Departmental Bulletin Paper 公正価値測定の適用領域を巡る考察―概念フレームワーク見直しを踏まえて―

越智 信仁

(第31号)  , pp.289 - 307 , 2017-08-31
 As a basis for selecting fair value measurement, IFRS 9 Financial Instruments is built on a classification and measurement approach for financial assets that reflects the business model under which they are managed. It is a similar concept to “the nature of an entity’s business activities” (i.e., “financial investment,” “business investment”) in the sense that it varies with business decision-making. “The nature of an entity’s business activities” can be the principle criterion for measurement of financial performance, but the practical problem of what to include in “financial investment” remains. In “business investment” as well, in view of the usefulness to investors for selecting fair value as the basis for the measurement of financial condition, the viewpoints of possibility of future sale and reliability of measurement may be affected. On the other hand, the IASB stated that in the review of the conceptual framework, if measurement uncertainty is very high, a measurement basis different from fair value may provide more appropriate information. If there is material uncertainty in measurement and lack of reliability, then fair value measurement may be inappropriate for both financial performance and financial condition. Level 3 fair value measurements are inappropriate for areas (called “Level 4” by the author) in which models are not formulated and that have material uncertainty in measurement. In this case, even if the estimate is appropriately disclosed, “faithful representation” cannot be considered sufficient. In empirical research regarding value relevance of additional disclosure related to Level 3 fair value in the notes to financial statements, it would be desirable to employ more exhaustive analysis by further dividing Level 3 into “Level 4” and “other Level 3.”

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