The application of fair value and present value under the new accounting standards

Nowadays,there are five generally accepted accounting measurement attributes such as historical cost(historical income),current cost,current market value,net realizable value,present value of future cash flows.Fair value is embodied as a general term of the accounting measurement attribute system,in which the relationship between fair value and present value is cross.Currently,the application of fair value and present value in our country has some shortcomings.There are three mainly factors:the theoretical studies on the fair value are not deep enough,the accounting standards and the auditing standards are not coordinate enough and the technology of fair value,especially the present value is not perfect enough.The author puts forward recommendations from market economy environment,the basic systems of using fair value,practitioners' practice standards and accounting supervision system.