A Continuing Timeline of the Integration of Fair Value Accounting into U.S. GAAP: 1995-2012

Authors

Debra R. Hunter, Arkansas Tech UniversityFollow
Stephen B. Shanklin, Tennessee State University
Craig R. Ehlen, University of Southern Indiana

Document Type

Article

Publication Date

2014

Department

School of Business

Abstract

Beginning in 1975, U.S. GAAP has shifted from an almost exclusive use of the “historical cost basis” to incorporate the “fair value concept” in many accounting standards. While a previous article (Hunter, et al., 2013) provides information about these changes from 1975 to1995, this article focuses on the implementation of fair value into U.S. GAAP between 1995 and 2012. During this period, the FASB incorporated fair value into accounting for business combinations, stock-based compensation, pension liabilities, financial assets and liabilities, not-for-profit entities, and derivative contracts. Currently, further proposed uses of fair value in financial reporting continue to emerge, both in the U.S. and globally

First Page

19

Last Page

26

Volume

5

ISSN

19491794, 19491786

Recommended Citation

Hunter, D. R., Shanklin, S. B., & Ehlen, C. R. (2014). A Continuing Timeline of the Integration of Fair Value Accounting into U.S. GAAP: 1995-2012. Mustang Journal of Accounting and Finance, 5, 19-26.