In pursuit of legitimacy: a history behind fair value accounting

Georgiou, Omiros and Jack, Lisa (2011) In pursuit of legitimacy: a history behind fair value accounting. The British Accounting Review, 43 (4). pp. 311-323.

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Abstract

An examination of the history of attempts by regulators, practitioners and scholars from the mid nineteenth century to 2005 to establish an appropriate accounting measurement basis for financial reporting here leads to an evaluation of the likelihood of fair value accounting (FVA) practices becoming fully institutionalised. Using concepts drawn from theories of legitimation, it is shown here that historic cost accounting (HCA) only enjoyed an episodic legitimacy in the 1940s-70s and that prior and after this period mixed measurement incorporating market values is routinised. Although principles of FVA have been legitimised to an extent, it is argued here that this has resulted in the practice of mixed measurement bases being taken for granted.

Item Type:	Article
Faculty \ School:	Faculty of Social Sciences > Norwich Business School
Depositing User:	Omiros Georgiou
Date Deposited:	21 Feb 2012 11:03
Last Modified:	08 Aug 2023 16:30
URI:	https://ueaeprints.uea.ac.uk/id/eprint/37239
DOI:	10.1016/j.bar.2011.08.001

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