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
AbstractThis research studies, through a content analysis of the comment letters to the IVSC project on fair value determination of intangible assets, 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 have come to the conclusion that, among respondents, accountants are more reserved than valuators in what regards the IVSC regulating of the fair value measurement. The Anglo-Saxon respondents are more open to accept the IVSC DP as compared to respondents from other countries, hence the IVSC legitimacy to develop fair value measurement standards. Generally, we consider that accounting bodies, rather than valuation bodies, should have legitimacy to develop fair value measurement standards.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 16850.
Date of creation: 2009
Date of revision: 2009
fair value; professional standards; valuation techniques; guidance; project acceptation; value hierarchy;
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