The Use of Fair Value in IFRS

Authored by: David Cairns

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


 Download Chapter



The implementation of International Financial Reporting Standards (IFRS), particularly in the European Union, has led to frequent comments that IFRS are ‘fair value-based standards’ and that the IASB is moving inexorably towards full fair value accounting. There appears to be a widespread belief that IFRS require all assets and liabilities to be measured at fair value and all the resulting changes in fair value to be included as gains and losses in the income statement. As this chapter 1 will show, these views suggest a lack of understanding of, and confusion about, IFRS. They also bring into question the understanding and application of existing national GAAP and historical cost accounting.

Search for more...
Back to top

Use of cookies on this website

We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more in our Privacy Policy. By continuing to use the site you are agreeing to our use of cookies.