EuroEconomica, Vol 32, No 2 (2013)

Roadmap for Convergence Regarding the Fair Value Concept

Ionica Oncioiu


The new concept regarding harmonization or the convergence is concerning all together the professional organizations and the users of this concept of the fair value. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) created a uniform outline for how to measure fair value for entities around the world. Although, the conceptual frameworks were published some time ago, we have witnessed a meteoric rise in the use of faire value as a measurement basis in financial reporting. The great challenge in recent decades is related to the identification of methods and indicators able to measure the effects that faire value produce in the new economy. Thus, the most recent studies have focused on developing tools to facilitate a better understanding and representation of faire value, meaning of this concept recognized and presented in a form without substance and in a substance without form. The present paper aims to capture the efforts made so far to assess and clarify need for convergence of this revolutionary concept in the context of new economy.


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