ABSTRACT

Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by an internationally recognized expert, this book, on a controversial and intensely debated topic, is the only definitive reference source available on the topics of fair value and financial reporting.

Drawing chapters from a diverse range of contributors on different aspects of the subject together into one volume, it:

  • examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against
  • looks at fair value from a number of different theoretical perspectives, including possible future uses, alternative measurement paradigms and how it compares with other valuation models
  • explores fair value accounting in practice, including audit, financial instruments, impairments, an investment banking perspective, approaches to fair value in Japan and the USA, and Enron’s use of fair value

An outstanding resource, this volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.

part |1 pages

Section I: Introduction

chapter 1|6 pages

The nature of fair value

ByPeter Walton

chapter 2|15 pages

The use of fair value in IFRS

ByDavid Cairns

chapter 3|8 pages

What SFAS 157 does, and does not, accomplish

ByAlfred M. King

chapter 4|14 pages

The case for fair value

ByIan P. N. Hague

part |1 pages

Section II: Theoretical analysis

chapter 6|20 pages

Recent history of fair value

ByDavid Alexander

chapter 7|12 pages

Fair value and valuation models

ByAnne Cazavan-Jeny

chapter 8|12 pages

Whither fair value accounting? The future of fair value

ByWarren McGregor

chapter 9|8 pages

Between a rock and a hard place?

ByAndrew Lennard

chapter 10|9 pages

Fair value and capital markets

ByFranck Missonier-Piera

chapter 11|20 pages

Fair value: the right measurement basis? An Australian perspective

ByKevin M. Stevenson

chapter 12|21 pages

Measurement in accounting and fair value

ByPetri Vehmanen

chapter 13|8 pages

CCA – an unsuccessful attempt to change the measurement basis

ByPeter Walton

chapter 14|15 pages

Alternatives to fair value: Geoffrey Whittington

ByGeoffrey Whittington

chapter 15|14 pages

The relevance and reliability of fair value measurement

ByAllister Wilson

part |1 pages

Section III: Fair value in practice

chapter 17|14 pages

Fair value accounting: a cautionary tale from Enron

ByGeorge J. Benston

chapter 18|18 pages

The insurance industry and fair value

ByGabi Ebbers

chapter 20|22 pages

Fair value and the auditor

ByRaphaël Jacquemard

chapter 21|21 pages

Fair value accounting in the USA

ByRobert E. Jensen

chapter 22|19 pages

A Japanese perspective on fair value

ByKenichi Akiba, Takashi Matabe

chapter 23|10 pages

Pension accounting and fair value

ByChristopher J. Napier

chapter 25|15 pages

Fair value and financial instruments

ByAndrew Spooner

chapter 26|7 pages

Use of fair values in impairment testing

ByCaroline Woodward