1、中文 5500 字， 3400 单词， 18500 英文字符 出处： Selas D N G C. The value relevance of investment property fair valueD. NSBE-UNL, 2009. 原文 THE VALUE RELEVANCE OF INVESTMENT PROPERTY FAIR VALUE Selas DNGDC ABSTRACT This paper examines if the use of the fair value model is value relevant in companies where the inve
2、stment properties are not their core business. An analysis is also made into whether the disclosed fair value of investment property is perceived by investors. The sample includes Portuguese listed companies subject to the mandatory adoption of IAS/IFRS since 2005. The results achieved indicate that
3、 investors price shares differently when companies choose either the cost model or the fair value model. However, results do not show evidence that investors significantly valuate differences between the historical cost and disclosed fair value in the notes for companies adopting the cost model. Key
4、words: Fair value, investment property, value relevance, IAS 40 1.INTRODUCTION On 1st January 2005, International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) was adopted in Portugal, as in the European Union
5、(EU), to promote higher quality financial reporting information and a consequent reduction of information asymmetry and to improve comparability and transparency. After initial recognition there is still no consensus in how to measure investment property. International Accounting Standard (IAS) 40 I
6、nvestment Property allows companies to choose between the cost model and fair value model. According to the standard, the cost model requires to an entity to disclose the fair value of its investment property in the notes. Under the fair value model, any investment property should be measured at fair value, with changes being recognised as profits or losses. The significant question behind this issue is whether fair value provides more relevant information without losing reliability. In
