The Fair Value Of The New Accounting Standards And Its Application

Ministry of Finance in 2006 promulgated a new business accounting standards and application guidelines, a new business accounting standards in force is the biggest highlight of the fair value of the formal introduction of the concept and measurement attribute, and specifies the scope of application of fair value.Fair value is the development direction of accounting, the new "Enterprise Accounting Standards" achieved with the convergence of International Financial Reporting Standards, one marked by the full application of fair value. This also means that the fair value of the major problems facing our country has been by "whether it should apply" to "how should we apply", "what should be a better application of problem.In this paper, the theoretical origins and foundations and the concept of the fair value are innovative researched, from a theoretical discussion of the conceptual framework of the fair value accounting standards in our applications. At the same time through the United States, IASB and our fair value system, the practical application of comparative analysis, which found that China and the international application of the difference between the fair value, and avoid weaknesses, draw on advanced international experience, combined with China's actual conditions and put forward six suggestions for improvement:①learn from the U.S. development of guidelines for fair value measurement model and frame system;②been active in establishing a fair value measurement suited to a market economy environment;③to strengthen information disclosure, increased transparency;④with China's national conditions and specific issues and problems;⑤grasp the reliability of the "degree";⑥introduction of new technologies to obtain fair value. This paper argues that, based on price and the present value of the concept of fair value accounting in line with the law of historical development of society, on behalf of the future direction of financial accounting, breach of which will enable us to pay a heavy price. It is no exaggeration to say that the financial accounting conceptual framework for the establishment of China's difficulties and the success or failure, in essence, the entire department of the fair value of our views and choices. Because the conceptual framework for financial accounting, the fair value of the significance of not only a result of an independent accounting measurement attributes, in fact, it directly affects the conceptual framework from the accounting objectives, qualitative characteristics of accounting information to the accounting elements and the recognition, measurement and report on each of the different elements of reliance; no conceptual framework for high-quality there can be no high-quality accounting standards, it will bring a range of domestic and international political economic consequences.