Fair value is a method used in accounting to evaluate values based on professional judgment. It is important in providing accurate financial information. Many new accounting standards projects involve fair value. It helps reflect modern accounting and financial information well. Fair value is commonly used in assessing real estate, estimating financial assets and liabilities, and valuing businesses. While it has risks, it greatly benefits financial assessments in China. By applying fair value skillfully, companies can improve financial management. Financial accountants play a crucial role in providing accurate information and suggestions for businesses.