公允价值外文文献

AccountingForum30(2006)

43–59

Thequalityoffairvaluemeasuresforproperty,

plant,andequipment

DonHerrmanna, ,ShahrokhM.Saudagaranb,1,WayneB.Thomasc,2

bWilliamS.SpearsSchoolofBusiness,OklahomaStateUniversity,401BusinessBuilding,Stillwater,OK74078,USASchoolofBusiness,UniversityofWashington,Tacoma,Tacoma,WA98402-3100,USA

cPriceCollegeofBusiness,UniversityofOklahoma,307WestBrooks,

Room200D,Norman,OK73019,USAa

Abstract

BasedonStatementofFinancialAccountingConcepts(SFAC)No.2,thispaperarguesforfairvaluemeasuresofproperty,plant,andequipmentandchallengestheprimaryargumentsinsupportofmaintainingthecurrentstatusquointheUnitedStates—stricthistoricalcostsforallproperty,plant,andequipmentunlesstheassetisimpaired.We rstprovideasummaryofthevaluationofproperty,plant,andequipmentinternationallynotingthatrevaluationstofairvalueareanacceptablepracticeunderinternationalandmanynationalaccountingstandards.WealsoprovideabriefhistoricalperspectiveofaccountingintheUnitedStateswherepriorto1940theupwardvaluationofproperty,plant,andequipmentwasanacceptableaccountingalternative.Wethenevaluatefairvalueversushistoricalcostmeasuresforproperty,plant,andequipmentbasedonthequalitativecharacteristicsofaccountinginformationinSFACNo.2.Wearguethatfairvaluemeasuresforproperty,plant,andequipmentaresuperiortohistoricalcostbasedonthecharacteristicsofpredictivevalue,feedbackvalue,timeliness,neutrality,representationalfaithfulness,comparability,andconsistency.Veri abilityappearstobethesolequalitativecharacteristicfavoringhistoricalcostoverfairvalue.Finally,weaddresskeymeasurementconceptsforproperty,plant,andequipment.TheUnitedStatescouldlearnfromthepracticesalreadyestablishedinothercountriesandinInternationalFinancialReportingStandardsbyreconsideringfairvaluemeasuresforproperty,plant,andequipment.

©2005ElsevierLtd.Allrightsreserved.

Keywords:Fairvaluemeasures;Conceptualframework;Fixedassets

Correspondingauthor.Tel.:+14057448602.

E-mailaddresses:don@okstate.edu(D.Herrmann),shahrokh@u.washington.edu(S.M.Saudagaran),

wthomas@ou.edu(W.B.Thomas).

1Tel.:+12536924580.

2Tel.:+14053255789.

0155-9982/$–seefrontmatter©2005ElsevierLtd.Allrightsreserved.

doi:10.1016/j.accfor.2005.09.001

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