Purpose

The objective of this research is to explore the challenges being encountered when applying and implementing fair value accounting requirements, focusing specifically on the determination of fair value per International Financial Reporting Standards (IFRS) 13: Fair value measurement (IFRS 13) in the South African capital market.

Design/methodology/approach

Data are collected from 20 detailed interviews, primarily with preparers and interpretively analysed to identify how individuals internalise the requirements of IFRS 13 and the challenges associated with its application. The researchers focus specifically on South Africa because of its status as a developing economy and, at the same time, its extensive experience in applying IFRS.

Findings

South African preparers appear reluctant to change from a conventional cost-based measurement approach to one grounded in fair value. Primary concerns include the perceived usefulness of fair value accounting and its conceptual appropriateness, given its perceived de-emphasis of the traditional stewardship role of financial reporting. Related challenges to the application of IFRS 13 include concerns about the cost of determining fair value; the inherent subjectivity of fair value measures and the practical difficulty of calculating fair values when markets are not efficient or where business environments are complex and dynamic where Level 1 inputs are not widely available for all assets and liabilities. These challenges encourage preparers to choose accounting policies, which minimise the use of fair value or apply the provisions of IFRS 13 legalistically.

Research limitations/implications

Data are collected from a group of respondents from a single developing economy. Additional research on the application of IFRS 13 in other developing markets will be required to conclude on the relevance of economic, cultural and social factors for the understanding and implementation of new accounting standards by practitioners.

Practical implications

Standard setters and regulators cannot assume that new accounting standards will be interpreted and applied as intended. Even when compliance with IFRS is mandatory, preparers have considerable discretion when it comes to operationalising accounting prescriptions. Unless the challenges raised by preparers are addressed, misapplication of IFRS is likely to continue.

Originality/value

The research makes an important empirical and practical contribution by providing primary evidence on the operationalisation of IFRS 13 in a novel setting. It complements earlier research which has focused primarily on the conceptual/theoretical dimension and on American and European perspectives.

中文翻译：

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南非公允价值会计实施挑战

目的

这项研究的目的是探讨在应用和实施公允价值会计要求时遇到的挑战，尤其着重于根据国际财务报告准则（IFRS）13：南非的公允价值计量（IFRS 13）确定公允价值。资本市场。

设计/方法/方法

从20次详细访谈中收集数据，主要是与编制者进行访谈，并进行解释性分析，以识别个人如何将IFRS 13的要求与应用IFRS 13相联系。由于南非作为发展中经济体的地位以及同时在应用IFRS方面的丰富经验，研究人员特别关注南非。

发现

南非准备者似乎不愿意从基于成本的传统计量方法转变为以公允价值为基础的计量方法。首要考虑因素包括认为公允价值会计的有用性及其概念上的适当性，因为人们认为公允价值会计不再强调财务报告的传统管理角色。国际财务报告准则第13号的应用面临的相关挑战包括对确定公允价值的成本的担忧；当市场效率低下或商业环境复杂多变且无法为所有资产和负债广泛使用1级投入时，公允价值计量方法固有的主观性和计算公允价值的实际困难。这些挑战鼓励准备者选择会计政策，

研究局限/意义

数据是从单一发展中经济体的一组受访者那里收集的。将需要对国际财务报告准则第13号在其他发展中市场中的应用进行进一步研究，以得出经济，文化和社会因素对从业人员理解和实施新会计准则的相关性的结论。

实际影响

标准制定者和监管者不能假设新的会计准则将按预期进行解释和应用。即使必须遵守IFRS，编制者在操作会计规定时仍具有相当大的酌处权。除非应对准备者提出的挑战，否则国际财务报告准则的错误应用可能还会继续。

创意/价值

通过提供有关在新环境中实施IFRS 13的主要证据，该研究做出了重要的经验和实践贡献。它补充了以前的研究，后者主要关注概念/理论方面以及美国和欧洲的观点。