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2016•DEStech Transactions on Economics Business and ManagementRequires access

Improvement and Innovation of the Current Financial Report Model under the Fair Value Measurement

Yongchen Li, Xiaohui Chang

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Abstract

Currently, It is still common concern on accounting information quality and useful information for decision financial reports provided. The current financial report mode in China, the historical cost given priority to and the fair value complementary, has a number of defects. In 2006, our country enterprise accounting standards of fair value measurement was introduced. The government issued a formal "accounting standards for enterprises no. 39-fair value measurement” in 2014. It not only expands the application of fair value accounting system in our country but also changes the content and form of the financial statements. The article explores the improvement and innovation of the current Financial Report Model under the Fair Value Measurement. In the final accounting report reflect the fair value of the project, such as Fixed Assets, to provide useful information for decision to decision maker.

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What this paper is about

Currently, It is still common concern on accounting information quality and useful information for decision financial reports provided. The current financial report mode in China, the historical cost given priority to and the fair value complementary, has a number of defects. In 2006, our country enterprise accounting standards of fair value measurement was introduced. The government issued a formal "accounting standards for enterprises no. 39-fair value measurement” in 2014. It not only expands the application of fair value accounting system in our country but also changes the content and form of the financial statements. The article explores the improvement and innovation of the current Financial Report Model under the Fair Value Measurement. In the final accounting report reflect the fair value of the project, such as Fixed Assets, to provide useful information for decision to decision maker.

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Available abstract

Currently, It is still common concern on accounting information quality and useful information for decision financial reports provided. The current financial report mode in China, the historical cost given priority to and the fair value complementary, has a number of defects. In 2006, our country enterprise accounting standards of fair value measurement was introduced. The government issued a formal "accounting standards for enterprises no. 39-fair value measurement” in 2014. It not only expands the application of fair value accounting system in our country but also changes the content and form of the financial statements. The article explores the improvement and innovation of the current Financial Report Model under the Fair Value Measurement. In the final accounting report reflect the fair value of the project, such as Fixed Assets, to provide useful information for decision to decision maker.

Key concepts: Fair value, Mark-to-market accounting, Historical cost, Accounting, Financial accounting, Accounting information system, Accounting standard, Business

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