حسابداری ارزش منصفانه و مدیریت شرکت

The development of accounting standards reveals that the historical cost accounting (HCA) is being replaced by the fair value accounting (FVA) paradigm. FVA, in contrast to HCA that hides the real financial position and income, is more value relevance. The relevance of financial reports should be measured, in addition to association between market and accounting returns, in terms of its contribution to the stewardship function, reduction of agency costs, enhancement of management efficiency, and providing relevant information to stakeholders and workers in their social conflict. FVA-based reports call the attention of shareholders to the value of their equity and enhance the function of stewardship. Managers will be asked to guard the value of shareholders’ equity and to account for their efforts. This will causes a basic change in managers’ perceptions of their duties. The FVA provides also a complete full disclosure and it is compatible with transparency.

An analysis of the development of accounting standards reveals an interesting phenomenon. Along with new financial reporting innovations in sporadic areas, there is a steady process of change of a basic accounting paradigm. The old historical cost accounting (HCA) is being replaced by the new fair value accounting (FVA) paradigm. These changes reflect the needs of users of financial accounting and the efforts of accounting standards setting bodies to reverse the pattern of declining relevance of financial information ( Francis & Schipper, 1999 and Lev & Zarowin, 1999). Whatever the reasons, the incorporation of FVA into the inventory of generally accepted accounting principles (GAAP) has deep meaning to the field of accounting and to management philosophy. This process has intensified with the expansion of global economy and the rapid growth of information technology (IT), two major factors that have created an impressive infrastructure for the evolution of an international efficient market mechanism. HCA-based financial statements obscure real financial position and the results of operations of a firm and provide ample room for manipulation. Often the historical book value of assets and liabilities has only a remote association with market values. This situation permits management to manipulate reported earnings and to hide their lack of real accomplishment. FVA, in contrast to HCA, measures and discloses the current value of assets and liabilities and is more value relevance. Empirical evidence indicates that fair value rather than historical cost numbers are more highly associated with stock returns. The academic literature provides consistent evidence suggesting that fair values of certain financial instruments should be included in the balance sheet and that changes in the fair values of these instruments should be included in the income statement (AAA’s Financial Accounting Standards Committee, 1998). Nonetheless, the value of financial reports does not depend on the statistical association between accounting and market returns (Francis & Schipper, 1999). The value should be measured in terms of its contribution to the stewardship function, reduction of agency costs, and enhancement of management efficiency. It ought to be assessed, also, in its providing relevant information to stakeholders and workers in their social conflict1. Reporting the fair value of assets and liabilities in the balance sheet calls the attention of shareholders to the value of their equity and to periodic changes in this value, as is reflected by the market mechanism, that determines the price of assets and liabilities. This, in turn, increases the importance of the function of stewardship. Managers will be asked to guard and maintain the value of shareholders’ equity and to account for their efforts. Moreover, shareholders will be in a position to distinguish between two tasks of management: maintaining equity and generating a return on equity. Consequently, they will be able to judge management activities as well as their abstain from acting where needed (i.e. hedging), more effectively. The FVA model affects, thus, the effective management of the firm. It decreases principal-agent conflicts and agency costs, and increases the efficiency with which the firm is managed. The new outlook on the tasks of management causes a basic and a substantial change in manager’s perception of their duties to shareholders. Managers who understand the duality of their duty must also apply methods of risk management to assist them in achieving these goals simultaneously, be aware of the local and global business arena, and utilize hedging activities (including the use of derivatives). The expansion in the objectives and methods of management will bring a cognitive change in the management of organizations. We may expect a change in the perception of financial statements by shareholders. In preparing HCA-based financial statements, managers have a dominant power over the process. They are able to manage income and to “window-dress” the statement of financial position. Hence, the “manager’s voice” is clearly heard and is highly reflected. Shareholders must, therefore, be tuned to the “manager’s voice.” The FVA paradigm reduces the “manager’s voice” in favor of the “market’s voice” in an economic setting of perfect and complete markets the “market’s voice” takes its power from the measurement, valuation and reporting of assets, liabilities and consequently, income, at fair values, which are independent of the manager’s influence. In a more realistic situation, the fair value of many accounting items is not well defined. This situation gives rise to problems of implementing the fair value paradigm, but in no way, as discussed latter, nullifies its use. Hence, when analyzing FVA financial statements, stockholders should be sensitive to the “market’s voice.” The limitations of HCA have generated the requirement of full disclosure. This concept was the basic precept on which the US securities laws are based and was supported by the SEC. The concept means that firms should supply along with their financial statements material information that may affect investors’ decisions. With the passage of time, the notes to the financial statements have become synonym to the concept of full disclosure. The paradigm of FVA provides a more complete full disclosure and it is compatible with transparency. Accounting transparency means that the financial statements provide true, accurate, and complete information about the business activities and the financial position of a firm. Financial statements based on the FVA supply transparent information, since the income statement would reflect real economic value of business activities and the balance sheet mirrors assets, liabilities and equity measured at fair value. The significance of the fair value paradigm to accounting lies in its possible effect on current reporting modes. It is likely that management will be required to supply an additional statement of operations that focuses on equity maintenance.

This paper focuses on the process of development of the paradigm of FVA and on the potential impact of FVA on management philosophy in general and on a firm’s management strategy in particular. The first argument of the paper is that the process of development of the paradigm of FVA is a natural one. It reflects the processes of globalization and international economic integration. Thus, this process might not be stalled or stopped. Nonetheless, it may be delayed. The second argument of the paper is that FVA, due to the time and value relevance information it supplies, might bring about a change in management philosophy and in the strategy of management of the firm. Financial statements prepared in accordance with the paradigm of FVA present to interested parties, up-to-date fair or market values of assets, liabilities and owners equity. FVA-based financial statements put the shareholders’ equity at the focus of interest. Guarding the value of shareholders’ equity and reporting the results of their efforts will become a tacit goal. In response, a new management philosophy that combines value maintenance, profitability and efficiency will emerge. A new management strategy, one that utilizes the new techniques of hedging will evolve. Risk management will be an integral part of business management and will involve consistent investigation of local as well as global market trend and the use of new methods of hedging. FVA may have also an impact on financial reporting. Given the situation in which GAAP provide shareholders with information that allows them to trace managers’ activities, a need for a detailed reports that account for the managers actions is inevitable. A dual system of reporting, in which HCA be given along the main FVA figures, is a most promising avenue. A comprehensive income statement may be an alternative or an addendum to a dual system of reporting. These ideas are not new in accounting and could be easily implemented. Eventually, FVA will have an effect on many more aspect of accounting, including auditing and international accounting harmonization.