ABSTRACT
How many paragraphs are there about fair value in the International Accounting Standards Board’s (IASB) Conceptual Framework? I suspect many would be surprised that the correct answer is ‘None’. Strictly speaking, the IASB’s current Conceptual Framework is the one published in 2010 (IASB 2010). It took forward much unchanged material from the original ‘Framework for the Preparation and Presentation of Financial Statements’, which was originally published in 1989. So, the 2010 Framework continues to list the measurement bases that were set out in 1989 – historical cost, current cost, realizable (settlement) value and present value 1 . Fair value is not mentioned.
