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Commentary on Auditing High-Uncertainty Fair Value Estimates

Auditing : a journal of practice and theory, 2012-02, Vol.31 (1), p.147-155 [Peer Reviewed Journal]

Copyright American Accounting Association Feb 2012 ;ISSN: 0278-0380 ;EISSN: 1558-7991 ;DOI: 10.2308/ajpt-10172

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  • Title:
    Commentary on Auditing High-Uncertainty Fair Value Estimates
  • Author: Bell, Timothy B. ; Griffin, Jeremy B.
  • Subjects: Accountability ; Accounting ; Auditing ; Auditing standards ; Auditors ; Cost accounting ; Estimates ; Fair value ; FASB exposure drafts ; Financial reporting ; Financial statements ; Market prices ; Materiality ; Participating loans ; Stockholders ; Studies ; Transparency
  • Is Part Of: Auditing : a journal of practice and theory, 2012-02, Vol.31 (1), p.147-155
  • Description: This commentary addresses challenges faced by standard-setters, preparers, users, and auditors pertaining to high-uncertainty fair value estimates. We briefly describe the financial reporting environment and the difficulty of obtaining reasonable assurance for fair value estimates with high levels of inherent measurement uncertainty. We then discuss some characteristics of an effective accountability framework for fair value accounting. We propose that additional disclosures of management's historical estimation accuracy and current levels of inherent measurement uncertainty, accompanied by changes in the audit process and auditors' communications to users, offer the most practical means to address concerns about the transparency and verifiability of high-uncertainty fair value estimates. JEL Classifications: M42; M48.
  • Publisher: Sarasota: American Accounting Association
  • Language: English
  • Identifier: ISSN: 0278-0380
    EISSN: 1558-7991
    DOI: 10.2308/ajpt-10172
  • Source: ProQuest Databases
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