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1、AccountingHorizonsAmericanAccountingAssociationVol.25,No.3DOI:10.2308/acch-500062011pp.487510AccountingChoiceandtheFairValueOptionKatherineGuthrie,JamesH.Irving,andJanSokolowskySYNOPSIS:Underthefairvalueoption,SFASNo.159,firmshavefulldiscretionoverelectingtoreportspecifi
2、edfinancialinstrumentsatfairvalueonacontract-by-contractbasis.BuildingonHenry’s(2009)studyofearlyadoptingbanks,thispaperexaminestowhatextentfirms’electionofinstrumentsbenefitedtheircurrentorfutureearnings.OursamplecomprisestheconstituentsoftheS&P1500Indexforthefirstquart
3、ersoffiscalyears2007and2008.Expandingthesampleacrossindustriesandovertimeallowsustoobtainamorecompletepictureoftheadoptionofthefairvalueoption.Weidentify72adopters,two-thirdsofwhicharenotcommercialbanks.Wedonotfindevidenceofsystematicopportunisticelectionofthefairvalueop
4、tion.Inonlyahandfulofcases—concentratedamongearlyadopterswithanearningsshortfall—didfirmsexperienceasignificantimprovementincurrentorfutureearningsthatcastsdoubtonwhethertheiradoptionwaskeepingwiththeintentandspiritofthestandard.Keywords:fairvalueoption;fairvalue;mark-to
5、-market;accountingchoice;SFAS159.DataAvailability:Thelistofadoptersusedinthispaperisavailablefromtheauthorsuponrequest.INTRODUCTIONheFinancialAccountingStandardsBoards(FASB)StatementonFinancialAccountingTStandardsNo.159TheFairValueOptionforFinancialAssetsandFinancialLiab
6、ilities(SFAS159)allowsfirms,andnotstandardsetters,todecidewhethertoapplyfairvalue1measurementtoeligibleassetsandliabilities(AAA2007).TheintentofthefairvalueoptionwasKatherineGuthrieandJamesH.IrvingareAssistantProfessorsattheCollegeofWilliamandMary,andJanSokolowskyisaGradu
7、ateStudentattheUniversityofMichigan.WethankTerryShevlin(editor)andtwoanonymousrefereesfortheirinvaluablesuggestionsforimprovingthemanuscript.WearealsogratefulforhelpfulcommentsreceivedfromDeniseJones,RachnaPrakash,AimeeShih,KimSmith,JohnStrong,workshopparticipantsattheCo
8、llegeofWilliamandMary,andparticipantsatthe2009AmericanAccountingAssociationAnnualMeeting.Submitted:Apri
