Identify and rank the challenges of (determining) fair value measurement in the implementation of International Financial Reporting Standard No. 13 (IFRS13) in Iranian non-governmental banks using Meta-synthesis qualitative analysis and SWARA method and provide a solution using the ARAS technique.

Subject Areas : Journal of Investment Knowledge

samaneh zarerafi ¹ , Gholamhasan Taghi Nataj Malekshah ² , Azita Jahanshad ³ , Farzaneh heidarpoor ⁴

1 - Department of Accounting, Faculty of Economics and Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.
2 - Department of Accounting, Imam Hossein University, Tehran, Iran.
3 - Department of Accounting, Faculty of Economics and Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran
4 - Department of Accounting, Faculty of Economics and Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

Received: 2021-03-08 Accepted : 2021-05-08 Published : 2024-12-21

Keywords: credit risk of all resources in the economy, International Financial Reporting Standard No. 13 (IFRS13), Measuring (determining) fair value, Meta-synthesis qualitative analysis method, Swara method and Aras technique,

Abstract :

The purpose of this study is to identify and rank the challenges of (determining)fair value measurement in the implementation of International Financial Reporting Standard No.13(IFRS13) of Iranian non-governmental banks. This approach can provide intelligent cooperation and effective communication with international markets and provide more useful information on reliability and reliability. Future cash flows help investors(improve forecasts)and provide useful tools in determining risk and asset prices and securities,as well as identifying devaluation before it occurs (hedging) and identifying early credit losses, reducing the volume of non-current receivables of banks,and raising public confidence. Through library study and Meta-synthesis qualitative analysis were collected and for evaluation of Meta-synthesis reliability, a selected document was provided to the experts. After evaluation, the Holst coefficient was calculated to be 0.845.(SWARA)Obstacles and Challenges were identified and ranked.With the help of ARAS technique,better solutions were proposed to remove the obstacles and challengesThey show infrastructure indicators and regulatory structure (requirements),credit risk rating, investment risk awareness and risk return analysis,proper allocation of foreign exchange resources by banks to banks,proper allocation of credit by banks based on customer ratings and reduction of overdue receivables.(IFRS13)and indicators of development platforms,upgrading the level of control activities,creating and using rating agencies in creating accurate trocar models (progress in the field of accreditation),effective risk management and effective internal control systems,promoting risk modeling, the need to pay attention to auditing knowledge,They were also identified as solutions to deal with obstacles and challenges.

References:

احمدی ، نرگس ؛(1394)، « اصول ١٤ گانه برای بهبود حاکمیت شرکتی »، کمیته نظارت بانکی بال (بازل) کمیته بین المللی تسویه - اکتبر 2010،صص1-62.

آقائی قهی،علیرضا؛ (1396)، تعیین ارزش‌های منصفانه در گزارشگری مالی . روزنامه دنیای اقتصاد ،ش 4015.

تاری وردی، یداله؛ داغانی ، رضا ؛ (1390)، ارزش منصفانه، دیدگاه منصفانه، حسابرس ،  شماره 52 اردیبهشت ،صص1-8 .

جلالی، رستم ؛ خالدی پاوه ، بهنام .(1397)، کتاب متاسنتز : روش ها و فنون ، نشریه دانشگاه علوم پزشکی کرمانشاه ،1، 1-150.

حاجی کرمانی، سمیرا؛ معین الدین، محمود؛ حیرانی، فروغ .(1396)، تأثیر کاربرد ارزش منصفانه در گزارش های مالی در بهبود ارتباط ارزشی اطلاعات حسابداری. پژو هش های تجربی حسابداری,7(2)،53- 72 .

حبیبی،آرش؛(1397)، آموزش روش سوارا SWARA، نشرالکترونیک پارس مدیر http://parsmodir.com/    

حبیبی،آرش؛(1395)، آموزش روش آراس ARAS، نشرالکترونیک پارس مدیر http://parsmodir.com/   

  حجازی، رضوان؛ میهمی، شیدا .(1396)،بررسی دیدگاه های متفاوت در تأثیر پذیرش استاندارد حسابداری ارزش منصفانه بر سودحسابداری. پژوهش های تجربی حسابداری،6(4)127-150.

خاکی، غلامرضا، (1379)، روش تحقیق در مدیریت، انتشارات بازتاب.

