Level 3 fair values for financial instruments: relevance or reliability? Evidence from a conjoint analysis
通过联合分析，研究了金融工具第三层次公允价值计量中相关性和可靠性对决策有用性的贡献，发现相关性比可靠性更重要，对报表编制者、学者和准则制定者有启示。
Using conjoint analysis, we examine the extent to which relevance and reliability contribute to the decision usefulness of level 3 fair value measurements for financial instruments. Relevance and reliability are the two fundamental qualitative characteristics for providing decision useful information as the primary objective of financial reporting. Participants ranked, by decision usefulness, five different techniques for determining the essential parameters to estimate a level 3 fair value for a financial instrument. The techniques have different combinations that trade off relevance and reliability. Our main analysis uses 202 MSc and MBA students enrolled in financial and managerial accounting courses. We find that relevance contributes to decision usefulness more than reliability. We find similar results with smaller samples of financial analysts and auditors. The findings have implications for preparers, academics, and standard-setters.