The Value Relevance of Fair Value Disclosures in Australian Firms in the Extractive Industries
We investigate whether fair value information is value relevant within Australian firms in the extractive industries. The Australian accounting standard on financial instruments AASB 139 Financial Instruments: Recognition and Measurement requires measurement of financial instruments based on fair values. This study provides evidence that net fair value information is value relevant. However, the significance of net fair value is limited to the recognised financial instruments and some settings. Further analysis provides evidence that the explanatory power of net fair value and the unrealised gain or loss beyond the book value and earnings valued at historical costs is very low. Classification-JEL:
Volume (Year): 2 (2006)
Issue (Month): 1 ()
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