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FAIR VALUE AND VALUE IN USE: AN IMPROVEMENT OVER HISTORICAL COST?

Accountancy Ireland, 2013-06, Vol.45 (3), p.59

Copyright Institute of Chartered Accountants In Ireland Jun 2013 ;ISSN: 0001-4699

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  • Title:
    FAIR VALUE AND VALUE IN USE: AN IMPROVEMENT OVER HISTORICAL COST?
  • Author: Cao, Tongyu ; Donnelly, Ray ; Shaari, Hasnah
  • Subjects: Book value ; Cost accounting ; Discounted cash flow ; Earnings management ; Fair value ; Financial performance ; Fixed assets ; GAAP ; Historical cost accounting ; International Financial Reporting Standards ; Market prices ; Valuation
  • Is Part Of: Accountancy Ireland, 2013-06, Vol.45 (3), p.59
  • Description: Historical cost valuation has long been a mainstay of accounting practice. Its pervasiveness is largely based on its objectivity and hence reliability. Nonetheless Irish/UK GAAP has allowed selective departures from historical cost in the valuation of certain fixed assets for a considerable length of time. The introduction of IFRS has brought additional departures front historical cost accounting that would not have been permitted in the past. In this article the authors consider International Accounting Standard 36 and examine the potential scope this standard affords companies to either enhance their financial reporting or obfuscate their true financial performance. They focus in particular on the potential that reversing a previous impairment charge provides for managing earnings or disclosing relevant and timely information. In this article they concentrate on departures from historical cost valuation that pertain to non-financial non-current assets.
  • Publisher: Dublin: Institute of Chartered Accountants In Ireland
  • Language: English
  • Identifier: ISSN: 0001-4699
  • Source: ProQuest Central
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