has been gained a spotlight over years. My first essay focuses on Fair Value measurements (IFRS13), which provides a single source for all fair value measurements, and clarifies the definition of fair value and enhance the disclosures. I examine the effect of IFRS 13 fair value on operating performance, the market reaction to the key event of the announcement date of IFRS 13 adoption, and the effect on value relevance in the context of IFRS 13 adoption by a large sample of five countries in European Union: France, Germany, Italy, Spain, and United Kingdom from 2010 to 2014. Evidences from the analyses of the models revealed that the operating performance overally decreased after IFRS 13 adoption in France and Germany but increased in Italy, Spain and United Kingdom based on some ratios to evaluate the operating performance. Firms with higher ROA in pre-IFRS 13 might report more consecutive earnings after IFRS 13 adoption than firms with lower ROA in pre-IFRS 13. Market reaction was tested on the key event of IFRS 13 adoption: the announcement date of IFRS 13. The results of the event study indicate that the cumulative abnormal returns (CAR) are negatively associated with the release date of IFRS 13 adoption, suggesting that European markets' reaction has been somewhat negative to IFRS 13. The adjustment to earnings per share model suggests mixed evidence of a increase in value relevance. In summary, European market may perceive IFRS 13 as an important in financial reporting or a reduction in the formation asymmetry and these results have implications for investors, auditors, and educators. In September 2006, Statement of Financial Accounting Standard (SFAS) No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, required firms to disclose and recognize the full funded status of defined benefit pension plans in the balance sheet instead of only in the footnote. Comparing with recognition, there are limited researches about the effect of the disclosure of fair value pension assets on the expected rate of return (ERR). Therefore, my second essay examines the association between the disclosure of fair value pension plan assets under SFAS No. 158 and ERR. Empirical results support that firms with the Level-3 fair value of pension assets are more like to inflate ERR and are more like to meet ERR through the actual rate of return (ARR) of the Level-3 fair value of pension assets. In addition, I explore the relationship between the disclosure of fair value pension plan assets and earnings target through ERR management. The results document that firms with the Level-3 fair value pension asset more like to achieve earnings target when they marginally fall short of earnings expectations. Such disclosures could improve the efficient use of the information by market participants.
Author : Michael J. Mard
Publisher : John Wiley & Sons
ISBN 13 : 0470173998
Total Pages : 237 pages
Book Rating : 4.4/5 (71 download)
Download or read book Valuation for Financial Reporting written by Michael J. Mard and published by John Wiley & Sons. This book was released on 2007-10-19 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential procedures for the measurement and reporting of fair value in Financial statements Trusted specialists Michael Mard, James Hitchner, and Steven Hyden present reliable and thorough guidelines, case studies, implementation aids, and sample reports for managers, auditors, and valuators who must comply with the Financial Accounting Standards Board Statement of Financial Accounting Standards Nos. 141, Business Combinations; 142, Goodwill and Other Intangible Assets; 144, Accounting for the Impairment or Disposal of Long-Lived Assets; and the new 157, Fair Value Measurements. This important guide: * Explains the new valuation aspects now required by SFAS No. 157 * Presents the new definition of fair value and certain empirical research * Distinguishes fair value from fair market value * Provides a case study that measures the fair values of intangible assets and goodwill under SFAS Nos. 141 and 157 * Includes a detailed case study that tests the impairment of goodwill and long-lived assets and measures the financial impact of such impairment under SFAS Nos. 142 and 144 * Cross-references and reconciles the valuation industry's reporting standards among all of the valuation organizations * Includes two sample valuation reports, one of which is a new USPAP- compliant PowerPoint? presentation format * Includes implementation aids for controlling the gathering of data necessary for analyses and for guiding the valuation work program
Author : Gilad Livne
Publisher : Routledge
ISBN 13 : 131722132X
Total Pages : 346 pages
Book Rating : 4.3/5 (172 download)
Download or read book The Routledge Companion to Fair Value in Accounting written by Gilad Livne and published by Routledge. This book was released on 2018-06-13 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of "fair value" marked a major departure from traditional cost accounting. In theory, under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings. Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by internationally recognized experts, this book, on a controversial and intensely debated topic, is a comprehensive reference source which: examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against looks at fair value from a number of different theoretical and practical perspectives, including a critical review of the merits and arguments against the use of fair value accounting explores fair value accounting in practice, involvement in the Great Financial Crisis, implications for managerial reporting discretion, compensation and investment This volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.
Author : James P. Catty
Publisher : John Wiley & Sons
ISBN 13 : 1118185420
Total Pages : 256 pages
Book Rating : 4.1/5 (181 download)
Download or read book The Professional's Guide to Fair Value written by James P. Catty and published by John Wiley & Sons. This book was released on 2012-01-10 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: An all-encompassing guide to the elements and basics of fair value With the important role fair value is playing in the creation of a converged set of global accounting standards, demand for products in this category is growing spectacularly. The elements and basics of fair value are covered, including risk, dealing with the SEC, and details on legal responsibility. In addition, sample financial statements are included, along with tables, recommended applicable techniques, and management checklists for those who are responsible for preparing and approving of financial statements. Written by the Chairman and co-CEO of the International Association of Consultants, Valuators and Analysts (IACVA) Includes sample financial statements of both U.S. and foreign companies Appropriate for anyone involved professionally with finance—managers, accountants, investors, bankers, instructors, and students—The Professional's Guide to Fair Value is a reliable reference on the ins and outs of fair value financial disclosure.
