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    Rights statement: This is the peer reviewed version of the following article: McDonough, R, Panaretou, A, Shakespeare, C. Fair value accounting: Current practice and perspectives for future research. Journal of Business Finance and Accounting. 2020; 47: 303– 332. doi: 10.1111/jbfa.12447 which has been published in final form at https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12447 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.

    Accepted author manuscript, 1.24 MB, PDF document

    Embargo ends: 14/03/22

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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Fair Value Accounting: Current Practice and Perspectives for Future Research

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<mark>Journal publication date</mark>1/03/2020
<mark>Journal</mark>Journal of Business Finance and Accounting
Issue number3-4
Volume47
Number of pages30
Pages (from-to)303-332
Publication StatusPublished
<mark>Original language</mark>English

Abstract

A fundamental issue debated in the accounting literature centers on the appropriate basis for which to measure firms’ assets and liabilities. During the last several decades, scholars have generated a growing body of important insights about the use of the fair value measurement attribute in financial reports around the globe. In this paper, we provide an overview of the institutional background of fair value accounting and the associated accounting standards that prescribe the use of fair value measurements under International Financial Reporting Standards and Generally Accepted Accounting Principles in the US. We discuss and document the extent to which firms across different industries and accounting regimes recognize and disclose in their financial reports assets and liabilities measured at fair value and we reflect on aspects of the fair value accounting literature. In doing this, we identify several areas in which additional research can further our understanding of fair value measurements and disclosures.

Bibliographic note

This is the peer reviewed version of the following article: McDonough, R, Panaretou, A, Shakespeare, C. Fair value accounting: Current practice and perspectives for future research. Journal of Business Finance and Accounting. 2020; 47: 303– 332. doi: 10.1111/jbfa.12447 which has been published in final form at https://onlinelibrary.wiley.com/doi/abs/10.1111/jbfa.12447 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.