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Research on Fair Value and Its Application in China

Author: LiuXiaoChun
Tutor: LiYuMin
School: Shanxi University of Finance
Course: Accounting
Keywords: fair value measurement attributes historical cost accounting measurements
CLC: F233
Type: Master's thesis
Year: 2006
Downloads: 493
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Abstract

Measurement theory is one of the core parts of accounting theory. For a long time, traditional accounting model is based on historical cost measurement. But since 1970’s, with the development of economy, great changes have taken place in accounting environment. Especially lots of derivative financial instruments come forth. The book value of accounting entity’s economic resource based on the historical cost can’t reflect its market value, which misleads the decision of users’of accounting information. To keep the information’s quality, a kind of economic value that can reflect real condition of enterprise resource and abandon the historical cost comes to birth. That is fair value.Nowadays fair value has been become one of the most important parts of many accounting standards in many countries, such as International Accounting Standards and Financial Accounting Standards in America, and the fair value has pervaded into other items’measurements and dealing methods. In our country, fair value was also involved in some accounting standards directly or indirectly. But since those standards were established, they had been used as the means to create mendacious accounting information in order to cheat the users. Therefore, the ministry of finance of our country–the standard-making institutions– had to decrease and restrict the use of fair value. Until new accounting standards were established on January 2006, fair value was confirmed again.Using fair value comprehensively is the tendency. But the research on it in our country lags as well practical operation. So there are deep theoretical and practical significance in studying on fair value measurement attribution. Based on it, this thesis will discuss the issue in terms of application of fair value in our country.This thesis is totally divided into four parts. First, in preface, it introduces the research background and meaning. Second, the first chapter introduces the measurement attributes existed, concept of fair value, and the relationship between fair value and other measurement attributes. This part is the basement of the paper. Third, the second chapter starts with several relative academic problems on fair value. And it is difficult for historical cost to cope with the situation gradually. So people require to modify it,and even to innovate it. The accounting information with fair value is not only highly relevant but also credible. It also demonstrates the feasibility of using fair value. This part is the most important part in this thesis. At last, the third chapter analyzes application situation of fair value in China, according to the present market environment. It also gives some perspectives of fair value’s using. This part is the foothold of the thesis. At all, the thesis proves that fair value has already been using in a lot of theories and methods, and the application of fair value has bright future in our country.

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