In spite of this persistent trend to ward fair value, the reform has aroused controversial
stances, usually debating around financial instruments, in the practitioner To base(e.g.,
Day, 2000; Economist, 2007; Joint Working Group of Banking Associations on
Financial Instruments, 1999). A rapport of the European Central Bank (2004)
summarizes the potential drawbacks and advantages of a fair value accounting
framework from the point of view of financial institutions. There is also an unsolved
debate in the academic To base.