2009 | 2009(53(109)) |
Article title

Fair value as a measurement category

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Polish and international accounting regulations provide for two models of assetsvaluation. The first one is the historical cost model, and the second is the fair valuemodel. Fair value is an accountant’s estimate of market value which is usually, but notnecessarily, equivalent to market price. Fair value determination is based on marketprice, but it is not restricted to a blind acceptance of market price as a measure of marketvalue. In an inactive or inefficient market, other indirect measures of value, such asvalue-in-use, replacement value or net present value, may be resorted to. The fair valueconcept is connected with the fair presentation/true and fair view concept. Since this isbased on financial statements using historical cost, the fair in fair presentation is not fairvalue so much as values which are reasonable under the circumstances.
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