The value relevance of ‘realistic reporting’: evidence from UK life insurers
研究了英国寿险公司在IFRS 4下自愿披露的嵌入式价值（EV）是否具有价值相关性，发现EV信息对投资者有用，并对会计准则制定者有启示。
Abstract Even under the International Financial Reporting Standard 4 (IFRS 4), the current accounting regime for UK life insurance companies is oriented towards delaying the recognition and distribution of profit, and still remains largely rooted in traditional requirements for statutory solvency reporting. This paper tests empirically the value relevance of the alternative ‘realistic reporting regime’ of voluntary embedded value (EV) disclosures that has been generally adopted by leading UK and Continental European insurers. In recent years, EVs have also been used internally (but not disclosed) by many US life insurers. The results found here are consistent with value relevance and some implications for standard-setters are explored.