The Post-financial Crisis Era Of Fair Value Accounting

After the outbreak of the financial crisis, people pay more and more attention to fair value, inspire heated debate over the issue of the survival of fair value, and generate new thinking. After tracking the recent research on the calculation of fair value, this debate on the fair value of the temporary has been closed. But the matter was not finally settled. Therefore, it is necessary to make more researches on fair value for a fuller understanding to promote the development of accounting.The debate of fair value concentrated mainly in operational, reliability and transparency. And how to improve the fair value of the relevant provisions to develop practical operational guidelines becomes focus of the parties. China, as a represent of emerging market countries, not only pay closely attention to the IASB and the FASB on fair value of the amendment, but also actively participate in international discussions. Now the new guidelines basically achieved with the international convergence of accounting standards. But it is also necessary to continue with the full IFRS convergence and actively take part in international discuss. We should research China's special circumstances and specific issues, and positive to the IASB in order to formulate suitable guidelines for emerging countries economies. At present, our country has entered a period of accelerating economic development. However, the fair value measurement highly relies on judgments and estimates. Higher performance is required for the level of the enterprise's internal control. Hence, we should enhance the level of internal control and strengthen the fair value accounting from subjective and objective aspects.This article concerns about fair value measurement issues and focuses on the application of fair value. The first part introduces the background and significance of the topic, reviewing the research results at home and abroad on the fair value. The second part describes the basic theories and relevant content of fair value. The third part introduces the application of fair value in U.S. GAAP and International financial reporting standards. The fourth part discusses the application of fair value in new accounting standards of China. It gives analysis and evaluation of new accounting standards on the application of fair value. Finally, on the basis of concerned requirements of internal control and fair value, the paper brings forward suggestions about how to improve the level of internal control in order to better adapt fair value in China.