Title: The Defects of International Accounting Principles under Global Financial Crisis——A Reflection Based on the Mode of Fair Value
Abstract: This paper first surveys the international accounting principles under the conditions of financial crisis,and reflects on the potential problems of fair value accounting.Then analyzes and discusses international accounting standards from three aspects.First,the current international accounting standards relating to fair value accounting measurement attributes,measurement standards,the existing defects,causes of defects and its serious impacts.Second,the effective solution to the contradictions between internationalization and nationalization.Third,the world's financial regulatory environment,the inherent relationships between fair value accounting and the financial regulators.As for this point,the author stresses that the global financial supervision should focus on cultural differences among countries and pay attention to the coordination of common and individual characteristics between the global and each country.Finally,the paper puts forward its own viewpoints: First,the rub of the fair value accounting is its inaccurate recognition elements,which will inevitably lead to the inaccurate measurement;and also the intangibility of measurement standards owing to the intangibility of financial instruments measurement attributes.Second,it can not resolve the negative impacts of financial crisis even if the overall application of the fair value accounting.Third,China should be careful enough to apply the fair value accounting.
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: article
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