Margarete "Gretchen" Molling nee Benjamin holding her baby son Peter Adolf Molling.

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Freddy Godshaw sitting in a garden holding a croquet stick; Germany.

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Studio portrait of young Hilde Rosenbaum holding a teddy bear; Berlin Portraits Children

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Alfred Lichtenstein's first wife Gerda holding their young daughter Sylvia; Berlin.

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The composer and conductor Leon Kopf holding a musical score Portraits Men

Kopf conducted the Jewish People’s Philharmonic Chorus, New York from 1948-1952

Sina Ida Judey outdoors holding flowers Portraits Women

Sina Ida was the youngest of the Judey siblings (Jacob, Lydia and Mary) and the only one to perish under the Nazis in Berlin

Six unidentified, youngest members of a traditional Küfer guild posing in front of their wine barrels holding the tools of their trade and glasses of wine; Bad Dürkheim Portraits Men

Handwritten description on verso addressed to Herr u. Frau Ernst Weill

Portrait of Austrian writer Karl Kraus reading and holding a cigar; Berlin Portraits Men

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Family portrait with six unidentified men and women around a dining table holding up large glasses of beer.

Handwritten caption: Es war einmal (Once upon a time there was)

Portrait of Ilse Bergen on her first day of school holding the candy bag traditional for the occasion (Schultuete) Portraits Children

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Studio portrait of Rachel Eliasberg seated and holding a book Portraits Women

Wife of Samuel Eliasberg, mother of Wladimir, Helene, Rose and Georg

Asset revaluations and earnings management: Evidence from Australian companies

This paper examines the association between asset revaluations and discretionary accruals (a proxy for earnings management) using a sample of the largest 300 Australian companies. The results from this study indicate that the revaluation of non-current assets is positively associated with discretionary accruals. This finding is consistent with the argument that revaluation of assets reflects higher agency problems in the form of increased earnings management. Additional findings are that discretionary accruals are higher for firms reporting their non-current assets at fair values appraised by directors, than those of firms that use external appraisers. As well, the choice of auditors and the strength of corporate governance can constrain the opportunistic behaviour of managers in the accounting choice to revalue non-current assets.

Seated portrait of Gabriel Beer-Hofmann holding a book Portraits Men

F 5792

Fair value accounting for non-current assets and audit fees: Evidence from Australian companies

We investigate the association between asset revaluations of non-current assets and audit fees, using a sample of ASX 300 companies from the years 2003–2007.We report that there is a significant increase in the audit fees paid when non-financial assets (PPEs, investment properties and intangible assets) are measured at fair values. Moreover, we provide evidence that an independent valuer or appraiser significantly weakens the positive association between asset revaluations and audit fees. Furthermore, companies whose noncurrent assets are revalued upwards and those that revalue their non-current assets upwards every year have significantly higher audit fees. Additional tests provide empirical evidence that the strength of corporate governance has a moderating effect on the level of audit fees. This study contributes to the ongoing debate on the role of fair value accounting. The findings suggest agency costs associated with fair value estimates may offset the benefits from the use of fair value accounting.