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ИД «Финансы и кредит»






International Accounting

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Assets fair value measurement in Russia: A comparative analysis, issues and solutions

Vol. 23, Iss. 11, NOVEMBER 2020

Received: 26 October 2020

Received in revised form: 30 October 2020

Accepted: 5 November 2020

Available online: 13 November 2020


JEL Classification: G12, G32

Pages: 1220–1239


Kosorukova I.V. Moscow University for Industry and Finance Synergy (Synergy University), Moscow, Russian Federation


Abalakin A.A. Moscow University for Industry and Finance Synergy (Synergy University), Moscow, Russian Federation

ORCID id: not available

Subject. The article discusses the assumptions and methods for measuring the fair value of assets for various purposes in the Russian practice.
Objectives. The study analyzes and examines the application, concept and methods for the fair value measurement. We also suggest how entities should avoid errors in financial and administrative decision-making processes, when referring to the fair value.
Methods. In this study, we rely upon the methods of synthesis, deduction, induction, and analysis of relevant special literature and regulatory documents.
Results. The Russian practices of fair value were found to have several practical applications, which differ by purpose, substance and generation techniques, which cause identical assets to be different in value, and incorrect financial decisions. The assumption on the open market sale or sale between a certain seller and buyer, and the application/non-application of the best use principle were discovered to serve as key criteria and reasons generating the fair value, which causes its measurements to differ. The article provides the rationale for ensuring the consistency of the substance and methodology for the fair value generation for various purposes in the Russian regulatory documents or using the alternative terminology to denote the value generated differently from the fair value at the initial source.
Conclusions. The conclusions can serve for further formulating theoretical principles for fair value measurements in financial accounting of profit-making entities and public institutions. They also can be used to measure the fair value of pledges, converge or develop new regulatory documents in Russia in terms of the substance and methodology for measuring the fair value, preventing errors in financial and administrative decision-making based on the fair value of assets, which is measured for various purposes.

Keywords: fair value, valuation method, effective use


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