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Fair value measurements and earnings management: evidence from the banking industry

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Elder, Randy

discretionary loan loss provisions, discretionary security gains and losses, earnings management, fair value measurements, SFAS 157, SFAS 159

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I examine the association between fair value measurements and bank earnings management using financial data for a sample of U.S. bank holding companies from 2009 to 2012. I follow the methodology in Beatty et al. (2002) and find that banks reporting higher recurring basis fair values, especially level 2 fair values and banks reporting increased fair values are more likely to report small earnings increases both in the current year and one-year ahead after controlling for discretionary loan loss provisions, discretionary security gains and losses, and other bank-specific characteristics. By decomposing the fair values into different types, I find that the positive association between fair value measurements and earnings management is primarily driven by available-for-sale assets. This relation can be found in both public banks and private banks. I also distinguish upward earnings management from downward earnings management and find that level 2 fair values are positively associated with upward earnings management and with downward earnings management via discretionary security gains and losses. By examining the relation between earnings volatility and fair value measurements, I find that banks recognizing more level 2 fair value assets and liabilities report smoother earnings over the time

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Xu, Xiaolu, "Fair value measurements and earnings management: evidence from the banking industry" (2013). Accounting - Dissertations . 4. https://surface.syr.edu/acc_etd/4

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The Implications of Unverifiable Fair-Value Accounting: Evidence from the Political Economy of Goodwill Accounting

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Please note you do not have access to teaching notes, fair value accounting from the users’ perspective: an experiment on how financial analysts rely on fair value estimates in their decisions.

Meditari Accountancy Research

ISSN : 2049-372X

Article publication date: 22 July 2021

Issue publication date: 23 November 2022

The current paper aims to understand whether fair value accounting (FVA) affects analysts’ loan approval decisions and default risk judgments.

Design/methodology/approach

This study focusses on three issues: unrealized gain or loss resulting from FV measurement recognized in other comprehensive income (OCI), recognition of assets at FV or historical cost and the disclosure or non-disclosure of the FV of collateral assets. It uses an experiment carried out with a sample of 29 CFA analysts.

The results show that all three issues have a significant effect on analysts’ judgment and decision-making in processing FV estimates.

Originality/value

The paper extends knowledge on how financial analysts perceive FV estimates and disclosure and may help the accounting standard boards assess the challenges facing analysts when they apply professional judgments in interpreting FV measurements and disclosures. Moreover, it offers fresh views to the debate on the decision usefulness of FVA, particularly relevant in the post-implementation review of IFRS 13.

• Loan approval

Allini, A. , Spanò, R. , Du, N. and Ronen, J. (2022), "Fair value accounting from the users’ perspective: an experiment on how financial analysts rely on fair value estimates in their decisions", Meditari Accountancy Research , Vol. 30 No. 6, pp. 1493-1513. https://doi.org/10.1108/MEDAR-11-2020-1096

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Did Fair-Value Accounting Contribute to the Financial Crisis?

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

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The Case for Fair Value Accounting

A leading critic of current practices says they get the right answers mainly “by accident.”

May 16, 2019

The current way companies value assets like factories is not the most effective approach, says one Stanford GSB scholar. | Reuters/Paul Vernon

Accountants thrive on precise numbers that seem tantamount to cold, hard facts. Mary E. Barth, one of the profession’s leading scholars, wants to set you straight.

Barth is not warning about fraud or even the legal forms of manipulation known as “earnings management,” though there’s plenty of all that. She is raising a more basic issue: that the accounting practices focus too much on the misleading certainty of “historical costs” rather than current values.

If a company invests $1 million on a new factory, for example, the standard practice is to initially record that factory at $1 million and depreciate it as it gets older. What’s wrong with that?

Plenty, says Barth, the Joan E. Horngren Professor of Accounting, Emerita, at Stanford GSB. The current value of a factory or any other asset, she says, has only a tenuous link to its original cost. The real issue is how much profit it can generate now and in the future.

“Would you rather know what a factory cost 20 years ago or what its value is today?” Barth asks. “The objective of financial reporting is to provide the best possible information to outside providers of capital. If you have to make a decision today, it seems intuitive to me that the best information is up-to-date information.”

Put another way, many of the numbers that we think are based on solid rock are actually based on shifting sand dunes. Indeed, says Barth, it’s almost an accident when historical-cost accounting practices actually correlate with a company’s underlying value. “That’s not a good way to run a profession.”

An award-winning scholar who also spent almost a decade on the International Accounting Standards Board, Barth says it’s time to give serious consideration to a very different approach: “fair value” accounting.

What Is Fair Value?

Fair value is an approach that takes into account an asset’s current value based on the price it would sell for in an orderly market transaction at that moment. That doesn’t mean there actually is a market or a buyer for that asset. But the value can be calculated from the income it generates and other factors.

At the moment, fair value accounting is used mainly for easily traded financial instruments, such as the stock or bonds that a company might hold. The idea is that it’s more accurate to value those securities at the current market prices – “marking to market,” in accounting lingo. If the value of a company’s securities has plunged by 50%, why not acknowledge that?