رحمانی،علی؛ طاهری ، ماندانا (1396) ، بهای تمام شده یا ارزش منصفانه تسهیلات ، کدام یک بر زیان اعتباری شبکه بانکی ایران موثر تر است ؟ فصلنامه پژوهش های پولی – بانکی ، 10(33)،481-507.

رحمانی،علی؛ (1395)،IFRS در عمل ،ارزش منصفانه در IFRS.کنفرانس جامع ،1-32.

رضائی، علی ؛ جهانشاد ،آزیتا ؛ تقی نتاج ملکشاه، غلامحسن ؛ (1398) ، شناسایی و رتبه بندی چالش های پیاده سازی مدل زیان اعتباری موردانتظار در بانک های ایران با استفاده از تکنیک تحلیل سلسله مراتبی فازی و ارائه راهکار به کمک روش واسپاس، بررسی های حسابداری و حسابرسی، دوره 26 ، شماره 2، صص. 239- 254 .

سازمان بورس اوراق بهادار .(1395)،استانداردهای بین المللی گزارشگری مالی(IFRS)، نقشه راه پیاده سازی. http://ifrs.seo.ir/    

سایت اقتصاد آنلاین . کام .(1394) ، راه اندازی موسسات رتبه بندی تحت نظارت بانک مرکزی.

سرمد ،زهره.(1381)، روش های تحقیق در علوم رفتاری، تهران ، انتشارات آگاه، صص172و250.

سلیمانی امیری، غلامرضا؛ جعفری نسب کرمانی، ندا .(1395)،چالش های حسابرسی ارزش های منصفانه و سایر برآوردها . پژوهش حسابداری ، 6(4)،128- 144.

سلیمانی امیری، غلامرضا؛ محمودخانی، مهناز ( 1398 )،دیدگاه حسابرسان ایران در خصوص حسابرسی برآوردهای ارزش منصفانه. بررسی های حسابداری و حسابرسی،26(2)255-278.

صفرزاده ، محمد حسین ؛ (1396) ، راهنمای بکارگیری استاندارد بین المللی گزارشگری مالی13 (IFRS13) اندازه گیری ارزش منصفانه، نشریه 210سازمان حسابرسی ،2،2- 166 .

صفری ، سعید ؛ ابراهیمی ، عباس؛ (1391) ، اندازه گیری توان رقابتی بانک‌ها در نظام بانکداری ایران ، فصلنامه پژوهشنامه بازرگانی، شماره 64 ،پاییز  ،221-187.

علی نیا، اسماعیل؛ وجودی نوبخت ، آرمین ؛ (1393) ، تفسیر و بکارگیری استانداردهای بین المللی گزارشگری مالی و حسابرسی «ارزش منصفانه» ، نشر فکر سبز ،41-83 .

کرزبر ، شاهین ؛ (1395) ، افشای ارزش منصفانه تسهیلات اعطایی و سپرده های بانکها (و دیگر دارایی ها و بدهی های مالی) بر اساس استانداردهای بین المللی گزارشگری مالی ، چالش ها و راهکارها  ، مجله حسابرس، شماره 85 ، آبان  ،42- 34.

  کرمی ، غلامرضا؛ بیک بشرویه ، سلمان .(1396)، تدوین مدل پیاده سازی نظام ارزش های منصفانه در ایران با تأکید بر اندازه گیری. بررسی های حسابداری و حسابرسی ، 24(4)، 573-596.

گل محمدی، مریم؛ رحمانی، علی .(1397)، شناسایی چالش های فنی به کارگیری ارزش منصفانه در گزارشگری مالی ایران : با تأکید برالزامات IFRS13بررسی های حسابداری و حسابرسی،25(3)، 387-414.

محمدیان، محمد؛ (1389)، تحلیلى بر بکارگیرى ارزش منصفانه،دانش حسابرسی ، دوره جدید،سال دهم، شماره 3، زمستان .صص57-78 .

مرادی، محمد ؛ جعفری دره در، مرتضی؛ حسین زاده ، سهراب ؛ (1398)، چالش ها و فرصت های اندازه گیری ارزش های منصفانه در راستای پیاده سازی استانداردهای بین المللی گزارشگری مالی در ایران ، بررسی های حسابداری و حسابرسی،دوره 26 ، شماره3، صص456-481.

مقدسی، مینا؛ حجازی ، رضوان ؛ اکبری، مرتضی ؛ دهقان دهنوی ، محمدعلی؛ (1397)، اندازه گیری و گزارش ارزش تسهیلات اعطایی بانکها، فصلنامه پژوهش حسابداری، دوره هشتم، شماره 3، پاییز ،صص154-174.

