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Fair value versus historic cost Valuation for Biological assets: Implications for the quality of financial information

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Author Info
Josep Ma. Argiles (UB)
Josep Garcia Bladon (IQS)
Teresa Monllau (UPF) (Universitat de Barcelona)
Abstract

This research finds neither significant differences in earnings and revenues for farms using fair value (FV) for biological assets with respect to those valuing at historic cost (HC), nor an increase in their volatility. It does not bring about differences in profitability, accounting manipulation and farm cash flows predictability either. On the contrary, most tests reveal higher predictive power of future earnings under FV. The study also provides evidence on flawed HC accounting practices in the agricultural sector and concludes that FV seems an interesting tool for the predominant small holdings in the agricultural sector in the European Union.

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Paper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number 215.

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Date of creation: 2009
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Handle: RePEc:bar:bedcje:2009215

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Postal: Espai de Recerca en Economia, Facultat de Ciències Econòmiques. Tinent Coronel Valenzuela, Num 1-11 08034 Barcelona. Spain.
Web page: http://www.ere.ub.es
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M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting

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  1. Eccher, Elizabeth A. & Ramesh, K. & Thiagarajan, S. Ramu, 1996. "Fair value disclosures by bank holding companies," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 79-117, October. [Downloadable!] (restricted)
  2. Alexander Bleck & Xuewen Liu, 2007. "Market Transparency and the Accounting Regime," Journal of Accounting Research, Blackwell Publishing, vol. 45(2), pages 229-256, 05. [Downloadable!] (restricted)
  3. Pierre Jinghong Liang & Xiaoyan Wen, 2007. "Accounting Measurement Basis, Market Mispricing, and Firm Investment Efficiency," Journal of Accounting Research, Blackwell Publishing, vol. 45(1), pages 155-197, 03. [Downloadable!] (restricted)
  4. Dechow, Patricia M. & Kothari, S. P. & L. Watts, Ross, 1998. "The relation between earnings and cash flows," Journal of Accounting and Economics, Elsevier, vol. 25(2), pages 133-168, May. [Downloadable!] (restricted)
  5. Allen, Douglas W & Lueck, Dean, 1998. "The Nature of the Farm," Journal of Law & Economics, University of Chicago Press, vol. 41(2), pages 343-86, October.
  6. Ahmed, Anwer S. & Takeda, Carolyn, 1995. "Stock market valuation of gains and losses on commercial banks' investment securities An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 207-225, September. [Downloadable!] (restricted)
  7. Mark H. Lang & Karl V. Lins & Darius P. Miller, 2003. "ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?," Journal of Accounting Research, Blackwell Publishing, vol. 41(2), pages 317-345, 05. [Downloadable!] (restricted)
  8. Hann, Rebecca N. & Heflin, Frank & Subramanayam, K.R., 2007. "Fair-value pension accounting," Journal of Accounting and Economics, Elsevier, vol. 44(3), pages 328-358, December. [Downloadable!] (restricted)
  9. Carnes, Thomas A. & Jones, Jefferson P. & Biggart, Timothy B. & Barker, Katherine J., 2003. "Just-in-time inventory systems innovation and the predictability of earnings," International Journal of Forecasting, Elsevier, vol. 19(4), pages 743-749. [Downloadable!] (restricted)
  10. Barth, Mary E. & Landsman, Wayne R. & Wahlen, James M., 1995. "Fair value accounting: Effects on banks' earnings volatility, regulatory capital, and value of contractual cash flows," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 577-605, June. [Downloadable!] (restricted)
  11. Guillaume Plantin & Haresh Sapra & Hyun Song Shin, 2008. "Marking-to-Market: Panacea or Pandora's Box?," Journal of Accounting Research, Blackwell Publishing, vol. 46(2), pages 435-460, 05. [Downloadable!] (restricted)
  12. Tomkins, Cyril & Groves, Roger, 1983. "The everyday accountant and researching his reality," Accounting, Organizations and Society, Elsevier, vol. 8(4), pages 361-374, October. [Downloadable!] (restricted)
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