Do investors want financial instruments to be measured based on fair value or historical cost? Many accounting papers or standard setters have investigated the survey and the results were to use mixture of both. the investors want fair value information so as to better determine the true value of their investment. At the same time, they also wish to see the historical results that provide a measure of cash flows and indicate whether management has achieved operating results that were budgeted or predicted. This kind of thinking in other common circumstances always create a dilemma and desirous to keep all preference, and at the same time left the accounting professionals to bother the rest. We believed that investors fancy fair value information, but not necessarily at the cost of abandoning historical cost information. if this is the case, investors need to be educated on what measuring instruments at fair value means in the context of financial repo
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Following the footsteps of the financial accounting standard board and the international Accounting Standard Board, the CICA’s Canadian Accounting Standard Board recently proposed new recognition and measurement rules for financial instruments (proposed sections 3855 and 3865 of the CICA Handbook).3
While the proposed standards will maintain historical cost accounting for some securities held-to-maturity securities, loans and receivables and most financial liabilities, it will impose measurement for securities held for trading speculative purposes, securities that are deemed “available-for-sale,” and all derivatives.本文来自辣.文,论-文·网原文请找腾讯3249.114
The measurement of financial instruments has attracted extensive interest from the academic community, especially its reliability for purposes of financial reporting and its relevance for investors. evidence from earlier research suggests that reliable and relevant measures can be obtained, but important caveats do apply. We now review such evidence.
Value relevance jointly involves both relevance for investor's decision-making and reliability of measurement. However, to assess value relevance, one must first determine how accounting information records, or is reflected, in stock prices. a widely used valuation model, the balance-sheet valuation model, is based on the accounting equation. in this model, the market value of a stock equity is assumed to be explained by the sum of the book values of the firm’s individual assets and liabilities. the model can be expressed algebraically.
Market Value Equityt = _1book value assetst – _2book value liabilitiest + _t
MVt = _1BV financial instrumentst + _2BV other assets – _3BV other liabt +
_4FV financial instruments + _t
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