مقدسی نیکجه ، مینا؛ حجازی ، رضوان؛ اکبری، مرتضی؛ دهقان دهنوی ، محمد علی. (1396)، تأثیر برآورد ارزش منصفانه پرتفوی تسهیلات اعطایی بانک ها با رویکرد استاندارد های بین المللی گزارشگری مالی (مطالعه موردی؛ یک بانک ایرانی )، بررسی های حسابداری و حسابرسی ،24(4)،597-621.

مجتهد زاده ، ویدا .درخشان ،فریناز ، (1386)،پایان نامه کارشناسی ارشد حسابداری ، بررسی ارزش جاری به عنوان یک سنجه مربوط در ایران ، دانشگاه الزهرا.

Agostino, M., Drago, D., & Silipo, D. B. (2011). The value relevance of IFRS in the European banking industry. Review of quantitative finance and accounting, 36(3), 437-457.

Abdullah Fayad Altawalbeh, Mohammad,(2020). The Impact of Fair Value Accounting on Information Asymmetry:Evidence from Jordanian Banking Sector, International Business Research; Vol. 13, No. 9.55-62.

Abuzid, H. F. T., & Abbas, M,(2017), Banks Performance and Impact of Market Orientation Strategy: Do Employee Satisfaction and Customer Loyalty Augment this Relationship?, International Review of Management and Marketing , Vol 7 , Issue 2,59-66.

Anuradha Pandya,(2016), Resistance to IFRS 13-Initial insights, Page 4 of 76.

Assenso-Okofo, O., Ali, M. J., & Ahmed, K. (2011). The Development of Accounting and Reporting in Ghana. The International Journal of Accounting, 46(4), 459-480.

Adibah Wan Ismail, W., Anuar Kamarudin, K., Van Ziji, T., Dunstan, K. (2013). Earnings quality and the adoption of IFRS‐based accounting standards: Evidence from an emerging Market. Asian Review of Accouning, 21(1), 53-73.

Bratten, B., Causholli, M., & Khan, U. (2016). Usefulness of fair values for predicting banks’ future earnings: evidence from other comprehensive income and its components. Review of Accounting Studies, 21(1), 280-315.

Bhat, G., & Ryan, S. G. (2015). The impact of risk modeling on the market perception of banks’ estimated fair value gains and losses for financial instruments. Accounting, Organizations and Society, 46, 81-95.

Brett W. Cantrell, John M. McInnis, Christopher G. Yust,(2014), Predicting Credit Losses: Loan Fair Values versus Historical Costs, Article  in  The Accounting Review · January ,1-49. DOI: 10.2139/ssrn.1807081.

Bratten, B., Gaynor, L. M., McDaniel, L., Montague, N. R., & Sierra, G. E (2013) . The Audit of Fair Values and Other Estimates: The Effects ofUnderlying Environmental, Task, and Auditor-Specific Factors. AUDITING: A Journal of Practice & Theory. Vol. 32, Issue Supplement 1.

Bratten, B., Causholli, M., & Khan, U. (2011). Fair Value Accounting and the Predictive Ability of Earnings: Evidence from the Banking Industry, Available at SSRN: http://ssrn.com/abstract=2165996.1-39.

Brink, A.G., Yang, L. & Wier, B. (2012). The Impact of Social Pressure and Estimate Source on Auditors’ and Financial Statement Preparers’ Fair Value Estimate Choices. Availableat:http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.434.4525&rep=rep1&type=pdf.

Barth, M. E., Beaver, W. H. & Landsman, W. R. (1996). Value-relevance of banks’ fair value disclosures under SFAS No 107. The Accounting Review. 71(4), 513–537.

Beaver, W. H., & Engel, E. (1996). Discretionary behavior with respect to allowances for loan losses and the behavior of security prices. Journal of Accounting and Economics. 22(1-3), 177–206.

Bova, F., & Pereira, R. (2012). The determinants and consequences of heterogeneous IFRS compliance levels following mandatory IFRS adoption: Evidence from a developing  country. Journal of International Accounting Research, 11(1), 83-111.

Barth, M., & Landsman, W. (1995). Fundamental issues related to using fair value accounting for financial reporting. Accounting Horizons, 9(4), 97-107.

