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ISSN: 2344 - 102X
ISSN-L: 2344 - 102X
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Article from Volume 8, Number 2, Year 2020| FAIR VALUE - ACCOUNTING CONCEPTS AND IMPLICATIONS | 
Download | | Author(s): Veronica Grosu | | DOI: 104316/EJAFB.2020.8213 | | Abstract: International financial reporting standards IFRS represent a new frontier for studies related to financial statements, practical a fundamental pillar to support the process of accounting financial harmonization at European and global level. In this context, in 2012, or rather 2013, if we consider the year of adoption, we would witness the introduction of a new international accounting standard, which aims to introduce an accounting accounting method, considered innovative in terms of valuing the elements of assets and balance sheet liabilities. In other words, the valuation of these items is no longer limited to the historical cost, this valuation process has become much more flexible by introducing the fair value criterion. This paradigm shift, together with the economic events that have taken place as a result of the current financial crisis, have given rise to new heated debates on the regulation of financial markets and the interventions needed to guarantee economic stability at the level of European companies and to standardize the structure of the components that make up the mandatory financial reporting. The objective of this paper is in this context, starting from the requirements imposed by the new IFRS 13, but also from the pros and cons of the non-academic environment and practitioners regarding the valuation of assets and liabilities in accordance with the fair value principle. | | Keywords: Fair Value, IAS/IFRS, Financial Reporting, Accounting Policy | References:
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