Measurement Entering the 21st Century: A Clear or Blocked Road Ahead?

Abstract

While progress has been made in rendering financial statements more relevant by the inclusion of current value information, a piecemeal standard‐by‐standard approach has resulted in a lack of consistency in the specification of the valuation bases. At the international level there is disagreement between standard‐ setters on a unifjing concept, with some advocating value to the entity and others favouring fair value. The IASC has a high‐level steering committee addressing the key issues related to financial performance and it will be interesting to see if it can facilitate the progressive swing to current value by providing a sensible framework within which to report value changes.