Essays on the Economic Benefits and Costs of Fair Value Accounting in European Banks' Financial Reporting PDF Download
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Author: Felix Schneider
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Felix Schneider
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Meryem Önüt
Publisher: GRIN Verlag
ISBN: 3668549907
Category : Business & Economics
Languages : en
Pages : 112
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Master's Thesis from the year 2015 in the subject Business economics - Accounting and Taxes, grade: 2,0, University of Hohenheim, language: English, abstract: The purpose of this thesis is to provide direct empirical evidence on the use of the Amendment according to IAS 39 regarding the reclassification of financial instruments. It therefore reviews what happened when the accounting policies were switched from fair value accounting to historical accounting during the financial crisis in 2008. Using a sample of manually collected data from Western European banks, the thesis empiri-cally examines which banks used this reclassification option to deal with problematic financial assets and how these reclassification activities are correlated with other firm characteristics. Furthermore, the thesis shows the influence of the amount of assets in each fair value level on the fair value hierarchy and the impact of the banks’ regulatory capital during the height of the financial crises on the use of the relaxation option. The final aim is to analyze the economic consequences of this option and to determine how beneficial it is for the global financial system, considering that banks will again make use of this sort of permission in other, future crises. After the development of the International Financial Reporting Standards (IFRS) by the International Accounting Standard Board (IASB) in 2001, the European Union (EU) decided to unify the jurisdictions for all listed corporations and therefore decreed a mandatory adoption of IFRS in the EU. The EU reasoned that common ac-counting standards improve capital market efficiency and reduce information processing and auditing costs. However, the decisive reason for the adoption of IFRS was that today’s global economy requires global standards to ensure transparency, accountability and comparability of financial accounts. IFRS was preferred because of its focus on a fair value-based method of accounting compared to historical cost accounting, and the EU claimed that adopting IFRS would bring financial stability while serving the interests of the public.
Author: Ulf Brüggemann
Publisher: Springer Science & Business Media
ISBN: 3834969524
Category : Business & Economics
Languages : en
Pages : 162
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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.
Author: James W. Curtis
Publisher:
ISBN: 9781614702153
Category : Corporations
Languages : en
Pages : 249
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Author: Vera Palea
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Purpose - This paper aims to discuss fair value accounting and its usefulness to financial statement users. The European Commission has recently endorsed IFRS 13 on fair value measurement and is considering the endorsement of IFRS 9, which extends the use of fair value for financial instruments. Furthermore, fair value accounting has been under deep scrutiny because of its alleged role in the financial crisis. Therefore, the usefulness of fair value accounting is a key issue for standard setting purposes.Approach - This paper delineates the theoretical background for fair value accounting, it provides empirical evidence on its usefulness, it highlights some controversial issues and makes some proposals for standard setting discussion. Findings - Empirical research raises some doubts on fair value reliability. Furthermore, fair value accounting alone cannot provide information useful to evaluate stewardship. Historical cost is also needed. A dual measurement and financial reporting system could therefore deliver more complete and useful information to financial statement users. Practical implications - This paper provides the reader with a comprehensive picture of the main issues related to fair value accounting and contributes to the standard setting debate on the optimal measurement system. Originality/value - This paper reframes the debate on historical versus fair value accounting by explaining the reason why a dual measurement and reporting model should be implemented.
Author: International Accounting Standards Board
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 40
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Author: Mr.Andre Santos
Publisher: International Monetary Fund
ISBN: 147551008X
Category : Business & Economics
Languages : en
Pages : 43
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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Author: K. V. Peasnell
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 36
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Book Description
The introduction of a new accounting standard for financial instruments, has raised a number of issues related to the application of fair value principles. This paper discusses some of these issues which are generally related to the fact that "fair values" are not always easily defined or readily available. It concludes that the application of fair value for financial liabilities might present fewer complications if it is matched by similar valuation principles for financial assets. The issue of measurement error is more complicated as it can be related to whether valuations refer to exit value, as postulated by the IASB, or deprival value, which is more closely related to firm-specific valuation. Measurement error is magnified in the income statement and so will be any biases from the application of historical accounting for derivatives. Despite any measurement issues, the problem of institution-specific dimensions of value that looms so large in the case of non-financial enterprises and makes the systematic application of fair value accounting fraud with difficulty there, would seem to be much more manageable for financial institutions because of their familiarity with risk measurement and management techniques for financial instruments.
Author: J. Beke
Publisher: Springer
ISBN: 1137374349
Category : Political Science
Languages : en
Pages : 224
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International Accounting Harmonization analyzes the differences between national accounting rules and international accounting methods, showing that when firms adopt international accounting standards they achieve significantly higher positive coefficients compared with firms that only take on local accounting strategies.
Author: Pier Luigi Marchini
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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The aim of this paper is to study the elements characterizing fair value, which represents one of the most significant criterion that will impact on financial statements of Italian companies due to the adoption of International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) by European enterprises, and to allow a comparative surveying with the concept of economic value, as it was defined in the Italian accounting literature, in connection with the possibility to find similar aspects, but substantial differences, too. The study also analyzes, on the basis of empirical evidences founded out by a defined sample of companies listed in Stock Exchanges, the critical aspects of the accounting representation based on the adoption of the criteria above mentioned. This is especially relevant, nowadays, because of the recent project by International Accounting Standards Board (IASB) to promote these forms of representation, in particular the one called comprehensive income, with the aim of representing all the income components produced by enterprises, either realized and to be realized, as an instrument that will be able to make companies' financial communication and disclosure more complete, as a fundamental element of corporate accountability.
