Measurement in Accounting and Fair Value

Authored by: Petri Vehmanen

The Routledge Companion to Fair Value and Financial Reporting

Print publication date:  May  2007
Online publication date:  August  2012

Print ISBN: 9780415423564
eBook ISBN: 9780203815151
Adobe ISBN: 9781136713101

10.4324/9780203815151.ch12

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Abstract

From a measurement theoretical point of view, fair value accounting has much to recommend it, provided that the concept of measurement is properly understood. However, this has not typically been the case. Since the 1960s, the concept of measurement in accounting has been gravely misunderstood. This has led to unfortunate consequences, particularly for the concept of an asset. These two concepts are now in sore need of redefinition. Proper redefinitions, however, are nicely consonant with fair value accounting.

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