A Review of the Role of Financial Reporting in the Global Financial Crisis
A Review of the Role of Financial Reporting in the Global Financial Crisis
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DOI：
10.1111/j.1835-2561.2011.00155.x
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发表时间：
2012-03
影响因子：
3.4
通讯作者：
Matt Pinnuck
中科院分区：
文献类型：
--
作者：
Matt Pinnuck
本文的目的是回顾最近的文献，研究财务报告在全球金融危机（GFC）的表现。在分析全球金融危机时，许多评论家将责任归咎于财务报告，特别是在银行资产负债表中报告金融工具时使用公允价值。根据对新出现的证据的审查，主要结论是：（一）没有经验证据表明全球金融危机期间的公允价值会计增加了危机的严重性;（二）需要进一步研究，以确定危机前几年的公允价值会计是否加剧了全球金融危机，因为报告的某些公允价值收益可能是虚幻的;现有文献在很大程度上忽视了财务报告在确定公司资本成本方面的作用，尽管在危机中，财务报告正是通过这一途径发挥其最重要的作用;及（iv）与财务报告及全球财务报告准则有关的大部分评论均围绕财务报告的估值目标，尽管财务报告也有管理目标。在全球金融危机之前的几年里，如果财务报告未能实现这一目标，可能会加剧危机。需要更多地考虑后一个问题，以便能够全面评估财务报告在全球财务框架中的作用。
The aim of this article is to review the recent literature that examines the performance of financial reporting in the Global Financial Crisis (GFC). In analysing the GFC a large number of commentators have attributed blame to financial reporting, in particular to the use of fair values (FVs) in reporting financial instruments in bank balance sheets. Based on a review of the emerging evidence, the main conclusions are that: (i) there is no empirical evidence that fair-value accounting (FVA) during the GFC added to the severity of the crisis; (ii) further research is required to determine whether FVA in the years immediately preceding the crisis exacerbated the GFC because of the possibility that some of the FV gains reported may have been illusory; (iii) the existing literature has largely ignored the role of financial reports in the determination of a firm's cost of capital, although it is through this avenue that, in a crisis, financial reporting could play its most significant role; and (iv) the bulk of the commentary associated with financial reporting and the GFC has revolved around the valuation objective of financial reporting, even though financial reports also have a stewardship objective. Failure of financial reporting to satisfy this objective in the years preceding the GFC could have exacerbated the crisis. More consideration needs to be given to this latter issue to enable a complete assessment of the role of financial reporting in the GFC.