In the last years and especially after the outbreak of the recent financial and economic crisis, fair value and implicitly fair value measurements for financial statements have been harshly criticized, mainly by the representatives of the companies activating in the financial sector. Therefore, the aim of this paper is to study the issue of disclosures on fair value measurements in the financial statements by firstly sketching a guide of best practices and further focusing on empirically documenting potential determinants. In order to achieve the objective of our study, the employed methodology draws on similar studies in research literature, calculating for each company included in the study a disclosure score called disclosure index and then using a statistical program to run a multivariate linear regression. The obtained results document, among other, that the entity size positively affects the fair value measurements disclosure index. Particularities regarding fair value measurement related disclosures are discussed in the context of European funding (subsidies). Our study therefore contributes (through the developed empirical study) to the literature on the determinants of companies' disclosure practices in the particular area of fair value measurements.
This paper focuses on the particular case of professional ethics in the context of the accounting profession. After briefl y discussing recent events that made us reconsider our understanding of corporate governance, accountancy and ethics, we attempt to delimit the state of the art by looking at ethics from the accounting profession's perspective. When aiming to clarify professional ethics, we closely analyze integrity based on the latest developments undertaken by European professional bodies. The fi ndings are used in identifying ways to contribute to the endeavor of aligning the profession's performance with society's reasonable expectations.
Our paper develops a literature review on fair value studies. The purpose of the study is to synthesize the main results of accounting research literature empirically approaching fair value measurement. Therefore, our analysis imposes the use of literature review methodology. After briefly introducing the concept of fair value, the first part of the paper follows the shift taking place in accounting paradigms when it comes to accounting models. The main part of the paper discusses empirical studies on fair value by closely analyzing their research design, the employed research methodology and the obtained results. The originality of the paper as well as its contribution consist in offering a comprehensive overview on studies in accounting research literature that analyze fair value accounting through an empirical approach. Discussing the relevance and reliability of such studies further impacts upon the relevance of their results and how they can be used.
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