Management Perceptions of Fair‐Value Accounting for all Financial Instruments

NEIL L. FARGHER

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Risk Management in Financial Firms

Abstract

Accounting for all financial instruments at fair value is a controversial issue currently under review by standard‐setters. Banking industry associations have typically opposed the use of fair‐value accounting for financial instruments. This study examines perceptions of managers at financial institutions regarding support for recording all financial instruments at fair value. Managers at financial institutions do not uniformly oppose the use of fair‐value accounting for all instruments. Considerable variation is found, ranging from strong support to strong opposition. Support for fair‐value accounting is negatively associated with concern about excess volatility in reported earnings. There is less concern that the fair value of assets and liabilities cannot be reliably measured.

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