Basic Research in Fair Value Measurement of Liabilities and Changes in Own Creditworthiness

• Project/Area Number: 22730353
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Accounting
• Research Institution: Kyoto University
• Principal Investigator: KUSANO Masaki 京都大学, 経済学研究科(研究院), 准教授 (50351440)
• Project Period (FY): 2010-04-01 – 2014-03-31
• Project Status: Completed (Fiscal Year 2013)
• Budget Amount: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000); Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
• Keywords: 会計学 / 負債 / 金融商品 / 公正価値 / 信用リスク / ストック重視の会計 / 混合測定アプローチ

Research Abstract

The purpose of this study is to investigate issues in fair value accounting by focusing on fair value measurement of liabilities and changes in own creditworthiness. The main results of this study are as follows. (1) It is difficult for the ideal fair value accounting and the accounting treatments proposed by the IASB and the FASB to solve issues in fair value measurement of financial liabilities. (2) The accounting model that focuses on the balance sheet would have negative effects on the valuation role and the contracting role of financial reporting. (3) Fair value accounting would lead banks to alter their behavior and cause procyclicality. These results indicate that stock-based accounting that measures assets and liabilities at fair value impairs the usefulness of accounting information.

Research Products

• [Journal Article] IASB討議資料における利益と測定 (2014)
  • Author(s): 草野真樹
  • Journal Title: 企業会計 Volume: 第66巻第1号 Pages: 150-157
• [Journal Article] 公正価値評価の拡大と会計の契約支援機能 (2014)
  • Author(s): 草野真樹
  • Journal Title: 金融研究 Volume: 第33巻第1号 Pages: 61-110
  • NAID: 40019954655
  • URL: http://www.imes.boj.or.jp/research/abstracts/japanese/kk33-1-3.html
• [Journal Article] ストック重視の会計と会計情報の有用性―認識対開示を巡る実証的評価― (2014)
  • Author(s): 草野真樹
  • Journal Title: 同志社商学 Volume: 第65巻第6号 Pages: 16-39
• [Journal Article] Fair Value Accounting and Procyclicality : Accounting for Securitization (2013)
  • Author(s): Masaki Kusano
  • Journal Title: Corporate Ownership & Control Volume: Vol.11,Issue 1 Pages: 535-555
  • Peer Reviewed
• [Journal Article] Fair Value Accounting and Procyclicality: Accounting for Securitization (2013)
  • Author(s): Masaki Kusano
  • Journal Title: Corporate Control & Ownership Volume: Vol. 11, Issue 1 Pages: 535-555
  • Peer Reviewed
• [Journal Article] 会計モデルの変容と会計情報(1) (2012)
  • Author(s): 草野真樹
  • Journal Title: 會計 Volume: 第181巻第5号 Pages: 15-26
  • NAID: 40019230888
• [Journal Article] 会計モデルの変容と会計情報(2) (2012)
  • Author(s): 草野真樹
  • Journal Title: 會計 Volume: 第181巻第6号 Pages: 99-111
• [Journal Article] <b>Does the Balance Sheet Approach Improve the Usefulness of Accounting Information?</b> (2012)
  • Author(s): Masaki Kusano
  • Journal Title: The Japanese Accounting Review Volume: 2 Issue: 2012 Pages: 139-152
  • DOI: 10.11640/tjar.2.2012_139
  • NAID: 130004676250
  • ISSN: 2185-4785, 2185-4793
  • Peer Reviewed
• [Journal Article] 会計モデルの変容と会計情報（1） (2012)
  • Author(s): 草野 真樹
  • Journal Title: 會計 Volume: 第181巻第5号 Pages: 15-26
  • NAID: 40019230888
• [Journal Article] 会計モデルの変容と会計情報（2） (2012)
  • Author(s): 草野 真樹
  • Journal Title: 會計 Volume: 第181巻第6号 Pages: 99-111
• [Journal Article] 認識対開示を巡る実証的評価―財務諸表における測定を中心として― (2012)
  • Author(s): 草野 真樹
  • Journal Title: 会計基準の国際統合と財務報告の基礎概念 Volume: 最終報告 Pages: 77-91
• [Journal Article] 証券化取引の動機と帰結 (2011)
  • Author(s): 草野真樹
  • Journal Title: 會計 Volume: 第180巻第6号 Pages: 84-96
  • NAID: 40019067301
• [Journal Article] 財務諸表における測定 (2011)