Author : Ulf Mohrmann
Publisher : Logos Verlag Berlin GmbH
ISBN 13 : 3832541853
Total Pages : 300 pages
Book Rating : 4.8/5 (325 download)
Download or read book Essays on the Quality of Audited Financial Statements written by Ulf Mohrmann and published by Logos Verlag Berlin GmbH. This book was released on 2016-02-15 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of four essays on the quality of audited financial statements. The first analysis investigates the association between several regulations of the audit market and earnings characteristics. The second essay differentiates between different drivers of audit quality after an auditor change by comparing the effects of voluntary and mandatory auditor changes. The third study analyses the different strategies of Big4 and non-Big4 auditors in dealing with Level 3 fair values. The fourth part examines banks' valuation behavior concerning Level 3 fair values.
Author : Alfred M. King
Publisher : John Wiley & Sons
ISBN 13 : 0470245530
Total Pages : 272 pages
Book Rating : 4.4/5 (72 download)
Download or read book Executive's Guide to Fair Value written by Alfred M. King and published by John Wiley & Sons. This book was released on 2008-04-11 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Executive's Guide to Fair Value: Profiting from the New Valuation Rules "The advent of fair value reporting is not your Momma's (or your Papa's) kind of accounting. If you're a financial professional above the age of twenty-five who is working in industry, read this book. From choosing a fair value specialist to the perils of 'made as instructed' valuations to purchase price allocations to impairment testing to that SEC tripwire, customer relationships, fair value expert Al King gets it right. And he does so with neither jargon nor literary anesthesia. As a former CFO myself, all I can say is WOW!" -Warren D. Miller, CFA, ASA, CMA, CPA, Cofounder, Beckmill Research A hands-on guide for financial executives needing to understand the appraisal process Executive's Guide to Fair Value: Profiting from the New Valuation Rules brings senior level executives up to speed on what fair value really means. This new book addresses a full range of issues facing auditors and executives, including litigation and the "true" determination of value, estimating the value of working capital, and how to estimate the value and life of intangible assets. Complete with advice on the latest FASB rules and regulations, Executive's Guide to Fair Value: Profiting from the New Valuation Rules provides the most up-to-date and reliable information on: The latest fair value rules and how they impact both preparers and users of financial statements The role and responsibility of the appraisal specialist, including best practice tips for choosing and evaluating an appraiser Testing customer relationships for impairment A thorough knowledge of what fair value accounting is and how it can impact your corporation and its profitability Practical applications, including incentive compensation and equity-based compensation In basic, nontechnical language, Executive's Guide to Fair Value: Profiting from the New Valuation Rules will help all financial executives and auditors succeed in understanding the new fair value accounting rules that corporations must now follow. The result is a resource that professionals can rely on to understand the importance of valuation and the concepts that define it.
Author : E. Menicucci
Publisher : Springer
ISBN 13 : 1137448261
Total Pages : 200 pages
Book Rating : 4.1/5 (374 download)
Download or read book Fair Value Accounting written by E. Menicucci and published by Springer. This book was released on 2014-12-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis has turned a spotlight on the role of financial reporting in periods of economic downturn. In analysing the financial crisis, many commentators have attributed blame to fair value accounting (FVA) because of the pro-cyclical effect it potentially introduces in banks' financial statements. This book discusses how FVA affects financial reporting during a financial crisis. It provides an in-depth analysis of the key benefits and negatives of FVA, and discusses the controversial practice of trade-offs with historical cost accounting (HCA). It provides an overview of the principles and applications of FVA, and explains its impact on banks' financial statements. Investigating the effect of FVA on the volatility of earnings and regulatory capital in European banks, the book asks whether incremental volatility is indeed reflected in bank share prices. It examines empirical evidence to quantify the role that FVA may have played in times of stress in the banking sector, both in Europe and elsewhere. Fair Value Accounting explores the criticism FVA has received despite its perceived merits, and summarizes the various opposing views of parties in this major policy debate, which has involved banking and accounting regulators from across the globe.
Author : Rick Antle
Publisher : Springer Science & Business Media
ISBN 13 : 0387303995
Total Pages : 334 pages
Book Rating : 4.3/5 (873 download)
Download or read book Essays in Accounting Theory in Honour of Joel S. Demski written by Rick Antle and published by Springer Science & Business Media. This book was released on 2007-02-15 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of accounting and the economics of information developed by Joel S. Demski and those he inspired has revolutionized accounting thought. This volume collects papers on accounting theory in honor of Professor Demski. The book also contains an extensive review of Professor Demski’s own contributions to the theory of accounting over the past four decades.
Author : Christian Stier
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book Essays on Fair Value Measurement written by Christian Stier and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hailan Zhou
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.E/5 ( download)
Download or read book Two Essays on Investors' Perceptions about Management Disclosures written by Hailan Zhou and published by . This book was released on 2007 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Haiping Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Decision Usefulness of Fair Value Accounting in the Debt Market written by Haiping Wang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bokhyeon Baik
Publisher :
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (34 download)
Download or read book Two Essays on Self-selection Bias in Consensus Analysts' Forecasts written by Bokhyeon Baik and published by . This book was released on 2003 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulf Brüggemann
Publisher : Springer Science & Business Media
ISBN 13 : 3834969524
Total Pages : 162 pages
Book Rating : 4.8/5 (349 download)
Download or read book Essays on the Economic Consequences of Mandatory IFRS Reporting around the world written by Ulf Brüggemann and published by Springer Science & Business Media. This book was released on 2011-08-31 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ulf Brüggemann discusses and empirically investigates the economic consequences of mandatory switch to IFRS. He provides evidence that cross-border investments by individual investors increased following the introduction of IFRS.
