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美国和国际会计准则制定机构已经发布了几项针对财务报告中金融工具的披露、计量和确认的准则。这篇文章的目的是对迄今为止资本市场方面的有关文献进行回顾,这些文献检验了公允价值会计信息对投资者的有用性。回顾中,我重点提到的研究结果,不仅是学术研究者所关注的,而且有助于实务界和准则制定机构评估当前公允价值准则需要如何修订,以及确定今后准则制定必须要解决的问题。总之,研究证据表明,公允价值的披露和确认对投资者具有信息含量,但信息含量之程度受计量误差以及估价来源的影响(出自管理层还是外部评估师)。本文也对在实务中如何确定资产和负债公允价值的问题进行了讨论。
The United States and international accounting standards bodies have issued several guidelines for the disclosure, measurement and validation of financial instruments in financial reporting. The purpose of this article is to review the relevant literature on capital markets to date, which tests the usefulness of fair value accounting information to investors. During the retrospective, the research I focused on was not only the concern of academic researchers, but also helpful to the practitioners and standard-setters in assessing how the current fair value criteria need to be revised and identifying the issues that must be solved in future guidelines. In summary, the research evidence shows that the disclosure and recognition of fair value have information content to investors, but the degree of information content is affected by errors in measurement and source of valuation (by management or external appraiser). This article also discusses how to determine the fair value of assets and liabilities in practice.