Fair Value Accounting And The Financial Market Crisis

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Fair Value Accounting And The Financial Market Crisis


Fair Value Accounting And The Financial Market Crisis
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Fair Value Accounting And The Financial Market Crisis


Fair Value Accounting And The Financial Market Crisis
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File Size : 49,7 Mb
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Author : Andreas Schmidt
language : en
Publisher: epubli
Release Date : 2014



Fair Value Accounting And The Financial Market Crisis written by Andreas Schmidt and has been published by epubli this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.




Fair Value Accounting


Fair Value Accounting
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Author : E. Menicucci
language : en
Publisher: Springer
Release Date : 2014-12-22



Fair Value Accounting written by E. Menicucci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-22 with Business & Economics categories.


The 2008 financial crisis has turned a spotlight on the role of financial reporting in periods of economic downturn. In analysing the financial crisis, many commentators have attributed blame to fair value accounting (FVA) because of the pro-cyclical effect it potentially introduces in banks' financial statements. This book discusses how FVA affects financial reporting during a financial crisis. It provides an in-depth analysis of the key benefits and negatives of FVA, and discusses the controversial practice of trade-offs with historical cost accounting (HCA). It provides an overview of the principles and applications of FVA, and explains its impact on banks' financial statements. Investigating the effect of FVA on the volatility of earnings and regulatory capital in European banks, the book asks whether incremental volatility is indeed reflected in bank share prices. It examines empirical evidence to quantify the role that FVA may have played in times of stress in the banking sector, both in Europe and elsewhere. Fair Value Accounting explores the criticism FVA has received despite its perceived merits, and summarizes the various opposing views of parties in this major policy debate, which has involved banking and accounting regulators from across the globe.

Did Fair Value Accounting Contribute To The Financial Crisis


Did Fair Value Accounting Contribute To The Financial Crisis
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File Size : 41,9 Mb
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Author : Christian Laux
language : en
Publisher:
Release Date : 2009



Did Fair Value Accounting Contribute To The Financial Crisis written by Christian Laux and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business enterprises categories.


Abstract: The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial crisis using descriptive data and empirical evidence. Based on our analysis, it is unlikely that fair-value accounting added to the severity of the current financial crisis in a major way. While there may have been downward spirals or asset-fire sales in certain markets, we find little evidence that these effects are the result of fair-value accounting. We also find little support for claims that fair-value accounting leads to excessive write-downs of banks' assets. If anything, empirical evidence to date points in the opposite direction, that is, towards overvaluation of bank assets

The Routledge Companion To Fair Value In Accounting


The Routledge Companion To Fair Value In Accounting
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Total Download : 226

Author : Gilad Livne
language : en
Publisher: Routledge
Release Date : 2018-06-13



The Routledge Companion To Fair Value In Accounting written by Gilad Livne and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-13 with Business & Economics categories.


The concept of "fair value" marked a major departure from traditional cost accounting. In theory, under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings. Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by internationally recognized experts, this book, on a controversial and intensely debated topic, is a comprehensive reference source which: 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 and practical perspectives, including a critical review of the merits and arguments against the use of fair value accounting explores fair value accounting in practice, involvement in the Great Financial Crisis, implications for managerial reporting discretion, compensation and investment 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.

Did Fair Value Accounting Contribute To The Financial Crisis


Did Fair Value Accounting Contribute To The Financial Crisis
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File Size : 40,7 Mb
Total Download : 597

Author : Christian Laux
language : en
Publisher:
Release Date : 2009



Did Fair Value Accounting Contribute To The Financial Crisis written by Christian Laux and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business enterprises categories.


The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial crisis using descriptive data and empirical evidence. Based on our analysis, it is unlikely that fair-value accounting added to the severity of the current financial crisis in a major way. While there may have been downward spirals or asset-fire sales in certain markets, we find little evidence that these effects are the result of fair-value accounting. We also find little support for claims that fair-value accounting leads to excessive write-downs of banks' assets. If anything, empirical evidence to date points in the opposite direction, that is, towards overvaluation of bank assets.

Mark To Market And Fair Value Accounting


Mark To Market And Fair Value Accounting
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File Size : 40,6 Mb
Total Download : 940

Author : James W. Curtis
language : en
Publisher: Nova Science Pub Incorporated
Release Date : 2009



Mark To Market And Fair Value Accounting written by James W. Curtis and has been published by Nova Science Pub Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.


This book focuses on Fair Value Accounting which is a market-based accounting system for determining the value of assets and liabilities. Since the mid-1970's, the Financial Accounting Standards Board (FASB), the accounting standard setter that derives its informal authority from the Securities an Exchange Commission (SEC), has gradually been moving the nation from an accounting system based entirely on historic cost-based measurements of assets and liabilities to one based in part on fair value. Its basic reasoning is that fair value accounting provides market-based information that is more meaningful to investors. In 2006, FASB released Financial Accounting Standards No. 157, which refined previous fair value directives to further define the concept and clarified how to value instruments. FAS 157 went into effect in late 2007, a period that coincided with the growing severity of the current sub-prime-based financial turmoil. The worsening crisis helped fuel opposition to FAS 157. Opponents, including insurance firms and banks, argued that FAS 157 and fair value accounting protocol exacerbated the effects of the financial crisis by forcing holders to severely write down distressed or illiquid assets, which were often mortgage-backed securities, to levels far below their "true economic values". This book consists of public domain documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

Valuation Within Illiquid Markets Is Fair Value Measurement Still An Appropriate Approach


Valuation Within Illiquid Markets Is Fair Value Measurement Still An Appropriate Approach
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Author : Thorsten Wenke
language : en
Publisher: GRIN Verlag
Release Date : 2009-10-12



Valuation Within Illiquid Markets Is Fair Value Measurement Still An Appropriate Approach written by Thorsten Wenke and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-12 with Business & Economics categories.


Bachelor Thesis from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Hull (Business School), course: Independent Study, language: English, abstract: Banks always played a superior role in business and especially in our today’s internationalised environment their position has become more crucial than ever before. Though, since summer 2007 these financially strong giants have been unhinged by their self-developed ‘financial crisis’ that originated from the US sub-prime market. Due to the instance that the today’s capital markets are interlinked worldwide, it was just a matter of months that the effects of this ‘banking crisis’ unbalanced the entire global economy. Actually large banks became illiquid and the governments had to shore them up, so that the whole financial network did not go to pieces. Among others, the reason for this disaster was a lack of trust between market participants, caused by enormous amounts of ‘toxic debts’, hidden in the balance sheets of almost every bank that cannot be reliably valued or seem to be worthless. For that reason the professional world and the accounting body IASB came under fire. Especially banks and politicians accused them of having provided inadequate and in-transparent accounting standards, which led to this disaster and amplified the downturn in the world economy. Hence, not only the accounting standard for financial instruments IAS 39 is in the centre of this discussion, especially the IASB's eminently respectable 'fair value' approach has been criticised of being useless in times when markets are absent. This paper will try finding answers if better accounting standards for financial instruments would have prevented us from this downturn in economy by analysing the origin of the financial crisis and showing the arisen problems. After highlighting its development, the central IFRS standards IAS 39 and the fair value approach will be analysed and evaluated with focus on banks. Finally the IASB’s attempts to manage the arisen problems within the credit crisis will be shown and annotated.