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Fair Value Accounting

Key Issues Arising from the Financial Crisis

  • Book
  • © 2015

Overview

Authors:
  1. Elisa Menicucci

    1. Polytechnic University of Marche, Italy

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Table of contents (4 chapters)

  1. Front Matter

    Pages i-viii
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  2. Financial Crisis and Fair Value Accounting (FVA)

    • Elisa Menicucci
    Pages 1-16

  3. Fair Value Accounting (FVA): An Overview of Key Issues

    • Elisa Menicucci
    Pages 17-54

  4. The Role of Fair Value Accounting (FVA) in the Financial Crisis

    • Elisa Menicucci
    Pages 55-79

  5. Fair Value Accounting (FVA) in the Banking Sector

    • Elisa Menicucci
    Pages 80-108

  6. Back Matter

    Pages 109-121
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Keywords

About this book

The 2008 financial crisis has turned a spotlight on the role of financial reporting in periods of economic downturn. In analysing the financial crisis, many commentators have attributed blame to fair value accounting (FVA) because of the pro-cyclical effect it potentially introduces in banks' financial statements. This book discusses how FVA affects financial reporting during a financial crisis. It provides an in-depth analysis of the key benefits and negatives of FVA, and discusses the controversial practice of trade-offs with historical cost accounting (HCA). It provides an overview of the principles and applications of FVA, and explains its impact on banks' financial statements. Investigating the effect of FVA on the volatility of earnings and regulatory capital in European banks, the book asks whether incremental volatility is indeed reflected in bank share prices. It examines empirical evidence to quantify the role that FVA may have played in times of stress in the banking sector, both in Europe and elsewhere. Fair Value Accounting explores the criticism FVA has received despite its perceived merits, and summarizes the various opposing views of parties in this major policy debate, which has involved banking and accounting regulators from across the globe.

Authors and Affiliations

  • Polytechnic University of Marche, Italy

    Elisa Menicucci

About the author

Elisa Menicucci obtained degrees in economics and business administration, and economics and management, from the University of Ancona and the Polytechnic University of Marche respectively, in Ancona, Italy. She went on to complete a PhD in business administration from the Polytechnic University of Marche in 2009. Elisa Menicucci works as temporary professor in business administration at the Polytechnic University of Marche, and as teaching expert in business valuation at Uninettuno University in Rome, Italy. She has participated in the International Commission of OIC (Organismo Italiano di Contabilità) and has worked as a chartered accountant and tax auditor since 2008.

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