Is Fair Value Fair? »

Professor Henk Langendijk is currently professor of external financial reporting at Nyenrode University and professor of external financial reporting at the University of Amsterdam. He has lectured in finance at the University of Amsterdam since 1980 and previously worked at BDO and Arthur Anderson. He has contributed articles to various financial journals as well as written a number of books in the field of financial accounting. He is a member of the Advisory Council of the Limperg Instituut. In addition, he is editor-in-chief of the magazine Accounting, editor of Accountant-Adviseur and a member of the VERA steering committee on financial reporting.

Professor Dirk Swagerman is currently with Deloitte and Touche in Amsterdam, having gained a master's degree in business administration at Michigan State University. In 1991/1992 he qualified as Master of Business Telecommunications at the University of Delft. He is also involved with the business departments at Twente University

Willem Verhoog has been the Secretary of Royal NIVRA's Continuing Professional Education Committee (VERA) since 1976. He has enabled VERA to develop a CPE package with more than 100 seminars and 1000 participants each year. He is editor-in-chief of the monthly VERA Actueel journal, editorial board member of 30 different NIVRA publications, and is co-author of 7 books prior to this effort

The failure of current mechanisms to either predict the collapse of various companies or curb corrupt practises has kept the subject of external reporting to the fore. Is Fair Value Fair? Financial Reporting in an International Perspective contains contributions from many highly-respected individuals involved in external reporting, regulation and standard setting. Their contributions discuss the future of

• regulation
• application of standards
• supervision
• audit

Current trends are discussed, as are ways in which the current regulatory environment could be improved.

With the new IFRS regulations coming into force in 2005, financial reporting is set toface radical changes. Is Fair Value Fair? fully prepares readers for these changes and is an invaluable tool for corporate financiers and institutional investors with an interest in the regulatory environment.

 

	About the editors
	List of abbreviations
	Introduction	1
1	Is fair value fair? Expert opinions on financial reporting from an international perspective: brief impressions	5
2	The model of Black and Scholes is like Newtonian physics before Einstein was born	35
3	Current US accounting issues	49
4	We have to produce one set of unified high-quality global standards	57
5	EFRAG: a new force to be reckoned with in the reporting field	65
6	Not partial, but full application of IAS	77
7	IAS and the European Union	85
8	IAS and legislation	93
9	Shifting towards an Anglo-Saxon perspective on rules	103
10	Uniform rules are important, but they must not block the view	113
11	Towards a new supervisory landscape	123
12	The Enterprise and Companies Court as supervisory body	133
13	Globalisation is OK, as long as it takes account of Dutch culture	145
14	Enforcement of IAS is crucial for the realisation of a global standard for financial reporting	159
15	Unambiguous rules, timely reports and close supervision	171
16	The supervisory director: striking the right balance	179
17	Insurers are lagging behind	191
18	Double Dutch in financial reporting: highly flexible = extremely judgmental?	203
19	The auditor is gratefully back on his pedestal	215
20	The irrepressible advance of Fair Value Accounting	229
21	From profit smoothing to a true and fair presentation of profits at insurance companies and pension funds	237
22	Introduction of Fair Value Accounting: little if any haste	245
23	Fair Value Accounting will result in less transparency and more volatility in banks' financial reporting	255
24	Financial statements are a result of policy and not a factor informing policy	265
25	Financial reporting and the search for truth	273
26	Warning signals about the application of fair value for financial instruments	287
27	IAS: right or wrong?	297
28	The valuation of new-economy companies	313
29	IPSAS and financial reporting by the Dutch government	325
30	Interaction between internal and external reporting	335
31	A creative approach to mergers and acquisitions	345
	Epilogue: Toward a single global reporting system	353
	Index	357