  • Author(s): 草野真樹
  • Journal Title: 会計基準の国際統合と財務報告の基礎概念 Volume: (中間報告) Pages: 73-90
• [Journal Article] 負債の公正価値測定と報告企業の信用状態の変化 (2010)
  • Author(s): 草野真樹
  • Journal Title: 日本簿記学会年報 Volume: 第25号 Pages: 153-160
  • Peer Reviewed
• [Journal Article] 金融危機後の公正価値測定の動向とその特徴 (2010)
  • Author(s): 草野真樹
  • Journal Title: 経済論叢 Volume: 第184巻第3号 Pages: 95-111
  • URL: http://repository.kulib.kyoto-u.ac.jp/dspace/bitstream/2433/178134/1/kronso_184_3_95.pdf
• [Journal Article] 金融負債の公正価値測定の動向と報告企業の信用状態の変化 (2010)
  • Author(s): 草野真樹
  • Journal Title: 會計 Volume: 第178巻第4号 Pages: 58-70
  • NAID: 40017278487
• [Journal Article] 金融負債の公正価値測定と報告企業の信用状態の変化 (2010)
  • Author(s): 草野真樹
  • Journal Title: 日本簿記学会年報 Volume: 第25号 Pages: 153-160
  • Peer Reviewed
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2013)
  • Author(s): Masaki Kusano
  • Organizer: International Conference, Financial Distress : Corporate Governance and Financial Reporting Issues
  • Place of Presentation: Link Campus University, Rome, Italy
  • Year and Date: 2013-10-17
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards (2013)
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 2013 AAA (American Accounting Association) Annual Meeting
  • Place of Presentation: Hilton Anaheim, Anaheim, the U.S.A.
  • Year and Date: 2013-08-05
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards (2013)
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 7th Asia Pacific Interdisciplinary Research in Accounting Conference
  • Place of Presentation: Kobe Convention Center, Kobe, Japan
  • Year and Date: 2013-07-28
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards (2013)
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 2013 EAA (European Accounting Association) Annual Congress
  • Place of Presentation: Paris-Dauphine University, Paris, France
  • Year and Date: 2013-05-07
• [Presentation] Economic Consequences of the New Lease Accounting Standard : Evidence from Japan (2012)
  • Author(s): Masaki Kusano, Yoshihiro Sakuma and Noriyuki Tsunogaya
  • Organizer: 2012 AAA (American Accounting Association) Annual Meeting
  • Place of Presentation: Gaylord National Hotel and Conference Center, Washington D.C., the U.S.A.
  • Year and Date: 2012-08-06
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2012)
  • Author(s): Masaki Kusano
  • Organizer: 2012 Annual Summer / International Conference . Korean Accounting Association
  • Place of Presentation: Sol Beach Hotel and Resort, Yangyang, Korea
  • Year and Date: 2012-06-21
• [Presentation] Economic Consequences of the New Lease Accounting Standard : Evidence from Japan (2012)
  • Author(s): Masaki Kusano, Yoshihiro Sakuma and Noriyuki Tsunogaya
  • Organizer: 2012 CAAA (Canadian Academic Accounting Association) Annual Conference
  • Place of Presentation: Delta Prince Edward Hotel, Charlottetown, Canada
  • Year and Date: 2012-06-01
• [Presentation] 会計モデルの変容と会計情報 (2011)
  • Author(s): 草野真樹
  • Organizer: 日本会計研究学会第61回関西部会
  • Place of Presentation: 兵庫県立大学
  • Year and Date: 2011-12-10
• [Presentation] Economic Consequences of the New Lease Accounting Standard in Japan (2011)
  • Author(s): Masaki Kusano, Yoshihiro Sakuma and Noriyuki Tsunogaya
  • Organizer: 12th Asian Academic Accounting Association
  • Place of Presentation: Inna Grand Bali Beach hotel, Bali, Indonesia
  • Year and Date: 2011-10-10
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2011)
  • Author(s): Masaki Kusano
  • Organizer: 2011 AAA (American Accounting Association) Annual Meeting
