Routledge Companion to Fair Value in Accounting

<p>The concept of fair value marked a major departure from traditional cost accounting. In theory under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings.</p><p></p><p>Comprising contributions from a unique mixture of academics standard setters and practitioners and edited by internationally recognized experts this book on a controversial and intensely debated topic is a comprehensive reference source which:</p><p></p><ul> <br><br><p></p> <li>examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement setting out the case for and against</li> <br><br> <br><br><p></p> <li>looks at fair value from a number of different theoretical and practical perspectives including a critical review of the merits and arguments against the use of fair value accounting</li> <br><br> <br><br><p></p> <li>explores fair value accounting in practice involvement in the Great Financial Crisis implications for managerial reporting discretion compensation and investment</li> <br><br> </ul><p></p><p>This volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in studying or researching the areas of international accounting financial accounting and reporting.</p>