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Enlightenment value theories and the three levels in fair value accounting
Accounting History Pub Date : 2020-07-09 , DOI: 10.1177/1032373220934895
Tiago Cardao-Pito 1
Affiliation  

I cannot endorse Donleavy’s conclusion that “fair value” accounting is derived from the eighteen-century economic thinkers: Anne Robert Turgot; Richard Cantillon; and Adam Smith. In his well-written study, Donleavy seems to misperceive fair value accounting as the reporting of accounting items by their market values. However, fair value accounting also advocates a theoretical explanation of how market prices would be formed and why they would be fair values. It is important to clarify this point, because it leads to two subsequent conclusions. First, that the price/value theory in fair value accounting is quite distinct from Turgot, Cantillon and Smith’s theories on the same matter. For instance, Cantillon and Smith suggested cost-based theories of value, where labor was the key element. Second, it is possible to distinguish fair value accounting from periods where the case for reporting accounting rubrics by market values was promoted based on other theoretical motivations.

中文翻译:

价值理论的启示与公允价值会计的三个层次

我不能赞同 Donleavy 的结论,即“公允价值”会计源自 18 世纪的经济思想家:Anne Robert Turgot;理查德·坎蒂隆;和亚当斯密。在他写得很好的研究中,Donleavy 似乎将公允价值会计误认为是按市场价值报告会计项目。然而,公允价值会计也提倡对市场价格如何形成以及它们为何是公允价值的理论解释。澄清这一点很重要,因为它会导致两个后续结论。首先,公允价值会计中的价格/价值理论与 Turgot、Cantillon 和 Smith 在同一问题上的理论截然不同。例如,坎蒂隆和史密斯提出了基于成本的价值理论,其中劳动力是关键因素。第二,
更新日期:2020-07-09
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