Cantrell, B. W., McInnis, J. M. & Yust, C. G. (2014). Predicting credit losses: loan fair values versus historical costs. The Accounting Review, 89(1), 147–176.

Cannon, N. H., & Bedard, J. C. (2016). Auditing challenging fair value measurements: Evidence from the field. The Accounting Review, 92(4), 81-114.

Chee, S. (2011). The Information Content of Commercial Banks’ Fair Value Disclosures of Loans under SFAS. No. 107. Working paper, University of California, Berkley,1-45.

Dimmu Alaiye, Mark Tippett, Tony van Zijl.(2020), The impact of SFAS 157 on fair value accounting and future bank performance, The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1834-7649.htm.

Danilo Drago, Maria Mazzuca, Renata Trinca Colonel,(2013), Do loans fair value affect market value? Evidence from European banks,Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 21(2), pages 108-120, May.

De George, E., Li, X., & Shivakumar, L. (2016). A Review of the IFRS Adoption Literature.Review of Accounting Studies, 21(3), 898–1004.

Edwards, G. A. (2016). Supervisors’ Key Roles as Banks Implement Expected Credit Loss Provisioning.1-80.

Emmanuel T. De George, Xi Li, Lakshmanan Shivakumar,(2016), A review of the IFRS adoption literature, Review of Accounting Studies, 21 (3). pp. 898-1004. ISSN 1380-6653 , DOI: 10.1007/s11142-016-9363-1.

Ettredge, M. L., Xu, Y., & Yi, H. S. (2014). Fair value measurements and audit fees: Evidence from the banking industry. Auditing: A Journal of Practice & Theory, 33(3), 33-58.

Emmanuel S. Asamoah , Frederick Doe , Hayford Amegbe ,(2015), THE EFFECT OF EMPLOYEE TURNOVER ON THE PERFORMANCE AND COMPETITIVENESS OF BANKS IN GHANA,International Journal of Cotemporary Management ,13(4)8-26.

Elizabeth Blankespoor, Thomas J. Linsmeier, Kathy Petroni, Catherine Shakespeare,(2011), Fair Value Accounting for Financial Instruments: Does it Improve the Association Between Bank Leverage and Credit Risk?, July ,The Accounting Review 88(4):1143-1177,DOI: 10.2139/ssrn.1565653,1-53.

Hodder, L. D., & Hopkins, P. E. (2014). Agency problems, accounting slack, and banks’ response to proposed reporting of loan fair values. Accounting, Organizations and Society, 39(2), 117-133.

Hichem Khlif, Imen Achek,(2016) , IFRS adoption and auditing: A review, Asian Review of Accounting 24(3):338-361, DOI: 10.1108/ARA-12-2014-0126.

Horton, J., Serafeim, G., & Serafeim, I. (2013). Does Mandatory IFRS Adoption Improve the  Information Environment? Contemporary Accounting Research, 30(1), 388-423.

Kothari, J. & Barone, E. (2010). Advanced Financial Accounting: An International Approach. (First edition). Pearson.

Kersuliene, V., Zavadskas, E. K., & Turskis, Z. (2010). Selection of rational dispute resolution method by applying new step‐wise weight assessment ratio analysis (SWARA). Journal of business economics and management, 11(2), 243-258.

Khlif, H., & Achek, I. (2016). IFRS Adoption and Auditing: A Review. Asian Review of Accounting, 24(3), 338-361.

Li, Y., Saunders, A., & Shao, P. (2015). Did regulation fair disclosure affect credit markets? Journal of Banking & Finance. 54, 46–59.

Lee, C., & Park, M. S. (2013). Subjectivity in fair-value estimates, audit quality, and informativeness of other comprehensive income. Advances in accounting, 29(2), 218-231.

Linsmeier, T. J. (2011). Financial reporting and financial crises: The case for measuring financial instruments at fair value in the financial statements. Accounting Horizons. 25(2), 409–417.

Marco Pompili, Marco Tutino,(2019), FAIR VALUE ACCOUNTING AND EARNING MANAGEMENT: THE IMPACT OF UNOBSERVABLE INPUTS ON EARNING QUALITY. EVIDENCE FROM THE US, Corporate Ownership & Control / Volume 16, Issue 2, Winter,8-18.

Misirlioglu, I. U., Tucker, J., & Yukselturk, O. (2013). Does Mandatory Adoption of IFRS Guarantee Compliance? The International Journal of Accounting, 18(3), 327-363.

