The issues of Russian companies' assets and liabilities measurement at fair value are most complex and disputable. They depend on numerous problems relating to convergence of Russian regulations with the rules of International Financial Reporting Standards. The main reason of these difficulties is the fact that despite the proposals of researchers to use different valuation basis, including replacement cost, market value, residual value and fair value, and analyze their implications for accounting records and accounting and financial statements, Russian statutory regulations prescribe valuation at market prices only in exceptional instances. Most of the national accounting and reporting standards apply historical cost to value accounting objects. However, the convergence of Russian Accounting Standards with International Financial Reporting Standards necessitates stepping up the analysis of advantages and disadvantages of using fair value. The article presents the author's viewpoint on the problem, which depends on the purposes of presentation to interested users of accounting and reporting information generated based on fair value measurement of accounting objects. Given the current developments in economy transformation, increasing signs of crisis, trends in capital flow and stock market development, American practice of applying fair value, prevalence of 'short-termism', i.e. focus on short-term gains rather than long-term success or stability in the American accounting practice, which is conditioned by speculative nature of the main volume of transactions in capital markets, the author concludes on the need for in-depth analysis of consequences of applying fair value when generating financial statements by Russian companies. The national securities and financial instruments market development should be the key approach to fair value measurement.
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