| The eighties of last century, more than 2,000 U.S. financial institutions have engaged in improper trading of financial instruments which led to a financial crisis in the history of this crisis fully exposed the defects at cost, studies show that application of fair value measurement of financial instruments, provided relevance of financial information than historical cost. The crisis led directly to the production of fair value measurement attribute. Since then, the International Accounting Standards Board, the Financial Accounting Standards Board and relevant agencies of other countries are carried at fair value on the positive studies, and have achieved certain results.Fair value accounting issues as workers around the world and on the active object of study, from the definition of fair value, the relevance of fair value, fair value method to determine the fair value of the audit, the application of fair value and Countermeasures-depth study of many aspects. At the same time, the fair value in the accounting practice gradually expands the fair value of the growing range of applications. Followed economic development makes economic exchange between countries become more frequent, which lead international convergence of accounting standards to an irreversible trend of the times. In the large environment of international convergence of accounting standards, China's negotiations for favorable market introduced in 1998, China made the first application of specific accounting standards in a fair value. However, the application of fair value became the means to manipulate profits, which give in some enterprises, the economic development of our country a negative impact. Because the market was staying at very low level of economic development, and enterprise management system remained some flaws. To limit the application of fair value, the Chinese Ministry of Finance revised its accounting standards in 2001. In order to avoid manipulation of corporate profits, the limitation of the application of fair value was taken. On the century, this measure was quite from the grow field of the world application.Now all the countries in the world are developing the economy actively, the emerging new things such a derivative financial instruments which are measured at fair value needs to be applied. The merits of the fair value itself are complied with the requirements of accounting measurements, which will improve the revelation of the financial information investment decisions. Given a number of reasons, the Ministry of Finance issued new accounting standards in 2006, in which the fair value measurement attributes were re-introduced. Also, the Ministry of Finance claimed that the listed companies were the first implementation ones from 1 January 2007. Badly, A short time after the new accounting standards issued, the supreme crisis presented in America, which led to a worldwide financial crisis. During the financial crisis, the fair value became the mainly criticized ones. Some people even argued that the fair value measurement attribute was the root of the financial crisis. Though the fair value was not the root of the financial crisis, it exposed many problems indeed. Such as regulation loss, the fault of the fair value theory itself; no application was taken during fair value application environment was lost, especially the effects of its pro-cyclical. All of these are enlightens which the fair value was applied during the financial crisis.The new accounting standards have been implemented for more than three years and what are the problems existing in the application of fair value in the enterprise, and what measures can be taken to improve the fair value application. Both of this is hope to the fair value application in our enterprises. In this paper, it mainly takes the use of standard research methods. First of all, it illustrates the relevant theory about fair value. Then, it gives a brief introduction about fair value literatures in Chinese and abroad. Moreover, the research of fair value application in the world is due to the experience of fair value application. More research about the problems that the fair value application in the enterprise were made. At last, some research results were shared with each are. The application of fair value in China, together with the acceleration of deep research experience, will be gradually improved. There will be a bright of fair value application. |
