Discussion of “Are voluntary disclosures that disavow the reliability of mandated fair value information informative or opportunistic?”

► Blacconiere, Frederickson, Johnson, and Lewis identify an interesting disclosure. ► The disclosure is more nuanced than is suggested by the term disavowal. ► Weak, “not necessarily ... reliable” language largely disappears after SFAS 123R. ► Stronger language about the “subjective nature” of option inputs persists. ► Preliminary to conclude that there is no opportunism in disavowals.