Fair value accounting sparks debate over relevance and reliability of assets
The article discusses the concept of fair value accounting, highlighting its advantages like transparency and accuracy. It questions whether assets should be valued at current market prices, especially during crises. The researchers analyze controversial issues surrounding fair value as presented by accounting standards boards. Fair value is a newer concept compared to historical cost accounting, with varying applications in different standards. The goal is to achieve convergence between national and international norms for a unified fair value.