| End of the 20th century, the fair value in developed countries has generated considerable discussion. At present, the fair value has become the United States generally accepted accounting principles and international accounting standards based on the preferred standard measurement and follow-up measurement of financial instruments as the primary attribute. The fair value of a late start in China, and as a result of China's national conditions, its application is not plain sailing, and its application can be experienced from scratch after the first advocate to avoid re-introduction process. China's use of fair value has been more cautious, but in order to ease the pressure of accession to the WTO and the measures to solve new problems in the international convergence of accounting standards of the background, in February 2006, China's Ministry of Finance issued a new Accounting Standard for Business Enterprises, including a basic criteria for 38 specific criteria. Re-introduction of the new criteria based on the fair value measurement is a major bright spot, a clear accounting to the fair value measurement as one of the attributes, and in 17 specific accounting standards in use to varying degrees, the measurement of attributes, indicating that the international convergence of accounting step a substantive step, with an indication of China's market economy and maturing. Fair value measurement attribute that to ensure the relevance of accounting information is more an advantage, because the fair value of assets can give a true reflection of the economic interests of enterprises, more accurately reflect the ability of corporate management, solvency, accounting help information related to the user make the right decisions. However, the implementation of some of China's lack of experience, in line with international standards in the process, there are still some problems and differences. In this context, this article from the theoretical and empirical research to explore two aspects of the fair value of the new accounting standards in China and its implementation results.First of all, the fair value at home and abroad Research on the fair value of the theoretical basis described in detail. Secondly, the quality of accounting information from the two—the main features of reliability and relevance of research to regulate. Third, in this article to a listed company of China's financial industry for the sample of empirical studies whether the implementation of fair value accounting information to enhance the explanatory power. Price model through the empirical results show that the fair value of financial assets at the end of significant accounting information to enhance the explanatory power of the shares, has significant incremental value relevance; revenue model empirical results show that the amount of fair value with changes in the value of the incremental explanatory power. Finally, norms and the basis of empirical research, pointed out that the fair value at the present stage in China's use of the existing problems and put forward corresponding countermeasures. |