  • Place of Presentation: Sheraton Denver Downtown Hotel, Denver, the U.S.A.
  • Year and Date: 2011-08-08
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2011)
  • Author(s): Masaki Kusano
  • Organizer: 2011 AAA Annal Meeting
  • Place of Presentation: Sheraton Denver Downtown Hotel
  • Year and Date: 2011-08-08
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2011)
  • Author(s): Masaki Kusano
  • Organizer: 2011 CAAA (Canadian Academic Accounting Association) Annual Conference
  • Place of Presentation: Hilton Toronto, Toronto, Canada
  • Year and Date: 2011-05-28
• [Presentation] Fair Value Accounting and Procyclicality : Accounting for Securitization (2011)
  • Author(s): Masaki Kusano
  • Organizer: 2011 CAM Annual Conference
  • Place of Presentation: Hilton Toronto
  • Year and Date: 2011-05-28
• [Presentation] Lease Capitalization and Its Effects on Japanese Listed Companies (2010)
  • Author(s): Noriyuki Tsunogaya, Yoshihiro Sakuma and Masaki Kusano
  • Organizer: 11th Asian Academic Accounting Association
  • Place of Presentation: Shangri-la Hotel Bangkok, Bangkok, Thailand
  • Year and Date: 2010-11-29
• [Presentation] リース会計の方向性と3つのオンバランス効果 (2010)
  • Author(s): 草野真樹・佐久間義浩・角ヶ谷典幸
  • Organizer: 日本会計研究学会第69回全国大会
  • Place of Presentation: 東洋大学
  • Year and Date: 2010-09-10
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 2013 EAA (European Accounting Association) Annual Congress
  • Place of Presentation: Paris Dauphine University (France)
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 7th Asia Pacific Interdisciplinary Research in Accounting Conference
  • Place of Presentation: Kobe Convention Center
• [Presentation] Financial Crisis and Legitimacy of Global Accounting Standards
  • Author(s): Masaki Kusano and Masatsugu Sanada
  • Organizer: 2013 AAA (American Accounting Association) Annual Meeting
  • Place of Presentation: Hilton Anaheim (United States of America)
• [Presentation] Fair Value Accounting and Procyclicality: Accounting for Securitization
  • Author(s): Masaki Kusano
  • Organizer: International Conference, Financial Distress: Corporate Governance and Financial Reporting Issues
  • Place of Presentation: Link Campus University (Italy)
• [Presentation] Economic Consequences of the New Lease Accounting Standard: Evidence from Japan
  • Author(s): Masaki Kusano
  • Organizer: 2012 CAAA Annual Conference
  • Place of Presentation: Delta Prince Edward Hotel, Canada
• [Presentation] Fair Value Accounting and Procyclicality: Accounting for Securitization
  • Author(s): Masaki Kusano
  • Organizer: 2012 KAA Annual Meeting
  • Place of Presentation: Sol Beach Hotel and Resort, Korea
• [Presentation] Economic Consequences of the New Lease Accounting Standard: Evidence from Japan
  • Author(s): Masaki Kusano
  • Organizer: 2012 AAA Annal Meeting
  • Place of Presentation: Gaylord National Hotel and Conference Center, United States of America
• [Book] 「財務諸表における測定―公正価値測定の拡張と2つの混合測定アプローチ―」藤井秀樹編『国際財務報告の基礎概念』 (2014)
  • Author(s): 草野真樹
  • Publisher: 中央経済社
• [Book] 「財務諸表における測定―公正価値測定の拡張と2つの混合測定アプローチ―」『国際財務報告の基礎概念』（藤井秀樹編） (2014)
  • Author(s): 草野 真樹
  • Total Pages: 223
  • Publisher: 中央経済社
• [Remarks] 草野真樹・佐久間義浩・角ヶ谷典幸「リース会計の方向性と3つのオンバランス効果」京都大学大学院経済学研究科 Working Paper No.J-82,2010年
  • URL: http://www.econ.kyoto-u.ac.jp/~chousa/WP/j-82.pdf
• [Remarks] Masatsugu Sanada and Masaki Kusano, "The Legitimacy of Global Accounting Standards in the Wake of the Financial Crisis," Working Paper, 2014
  • URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2382911