This paper studies the relevance of Level 3 fair value disclosures in financial statements for equity analysts. The research also examines the impact that implementation of IFRS 13 Fair Value measurement had on the relevance of disclosures and disclosure practice. Semi-structured interviews with equity analysts and fair value disclosures of three listed real estate companies are used to analyse relevance of fair value disclosures. Equity analysts focus on cash flow and do not incorporate Level 3 fair values as an input in their valuation. These results indicate that Level 3 fair value measurements or fair value disclosures have little relevance or information value for analysts. However, the fair value disclosures appear to have to some extent confirmative value as they provide the analysts with comfort over their own fair valuation measurements and verify the credibility of management. The additional disclosure requirements implemented with IFRS 13 have scant relevance for equity analysts. The results provide evidence that standard setters, auditors and preparers of financial statements with significant Level 3 estimates should focus on predictive and forward-looking disclosures to evaluate future cash flows. Detailed disclosures about management valuation process and sensitivity analysis have limited relevance for the analysts. This study links together the analysts and disclosures literature and provides insights into relevance of fair value disclosures and understanding how analysts process and use fair value disclosures.

本文研究了财务报表中三级公允价值披露对股票分析师的相关性。该研究还研究了实施IFRS 13公允价值计量的影响关于披露和披露惯例的相关性。与股票分析师的半结构式访谈以及三家房地产上市公司的公允价值披露被用来分析公允价值披露的相关性。股票分析师专注于现金流，并且没有将3级公允价值作为其估值的输入。这些结果表明，对分析师而言，三级公允价值计量或公允价值披露几乎没有相关性或信息价值。但是，公允价值披露似乎在某种程度上具有确认价值，因为它们使分析师对自己的公允价值评估感到满意，并验证了管理层的信誉。IFRS 13实施的其他披露要求与股票分析师无关。结果提供了证据，表明标准制定者，具有重大3级估计的财务报表的审计师和编制者应专注于预测性和前瞻性披露，以评估未来的现金流量。有关管理层评估过程和敏感性分析的详细披露与分析师的相关性有限。本研究将分析师和披露文献联系在一起，并提供有关公允价值披露相关性的见解，并了解分析师如何处理和使用公允价值披露。