Home  Journals  International Accounting  43(241) - 2012 November

Historical review of concept of fair value

Available online: 21 November 2012

Subject Heading: ON THE WAY TO THE INTERNATIONAL STANDARDS

JEL Classification: 

The article presents a historical overview of the main stages in the development of the fair value. The study of legal documents and scientific studies in the evaluation of assets and liabilities shows that the concept of fair value is not fundamentally new stage in accounting. The fair value existed as a part of cost/current value measurement model from the mid nineteenth century and up to 1970s. It is suggested that further development of the concept of fair value will continue in the mixed measurement model.

Keywords: fair value, measurement base, financial statement, IFRS

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ISSN 2311-9381 (Online)
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