This study investigates several of the mandatory disclosures for investments in associates. An important investigation of this study is whether or not the information content in disclosed fair values for investments in associated companies subsumes their equity accounted carrying amounts. The study modifies existing value-relevance models for its purposes and compares alternative measurement bases for investments in associates by investigating the significance of changes in error terms. Differences across time and between countries are investigated utiling various statistical approaches as well as an indicator variable approach. Findings suggest that equity accounted carrying amounts and disclosed fair values of listed associates are incrementally value-relevant. This implies that investors utilise fundamental information of the associate to develop their own intrinsic valuation of listed associates, which is not equal to current market values. However, this does not equally apply in the case of unlisted associates, where disclosed fair values are not incrementally value-relevant to equity accounted carrying amounts. Other findings suggest that the value-relevance of the equity accounted carrying amounts and disclosed fair values of associates differ significantly across time and between countries for both listed and unlisted associates. In addition, findings confirm that an exceptional economic event, such as the global financial crisis of 2007–2008, impacts significantly on the overall value-relevance of accounting information. Lastly, findings of this study imply that the disclosed summarised financial information of associates, although not individually value-relevant, is incrementally value-relevant when considered as a group.