Purpose

The purpose of this paper is to discuss whether fair value accounting fits for long-term equity investments, which are considered key to retool economies according to sustainability criteria. In doing so, the paper focuses on the European Union and addresses the European Commission’s (2018a) concern that current accounting rules are unfit for achieving the United Nations Sustainable Development goals and the targets of the Paris Agreement on climate change.

Design/methodology/approach

The paper grounds in a wide literature review on the effects of fair value accounting on investors’ asset allocation strategies. By critically integrating literature on the notion of long-term investment with theories and possible accounting approaches, the paper provides implications for a revision of the current measurement system for long-term equity investments.

Findings

The literature review supports the view that fair value accounting has played a role in discouraging equity investments over time, thus leaving economies with poorer risk-sharing and weaker long-term investments. The paper contributes to the debate on alternative measurement systems by suggesting possible solutions in relation to controversies arising from empirical evidence.

Originality/value

Reorienting economies according to sustainability criteria represents an urgent issue which requires prompt and policy-oriented responses. Accordingly, this paper offers insights and guidelines that can help policymakers revise current accounting rules for long-term equity investments in line with sustainable development objectives.

中文翻译：

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可持续金融会计：公允价值计量是否适合长期股权投资？

目的

本文的目的是讨论公允价值会计是否适合长期股权投资，根据可持续性标准，长期股权投资被认为是重组经济的关键。在此过程中，本文重点关注欧盟，并解决了欧盟委员会 (2018a) 对现行会计规则不适合实现联合国可持续发展目标和《巴黎协定》气候变化目标的担忧。

设计/方法/方法

本文基于对公允价值会计对投资者资产配置策略影响的广泛文献回顾。通过批判性地将有关长期投资概念的文献与理论和可能的会计方法相结合，本文为修订当前的长期股权投资计量体系提供了启示。

发现

文献回顾支持这样的观点，即随着时间的推移，公允价值会计在阻碍股权投资方面发挥了作用，从而使经济体的风险分担较差，长期投资较弱。本文通过就经验证据引起的争议提出可能的解决方案，为关于替代测量系统的辩论做出了贡献。

原创性/价值

根据可持续性标准重新定位经济是一个紧迫的问题，需要及时和以政策为导向的反应。因此，本文提供的见解和指导方针可以帮助政策制定者根据可持续发展目标修改长期股权投资的现行会计规则。