Introduction
An important public debate in recent years has been the reform of the accounting
standards toward “fair value” accounting. Most worldwide important accounting groups
and institutions, such as The International Accounting Standards Board (IASB), the
U.S.A. Financial Accounting Standards Board (FASB), and the Accounting Regulatory
Committee (ARC) and the European Financial Reporting Advisory Group (EFRAG) in
the European Union (EU) have encouraged the convergence of international accounting
toward standard based on market prices, opposite to traditional accounting measurement
based on historical cost.