The experts suggest that an 'upgraded fair value' would stop pro-cyclical effects and allow trading assets to be measured consistently with their intrinsic values
International accounting experts have backed fair-value, saying they do not endorse views that the standard be rejected in favour of historical cost values.
The experts – Jean-François Lepetit, a member of France's national accounting board; PWC partner Etienne Boris and Didier Marteau, a professor at ESCP-EAP, the European School of Management - said they strongly opposed the way fair value is applied during a crises.
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