The Study Of Fair Value Accounting In The Post-financial-crisis Era

Since the burst of the American supreme crisis in the end of2007, fair value measurement and disclosure of financial instruments in the non-active market become focus in the field of international finance and accounting, fair value accounting was blamed for its pro-cyclicality. which appears in the supreme crisis. After entering the financial crisis era, Internationally, IASB and FASB actively co-operating, issued a series of work reports and Staff position. At the same time, China also pay close attention to the progress and influence of the application of fair value accounting, is stepping up with the international convergence of accounting standards.Fair value is a world puzzle, before the financial crisis, fair-value accounting is in the process of being perfect, financial crisis just makes some of these problems become more prominent. Firstly, this paper defines the post-financial-crisis era and summarizes the problems of fair value in this era as fair value measurement and disclosure of financial instruments in the non-active market and so-called pro-cyclicality problem. Secondly, this paper argues that fair value is supposed to insist, there are three reasons for this:fair value has its profound theoretical foundation, fair value is not the root causes of financial crisis, and going back to the historical cost has great harm. Finally this paper focuses on the two problems need to be solved urgently in the post-financial-crisis era, After the introduction the recent developments and achievements of FASB and IASB, this paper proposes improvements of fair value accounting when the market is no longer active in our country, pointing out that we should make is from standards formulation, quality ascension of accounting personnel and improvement of evaluation technology, as to pro-cyclicality problem, it is not caused by fair value, cannot fundamentally from accountant aspect to solve this problem, the accounting standards setters with regulators should strengthen dialogue and cooperation, take measures mainly from the regulatory aspect.