In a recent paper , Barth and Wayne R. Landsman at the University of North Carolina suggest that fair value accounting can provide investors with better information on many issues and that companies already do many of the calculations that underlie it.

Quote Would you rather know what a factory cost 20 years ago or what its value is today? If you have to make a decision today, it seems intuitive to me that the best information is up-to-date information. Attribution Mary E. Barth

They also suggest that fair value accounting can be a good idea even when it comes to nonfinancial assets that aren’t actively traded and don’t have immediate potential buyers.

To do it, they say, a company could base the value of a plant or piece of equipment on the income it currently generates and the income it’s expected to generate in the years to come. If a plant generates either more or less income than expected in a given year, and there are reasons to think that the change will persist, the company would raise or lower the factory’s value to reflect that change in expected future earnings.

That’s how investors and potential buyers, who are putting their own money on the line, would calculate the value.

Responding to Naysayers

Critics of fair value accounting raise at least two big objections. The first is that it would put too much emphasis on temporary shocks — such as a recession — and distort the long-term picture.

Barth and Landsman say that doesn’t have to be the case, noting that many companies and investors already disaggregate the impact of onetime events from “core” or “recurring” earnings. In the paper, they outline several ways that companies can untangle “how various kinds of surprises in actual experience have changed expectations about the future and thus estimates of an asset’s current fair value.”

The other objection is that the fair value approach is based on estimates, rather than “hard facts,” and those estimates could easily be erroneous or intentionally manipulated.

Barth says that’s hardly a new issue. As concrete as historical costs may seem, she says, they too are based on all kinds of estimates that can be massaged in one direction or another.

“It’s not as objective or verifiable as you would think,” she says. “All of accounting requires judgments and relies on estimates from management. We estimate the impairment of property, plant, and equipment. We have depreciation. Banks estimate the impairments to their loan portfolios, and insurance companies estimate loss reserves. Almost every number in a financial statement is an estimate, but these are estimates we are all used to making.”

But couldn’t fair value accounting encourage companies to manipulate their earnings or even commit fraud?

“We already have a huge literature on ‘earnings management,’” Barth responds. “It’s not just earnings that get managed, either. If the leverage ratio is important, then they’ll manage the leverage ratio. If it’s the loan-loss reserve, they’ll manage that. Companies will manage anything. Anywhere there are opportunities and incentives, you’re going to get ‘earnings management.’”

Barth says she and Landsman aren’t expecting a sweeping shift in accounting practices. The real goal, she says, is to have professionals think more openly about the murkiness of current practices and the possibilities of a clearer approach.

“At least with fair value accounting, we know what the objective is,” she says. “We know what value is supposed to represent, so we have a benchmark against which we can assess whether we estimated it well or not. With historical cost numbers there’s no way to know how close we are because we don’t know what we’re trying to do. And, we do it differently for different assets. If the reported earnings actually provides useful information, it’s almost by accident.”

For media inquiries, visit the Newsroom .

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Using Fair Value Earnings to Assess Firm Value Mary E. Barth Wayne R. Landsman

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Tver Oblast, Russia

The capital city of Tver oblast: Tver .

Tver Oblast - Overview

Tver Oblast is a federal subject of Russia, part of the Central Federal District. Tver is the capital city of the region.

The population of Tver Oblast is about 1,230,200 (2022), the area - 84,201 sq. km.

Tver oblast flag

Tver oblast coat of arms.

Tver oblast map, Russia

Tver oblast latest news and posts from our blog:.

27 December, 2023 / Amazing Church of the Transfiguration in Krasnoye in Tver Oblast .

25 October, 2020 / Rzhev Memorial to the Soviet Soldier .

4 April, 2019 / Cities of Russia at Night - the Views from Space .

16 October, 2018 / The Oldest Monastery in the Tver Region .

30 September, 2018 / Church of the Transfiguration of the Savior in Krasnoye .

More posts..

History of Tver Oblast

According to archaeological excavations, the first permanent settlement on the territory of the present Tver region existed in the 9th-10th centuries. In the 1130s-1140s, during the struggle of Rostov-Suzdal princes against Novgorod the Great, on the site of the former, unfortified settlement, a new fortress was built - Tver. It was first mentioned in the chronicles in 1208.

As an independent state, the Tver principality was formed in the 1240s-1250s. This initially sparsely populated and relatively remote from the Horde region attracted numerous settlers. From the first decades of its existence, the Tver principality played an important role in the social and political life of the Russian lands.

In the 14th-15th centuries, Tver competed with Moscow for leadership in the unification of Russian lands. It was one of the main centers of handicraft production and international trade. An indicator of the breadth of foreign trade relations of the Tver principality was the famous trip of the Tver resident Afanasy Nikitin to India in 1466-1472.

More historical facts…

In 1485, the Tver principality became part of the Moscow state. The troops of Ivan III, after a three-day siege, captured Tver. In 1569, during the campaign of Ivan the Terrible against Veliky Novgorod, the town was looted by the oprichniks, and, in the Time of Troubles, Tver was burnt by the Poles.

