Uncertainty in Market Data and Valuation Models Inherent in Fair Value Measurements
First written in FY2017-Q1. 12 of 24 entries say "Restated". Latest entry: FY2026-H1.
Nomura Holdings moved to the "Worse" side of this theme in 2022, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 3 of 8 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency.」
The disclosure continues to cover higher volatility and reduced price transparency during periods of market stress, as well as the need for judgment in fair value measurements. - FY2025-H1RestatedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency.」
The disclosure continues to cover higher volatility and reduced price transparency during periods of market stress, as well as the need for judgment in fair value measurements. - FY2024-Q3RestatedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency resulting from the spread of COVID-19 in 2021, among other factors.」
The disclosure continues to cover higher volatility and reduced price transparency during periods of market stress, as well as the need for judgment in fair value measurements. - FY2024-Q1SoftenedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency resulting from the spread of COVID-19 in 2021, among other factors.」
Although uncertainty in fair value measurements persists, the reference to Russia's 2022 invasion of Ukraine, which had been explicitly included previously, was removed from this disclosure, narrowing the examples of market stress factors cited. - FY2023-Q3WorsenedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency resulting from the spread of COVID-19 in 2020 and 2021 and Russia's invasion of Ukraine in 2022, among other factors.」
Russia's invasion of Ukraine continues to be specifically identified, along with COVID-19, as a source of market stress. The balance of Level 3 financial instruments also increased from ¥1.038 trillion at the end of the previous fiscal year to ¥1.235 trillion. - FY2023-Q1WorsenedAnnual report
「Valuation of financial instruments requires greater judgment in the fair value measurement process when markets are under stress due to heightened volatility and reduced price transparency resulting from the spread of COVID-19 in 2020 and 2021 and Russia's invasion of Ukraine in 2022, among other factors.」
In addition to COVID-19, the disclosure specifically identifies Russia's invasion of Ukraine as a factor behind higher market volatility and reduced price transparency, and describes it as an event increasing the uncertainty of fair value measurements. - FY2022-Q3RestatedAnnual report
「Level 3 assets accounted for 5% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal year (5% as of 31 March 2021).」
The Level 3 asset ratio remained unchanged at 5% from the end of the previous fiscal year, and the disclosure continues to state that valuations relying on unobservable inputs or model assumptions require greater judgment. - FY2022-Q2RestatedAnnual report
「Level 3 assets accounted for 5% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal year (5% as of 31 March 2021).」
The Level 3 asset ratio remained unchanged at 5% from the end of the previous fiscal year, and the disclosure continues to state that valuations relying on unobservable inputs or model assumptions require greater judgment amid the spread of COVID-19. - FY2022-Q1WorsenedAnnual report
「Level 3 assets accounted for 5% of total assets measured at fair value on a recurring basis as of the end of the first quarter of the current consolidated fiscal year (5% as of 31 March 2021).」
The Level 3 asset ratio was 5%, remaining elevated from the end of the previous fiscal year. The disclosure also continues to state that valuations relying on unobservable inputs or model assumptions require greater judgment amid the spread of COVID-19. - FY2021-Q3RestatedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal period, compared with 5% as of 31 March 2020.」
The proportion of Level 3 assets decreased from 5% at the end of the previous period to 4%. The explanation that fair value measurement would require greater judgment amid the spread of COVID-19 also continued. - FY2021-Q2RestatedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal period, compared with 5% as of 31 March 2020.」
The proportion of Level 3 assets was unchanged at 4% from the end of the previous quarter, and valuation exposure dependent on unobservable inputs remained flat. The explanation that fair value measurement would require greater judgment amid the spread of COVID-19 also continued. - FY2021-Q1MitigatedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the first quarter of the current consolidated fiscal period, compared with 5% as of 31 March 2020.」
The proportion of Level 3 assets decreased from 5% at the end of the previous period to 4%. Meanwhile, it was explained that fair value measurement would require greater judgment amid the spread of COVID-19. - FY2020-Q3WorsenedAnnual report
「Level 3 assets represented 5% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets increased from 4% at the end of the previous quarter to 5%, increasing valuation exposure dependent on unobservable inputs. - FY2020-Q2RestatedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets was unchanged at 4% from the end of the previous period, and valuation exposure dependent on unobservable inputs remained flat as a proportion of assets. - FY2020-Q1RestatedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the first quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets was unchanged at 4% from the end of the previous period, and valuation exposure dependent on unobservable inputs remained flat as a proportion of assets. - FY2019-Q3WorsenedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets increased from 3% at the end of the previous quarter to 4%, increasing valuation exposure dependent on unobservable inputs. - FY2019-Q2WorsenedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets increased from 3% at the end of the previous quarter to 4%, increasing valuation exposure dependent on unobservable inputs. - FY2019-Q1RestatedAnnual report
「Level 3 assets represented 3% of total assets measured at fair value on a recurring basis as of the end of the first quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets was unchanged at 3% from the end of the previous period, and the proportion of assets dependent on unobservable inputs remained flat. - FY2018-Q3RestatedAnnual report
「Level 3 assets represented 3% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets was unchanged at 3% from the previous disclosure, and the proportion of assets dependent on unobservable inputs remained flat. - FY2018-Q2RestatedAnnual report
「Level 3 assets represented 3% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets was unchanged at 3% from the end of the previous period, and the proportion of assets dependent on unobservable inputs remained flat. - FY2018-Q1MitigatedAnnual report
「Level 3 assets represented 3% of total assets measured at fair value on a recurring basis as of the end of the first quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets decreased from 4% previously, reducing the proportion of assets dependent on unobservable inputs. - FY2017-Q3WorsenedAnnual report
「Level 3 assets represented 4% of total assets measured at fair value on a recurring basis as of the end of the third quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets increased from 3% in the previous disclosure to 4%, further increasing valuation exposure dependent on unobservable inputs. - FY2017-Q2WorsenedAnnual report
「Level 3 assets represented 3% of total assets measured at fair value on a recurring basis as of the end of the second quarter of the current consolidated fiscal period.」
The proportion of Level 3 assets increased from 2% in the previous disclosure to 3%, increasing valuation exposure dependent on unobservable inputs. - FY2017-Q1First statedAnnual report
「Fair value measurement models and the assumptions underlying those models affect the amount and timing of unrealized and realized gains and losses. Valuation uncertainty arises from various factors, including the selection of valuation techniques and models, quantitative assumptions used in valuation models, and the data and other factors used in the models.」
Level 3 assets were disclosed as representing 2% of assets measured at fair value, excluding derivatives, with the uncertainty of unobservable inputs and model assumptions described as a risk.