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The fair value of the pro-cyclical effect on the impact of accounting conservatism

Author: WangDongFei
Tutor: WangSuLing
School: Anhui University
Course: Accounting
Keywords: Fair value Procyclicality Accounting Conservatism Historical cost
CLC: F233
Type: Master's thesis
Year: 2011
Downloads: 272
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Abstract


2007 began in the U.S. subprime mortgage crisis triggered by the global financial crisis, not only caused huge economic losses, but also attracted the international community and standard-setting bodies have to explore the underlying causes of crisis and response measures. U.S. financial institutions that \the outbreak of the main incentives. Such accusations forced the United States in the subsequent Economic Stabilization Act enacted as expressly provided in suspended fair value. From the initial fair value of the financial assets that the best measurement attribute, and then blamed it indispensable to induce the crisis one of the factors, and finally suspended. U.S. application of the concept of fair value changes, prompting the fair value accounting theorists micro technical level reliability and relevance of the depth reflection. The crisis to a certain extent also mapped out the fair value measurement theory to explore the true and fair view of philosophy and accounting conservatism of assets and liabilities, income and expenses asymmetric departure from accounting treatment, in-depth perspective on the disclosure of the various economic the main interests of dynamic game and the nature of the economic consequences of accounting information. The crisis caused by the severe economic consequences, but also aroused widespread concern all sectors of society and explore the fair value of the pro-cyclical macroeconomic level. Of China Accounting Standards Committee (China Accounting Standards Committee, referred to CASC) 2006 was released 39 new standards, the recognition and measurement of financial instruments, financial instruments presentation, investment real estate, asset impairment and other 17 specific criteria clearly pointed out that the scope of application of fair value. However, economic globalization and the growing convergence of international accounting standards in the process, due to the application of the fair value of the other aspects of the scope and level compared with developed countries there is still a certain gap between the pro-cyclical effects of fair value in a crisis of serious economic consequences all the time all sectors of society are not vigilant. Therefore, how to effectively apply the fair value of financial information related to the enhancement of taking into account the principle of conservatism, has a very important theoretical and practical significance. In this regard, this paper on the real background of the political and economic system, select the pro-cyclical effects of fair value for the perspective of China's listed companies to explore the study of accounting conservatism. In this paper, a total of five parts: The first part begins with a brief overview of the research background and significance, are summarized in detail and summary of research trends at home and abroad on the basis of a clear framework for this research and research ideas, pointing out that innovation of this paper and inadequacy. The second part describes the pro-cyclical effects of fair value accounting conservatism and related concepts, explains pro-cyclical effects of fair value characteristics, a brief summary of the measurement method of accounting conservatism, combing analysis of the fair value and the theoretical basis of accounting conservatism. The third part in the fair value measurement cycle statistical description, based on the pro-cyclical effects of fair value accounting conservatism fluctuations in the level of the transmission mechanism in depth, from a qualitative point of view of economic development in different periods are measured at fair value under the accounting conservatism of the trend. Part IV select different stages of economic development in China in 2007-2009 under the A-share listed companies' financial data as samples to build comprehensive regression model, empirical tests procyclical effect on the fair value accounting conservatism resulting fluctuations. The fifth part of the relevant theoretical and empirical analysis is based on the combination of China's special political and economic institutional context, this paper put forward the main conclusion of the study, countermeasures and research prospects. This innovation and features are: First, the domestic and foreign scholars on a single technical level of fair value and accounting conservatism theory can be described as Dong Chong Khan cattle, but at the macroeconomic level of fair value and accounting conservatism binding studies are very few. This paper selected procyclical effects of fair value accounting conservatism Viewpoint of prospective exploration and research, at the macroeconomic level accounting conservatism to expand research on new ideas, enriching the fair value of the relationship between accounting conservatism and theoretical research. Secondly, the paper selected under different stages of economic development in 2007-2009, Shanghai and Shenzhen A-share listed companies' financial data as a sample, and on earnings - price return relationship measurement model with Ball and Shivakumar accruals - cash flow relation metrics modify the model based on empirical analysis Procyclicality fair value caused by changes in the degree of accounting conservatism, and enhance the rigor of the empirical analysis and comparability of the research findings more convincing.

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CLC: > Economic > Economic planning and management > Accounting > Accounting Organization and system
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