In 1775, the Tver governorate was formed, in 1796 - the Tver guberniya (province). In the second half of the 19th century, the local industry began to develop rapidly facilitated by the construction of the Nikolayev (Oktyabrskaya) railway.

In 1931, Tver received a new name - Kalinin, in honor of Mikhail Kalinin - a Bolshevik revolutionary. In 1935, Kalinin oblast was established. During the Second World War, fierce battles took place on the territory of the region. During the fighting of the initial period of the war, Kalinin, as well as other towns in the region, were almost completely destroyed.

In the post-war period, this region became an important industrial center and transport hub with enterprises of chemical industry, weaving, heavy engineering. In 1990, the historical name was returned to the city, and the region was renamed Tver Oblast.

Tver Oblast - classical landscapes of Russia

Tver Oblast scenery

Author: Alexey Usov

Tver Oblast landscape

Author: Evgeny Lyzlov

Field road in the Tver region

Tver Oblast - Features

Tver Oblast, located in the west of the middle part of the East European Plain, stretches from north to south for 260 km, from west to east - for 450 km. It is one of the largest regions in the European part of Russia. The distance from Tver to Moscow is about 160 km.

The region is not rich in various natural resources: brown coal, peat, limestone, low-melting and refractory clay, quartz sand. Forests occupy slightly more than half of its territory. On the territory of the region there are more than 800 rivers with a total length of about 17,000 km. The main river is the Volga (685 km).

The climate is moderately continental. The average temperature in January ranges from minus 6 degrees Celsius in the south-west to minus 10 degrees Celsius in the northeast, in July - plus 17-19 degrees Celsius.

The largest cities and towns of Tver Oblast are Tver (424,900), Rzhev (55,000), Vyshniy Volochyok (43,700), Torzhok (42,700), Kimry (41,200), Konakovo (34,200). The main industries: engineering, food, woodworking, production of building materials, chemical. Kalinin NPP and Konakovo GRES are the largest power plants in the region.

The region’s agriculture specializes in dairy and beef cattle breeding, flax growing. Pig breeding and poultry farming are developed too. Rye, oats, fodder crops, potatoes, and vegetables are grown.

Tver Oblast is crossed by two federal highways: M10 “Russia” and M9 “Baltia”. The Oktyabrskaya Railway, connecting Moscow and St. Petersburg, passes through the region. The largest railway junction is located in Bologoye.

The largest nature protection facility is the Central Forest Reserve located on the territory of Nelidovo and Andreapolsky districts.

Tourism in Tver Oblast

Today, Tver Oblast is one of the established tourist regions of Russia with a lot of attractions. This region with a unique cultural identity made a significant contribution to the priceless treasury of Russian culture.

There are eight tourist clusters:

• Lake Seliger, which includes the system of the Upper Volga lakes, the source of the Volga River,
• “Karelian path” passing through Likhoslavlsky, Rameshkovsky, Spirovsky, Maksatikhinsky districts,
• “Moscow Sea” - Ivankovskoe Reservoir,
• “Great Troegradiye” - Tver, Torzhok and Staritsa,
• “Russian Venice” in Vyshny Volochyok, which includes the Vyshnevolotsk water reservoir, the Chaika Dacha and the Academic Dacha,
• “Bezhetsky verkh” with the centers in Bezhetsk and Vesyegonsk,
• “Baltic Arrow” with the centers in Rzhev and Toropets, which also includes the Central Forest Reserve and the biostation “Clean Forest”,
• “Pearl Thread” - Kimry, Kalyazin, Kashin, Borki airfield, Unitsy.

In total, there are over 5,000 monuments of archeology and more than 9,000 monuments of history and culture. The most famous monuments are:

• Imperial Travel Palace in Tver,
• Nilova Pustyn Monastery on Stolbny Island in Ostashkovsky district,
• Borisoglebsky Novotorzhsky Monastery,
• Holy Dormition Staritsky Monastery,
• Channels of the Vyshnevolotsk water system,
• Manors (Bernovo, Vasilyovo, Znamenskoye-Rajok, Malinniki, Pryamukhino, Stepanovskoe-Volosovo, Chertolino).

Through the territory of the Tver region there is a significant transit flow of excursion tourists to the neighboring regions - the towns of the Golden Ring, Veliky Novgorod and St. Petersburg. You can take horseback rides and trips near Staritsa village.

Annually about 40 major international, all-Russian and regional events are held in the Tver region, including the International Music Festival of I.S. Bach; International Festival of Slavic Poetry “Singing Letters”; Festival of Russian Opera of M.P. Mussorgsky; Festival of theaters of small towns of Russia; Festival of Arts “Musical evenings on Seliger” and others.

Tver oblast of Russia photos

Pictures of the tver region.

Winter in the Tver region

Author: Gaidukov Nikolai

Village in Tver Oblast

Author: Georgiy Pogozhiy

Abandoned church in Tver Oblast

Author: Alexander Mozgalyov

Churches in the Tver region

Wooden church in Tver Oblast

Picturesque church on the river bank in the Tver region

Author: Kiyanovsky Dmitry

Orthodox church in Tver Oblast

Author: A.Burlakov

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