本篇文章主要是讲公允价值的基本理论，在进一步界定公允价值的过程中，财务会计准则(FAS) 157具有相当的规定性。根据FAS 157，公允价值可以定义为在计量日，参与者之间在有序交易中出售资产或支付转移负债的付款所收到的价格(Ramanna, 2008)。根据《财务条例》第157条，制定了一个披露和衡量公允价值的框架。事实上，FAS 157中最重要的属性是对财务报表的关键要求，它将财务报表分为三个不同的层次，描述用于建立公允价值的投入所能感知到的可靠性。惠誉(2009)将这一要求描述为公允价值层次。本篇布拉德福德论文代写文章由英国论文通AssignmentPass辅导网整理，供大家参考阅读。
In further defining fair value, Financial Accounting Standard (FAS) 157 has been quite prescriptive. According to FAS 157, fair value can be defined as the price to be received for selling an asset or for making payment in transferring a liability in an ordered transaction among participants at the dates of measurement (Ramanna, 2008). Under FAS 157, a framework has been placed for disclosure and measurement of fair value. As a matter of fact, the most significant attribute in FAS 157 is the key requirement for setting out statements of finance in three different levels describing the reliability to be perceived in inputs used for the establishment of fair value. Fitch (2009) described this requirement as the hierarchy of fair value.
Further being less prescriptive from the perspective of economics and accounting, fair value can be referred to as an unbiased and rational estimate of the potential price of an asset, service or good in the market. This takes into consideration objective factors as follows (Song et al., 2010):
Costs of close substitutes, replacement costs, and distribution or production or acquisition cost
Actual utility over a specific level of development for the capability of social productivity
Demand versus supply
In addition, there is a need for considering subjective factors as follows(Laux & Leuz, 2009a):
Characteristics of the risk
Return on and cost of capital
Utility perceived individually
In terms of accounting, there is use of fair value as a certainty for the market value of a liability or an asset for which there can be no determination of the market price, mostly because of no market is established yet for the particular asset (Barth et al., 2001).
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