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Home > QFINANCE Dictionary > Definition of fair value accounting

Definition of

fair value accounting


record keeping based on original cost of items the preparation of accounts on the basis of historical cost, with assets valued at their original cost of purchase.

Related definitions of "fair value accounting"

Recommended Further Reading (Term count)
  • Fair Value Accounting: SFAS 157 and IAS 39
    by Kevin Ow Yong
    Recent initiatives by both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have increased the use of fair value accounting for financial reporting across many jurisdictions around the world. There are many issues surrounding fair value accounting. This article outlines the main measurement issues contained in the fair value accounting standard used by the FASB (SFAS 157), and that used...
  • Why Accounting Needs To Be More Business-Centric
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    There is no doubt that the thrust of IFRS is complicating accounting for companies and making it more complex and more detailed. For the ordinary man in the street, it is making company accounts less easy to understand. The bottom line is that it is costing businesses more money to produce accounts than it used to, and this additional spend is not necessarily generating more clarity. So why are we doing it? This question is very difficult to...
  • Auditing in Volatile Markets
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    There is no doubt that everything is much more fraught when markets are crashing. These circumstances make management’s life much more difficult. In a very uncertain environment, when all the figures, the key numbers for a company, are in play, it becomes particularly challenging for both management and auditors. For a start, very volatile markets create in turn a great deal of volatility in corporate balance sheets, and users of accounts do not...
  • Solutions to the Current Crisis
    by Jean-Claude Trichet
    Jean-Claude Trichet is an Inspecteur géné des Finances and Ingénieur civil des Mines. Between 1978 and 1998 he held numerous positions from Head of International Affairs and Director of the Treasury, to Governor of the Banque de France and Alternate Governor of the International Monetary Fund and the World Bank. He was also Chairman of the Monetary Policy Council of the Banque de France, a member of the Council of the European Monetary...

Definitions of ’fair value accounting’ and meaning of ’fair value accounting’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’fair value accounting’ and other financial terms with our online QFINANCE Financial Dictionary.

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