Agricultural and Biological Sciences
3 years ago

New Definition of Fair Value Could Impact Global Accounting Standards

International Accounting
Defining the Fair Value concept for IFRS application
Михаил Городилов, Anna A. RADEVICH

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The article discusses the differences between Fair Value and Market Value in accounting, highlighting the lack of a clear definition of Fair Value in IFRS. It proposes a refined definition of Fair Value and identifies fundamental differences between the two types of valuation. Fair Value can be the same as Market Value only if there is an active market available. The methods used for assessing Fair Value and Market Value are not always the same.