The use of fair value accounting has been debated in current literature. Studies based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), South Asian countries – India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), Turkey (Mısırlıoğlu et al., 2013), have consistently reported the challenge of using fair value accounting in those countries due to country-specific contextual issues.
- Explain the concept and the underlying assumptions of fair value accounting according to IFRS 13 Fair value measurement.
- Discuss the potential benefits of fair value accounting in relation to the quality of accounting information.
- Review the required readings (available at VU e-library, see point 6 below) and discuss the contextual issues of implementing fair value accounting in emerging economies.
- Analyse the use of fair value accounting in the accounting practice, by researchingfour companies’ financial reports in 2015. The four companies must beof the same industry membership. Two companies must be listed on your home country’s stock exchange, and the other two are listed on London Stock Exchange.
- Discuss if your findings are consistent (or contrary) to the accounting literature that you have reviewed.
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