Agricultural and Biological Sciences
3 years ago

New definition of Fair Value could revolutionize global accounting standards

Digest Finance
On the definition of fair value for purposes of IFRS
Михаил Городилов, Anna A. RADEVICH

Paper Summary

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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 suggests a refined definition of Fair Value and points out that Fair Value can be the same as Market Value only when there is an active market available. The study used a comparative analysis to identify inconsistencies in the valuation of Fair Value and emphasized the importance of understanding the fundamental differences between Fair and Market Values.