1st Edition
The Routledge Companion to Fair Value and Financial Reporting
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: What is Fair value
Introduction: the nature of fair value (PW)
The IASC and the increasing use of fair value (Chris Nobes - Reading U)
The case for fair value (Diana Willis - FASB)
The FASB/IASB measurement standard (Linda MacDonald - FASB)
The case against fair value (E&Y?)
Part 2 Theoretical analysis
Fair value in the 19th century (Jacques Richard - Dauphine U)
Recent history of fair value (David Alexander - Birmingham U)
Trying to change the measurement basis in financial reporting - the rise and fall of current cost
Moving the recognition boundary (PW)
How reliable are values based on models?
Fair value and capital markets (Mary Barth – IASB/Stanford)
The future of fair value (Warren McGregor - IASB)
Alternatives to fair value (Geoff Whittington)
Part 3 Fair value in practice
Fair value and the analyst ( CFA Inst)
The preparer and fair value (Jon Symonds - Astrazeneca)
Auditing fair value (Big Four author)
Fair value and financial instruments (John Smith – IASB & Deloitte)
Finding fair value in thin markets/developing countries
The insurance industry and fair value (Gabbi Ebbers - Allianz)
Fair value and banks (Douglas Flint - HSBC)
Pension accounting and fair value
Lease accounting and fair value
Part 4 Country analysis
FV in the USA (US academic)
FV in Australia (Kevin Stevenson - PwC)
FV in France (Francoise Flores - Mazars/EFRAG)
Fair value in Germany (Liesel Knorr - GASB)
EFRAG and fair value (Paul Ebling - EFRAG)
Can fair value be used in Japan?
Fair value in a developing country: the case of Malaysia
Biography
Peter Walton Ph.D. FCCA is a researcher and journalist specialised in international accounting. He is a director of the ESSEC-KPMG Financial Reporting Chair at ESSEC Business School and editor of World Accounting Report (published by informa) and Accounting in Europe (published by Taylor & Francis).
