| Fair value has aroused extensive attention since the date of its birth. It is always one of the most challenging hot and hard issues in the frontier of the international accounting. More and more countries and areas apply fair value, however, the application of fair value twists through the development. Responding to the financial crisis, how to improve the theory and application of fair value is a international focus. The dissertation study the internal control over fair value application, to improve fair value measurements and disclosures, and some suggestions on control activities are provided for applying fair value.This paper reviews the application of fair value and reviews literature of internal control over the application of fair value. The extensive application of fair value up to three factors, the improvement of valuation techniques, the improvement of theory of fair value internal control, and the development of capital market.According to stakeholder theory, the nature of internal control is a contract equipment to continuously balance interests of stakeholders. Stakeholders and the application of fair value are interacted. Relevant control activities over the process for fair value measurements and disclosures have relationship with stakeholders both in and out of the company . Design of control activities include, responsibility and authority of stakeholders, control activities over fair value option, measurements and disclosures.Considering limitations of relevant control activities over the process for fair value measurements and disclosures, supporting measures are called for the effective implement of the control activities.The main contributions of the dissertation are, study from management point of view, considering different responsibility and authority of stakeholders, design control activities over fair value option, measurements and disclosures according to business process, and study the control activities over valuing fair value in an market that is not active on the basis on latest information. |
