The “accounting global village” and Fair Value Method
Abstract
The objective of this essay, is to be able to know the impact of the valuation method called fair value accounting in the globalized world, understand their effects, the main criticism regarding the concept, relevance, reliability and comparability containing, and finally the effect thereof on the financial crisis of 2008.
The fair value is no new concept in financial reporting, to contario its appearance and use in the business world, dates back fifty years, primarily those that take place around the capital markets. In the environment of economic globalization the International Accounting Standards Board, IASB-sought and development of a common language of financial reporting, thus, created a conceptual framework, which has been growing stronger in the countries of the world, including Colombia.
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