1、1本科毕业论文（设计）外文翻译外文题目VALUERELEVANCEOFPRESENTINGCHANGESINFAIRVALUEOFINVESTMENTPROPERTIESINTHEINCOMESTATEMENTEVIDENCEFROMHONGKONG外文出处ACCOUNTINGANDBUSINESSRESEARCH外文作者STELLASOANDMALCOLMSMITH原文VALUERELEVANCEOFPRESENTINGCHANGESINFAIRVALUEOFINVESTMENTPROPERTIESINTHEINCOMESTATEMENTEVIDENCEFROMHONGKONGIAS4020
2、00REPRESENTSTHEFIRSTTIMETHATTHEIASBPERMITSAFAIRVALUEMODELFORNONFINANCIALASSETSIASCF,2008CUNDERTHEFAIRVALUEMODEL,INVESTMENTPROPERTIESARECARRIEDATFAIRVALUESANDCHANGESINFAIRVALUE,WHETHERUPORDOWN,AREINCLUDEDINTHEPROFITORLOSSFORTHEPERIODANDPRESENTEDINTHEINCOMESTATEMENTSSUPPORTERSOFTHEFAIRVALUEMODELBELIEV
3、ETHATFAIRVALUESGIVEUSERSOFFINANCIALSTATEMENTSMOREUSEFULINFORMATIONTHANOTHERMEASURES,SUCHASDEPRECIATEDCOST,ANDCHANGESINFAIRVALUEAREINEXTRICABLYLINKEDASINTEGRALCOMPONENTSOFTHEFINANCIALPERFORMANCEOFANINVESTMENTPROPERTYANDARETHEREFOREPRESENTEDINTHEINCOMESTATEMENTSIASCF,2008CALTHOUGHIAS402000PERMITSENTIT
4、IESTOCHOOSEBETWEENAFAIRVALUEMODELORACOSTMODEL,THEBASISFORCONCLUSIONSONIAS402000STATESCLEARLYTHATITISHIGHLYUNLIKELYTHATASUBSEQUENTCHANGEFROMTHEFAIRVALUEMODELTOTHECOSTMODELCANBEMADEONTHEGROUNDSOFMOREAPPROPRIATEPRESENTATIONIASCF,2008CHOWEVER,PENMAN2007DOESNOTENTIRELYAGREEHEEVALUATESHISTORICALCOSTANDFAI
5、RVALUEACCOUNTINGFROMTWOPERSPECTIVESEQUITYVALUATIONANDSTEWARDSHIPANDCONCLUDESTHATWHILEFAIRVALUEACCOUNTINGISAPLUSATACONCEPTUALLEVEL,THEMINUSES2ADDUPWITHFAIRVALUEIMPLEMENTEDASEXITPRICEWHETHERESTIMATEDOROBSERVEDINACTIVEMARKETSANDTHEPROBLEMSWITHHISTORICALCOSTACCOUNTINGREMAINSUNRESOLVEDSINGLETONGREEN2007S
6、UMMARISESTHEPROBLEMSOFFAIRVALUEACCOUNTINGAS1THELACKOFACTIVEMARKETSFORMOSTASSETSANDLIABILITIES,WHICHMEANSTHATMOSTFAIRVALUEMEASUREMENTSAREESTIMATESANDAREHIGHLYSUBJECTIVEANDPOTENTIALLYUNRELIABLE2COSTLYINFORMATION,ESPECIALLYFORSMALLERCOMPANIESAND3THERECOGNITIONOFPROFITSBASEDONFAIRVALUES,WHICHMEANTHATUNR
7、EALISEDPROFITSORLOSSESFROMCHANGESINFAIRVALUEARERECOGNISED,ANDRESULTINGREATERVOLATILITYANDUNPREDICTABILITYTHISSTUDYFOCUSESONTHETHIRDISSUE,THEPRESENTATIONOFCHANGESINFAIRVALUEOFINVESTMENTPROPERTIES,INTHEINCOMESTATEMENTVERSUSTHEREVALUATIONRESERVEEMPIRICALSTUDIESASSESSINGTHERELEVANCEANDRELIABILITYOFFAIRV
8、ALUEACCOUNTINGVERSUSHISTORICALCOSTBASEDACCOUNTINGFOCUSONFINANCIALINSTRUMENTS,ANDTHERESULTSFROMTHESESTUDIESAREGENERALLYMIXEDBARTH1994FINDSTHAT,FORASAMPLEOFUSBANKSWITHDATAFROM19711990,DISCLOSEDFAIRVALUEESTIMATESOFINVESTMENTSECURITIESPROVIDESIGNIFICANTINCREMENTALEXPLANATORYPOWERFORBANKSHAREPRICESBEYOND
9、THATPROVIDEDBYHISTORICCOSTSFAIRVALUEGAINSANDLOSSESOFINVESTMENTSECURITIESCONSTRUCTEDFROMTWOANNUALLYDISCLOSEDFAIRVALUEESTIMATESARE,HOWEVER,FOUNDTOHAVENOSIGNIFICANTINCREMENTALEXPLANATORYPOWERFORANNUALRETURNSCHANGESINSHAREPRICE,DUETOTHEINCREASEDMEASUREMENTERRORSBARTH,1994SIMILARRESULTSAREOBTAINEDINBARTH
10、ETAL1995,BARTHETAL1996,ECCHERETAL1996ANDNELSON1996,ALLUSINGBANKDATARESULTSFROMCARROLLETAL2003DIFFERINSTEADOFUSINGBANKDATA,THEYSAMPLECLOSEDENDMUTUALFUNDSWHICHTYPICALLYHAVEINVESTMENTSECURITIESREPORTEDATFAIRVALUESCOMPRISINGVIRTUALLYALLTHEIRASSETSANDWITHNEGLIGIBLELIABILITIESANDOTHERASSETSTHISISANADVANTA
11、GEBECAUSETHEPOTENTIALPROBLEMINTRODUCEDBYMEASURINGSOMEASSETSANDLIABILITIESATFAIRVALUEBUTOTHERSATHISTORICALCOST,ISELIMINATEDSIGNIFICANTASSOCIATIONBETWEENSHAREPRICESANDTHEFAIRVALUEOFINVESTMENTSECURITIES,ASWELLASBETWEENSHARERETURNSANDFAIRVALUESECURITIESGAINSANDLOSSESAREFOUNDTOEXAMINEWHETHERDIFFERENCESIN
12、THERELIABILITYOFTHEFAIRVALUEOFINVESTMENTSECURITIESAFFECTINVESTORSASSESSMENTSOFTHEUSEFULNESSOFTHEINFORMATION,CARROLLETAL2003EXAMINETHE3ASSOCIATIONBETWEENSHAREPRICESANDFAIRVALUESACROSSDIFFERENTFUNDTYPESANDFINDTHATINALLCASES,INCLUDINGTHOSETRADEDINTHINMARKETS,THEREISASIGNIFICANTASSOCIATIONBETWEENTHESHAR
13、EPRICESANDFAIRVALUESINCONTRAST,DANBOLTANDREES2008,USINGUKDATA,REPORTNOSUPPORTFORFULLFAIRVALUEACCOUNTINGWHILEFAIRVALUEINCOMEISCONSIDERABLYMOREVALUERELEVANTTHANHISTORICCOSTINCOME,THEHIGHERRELEVANCEDISAPPEARSINTHEPRESENCEOFCHANGESINFAIRVALUEACCOUNTINGBALANCESHEETVALUESDANBOLTANDREES2008INTERPRETTHEIRRE
14、SULTSASEVIDENCEOFTHEABSENCEOFANOBVIOUSADVANTAGEFROMADOPTINGFAIRVALUEINCOMEACCOUNTINGIFFAIRVALUEBALANCESHEETVALUESAREAVAILABLETOTHEUSERVALUERELEVANCERESEARCHSTUDIESTHEASSOCIATIONBETWEENFAIRVALUEESTIMATESANDSHAREPRICESORRETURNSSLOAN1999COMMENTSTHATWHILETHISASSOCIATIONPROVIDESEVIDENCETHATINVESTORSFINDF
15、AIRVALUEESTIMATESTOBERELEVANT,THEINFERENCESREGARDINGRELIABILITYAREINDIRECTANDLIMITEDBYTHEFACTTHATSHAREPRICESREFLECTMANYFACTORSOTHERTHANTHEFAIRVALUEESTIMATESDIETRICHETAL2001SUBSEQUENTLYUSEADIRECTAPPROACHTOINVESTIGATETHERELIABILITYOFMANDATORYANNUALFAIRVALUEAPPRAISALESTIMATESBYCHARTEREDSURVEYORSFORUKIN
16、VESTMENTPROPERTIESANDFINDTHATAPPRAISALESTIMATESUNDERSTATEACTUALSELLINGPRICESBUTARECONSIDERABLYLESSBIASEDANDMOREACCURATEMEASURESOFSELLINGPRICETHANRESPECTIVEHISTORICALCOSTSDIETRICHETAL2001ALSOFINDTHATTHERELIABILITYOFAPPRAISALESTIMATESINCREASESWHENMONITOREDBYEXTERNALAPPRAISERSANDBIGSIXAUDITORSTHENEWZEA
17、LANDHEREAFTERNZSSAPNO17ACCOUNTINGFORINVESTMENTPROPERTIESANDPROPERTIESINTENDEDFORSALENZSA,1989PREVIOUSLYALLOWEDNZCOMPANIESTHECHOICEOFRECOGNISINGUNREALISEDGAINSORLOSSESEITHERINTHEINCOMESTATEMENT,ORASMOVEMENTSINANINVESTMENTPROPERTYREVALUATIONRESERVE,UNLESSTHETOTALOFTHERESERVEWASINSUFFICIENTTOCOVERADEFI
18、CIT,INWHICHCASETHEAMOUNTOFDEFICITWASTOBECHARGEDINTHEINCOMESTATEMENTASPARTOFOPERATINGRESULTSTHENZEQUIVALENTOFIAS40CAMEINTOEFFECTON1JANUARY2005,RESULTINGINTHEELIMINATIONOFTHECHOICEOFRECOGNISINGUNREALISEDGAINSINTHEREVALUATIONRESERVEOWUSUANSAHANDYEOH2006INVESTIGATETHERELATIVEVALUERELEVANCEOFTHETWOALTERN
19、ATIVEACCOUNTINGTREATMENTSFORUNREALISEDGAINSONINVESTMENTPROPERTIES,BASEDONA4SAMPLEOFNZCOMPANIESOVERTHEPERIOD1990TO1999,WHENTHECHOICEWASSTILLAVAILABLETHEIRRESULTSSHOWTHATRECOGNITIONOFUNREALISEDGAINSINTHEINCOMESTATEMENTISNOTSUPERIORTORECOGNITIONOFUNREALISEDGAINSINTHEREVALUATIONRESERVEINTERMSOFTHEIRVALU
20、ERELEVANCEHOWEVER,OWUSUANSAHANDYEOH2006INCLUDEONLYCOMPANIESWITHPOSITIVECHANGESINTHEVALUEOFTHEIRINVESTMENTPROPERTIESTAKENTOGETHER,FINDINGSFROMPRIORSTUDIESOFFIRMSINTHEUS,UKANDAUSTRALIANCAPITALMARKETSDURINGTHE1990SSUGGESTTHATINVESTORSHAVEBEENPROVIDEDWITHFAIRVALUEINFORMATIONWHETHERRECOGNISEDORDISCLOSEDT
21、HATISGENERALLYRELIABLEANDRELEVANTWHETHERFAIRVALUEESTIMATEDBYMANAGEMENTORINDEPENDENTVALUERMORERESEARCHSHOULDBEUNDERTAKENTOTESTEMPIRICALLYWHETHERRELEVANCEANDRELIABILITYIMPROVEAFTERTHEIMPLEMENTATIONOFTHEFAIRVALUESTANDARDSONFINANCIALINSTRUMENTSEGIAS39ANDWITHTHEEXTENSIONOFFAIRVALUEACCOUNTINGTONONFINANCIA
22、LASSETSIEIAS40LIKEOWUSUANSAHANDYEOH2006,THISSTUDYEXAMINESTHEEXTENSIONOFFAIRVALUEACCOUNTINGTOINVESTMENTPROPERTIESANDTHEPRESENTATIONOFTHEIRFAIRVALUECHANGESINTHEINCOMESTATEMENTSRATHERTHANINTHEREVALUATIONRESERVEINPARTICULARUNLIKEOWUSUANSAHANDYEOH2006,THISSTUDYEMPLOYSDATAFROMACCOUNTINGPERIODSWHENTHERELAT
23、EDFAIRVALUEACCOUNTINGSTANDARDHKAS40ISIMPLEMENTEDCOMPARISONISTHENMADEWITHTHOSEFROMTHEIMMEDIATEPREIMPLEMENTATIONACCOUNTINGPERIODSWHENSSAP132000WASINEFFECTALSO,UNLIKEOWUSUANSAHANDYEOH2006,THISSTUDYINCLUDESCOMPANIESWITHBOTHINCREASESANDDECREASESINFAIRVALUESANDUSESARETURNMODELADAPTEDFROMEASTONANDHARRIS199
24、1,AMIRETAL1993ANDTHEEARNINGSCAPITALISATIONAPPROACHFROMBARTH1994EMPIRICALRESULTSALTHOUGHHKAS402004ALLOWSAFREECHOICEBETWEENCOSTANDFAIRVALUEMODELS,ALL92COMPANIESINTHEINITIALSAMPLECHOSETOADOPTTHEFAIRVALUEMODELALLTHE92COMPANIESARERETAINEDFORDATAANALYSIS,WITHEXTREMEVARIABLEVALUESVERIFIEDAGAINSTTHEIRSOURCE
25、SSINCENOPROCEDURALERRORSOREXTRAORDINARYEVENTSAREIDENTIFIED,ALLTHEDATACOLLECTEDFORTHE92COMPANIESARERETAINEDFORTHESUBSEQUENTANALYSIS5EACHCOMPANYISEVALUATEDTWICE,INTWOCONSECUTIVEACCOUNTINGYEARSBEFOREANDAFTERTHEADOPTIONOFHKAS402004TABLE1DESCRIBESTHEDISTRIBUTIONOFACCOUNTINGYEARENDS,YEARSOFLASTTIMEFOLLOWI
26、NGOFSSAP132000ANDYEARSOFFIRSTTIMEADOPTIONOFHKAS402004FORTHE92COMPANIESINTHISSTUDYAPPENDIXADETAILSTHEIRIDENTITIESMOSTCOMPANIESHAVEMARCH31ORDECEMBER31ACCOUNTINGYEARENDS,ANDADOPTHKAS402004FORTHEFIRSTTIMEIN2005OR2006WHILEHKAS402004MANDATESADOPTIONFORANNUALPERIODSBEGINNINGONORAFTER1JANUARY2005,17COMPANIE
27、SCHOOSETOADOPTHKAS402004EARLY13TABLES2AAND2BCONTAINDESCRIPTIVESTATISTICSFORTHE92SAMPLECOMPANIESINTHESTUDYDURINGTHEYEARSWHENHKAS402004ISADOPTEDFORTHEFIRSTTIMECOMPAREDTOTHEYEARSWHENSSAP132000ISADOPTEDFORTHELASTTIMEONTHEWHOLE,WHENCOMPANIESAPPLYHKAS402004FORTHEFIRSTTIME,THEYAREEXPERIENCINGHIGHEREARNINGS
28、ANDHIGHERMARKETVALUESANDOFFERINGTHEIRINVESTORSHIGHERABNORMALRETURNSTHISMAYBEATTRIBUTABLETOTHESTRONGECONOMYINHONGKONGIN2005AND2006THECENTACITYINDEXHASINDEEDBEENINCREASINGDURINGTHESAMPLEPERIOD,ALTHOUGHATASIGNIFICANTLYLOWERRATEWHENHKAS402004ISAPPLIEDFORTHEFIRSTTIMEFIRMSIZEANDCENTACITYINDEXCHANGESAREBOT
29、HCONTROLLEDFORINTHISSTUDYALSOALLINDEPENDENTVARIABLESINTHISSTUDYARESCALEDBYTHECOMPANYSBEGINNINGMARKETVALUERESULTSSHOWASIGNIFICANTINCREASEINTHEPROPORTIONOFINVESTMENTPROPERTIESRELATIVETOTOTALASSETS,FROM0345WHENSSAP132000ISAPPLIEDTO0403WHENHKAS402004ISAPPLIEDTHEREISALSOANINDICATIONOFHIGHEREARNINGSVOLATI
30、LITY14ASARESULTOFAPPLYINGHKAS402004THEMEANGAINSANDLOSSESINFAIRVALUEOFINVESTMENTPROPERTIESAREHK827MWHICHISALMOSTEQUALTOTHEEARNINGSBEFORESUCHGAINSANDLOSSESOFHK848MINCONTRAST,THEMEANINVESTMENTPROPERTIESOPENMARKETVALUEEXCESSDEFICITSORSURPLUSESOFHK24MAMOUNTSTOONLY3OFTHEEARNINGSBEFORESUCHEXCESSDEFICITSORS
31、URPLUSESOFHK757MFURTHERINDICATIONOFHIGHEREARNINGSVOLATILITY15ISAVAILABLEINTABLE3SHOWINGTHERESULTSOFAPAIREDSAMPLETTESTPERFORMEDTOCOMPARETHEEARNINGSVOLATILITY6BEFOREANDAFTERTHEAPPLICATIONOFHKAS402004EARNINGSVOLATILITYISEXPRESSEDASTHENUMBEROFSTANDARDDEVIATIONSFROMAFIVEYEARMEANMEANOFTHEEARNINGSOFTHEFIVE
32、YEARSENDINGONTHEYEAROFHKAS402004APPLICATIONEARNINGSVOLATILITYISSIGNIFICANTLYHIGHERAFTERTHEADOPTIONOFHKAS402004T4678,P000041SHORTWINDOWEVENTSTUDYTABLE4REPORTSTHEREGRESSIONRESULTSFROMTHEESTIMATIONOFEQUATION1RESULTSFORTHESHORTWINDOWEVENTSTUDYPROVIDEEVIDENCETHATTHEPRESENTATIONOFCHANGESINFAIRVALUEOFINVES
33、TMENTPROPERTIESINTHEINCOMESTATEMENTSASREQUIREDBYHKAS402004ISMOREINFORMATIVETOINVESTORSTHANTHEPRESENTATIONREQUIREDBYSSAP132000INVESTORSRESPONDTOTHEINFORMATIONONCHANGESINFAIRVALUEINTHEINCOMESTATEMENT,ASRELEASEDINTHERESULTSANNOUNCEMENT,CAUSINGABNORMALRETURNSTHECOEFFICIENT8OFTHEINTERACTIONVARIABLEIPVCAF
34、TERINEQUATION1ISPOSITIVEANDSIGNIFICANTATTHE5LEVELP0022ASEXPECTED,NEITHEREARNINGSEARNBNOREARNINGSCHANGEBEFOREINVESTMENTPROPERTIESOPENMARKETVALUE/CHANGESINFAIRVALUEEARNBISSIGNIFICANTINEXPLAININGTHEABNORMALRETURNWITHINTHESHORTWINDOWWHENSSAP132000ISADOPTEDINTHEFINANCIALSTATEMENTSALTHOUGHTHEOVERALLR2ISON
35、LY10,THISISCONSISTENTWITHTHERESULTSFROMPRIORSHORTWINDOWSTUDIESALLTHECOEFFICIENTSAREPOSITIVEEXCEPTTHATOFINVESTMENTPROPERTIESVALUECHANGESIEIPVC,WHICHISNEGATIVEBUTNOTSTATISTICALLYSIGNIFICANTBARTHETAL1990ANDBARTH1994ALSOFINDSIMILARNEGATIVECOEFFICIENTSFORSECURITIESMARKETPRICEGAINSANDLOSSESANDINTERPRETTHE
36、MASEVIDENCEOFAMARKETTHATPERCEIVESTHATSECURITIESGAINSANDLOSSESAREUSEDTOSMOOTHEARNINGS42LONGWINDOWABNORMALRETURNUNEXPECTEDEARNINGSASSOCIATIONTHEREGRESSIONRESULTSFORTHELONGWINDOWABNORMALRETURNANDUNEXPECTEDEARNINGSASSOCIATIONAREREPORTEDINTABLE4ASTHEWINDOWOPENSWIDER,THEEARNINGSBEFORECHANGESINOPENMARKETVA
37、LUEORFAIRVALUEIEEARNBINEQUATION2ALSOBECOMESIGNIFICANTATTHE5LEVELANDTHEOVERALLADJUSTEDR2INCREASESTO177THISISCONSISTENTWITHTHERESULTSFROMPRIORSTUDIESUSINGLONGWINDOWSWHERE7SIGNIFICANCEOFEARNINGSISFOUNDTOGETHERWITHHIGHEROVERALLR2SOURCESTELLASOMALCOLMSMITH,VALUERELEVANCEOFPRESENTINGCHANGESINFAIRVALUEOFIN
38、VESTMENTPROPERTIESINTHEINCOMESTATEMENTEVIDENCEFROMHONGKONGACCOUNTINGANDBUSINESSRESEARCH,2009VOL39NO2PP103118译文利润表中的投资性房地产在公允价值模式下的变化来自于香港的证据国际会计准则第40（2000）首次声明，国际会计准则委员会允许非金融资产的公允价值模式（IASCF，2008C）。根据公允价值模式，投资性房地产随着公允价值变动，无论是向上或向下，都包含在该期间的利润或亏损中，并体现在收益报表中。公允价值模式的支持者认为，公允价值与其他任何模式相比，给财务报表使用者提供了更多有用的信息
39、，如折旧费用，并且在公平价值模式下的变动与投资性房地产的财务的有机组成部分有着千丝万缕的联系，并且因此表现在收入报表中（IASCF，2008C）。虽然国际会计准则第40号（2000）允许主体在公允价值模式和成本模式中进行选择，国际会计准则第40号的基础结论（2000年）明确指出，从公允价值模式到成本模式的后续计量的进行是基于更加适当的表现（IASCF，2008C）。然而,作者2007并不完全同意,他评估来自两种观点的股票估值和服务意识的历史成本计量和公允价值会计,并认为,当公允价值会计是在一个概念水平上的相加,并且历史成本会计问题仍未解决。辛格尔顿格林（2007）总结了公允价值会计的问题1对大
40、多数资产和负债缺乏活跃的市场,这就意味着大多数公允价值计量是估计方法和具有高度主观性和潜在的不可靠性2昂贵的信息,特别是小的公司3基于公允价值的对于盈利的认识,而这通常意味着利润或损失的完成从公允价值变动计入当期损益,并导致更大的波动和不可预测性。本研究集中在第三期,投资性房地产的公允价值变动,在利润表和估价准备金。评估公允价值会计与历史成本会计的相关性和可靠性的证实研究是集中在金融工具的,来自于这些研究得结果一般具有混合性。巴特1994发现,以美国的银行1971到1990年数据为例,揭示的公允价值的估计增量为银行的股价提供了8显著的债券投资解释力，它超越所能够提供的历史成本。公允价值收益和证
41、券投资损失（其结构来自于每年两次的公允价值评估）,然而,发现解释力增量对于一年一度的收益率股价却并没有显著的变化，由于增加了测量误差。近似结果全部等得到使用银行数据。与卡鲁而的结果2003等不同与其使用银行数据,他们以封闭式基金为样本，在封闭式基金中通常包含投资证券，还包括了与其他资产和负债微不足道几乎所有的资产。这是一个有利条件,因为潜在的问题已经被消除了，这些潜在的问题是通过公允价值计量模式来测量资产和负债的，而不是其他历史成本模式。股票价格和投资证券的公允价值之间的关联,以及分享收益和公允价值之间证券的利得和损失，这些都被发现了。为了研究证券投资的公允价值的可靠性差异是否影响信息，卡罗尔
42、等人检测了股票价格和不同类型的公允价值基金之间的关联，并发现，在所有情况下，包括在市场上的交易，在股票价格和公允价值之间有着密不可分的联系。相反,里斯2008,使用英国数据,报告不支持全公允价值会计。当然公允价值收入要比历史成本收益有更多的价值相关。DANBOLT和里斯2008解释他们的证据结果对于采用公允价值会计没有一个明显的优势，如果公允价值收入资产负债表是提供给用户的话。价值相关性调查研究了公允价值估计和股票价格或者返利之间的关联。史隆1999评论,虽然这个关联性提供证据表明，投资人发现公允价值估计相关关于可靠性是间接推论和有限的事实,股票价格的反映了许多其他的因素公允价值评估。迪特里希
43、孙俐2001后来使用了更直接的方法来调查每年强制性的公允价值鉴定的可靠性，这是由英国投资性房地产的特许计量师来实现的。迪特里希孙俐2001等人还发现了考核信度在由部监测评估师和六大核数师的监控下，在不断上升。新西兰以下简称纽西兰SSAP17号的“投资性房地产会计和拟出售房地产”（NZSA,1989）之前允许新西兰公司未变现收益或亏损的选择，无论是在利润表,或在投资性房地产得重估储备变动，除非总储备已经不足以支付赤字,在这种情况下,赤字的金额作为经营业绩的一部分，在收益表扣除。OWUSUANSAH和YEOH2006研究了两种可供选择的会计处理的相对价值的相关性。他们的研究结果表明，在损益表确认未
44、实现的收益并不在他们的价值的相关条款中。然9而,OWUSUANSAH和YEOH2006只包括具有在投资性房地产价值具有积极变化的公司。综合起来看,公司在此之前的研究发现，在美国、英国和澳大利亚的资本市场在20世纪90年代就建议，投资者一直被提供公允价值信息（无论是被确认的或被披露的,这些信息一般都具有可靠性和相关性无论是被管理层还是独立评估师评估的公允价值。更多的研究应该进行实证，检验是否具有相关性和可靠性，工程实施后提高公允价值标准例如金融工具IAS39和扩展到非财务资产公允价值如下。IAS40。实证结果虽然HKAS40期2004年允许在成本与公允价值模式之间自由选择,92家公司在首次样品中
45、选择采用公允价值模式。所有的92家分公司维持数据的分析,极其变量值验证了他们的来源。因为没有程序错误或非凡的事件被确认,92家公司所有的所收集到的数据都为后续分析所保留。每个公司评估两次,并在连续两个会计年前后均采用HKAS402004。表1描述了在这项研究中的92家公司在会计年结束以及最后一次遵循会计准则第13（2000）条那年和首次采用香港会计准则第40号（2004）那年的分布。附录A详细描述了他们的身份。大多数公司采用3月31日或12月31日会计年度为结束时间，并在2005年或2006年第一次采用会计准则第40号（2004）。而香港会计准则第40号（2004年）规定采用2005年1月1日
46、开始的或其之后的年度期间，17家公司选择最先采用香港会计准则第40号（2004）。表2A和2B包含研究中的92家样本公司在与最后一次采用会计实务准则13号（2000）那年相比，第一次采用香港会计准则第40号（2004）那年期间的描述性统计分析。总的来说,当公司第一次使用香港会计准则第40号2004时,都经历较高的收入和更高的市场价值并为他们的投资者提供了异常高的回报这可能是由于2005年和2006年香港的强大经济。中原指数在采样周期的确一直在增加,尽管是以较低的比率在增加，那时香港会计准则第40号（2004）是第一次应用。公司规模和中原指数的变化都在本研究中受到控制。本研究中的所有自变量也按公
47、10司的开始的市场价值在增加。结果表明了相对于总资产的投资性房地产的比例的显著增加,即从会计实务准则13号（2000）应用时的0345上升到香港会计准则第40号（2004）应用时的0403。由于应用香港会计准则第40号（2004）还存在一个较高的收入波动的迹象。在投资性质的公允价值中的平均利润和损失为827M港元,几乎相当于在848M港元损益下收益。相比之下,在超过757M港元的亏损或者盈余之前，平均的投资性房地产公开市值超过只占收入3的2400万港元的亏损或者盈余。较高收入波动的迹象在表3中是可利用的，显示了在香港会计准则第40号（2004）应用的前后的相比于收益波动的配对样本的结果。收入波
48、动是根据历时五年的平均收入的标准差数量来表述的。收入波动在采用香港会计准则第40号（2004）后有显著的提高。表4报道了估计方程的结果。较短的事件研究的结果提供了一些证据,表明香港会计准则第40号（2004）需要的损益表中的投资性房地产公允价值变动的表述是包含更多的信息给投资者。投资者对损益表中公允价值变动信息做出反应,发布最后公告时,会导致不正常的回报。虽然整体R2只是10,这是符合原有较短的研究的结果。所有的系数是积极的,除了投资性房地产价值，它是消极的但不是重要的。BARTHETAL（1990）和BARTH（1994）也发现了类似的证券的市场价格收益和损失负系数并把其作为市场的证据来解释。出处斯特拉，史密斯收入报表中的投资性房地产在公允价值模式下的变化证据来自于香港J会计和商业研究,200939103118
