| 来源类型 | Research Reports
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| 规范类型 | 报告
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| ISBN | 9780833082121
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| 来源ID | RR-370-CCEG
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| Fair Value Accounting, Historical Cost Accounting, and Systemic Risk: Policy Issues and Options for Strengthening Valuation and Reducing Risk |
| Michael D. Greenberg; Eric Helland; Noreen Clancy; James N. Dertouzos
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| 发表日期 | 2013
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| 出版年 | 2013
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| 页码 | 108
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| 语种 | 英语
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| 结论 |
The Key Question Is Not Whether Fair Value Accounting (FVA) or Historical Cost Accounting (HCA) Is "Better" but Instead How to Ensure That Each Is Implemented Properly- Both FVA and HCA can be associated with systemic risk to the financial system under some circumstances.
- Available empirical evidence does not provide strong support for the claim that FVA was a primary driver of the 2008 financial crisis.
- When implemented poorly, both FVA and HCA can produce misleading information and lead to risk accumulation problems and the potential for market distortion.
- Improving the quality of both FVA and HCA information in financial statements should be a priority consideration for policymakers.
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| 摘要 |
- Consider new steps to strengthen institutional governance and control mechanisms that in turn support higher-quality fair value accounting (FVA) and historical cost accounting (HCA) practices within financial firms.
- Strengthen FVA and HCA approaches to valuation by improving regulatory and audit oversight in connection with both approaches.
- Tighten generally accepted accounting principals (GAAP) standards in connection with both FVA and HCA, to improve the quality of information provided about the impact of liquidity pricing on each valuation approach.
- Clarify whether financial statements truly are required to disclose sufficient detail about FVA mechanics to allow users of financial statements to reconstruct and assess the details of valuation models for themselves.
- Consider developing or adding metrics of valuation robustness to augment standard financial disclosures under GAAP.
- Consider adding disclosure requirements to address situations in which market power and other forms of price endogeneity are likely to influence FVA observed market values.
- When strengthening regulatory capital requirements, consider the potential for perverse asset valuation and institutional governance effects.
- Evaluate whether asset risk-weighting in bank capital requirements has the potential to contribute to perverse risk effects and contagion, in connection with FVA.
- Consider a more prominent role for prudential regulators in vetting asset valuation practice at large institutions.
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| 主题 | Banking and Finance Legislation
; Banking and Financial Services
; Corporate Governance
; United States
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| URL | https://www.rand.org/pubs/research_reports/RR370.html
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| 来源智库 | RAND Corporation (United States)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/107569
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推荐引用方式
GB/T 7714 |
Michael D. Greenberg,Eric Helland,Noreen Clancy,et al. Fair Value Accounting, Historical Cost Accounting, and Systemic Risk: Policy Issues and Options for Strengthening Valuation and Reducing Risk. 2013.
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