Fair Value Accounting: Understanding the Issues Raised by the Credit Crunch Prepared by Stephen G. Ryan Professor of Accounting and Peat Marwick Faculty Fellow Stern School of Business New York University July 2008 This white paper was commissioned by the Council of Institutional Investors to educate its members, policymakers and the general public about fair value accounting and its potential impact on investors. The views and opinions expressed in the paper are those of Professor Ryan and
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Benston, G. J. (2006). Fair-value accounting: A cautionary tale from Enron.Journal of Accounting and Public Policy, 25(4), 465-484 Baber, W.R., Fairfield, P.M., & Haggard, J.A. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. Accounting Review, 818-829. Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of accounting and Economics, 14(1)
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C H A P T E R 2 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 Describe the usefulness of a conceptual framework. Describe efforts to construct a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. •6 •7 Describe the basic assumptions of accounting. Explain the
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IFRS 13 Fair value measurement IFRS 13 Fair value values 21st century real estate measurement Implications for the real estate 21st century real estate values and construction industry Implications for the real estate and construction industries Contents 1. Introduction 2. Principal impacts of the new standard 3. The definition of fair value 4. The concept of ‘highest and best use’ 4.1 Assessment 4.2 Valuing the highest and best use — alternative use and asset modifications 4.3 Highest and best
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IFRS Convergence: Challenges and Implementation Approaches for Banks in India KPMG IN INDIA Foreword I am very happy to note that KPMG in India is releasing a specific publication for the Indian banking sector titled 'IFRS Convergence: Challenges and Implementation Approaches for Banks in India', on the occasion of the IBA/KPMG conference on 'IFRS: Developing a Roadmap to Convergence for the Indian Banking Industry'. The proposed convergence with IFRS is likely to create significant challenges
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relevant authoritative literature on fair value measurements using the FASB’s Codification Research System at the FASB website (www.fasb.org). Identify the Codification topic number that provides guidance on fair value measurements. FASB ASC 820 fair value measurement and disclosures 2. What is the specific citation that lists the disclosures required in the notes to the financial statements for each major category of assets and liabilities measured at fair value? The specific citation that describes
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flow estimates, auditors should ensure they have the expertise to make critical assessments of the company's work. If necessary, they should contact industry experts or financial consultants specializing in valuation services. Fair Value Estimates The audit of fair values often involves substantial risks of material misstatement. For a particular estimate, the level of risk is influenced by a number of factors, such as the length of the forecast period, the number of significant and complex assumptions
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Standards No. 157 Fair Value Measurements Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation. FAS157 Statement of Financial Accounting Standards No. 157 Fair Value Measurements
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IFRS Case Analysis By Vicky D Modi (13A2HP061) Foundation of IASB finalized in the year 2001 and IASB is highly aligned with FASB (Financial accounting standards board) in terms of organization and governance. IASB is London-based standard setting body for IFRS and unveiled proposal on valuation of financial instrument which had affected more than 120 countries in world. From the beginning, the EU has emerged as IASB’s main underwriter and clients. EU delegated European accounting standard to IASB
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IFRS AT A GLANCE IFRS 13 Fair Value Measurement As at 1 January 2014 IFRS 13 Fair Value Measurement Page 1 of 2 Effective Date Periods beginning on or after 1 January 2013 SCOPE AND SCOPE EXEMPTIONS IFRS 13 applies when another IFRS requires or permits fair value measurements (both initial and subsequent) or disclosures about fair value measurements, except as detailed below: Exemption from both measurement and disclosure requirements: Share-based payment transactions within the scope
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