Przesłanki i ograniczenia stosowania wartości godziwej w regulacjach rachunkowości
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REASONS AND LIMITATIONS OF FAIR VALUE APPLICATION IN ACCOUNTING REGULATIONS
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The great controversy of fair value measurement in financial reporting could be explained in terms of accounting theory orientations. Critique of fair value is often made from the position of transaction (information) school of accounting, whereas it represents the value school. The true difference between opponents seems to stem from their trust in accounting and the accounting system efficiency as a tool to overcome information asymmetry between managers and equity owners. The arguments against fair value refers to (1) the process of valuation and (2) the consequences of fair value. The process of fair valuation could be a source of material risk, but it may be outweighed by the financial reports users benefits.
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