Legitimacy to Develop Fair Value Measurement Standards : The Case of the IVSC Discussion Paper – Determination of Fair Value of Intangible Assets for IFRS Reporting Purposes

This research studies, through a content analysis of the comment letters to the IVSC's project on intangible assets fair value determination, the legitimacy of this professional body, or of the accounting associations, to develop measurement standards specific to this accounting concept. At present, with the exception of FAS 157, no professional standard offers clear technical solutions for fair value determination for financial reporting purposes. We came to the conclusion that, out of the number of respondents, accountants were more reserved than valuators in what regards the IVSC regulating fair value measurement. The Anglo-Saxon respondents are more opened to accept the IVSC DP compared to respondents from other countries, hence the IVSC's legitimacy to develop fair value measurement standards. Overall, we consider that accounting bodies, rather than valuation bodies, should have legitimacy to develop fair value measurement standards