Since listed companies will be required to prepare their consolidated annual accounts in accordance with IASB standards, from 2005 at the la test, the European Commission has recently modified the IV and VII Accounting Directives, in order to introduce fair value accounting for financial instruments. This way, companies can comply with IAS 39 and observe at the same time the European dispositions. Nonetheless, this is an important change in the European Accounting model, which has been up to now based on the historic cost, according to the principle of prudence. In this paper, we analyse the theoretical framework for this valuation criterion and provide some insight for its introduction in our environment. Moreover, we look into its possible extension to other accounting areas, following the latest trends in the international arena. A thorough literature revision is presented with regard to the use of fair value accounting in different areas. In the near future, similar avenues for research may be explored in the Spanish setting.
fair value, changes in EU directives, international environment, empirical evidence.
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