【正文】 elevance research studies the association between fair value estimates and share prices or returns. Sloan (1999) ments that while this association provides evidence that investors find fair value estimates to be relevant, the inferences regarding reliability are indirect and limited by the fact that share prices reflect many factors other than the fair value estimates. Dietrich et al. (2020) subsequently use a direct approach to investigate the reliability of mandatory annual fair value appraisal estimates by chartered surveyors for UK investment properties and find that appraisal estimates understate actual selling prices but are considerably less biased and more accurate measures of selling price than respective historical costs. Dietrich et al. (2020) also find that the reliability of appraisal estimates increases when monitored by external appraisers and Big Six auditors. The New Zealand (hereafter NZ) SSAP No. 17 ‘Accounting for Investment Properties and Properties Intended for Sale’ (NZSA, 1989) previously allowed NZ panies the choice of recognising unrealised gains or losses either in the ine statement, or as movements in an investment property revaluation reserve, unless the total of the reserve was insufficient to cover a deficit, in which case the amount of deficit was to be charged in the ine statement as part of operating results. The NZ equivalent of IAS 40 came into effect on 1 January 2020, resulting in the elimination of the choice of recognising unrealised gains in the revaluation reserve. OwusuAnsah and Yeoh (2020) investigate the relative valuerelevance of the two alternative 4 accounting treatments for unrealised gains on investment properties, based on a sample of NZ panies over the period 1990 to 1999, when the choice was still available. Their results show that recognition of unrealised gains in the ine statement is not superior to recognition of unrealised gains in the revaluation reserve in terms of their valuerelevance. However, OwusuAnsah and Yeoh (2020) include only panies with positive changes in the value of their investment properties. Taken together, findings from prior studies of firms in the US, UK and Australian capital markets during the 1990s suggest that investors have been provided with fair value information (whether recognised or disclosed) that is generally reliable and relevant (whether fair value estimated by management or independent valuer). More research should be undertaken to test empirically whether relevance and reliability improve after the implementation of the fair value standards on financial instruments (. IAS 39) and with the extension of fair value accounting to nonfinancial assets (. IAS 40). Like OwusuAnsah and Yeoh (2020), this study examines the extension of fair value accounting to investment properties and the presentation of their fair value changes in the ine statements (rather than in the revaluation reserve) in particular. Unlike OwusuAnsah and Yeoh (2020), this study employs data from accounting periods when the related fair value accounting standard HKAS 40 is implemented. Comparison is then made with those from the immediate preimplementation accounting periods when SSAP 13 (2020) was in effect. Also, unlike OwusuAnsah and Yeoh (2020), this study includes panies with both increases and decreases in fair values and uses a return model adapted from Easton and Harris (1991), Amir et al. (1993) and the earnings capitalisation approach from Barth (1994).