ABSTRACT

Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by an internationally recognized expert, this book, on a controversial and intensely debated topic, is the only definitive reference source available on the topics of fair value and financial reporting.

Drawing chapters from a diverse range of contributors on different aspects of the subject together into one volume, it:

  • examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against
  • looks at fair value from a number of different theoretical perspectives, including possible future uses, alternative measurement paradigms and how it compares with other valuation models
  • explores fair value accounting in practice, including audit, financial instruments, impairments, an investment banking perspective, approaches to fair value in Japan and the USA, and Enron’s use of fair value

An outstanding resource, this volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.

part I|67 pages

Introduction

chapter 1|6 pages

The Nature of Fair Value

chapter 2|15 pages

The Use of Fair Value in IFRS

chapter 4|14 pages

The Case for Fair Value

chapter 5|22 pages

Fair Values: Imaginary Prices and Mystical Markets

A Clarificatory Review 1

part II|162 pages

Theoretical Analysis

chapter 6|20 pages

Recent History of Fair Value 1

chapter 8|12 pages

Whither Fair Value Accounting?

The Future of Fair Value

chapter 11|20 pages

Fair Value: the Right Measurement Basis?

An Australian Perspective

chapter 14|15 pages

Alternatives to Fair Value

chapter 16|21 pages

The Fair Value Principle and its Impact on Debt and Equity

Theoretical Traditions, Conceptual Models and Analysis of Existing IFRS

part III|161 pages

Fair Value in Practice

chapter 17|14 pages

Fair Value Accounting

A Cautionary Tale from Enron

chapter 18|18 pages

The Insurance Industry and Fair Value

chapter 19|13 pages

Fair Value Measurement for Corporate Entities, Insurance Companies and Retail Banks

An Investment Banker'S Perspective

chapter 20|22 pages

Fair Value and the Auditor

chapter 24|20 pages

Fair Value Under IFRSs

Issues for Developing Countries and SMEs