Crisis and fair values: Echoes of early twentieth century debates?

Détails

ID Serval
serval:BIB_E2B2309A6B66
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Institution
Titre
Crisis and fair values: Echoes of early twentieth century debates?
Périodique
The Accounting Historians Journal
Auteur⸱e⸱s
Markarian Garen
ISSN
0148-4184
Statut éditorial
Publié
Date de publication
2014
Volume
41
Numéro
1
Pages
35-60
Langue
anglais
Résumé
The recent global financial crisis has led to extensive criticism of the role of accounting and its use of fair value measurement in causing and spreading the crisis. This paper argues that the debate surrounding fair value vs. historic cost, and relevance versus reliability, is nothing new; it was at the center of early accounting discussions in the AAA (especially by A.C. Littleton and W.A. Paton), the AICPA (especially G.O. May), and the SEC. Although prominent accounting scholars and practitioners in postdepression 1929 focused on the use of historic cost, the paper discusses the decision of the IASB/FASB to move reliability to a secondary characteristic in its recent conceptual framework. This action ignores lessons learned from a century of research, teaching, and practice of accounting.
Création de la notice
05/05/2021 9:03
Dernière modification de la notice
06/05/2021 5:35
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