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مقاله انگلیسی افشای ارزش منصفانه و ریسک سقوط

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کد محصول: H390

قیمت فایل ترجمه شده: برای اطلاع از هزینه و مدت زمان انجام ترجمه با پشتیبانی وب سایت تماس حاصل نمایید (۰۹۳۷۲۵۵۵۲۴۰)

تعداد صفحه انگلیسی:  ۴۳

سال نشر: ۲۰۱۸

عنوان فارسی:

مقاله انگلیسی حسابداری ۲۰۱۸ :  افشای ارزش منصفانه و ریسک سقوط

عنوان انگلیسی:

Fair value disclosures and crash risk

 

Abstract

In response to the public criticism of the inadequate disclosures mandated by SFAS No. 157, Fair Value Measurements, the FASB issued ASU (Accounting Standards Update) 2010–۰۶, Improving Disclosures about Fair Value Measurements, and ASU 2011–۰۴, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements, in an effort to increase the reporting transparency. We examine whether the increased fair value disclosures required by these two updates effectively decrease crash risk, defined as the frequency of extreme negative stock returns. In support of the hypothesis, we find that increased transparency from these updates reduces crash risk among U.S. banking firms and that the reduction is greater in banks that have a higher level of Level 3 financial assets.

Keywords Fair value hierarchy,SFAS No.157,Crash risk,ASU No. 2010–۰۶,ASU No. 2011–۰۴

Introduction

Decades after SFAS No. 157 Fair Value Measurements (effective November 2007), questions about the reliability and usefulness of fair value accounting remain. Supporters of fair value accounting claim that fair value estimates reflect current market conditions and provide timely information, thereby increasing transparency (Ryan 2008). Opponents claim that fair values are irrelevant and question their reliability since prices can be distorted by market inefficiencies, investor irrationality, liquidity problems, and management’s unreliable assumptions (Skoda and Gabrhel, 2015). In response to the controversy, the Financial Accounting Standards Board (FASB) adopted SFAS No. 157 (hereafter FAS 157)–Fair Value Measurements. This standard defines fair value and expands disclosure requirements regarding the inputs used to measure the reported fair values. More specifically, this standard requires fair value assets and liabilities to be disclosed by levels based on the inputs used to measure fair values: Level 1—Observable inputs: those from quoted prices in active markets; Level 2—Indirectly observable inputs: those from quoted prices of comparable items in active markets, identical items in inactive markets, or other market-related information; and Level 3—Unobservable, firm-generated inputs. The regulatory motivation underlying the passage of this standard related primarily to helping users understand the sources of information (i.e., inputs) used to estimate reported fair values. (FASB, Appendix C of FAS 157).

In December 2008, the SEC released its study on fair value accounting, which concluded that the fair value hierarchy of information is value-relevant but that increased disclosures for Levels 2 and 3 measurements are needed. Consequently, the FASB issued ASU 2010-061, Improving Disclosures about Fair Value Measurements and ASU 2011-04-Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, (hereafter “Updates” refers to ASU 2010-06 and/or ASU 2011-04) in part to enhance disclosure of fair values relating to Level 3 estimates.

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