Abstract
Fair value accounting is a contested issue, criticised by many as artificially creating volatility and amplifying market inconsistencies, and lauded by others as being the only way of accounting for the full reality of a company's situation, including its off-balance sheet items and financial instruments. This article deals with the fair value definition, the role of financial instruments and its impacts on market volatility. It aims to afford renewed credibility to their use, by improving the transparency of financial information by applying uniform rules governing how they are valued and accounted for. JEL classifications : G14, M41
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