The Pros and Cons of Fair Value Accounting in a Globalized Economy
讨论了公允价值会计在全球化经济中的利弊，指出其主观性和管理层判断的争议，但认为它更适应信息经济需求，未来重要性将增加。
Fair Value Accounting is not a new concept, either in business decisions or in financial reporting. Nonetheless, due to big changes that took place over the last 20 to 30 years in the worldwide economy and the influence of the 2007 financial crisis, it has reemerged as one of the “hottest topics” on the agenda of Accounting Standards setters both under U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standard (IFRS). Current research seems well balanced across the pros and cons of fair value, lending ammunition both to those “in favor” and to the “opponents” of fair value accounting. Subjectivity, estimates, and managerial discretion permeate the concept, definition, and measurements of fair value, leaving such measurements open to an aggressive use of judgment and estimates. However, fair value accounting is more closely related to the needs of a globalized and information-based economy and is likely to grow in importance and use in the future. This article discusses evidence and summarizes some current papers on the informational impact of fair value measurements on market participants.