Thought on Application of Fair Value in Financial Crisis

The outbreak of American financial crisis causes general question of theory circle on fair value,and some people declare in public that we should abandon fair value to relieve financial crisis。 Fair value accounting,however,is not the chief criminal of financial crisis,fair value calculation is still scientific but there are many problems in operation of fair value accounting。 It is necessary to adjust fair value but is not necessary to revise the current accounting standards。 The enlightenment of financial crisis on fair value used in China is that we should improve market condition and environment quickly,decrease acquisition and practice costs of fair value,make fair value calculation standard or application guide timely to increase operability of fair value calculation,and increase supervision on information disclosure to guarantee utility of decision-making。