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Corporate Control and Governance

C/F/758. Fair Value Accounting: a review of the literature

WORDS:
2600
DATE:
2010
PRICE:
29.99 GBP

The paper examines the world of fair value accounting which has been in use for over 50 years. However, in recent times, events such as the Enron scandal and the credit crunch have cast doubts over the reliability of fair value accounting. Supporters of the method claim that it is more useful for investors and decision-makers, because it reflects the actual market value of assets and liabilities. However, the method has attracted criticism over issues of accuracy, reliability and the possibility of fraud. The paper therefore looks at alternatives to fair value accounting (accrual accounting) through the extensive literature which exists on asset protection, economic theory and corporate governance – the analyses of Adkisson, Barney, Ryan, O’Brien, Oxley, Farrel and Benston – and references to Federal Reserve sources and records. Calculating fair value, the hierarchy of fair value accounting, and fraud and risk management are also covered.

 

KEYWORDS: Fair Value Accounting, corporate finance, corporate governance, accrual accounting,

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