Mary-Fidelis Chidoziem Abiahu, Francis Nnoli Udeh, Theophilus Okonkwo Okegbe, Onyinye Maria-Regina Eneh,(2020) Fair Value Accounting and Reporting, and Firm .Value: Evidence from Quoted Deposit Money Banks in Nigeria, Asian Journal of Economics, Business and Accounting ,17(1): 46-53; Article no.AJEBA.50013.

 

Nurunnabi, M. (2015). The impact of cultural factors on the implementation of global accounting standards (IFRS) in a developing country. Advances in Accounting, 31(1), 136-149. Volume 31, Issue 1, June, Pages 136-149. https://doi.org/10.1016/j.adiac.2015.03.015.

Novoa, A., Scarlata, J., & Sole, J. (2009). Procyclicality and fair value accounting. Working paper, IMF, WP/09/39. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id¼1366168.

Nelson, K. K. (1996). Fair value accounting for commercial banks: An empirical analysis of SFAS No 107. The Accounting Review. 71(2), 161–182.

Nakita Swait, Adnan Patel,Warren Maroun,(2018), Exploring the decision to adopt International Financial Reporting Standards early: The case of International Financial Reporting Standards 13, Journal of Economic and Financial Sciences,1-12.

Ogundana, O.M., Iyoha, F.O., Fakile, A.S., & Joshua, A. (2018). Fair value measurement (IFRS13) and investing decision: the standpoint of accounting academics and auditors in lagosand ogun state, Nigeria. Academy of Accounting and Financial Studies Journal, 22(1), 1-12.

Phillip de Jager. (2014). Fair value accounting in South Africa banks: Financial stability implications by Thesis Presented for the Degree of Doctor of Philosophy in the Department of Finance and Tax Commerce Faculty.University of Cape Town.1-40.

Pandya, A. (2016). Resistance to IFRS 13 - initial insights (Doctoral dissertation).

Rodriguse, L, Craig, R., (2006), Assessing International accounting harmonization using Hegelian dialectic, isomorphism and Foucault Critical Perspectives on Accounting.

Ramanna, K. (2013). Why “Fair Value” Is the Rule. Harvard Business Review, 16(2), 109-133.

Swait, N., Patel, A., & Maroun, W. (2018). Exploring the decision to adopt International Financial Reporting Standards early: The case of International Financial Reporting Standards 13. Journal of Economic and Financial Sciences, 11(1), 1-12.

S G Sisira Dharmasri Jayasekara, Dr. K L Wasantha Perera, Dr. A Roshan Ajward,(2018) ,Fair Value Accounting Practices and Efficiency of Banks: A Theoretical Perspective, DOI: https://doi.org/10.5430/afr.v7n4p66.

Slavko Sodan.(2015),The impact of fair value accounting on earnings quality in eastern European countries, Procedia Economics and Finance 32 , 1769 – 1786.

SamuelKnott,Pe terRichardson, KatieRismanchi , Kallol Sen,(2014), Understanding the fair value of banks’loans, Financial Stability Paper No. 31 – November,1-17.

Sanders Shaffer,(2011), Evaluating the Impact of Fair Value Accounting on Financial Institutions: Implications for Accounting Standards Setting and Bank Supervision, JEL Classifications: G21, G28, M41, M52,1-60.

Trott, E. W. (2009). Accounting for debt instruments held as assets. Accounting Horizons. 23(4), 457–469.

Tschirhart, J., O’Brien, J., Moise, M., & Yang, E. (2007). Bank commercial loan fair value practices.

Wang, H., & Zhang, J. (2017). Fair value accounting and corporate debt structure. Advances in Accounting, 37, 46–57.

  Wan Adibah Wan Ismail, Khairul Anuar Kamarudin, Tony van Zijl, Keitha Dunstan,(2013), Earnings quality and the adoption of IFRS‐based accounting standards: Evidence from an emerging market, Asian Review of Accounting ,ISSN: 1321-7348 ,Publication date: 10 May, pp. 53-73. https://doi.org/10.1108/13217341311316940.

Xiaolu.Xu,(2013), Fair value measurements and earnings management: evidence from the banking industry, Accounting - Dissertations. 4. https://surface.syr.edu/acc_etd/4,1-114.

Zyla, L. M. (2013). Fair Value Measurement: Practical Guidance and Implementation. Hoboken, New Jersey: John Wiley & Sons, Inc.