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Author: Christian Stier
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Christian Stier
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Xiaoyan May Bao
Publisher:
ISBN: 9781303312342
Category : Fair value
Languages : en
Pages : 94
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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: Mark L. Zyla
Publisher: John Wiley & Sons
ISBN: 1118282795
Category : Business & Economics
Languages : en
Pages : 427
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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: Mark L. Zyla
Publisher: John Wiley & Sons
ISBN: 0470588772
Category : Business & Economics
Languages : en
Pages : 410
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Book Description
A hands-on volume for financial executives with guidance on the fair value measurement process In today's dynamic and volatile markets, whether buying or selling, what corporate officers need to know is the worth of an asset today, a task that for many has become complex and at times confusing. Fair Value Measurements: Practical Guidance and Implementation demystifies this topic, offering you a nuts-and-bolts guide of the most recent developments in preparing financial statements using fair value measurements. This straightforward book covers the best practices on measuring fair value in a business combination and how to subsequently test the value of these assets for impairment. Filters complicated insider concepts into easy-to-understand information on the valuation specialist's function Discusses the many new FASB pronouncements involving fair value Instantly familiarizes you on the ins and outs of fair value financial disclosure Well-written, conversational in tone, and filled with valuable insights, Fair Value Measurements: Practical Guidance and Implementation lifts the veil of confusion from the substantial and growing requirements for fair value disclosures.
Author: Mark P. Bauman
Publisher:
ISBN:
Category :
Languages : en
Pages : 312
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Author: Harleigh Holroyd Hartman
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 263
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Author: John Taylor
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 102
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Author: Harleigh Holroyd Hartman
Publisher:
ISBN:
Category : Public Utilities
Languages : en
Pages : 296
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Author: Hugh Raynbird
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Author: Shaofeng Zheng
Publisher:
ISBN:
Category : Fair value
Languages : en
Pages : 113
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Book Description
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.
