When the fair value accounting (FVA) option for property, plant, and equipment was introduced in the midst of the global financial crisis, a significant proportion of Korean firms elected FVA. We attribute this unusual boom of asset revaluations to the nation’s culture of government...

This study examines whether financial industries' exposure to fair value estimates affects auditor's effort and reporting quality. The result shows that audit time and audit fees are associated with fair value estimates of financial assets and liabilities. However, discretionary accruals...