Financial reporting quality: is fair value a plus or a minus?
Financial reporting quality: is fair value a plus or a minus?
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财务报告质量：公允价值是优点还是缺点？
DOI：
10.1080/00014788.2007.9730083
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发表时间：
2007
影响因子：
1.7
通讯作者：
S. Penman
中科院分区：
文献类型：
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作者：
S. Penman
国际会计准则理事会（IASB）和美国财务会计准则理事会（FASB）最近的审议重点是如何衡量资产和负债的公允价值。然而，何时而不是如何应用公允价值计量的问题仍远未解决。根据国际会计准则理事会和财务会计准则理事会的准则，对某些资产和负债规定了公允价值，但公允价值的适用性原则还有待阐明：公允价值会计何时适用，何时不适用？或者，就我对这篇论文的收费而言，在什么情况下公允价值是正的还是负的？为了准备我的任务，我对各种标准制定者、监管者、分析师和会计师发表的支持和反对公允价值会计的公开声明进行了调查。上述“负面影响”通常指向公允价值估计的风险，即从模型计价而不是按市值计价，担心将“过度波动”引入收益，以及反馈效应（例如对银行贷款行为的反馈效应）可能损害企业，甚至增加系统性风险。一些反对者质疑公允价值（例如，银行资产和负债）是否真正反映了企业的经济状况（在促进核心存款和发放贷款方面）。与此相反，公允价值的支持者认为，公允价值是一个上级的经济措施，以历史成本。考虑以下参数，通常作为“加号”推进：
Recent deliberations by both the International Accounting Standards Board (IASB) and the Financial Accounting Standard Board (FASB) in the United States have focused on how fair values of assets and liabilities should be measured. The issue of when, rather than how, fair value measurement should be applied is still far from resolved, however. Fair values have been mandated for some assets and liabilities under both IASB and FASB standards, but it is fair to say that principles governing the applicability of fair values have yet to be articulated: when is fair value accounting appropriate and when is it not? Or, in terms of my charge for this paper, under what circumstances is fair value a plus or a minus? To prepare for my task, I made a survey of public statements made for and against fair value accounting by a variety of standard setters, regulators, analysts, and preparers. The stated ‘minuses’ typically point to the dangers of fair value estimates from marking to model rather than marking to market, concerns about introducing ‘excess volatility’ into earnings, and feedback effects (on banks’ lending practices, for example) that could damage a business and, indeed, heighten systematic risk. A few antagonists question whether fair values (for bank assets and liabilities, for example) really capture the economics of a business (in fostering core deposits and making loans). In counterpoint, the proponents of fair value argue that fair value is a superior economic measure to historical cost. Consider the following arguments, often advanced as ‘pluses’: