Proceedings

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Figure 1. Yes – NO classification answers
Answers
Q1 Q3 Q4 Q6 Q9 Q10 Q11 Q12
Questions
More than that, responses were heterogeneous among classes of respondents which
shows that the problems related to the fair value model still remains open, unresolved.
We anticipated at least for certain questions to receive homogeneous (uniform)
answers among classes; this assumption, however, was proved wrong by the
responses.
Some results, however, could have been anticipated and are confirmed by values
obtained, such as:
1. Banks and insurers (we have analyzed 20 letters coming from such
respondents) were especially against further disclosure as required by IASB.
The number of letters disagreeing ( 13 out of 16 responses for that question)
was twice higher than the average;
2. Insurance companies have largely frowned upon the definition of fair value (
even more than banks had), coming probably as a result of the fact that they
are more affected in terms of provisions and reserves to be measured than
banks are ( 9 answers against the definition from 11 as compared to 12
answers against from 18 valid answers coming from banks);
3. Accounting firms have also largely disapproved the supplementary
information required to be presented. They were in majority against the IASB
proposal with regards to Q 9, Q 10 and Q 11;
4. Both stock exchange markets and universities have welcomed and approved
the requirements for submission of additional information (with very high
values as compared with the average);
5. Evaluators have unanimously condemned the new definition of fair value and
illustrative examples of computing present value techniques, which is only
logic as they have their own rules for determining the market value and
methods used to compute present value of assets (such as methods based on
the income or cash flow);
6. Both large accounting firms and universities have strongly resisted to the
proposal for recognition of gains from the first day, gains resulting from the
difference between original cost and fair value of the transaction.
We have also tried to see if there is any correlation between the answers and found
out that even if they are correlated, the coefficients of correlation are very small
~ 245 ~
Yes
No