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Credibility at Risk? The Accounting Profession, Risk Reporting and the Rise of VaR
Year Of Publication: 2004
Month Of Publication: February
Pages: 24
Download Count: 845
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Comment Num: 0
Language: EN
Source:
Who Can Read: Free
Date: 8-22-2004
Publisher: Administrator
Summary
This paper critically reviews the evolution of financial reporting with specific reference to market risk as measured by Value at Risk (VaR). The paper investigates the process by which VaR has become "institutionalized" and raises concerns that VaR has been oversold. In addition to VaR's inherent limitations as a risk measure, both the usefulness and the auditability of published VaR data are open to question. Such criticism of a risk measure that is incorporated into accounting regulation has important implications for the accounting profession, an also suggests that risk "disclosure" might be more apparent than real.
Author(s)
Woods, Margaret Sign in to follow this author
Dowd, Kevin Sign in to follow this author
Humphrey, Chris G. Sign in to follow this author
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