Different approaches to accounting involve different, often implicit, assumptions as to the functioning of the monetary and financial system. In particular, fair value accounting, unlike historical cost accounting, relies on the assumption of asset (and liability) market liquidity, and may...

Fair value refers to current values as the backbones of accounting measurements. Current value follows the efficient financial market (EFM) hypothesis - which abstracts away from economic realization - as guidance for the financial market investment process through ignorance and hazard. This...

When international accounting standards were renamed to become international financial reporting standards, this seemed to imply that accounting no longer needed to exist, but rather had to be reconsidered as a part of financial communication and advertising. Does traditional accountability no...