| The financial crisis has given rise to the argument between the authorities of finance and accounting areas on the existence of fair value. Although the dust of the fight seemed fading now and there were some certain conclusions on the fair value's role during the financial crisis period, but it is not negligible of the fair value's defects. The study on the relationship between fair value and financial crisis and the reformation of fair value after crisis were becoming the focuses of accounting, financial departments and relevant organizations, etc.This thesis reviews the occurrence and development of the financial crisis once again, analyses the reasons, and sums up the economic impact of it. In the essay I indicate explicitly that fair value is not perfect, and the fair value reformation in the past financial crisis period is a long game playing procedure among all kinds of the interest groups. The summarize documents part narrates the accounting object, quality characteristics of accounting information, the definition and nature of fair value, and some other relevant theoretical research areas, then sums up the relevant research achievements of native scholars. In the following section, I state the utilization and developmental process of fair value primitively, illustrate the relationship of fair value and the crisis and its role during the crisis, dissect the flaws of fair value in three hierarchic which was disposed by the crisis. Subsequently, I tried to define the past-crisis period and illustrate its characteristic. I also deem that the difficulties what the reform of fair value was faced with is not the technical items but the theoretical factors such as direction and conception etc. I suspect the rationality and necessity of the effective market hypothesis base. Finally, I consider that correct the knowledge of fair value and amend the structure of financial statement would improve the transparence and serviceability of the financial information. |
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