This document is a summary of CFA Institute member surveys on fair value.
Our position in support of fair value has been premised on our mission and member views over a period of at least twenty years. This document provides a summary of CFA Institute member views on fair value over the period 1993 – 2010.
Methodology
We don’t survey our full membership on every topic as this would be burdensome to our members. We survey those who are most likely to have an interest in, or position on (either for or against), a topic so as not to inconvenience our members by surveying them on topics that are not relevant or of interest to them. Broadly speaking, on matters of financial reporting, we survey those who have the most relevant job descriptions (e.g. analyst, portfolio manager, etc.) and who have expressed an interest in financial reporting and financial statement analysis. We also have a more targeted financial reporting survey pool that is a subset of these individuals who have positively expressed interest in being contacted on all our financial reporting matters.
Key Findings
Member support for fair value has increased over the period 1993 -2010 with the increased reporting and use of fair value measurements. The significant increase in our global membership has not altered our member support for fair value and the financial crisis did not diminish support for fair value. Set forth in the summary document are excerpts from our member surveys before, during and after the financial crisis.