【正文】 Bernard et al., 1995). Some studies have reported that valuerelevance of fair value accounting measures also occurs under lessefficient market circumstances. For example, Carroll (2021) argue that incremental value relevance is not eliminated when an estimation of fair value for securities in Views from Bankers in Jordan 87 thin markets is used. They found that this result applies for both fair values of securities and fairvaluebased gains and , the results of other studies have not shown positive effects of applying fair value accounting measures. For example, Eccher, Ramesh, and Thiagarajan (1996) found that in some cases historical cost measures had incremental valuerelevance higher than that of fair value measures. Also, Nelson (1996) reported that fair values of investment securities have an incremental explanatory power relative to book values, but that this result applies only to investment securities, not deposits, loans, or longterm debt. Finally, Khurana and Kim (2021) found that for small bank holding panies and those with no analyst following, fair value accounting measures for loans and deposits are less informative than those of historical cost accounting measures. The adoption of IFRS in the European Union, including IAS 32 andIAS 39, had an effect on European capital markets. For example,Armstrong, Barth, Jagolinzer, and Riedl (2021) reported that Europeancapital markets show a positive reaction to events which increased thelikelihood of adopting IFRS, and a negative reaction to events decreasingthat likelihood, and that this result holds for banks, who openly opposed IAS 39. In addition, Larson and Street (2021) and Jermakowicz andGornikTomaszewski (2021) found that in Europe, IAS 32 and IAS 39 were perceived as too plicated and plex in implementation, and that thiswas a significant barrier to IFRS convergence. Callao, Jarne, and Lainez(2021), in a study on Spain, found that the application of fair value accounting for financial instruments led to shortterm weak parability and no improved relevance for financial reporting in the local stock did not find the same problem with property, plant and equipment revaluation, as this was an optional practice rejected by many panies. The Appilication of IFRS in Emerging Economies The convergence to IFRS and the actual implementation of IFRS in emerging economies was the subject of some research. Peng and Bewley(2021) studied the adoption of fair value accounting and its actualimplementation in China. They found that while IFRS fair valueaccounting standards are adopted to a high level in Chinese 2021 GAAP,they have not been widely incorporated in Chinese listed firms’ financialstatements, thus questioning the IFRS convergence in China. Similarresults in China were reported by Olesen and Cheng (2021), who foundthat while Chinese panies used the fair value method in their IFRS accounts, they used the cost method in their Chinese GAAP concluded that convergence of accounting standards did not lead toconvergence of accounting practices due to political, economic andhistorical reasons. In a study on Bahrain, Joshi, Bremser, and AlAjmi(2021) reported nationalism as an important impediment to global IFRS adoption, while Irvine and Lucas (2021) argue that the United ArabEmirates has to develop appropriate regulatory systems to deal with cultural issues concerning secrecy and fraud in order to assist in adopting IFRS. 。 AlKhadash, 2021。 Bernard, Merton, amp。 Barth amp。 Barth, Beaver, amp。 Street, 2021。 Leuz, 2021a). Barth (2021) concludes that the perceived usefulness of fair value accounting has shifted the argument from whether it should be used in financial statements to how it should be applied. Obstacles of the Application of the Fair Value Accounting Fair value measurement is not without criticism. Such criticism includes the views that fair value measurements may distort ine (through recognition of unrealised holding gains and losses), are not exact, are subject to manipulation and are costly to generate (Evans, 2021). Benston (2021) criticises the implementation of market values in practice as seriously flawed. Such flaws appear in the cases of excluding heldtomaturity securities from revaluation, and measuring derivatives with fair values if managers have substantial leeway in calculating those fair values (Benston, 2021). Such practice risks being misleading since fair value expectations may end up falsified (Rayman, 2021). Particular criticisms of fair values include the argument that a direct relation between asset prices and fair value to shareholders does not always occur. Benston (2021) criticises the use of exit values in measuring fair values of assets such as special purpose machines and workinprocess inventories, for which exit values may equal zero or even be negative. Finally, Ronen (2021) criticises the relevance of fair value accounting measures, arguing that they are not a sound base for predicting future cash flows. He also criticises the reliability of fair value accounting measures because of subectivity of estimation, which can lead to moral hazard for managers (Ronen, 2021). Fair value accounting is also criticised because market values can be distorted due to market inefficiencies or investor irrationality (Laux amp。 Abdullatif, 2021). Fair value measures are seen as reflecting the market’s assessment of the effects of current economic conditions on the financial instruments, and not their previous history or that of the enterprises that hold them (Carroll, Linsmeier, amp。 McGowan, 2021。 Unerman, 2021。 Leuz, 2021a). International Accounting Standard (IAS) 39 (paragraph 9) defines fairvalue as： the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fo