Article2004

Application of the Fair‐Value Concept: Evidence from Australian Legal Decisions

14 citations0/0 files storedAustralian Accounting Review

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Financial Reporting and Valuation Research

Abstract

The concept of “fair value” is increasingly being incorporated into Australian and international accounting standards and pronouncements. The fair‐value concept has also been established and developed in Australian legal cases, and an examination of pertinent court decisions is of interest to accountants. By examining and analysing relevant cases, the paper highlights some of the principles and difficulties involved in operationalising the fair‐value concept for accounting and legal purposes, particularly in situations where the asset being valued is subject to imperfect or incomplete markets.

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1982Financial Reporting: An Accounting Revolution.2000‘Fair Value’ for Financial Instruments: How Erasing Theory is Leading to Unworkable Global Accounting Standards for Performance Reporting 2000Practice versus Prescription in the Disclosure and Recognition of Derivatives 2008Adoption of International Accounting Standards 2000Issues in the Drive to Measure Liabilities at Fair Value

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2012Globalization and Contextual Factors in Accounting: The Case of Germany

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