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FAIR VALUE VERSUS HISTORIC COST: ADVANTAGES AND DISADVANTAGES
Abstract
For any Romanian specialist who is in a high stage regarding the perception and understanding of international accounting standards, it is quite easy to realize that at their basis are two important categories of principles: the principles of recognition and the principles of measurement.
Recognition is the process of incorporating an accounting element in an entity's financial statements. This process is an indispensable process for the entity, but using the methods used within it, the entity may alter, "cosmetize" and artificially reinforce its financial ratios.
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References
Grosu V., Horga P., Consideration regardin IFRS 3 Business Combination, http://steconomiceuoradea.ro/anale/volume/2008/v3-finances-banks-accountancy/226.pdf
MateÈ™ D., Socoliuc M., Grosu V., Consideration the just value of finacial instruments according to the IAS 32 and IAS 39, https://www.ceeol.com/search/article-detail?id=188619
Socoliuc M., Grosu V., Financial instruments evaluation and the difficulties of economic and financial communication, Annals of the â€Constantin BrâncuÅŸi†University of Târgu Jiu, Economy Series, Issue 2/2015
Stanadardele Internaționale de Raportare financiară, Editura CECCAR , București ,2015
IAS 16 Property, Plant and Equipment, https://www.iasplus.com/en/standards/ias/ias16
IAS 32 Financial Instruments: Presentation, https://www.iasplus.com/en/standards/ias/ias32
IAS 36 Impairment of Assets, https://www.iasplus.com/en/standards/ias/ias36
IAS 41 Agriculture, https://www.iasplus.com/en/standards/ias/ias41
IFRS 3 Business Combinations, https://www.iasplus.com/en/standards/ifrs/ifrs3
IFRS 7 Financial Instruments: Disclosures, https://www.iasplus.com/en/standards/ifrs/ifrs7
IFRS 9 Financial Instruments, https://www.iasplus.com/en-us/standards/international/ifrs-en-us/ifrs9
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