Rights statement: This is the peer reviewed version of the following article: McDonough, R, Panaretou, A, Shakespeare, C. Fair value accounting: Current practice and perspectives for future research. Journal of Business Finance and Accounting. 2020; 47: 303– 332. doi: 10.1111/jbfa.12447 which has been published in final form at https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12447 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
Accepted author manuscript, 1.24 MB, PDF document
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Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - Fair Value Accounting
T2 - Current Practice and Perspectives for Future Research
AU - McDonough, Ryan
AU - Panaretou, Argyro
AU - Shakespeare, Catherine
N1 - This is the peer reviewed version of the following article: McDonough, R, Panaretou, A, Shakespeare, C. Fair value accounting: Current practice and perspectives for future research. Journal of Business Finance and Accounting. 2020; 47: 303– 332. doi: 10.1111/jbfa.12447 which has been published in final form at https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12447 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
PY - 2020/3/1
Y1 - 2020/3/1
N2 - A fundamental issue debated in the accounting literature centers on the appropriate basis for which to measure firms’ assets and liabilities. During the last several decades, scholars have generated a growing body of important insights about the use of the fair value measurement attribute in financial reports around the globe. In this paper, we provide an overview of the institutional background of fair value accounting and the associated accounting standards that prescribe the use of fair value measurements under International Financial Reporting Standards and Generally Accepted Accounting Principles in the US. We discuss and document the extent to which firms across different industries and accounting regimes recognize and disclose in their financial reports assets and liabilities measured at fair value and we reflect on aspects of the fair value accounting literature. In doing this, we identify several areas in which additional research can further our understanding of fair value measurements and disclosures.
AB - A fundamental issue debated in the accounting literature centers on the appropriate basis for which to measure firms’ assets and liabilities. During the last several decades, scholars have generated a growing body of important insights about the use of the fair value measurement attribute in financial reports around the globe. In this paper, we provide an overview of the institutional background of fair value accounting and the associated accounting standards that prescribe the use of fair value measurements under International Financial Reporting Standards and Generally Accepted Accounting Principles in the US. We discuss and document the extent to which firms across different industries and accounting regimes recognize and disclose in their financial reports assets and liabilities measured at fair value and we reflect on aspects of the fair value accounting literature. In doing this, we identify several areas in which additional research can further our understanding of fair value measurements and disclosures.
KW - Fair value accounting, FASB, IASB
U2 - 10.1111/jbfa.12447
DO - 10.1111/jbfa.12447
M3 - Journal article
VL - 47
SP - 303
EP - 332
JO - Journal of Business Finance and Accounting
JF - Journal of Business Finance and Accounting
SN - 0306-686X
IS - 3-4
ER -