Naslov
Application of the Fair Value Concept in Function of Achievement the Objectives of Financial Statement Users

Autori
Gulin, Danimir ; Hladika, Mirjana ; Mićin, Marina

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Country Experiences in Economic Development, Management and Entrepreneurship ; Proceedings of the 17th Eurasia Business and Economics Society Conference / Bilgin, M.H., Danis, H., Demir, E., Can, U. - Istanbul : Springer, 2017, 553-570

ISBN
978-3-319-46318-6

Skup
17th Eurasia Business and Economics Society Conference

Mjesto i datum
Venecija, Italija, 15.10.2015. - 17.10.2015

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
fair value ; valuation of economic categories ; accounting standards (IAS/IFRS) ; financial statement users

Sažetak
The International accounting standards or the International financial reporting standards (IAS/IFRS) implement the accounting principles and policies that enable the achievement of the objectives of financial statement users. One of the most important principles is the fair value concept, which becomes the dominant principle of measuring assets and liabilities at the date of statement of financial position, and which requires that companies, in their financial statements, report about assets and liabilities at their fair value. The fair value concept is basis of the modern system of financial reporting and the terms of truth, reliability, transparency and relevance are related with the fair value concept. The determination of fair value requires consideration of two perspectives: on the one hand the perspectives of the estimator and on the other hand perspective of the user of information about fair value. The main objective and purpose of the paper is to examine and analyse the accounting standards (IAS/IFRS) from the point of application of the fair value concept as required or allowed accounting policy for the measurement and valuation of the economic categories. Also, the aim of this paper is to explore the usefulness of the information about the fair value of assets and liabilities and the usefulness of the information based on fair value concept for financial statement users for purposes of making economic decisions. The paper critically evaluates the accounting standards (IAS/IFRS) with special reference to the application of fair value accounting in order to serve the interests of users of financial statements. The research results show that different users of financial statements have different interests, which means that the application of fair value concept contributes to achieving the interests of individual financial statement users, while the interests of other financial statement users have not been met. The above shows that the application of fair value concept leads to the fulfilment of the objectives of only a certain number of financial statement users. Also, the research results indicate that the implementation of fair value concept has significant influence on the qualitative characteristics of accounting information. In order to achieve the paper objectives, the analysis of relevant secondary literature sources is provided along with the application of inductive and deductive methods, methods of analysis and synthesis, comparative method and descriptive method.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA