ABSTRACT

The IFRS 13 post-implementation review by the IASB motivates our investigation on the value relevance of fair value (FV) measurement hierarchy (i.e. level 1, level 2, and level 3). First, using a meta-analysis, which allows us to summarize inconsistent empirical findings, we synthesize studies on the value relevance of the FV hierarchy. Overall, value relevance is lower for level 3 than for levels 1 and 2, but it increases over time. In non-U.S. studies, we note lower value relevance across all levels of FV assets. Underlying asset fundamentals, model risk, and measurement process complexity may contribute to this value relevance gap. Second, from interviews with professionals from financial institutions, we note that, in practice, there has been extensive learning about FV accounting since the 2007–9 Financial Crisis and a formalization of the valuation process that the academic literature has yet to fully recognize. We thus highlight conceptual and methodological issues and areas for research with practical implications.

摘要

IASB 进行的 IFRS 13 实施后审查促使我们对公允价值 (FV) 计量层次（即第 1 级、第 2 级和第 3 级）的价值相关性进行调查。首先，我们使用荟萃分析来总结不一致的实证结果，我们综合了关于 FV 层次结构的价值相关性的研究。总体而言，第 3 级的价值相关性低于第 1 级和第 2 级，但会随着时间的推移而增加。在非美国研究中，我们注意到所有级别的 FV 资产的价值相关性较低。潜在的资产基本面、模型风险和测量过程的复杂性可能会导致这种价值相关性差距。其次，通过对金融机构专业人士的采访，我们注意到，在实践中，自 2007-9 年金融危机以来，人们对 FV 会计有了广泛的了解，并且学术文献尚未完全认识到估值过程的正规化。因此，我们强调具有实际意义的概念和方法论问题以及研究领域。