The Case for Fair Value

Authored by: Ian P. N. Hague

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.ch4

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Abstract

Previous chapters in this book have explained the nature of fair value, as well as how that term is used in existing International Financial Reporting Standards (IFRS) and is used in Statement of Financial Accounting Standards No. 157 (FAS 157), 1 issued by the United States Financial Accounting Standards Board (FASB) in September 2006. The International Accounting Standards Board (IASB) proposes to make its definition of fair value convergent with that of the FASB. Thus, the IASB and FASB should soon have a common definition and use of the term ‘fair value’ to be applied whenever that term is referred to in accounting standards. Chapters 2 and 21 have also documented the increasing use of fair value by accounting standards setters.

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