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报告讨论了公允价值在会计学中提供有用的财务信息和相关信息的重要性，并且用户为他们的经济决策提供依据,借助实证研究报告发现,公允价值会计准则在这方面具有重要的作用,因为它为用户提供了有关及时决策和可比的信息。

报告还指明了公允价值会计的角色创建于2007年以来的全球金融危机时期。根据研究文献回顾,公允价值的测量没有解决危机但在资产流动性危机期间可能发挥了作用，并且公允价值业务是资产价值的一种方式。公允价值会计准则不应被废除,因为它仍然为绝大多数会计工作提供决策有用的信息。此外,历史成本会计无法替代它。

澳洲联邦银行使用公允价值是为了2009年财务报告而准备的，Woolworths公司一定的时期内有限使用了公允价值会计的财务报表。

The report discusses the role of fair value Accounting in providing useful and relevant information to users of financial information for making their economic decisions for the allocation of scarce resources. With the help of empirical research, the report finds out that fair value accounting has an important role to play in this regard as it provides users with relevant, timely and comparable information for decision making.

The report also looks into the role of fair value accounting in the creation of global financial crisis of 2007-onwards. According to the research literature reviewed, fair value measurements didn’t create the crisis but might have played a role in exacerbating it failed to work when the assets started becoming less and less liquid during the crisis and the business’s could not find a way to value these assets. Fair value accounting should not be abolished because it still worked for measuring a vast majority of assets and it provides decision useful information. Moreover, historical cost accounting could not be an alternative to it. Therefore, a fine line would have to be found.

Commonwealth bank of Australia had made considerable use of fair value accounting for the preparation of its 2009 financial reports whereas Woolworths Limited had made limited use of fair value accounting for its financial statements for the same period.

According to International Accounting Standard (IAS) 39 issued by International Accounting Standards Board (IASB), fair value is defined as “the amount for which an asset could be exchanged or liability settled between knowledgeable, willing parties in an arm’s length transaction”. In United States (US), Financial Accounting Standards Board (FASB) also defines the fair value likewise. Fair value accounting (FVA) refers to the use of fair value to measure assets and liabilities that appear on a firm’s balance sheet and income statement. The use of fair value to measure assets and liabilities may impact the income statement of a company.

Fair value is used to measure a wide range of bank and non-bank financial instruments under both International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). Fair value measurements are also used for increasingly complex and less liquid financial instruments. Both IFRS and US GAAP classify fair value of financial instruments under a three-tier framework: as the observable market price of an instrument (Level 1), or observable market price of a similar item (Level 2), or the result of a financial valuation model (Level 3). See, Statement of Financial Accounting Standards (SFAS) 157 and IAS 39. Currently, IASB is working on a project to converge its views on fair value accounting and measurement with that of FASB. Last year, an Exposure Draft (ED) was issued in this regard. IASB is expected to issue a new standard on FVA in 2010.

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