Fair Value

Fair value has been under more scrutiny and criticism than any accounting issue since inflation accounting. This policy paper is ACCA’s attempt to shed some light on whether fair value accounting was a cause of the banking crisis.

Fair values have significant advantages but also raise problems. Should the IASB should require them only when the advantages outweigh the drawbacks? Should IFRS continue to employ a mixture of cost and current-value measurement bases?
Has fair value removed the role of the accountant’s judgement by allowing values to be dictated by whatever could be achieved in the market on a given balance sheet date?


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