FAIR VALUE IN ACCOUNTING ESTIMATES

At the end of 2012 was adopted new IFRS 13 ”Fair Value Measurement“, which aimed to achieve greater clarity on the definition and use of fair value in the financial statements of companies. It gives a definition of the concept of ”fair value“, as well as ways for its determination and disclosure. With the standard did not change the requirements for the measurement and disclosure by fair value of items from the financial statement.On the other hand in an international auditing standard 540 “Audit of accounting estimates, including accounting estimates at fair value and related disclosures” (ISA 540) is maintained thesis that certain accounting estimates are determined at fair value. In the same standard as an accounting estimate is determined the value of an object detected with some approximation in the absence of more precise and accurate means for measuring and valuating. It uses the hypothesis that the accounting estimate is an amount estimated at fair value resulting from uncertainty in estimating.As a result of years of research of the author and after review of the applicable international or national legislation in the field of accounting and audit concludes that there are differences in the perceptions of accountants and auditors for fair value in the context of accounting estimates, which determines and the relevance of current study. The aim of this report is to bring out guidelines for practical distinction of the fair value of assets and liabilities of accounting estimates in preparing the financial statements of the nonfinancial sector. Based on a critical review of content aspects of these two accounting concepts offered their practical distinction for accounting and auditing purposes.