Application of the Fair Value Concept in Function of Achievement the Objectives of Financial Statement Users

The International Accounting Standards or the International Financial Reporting Standards implement the accounting principles that enable the achievement of the objectives of financial statement users. One of the most important principles is the fair value concept. The main purpose of the paper is to investigate and analyse the accounting standards from the point of implementation of fair value concept as required or permitted accounting policy for measurement and valuation of economic categories. Also, the aim of this paper is to explore the usefulness of the information about the fair value of assets and liabilities for financial statement users. The paper critically evaluates the accounting standards with special reference to the application of fair value accounting in order to serve the interests of financial statement users. The research results show that different financial statement users have different interests, which means that the implementation of fair value concept contributes to achieving the interests of only individual financial statement users, while the interests of other financial statement users have not been fulfilled. The above shows that the implementation of fair value concept leads to the fulfilment of the objectives of only a certain number of financial statement users. Also, the research results indicate that the implementation of fair value concept has significant influence on the qualitative characteristics of accounting information.