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An overview of fair value accounting Dr. Chakraborty Kaushik Assistant Professor, Department of Commerce, Netaji Mahavidyalaya, Arambagh, Hooghly-712601, West Bengal, India Online published on 8 May, 2019. Abstract Accounting standard-setters of the world have already emphasized on the concept of Fair Value Accounting (FVA) and also implemented this concept in the accounting standards. There is a prominent controversy between fair value-based financial statements and historical cost-based financial statements regarding their contribution towards giving better view of the financial performance and position of a business to its stakeholders. Against this backdrop, the present paper sketches an overview of the fair-value based accounting system and concludes that there is an urgent need for introduction of uniform model of fair value measurement by making a joint effort by the leading accounting standard-setting bodies of the world in order to minimize discrepancies in financial reporting. Top Keywords Fair Value Accounting, Financial Reporting, Accounting Standard. Top | |
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