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CONSIDERATIONS ON APPLYING FAIR VALUE IN ROMANIA

Keywords: fair value , empirical study , historical cost , evaluation

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Abstract:

The disadvantages of preserving an accounting system based on historical cost and the need to adapt the accounting model to the investors’ requirements, has made it necessary to find solutions; one such solution is to use other valuation bases, instead of historical cost. The reshaping of the value-based accounting model consists of reconsidering the basic principles of valuation, allowing accountancy to progress from the system of historical cost to that of fair value. The concept of fair value has been the source of vivid debates with regards to its meaning in contemporary accountancy, both in theory and in practice. Due to the ever increasing importance of the concept of fair value, particularly visible lately, we have decided it was relevant to focus our research work on the analysis of how this concept was adopted in Romania.

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