Accounting valuations

Unifying the economical-financial information at an international level represents today, within the context of the globalization and integration of the financial markets around the world, an important and urgent demand. One of the coordinates of accounting globalization is the fair value based valuation system. This paper describes the controversial history of fair value measurement and the main novelties in the field of fair value measurement, arising from the international convergence process. But the concept of fair value has been the source of vivid debates with regards to its meaning in contemporary accountancy, both in theory and in practice. So, we find it necessary to explore the arguments for and against fair value and tries to find out whether advantages are superior to disadvantages of fair value measurements. Due to the ever increasing importance of the concept of fair value, we have decided it was relevant to focus our research work on the analysis of how this concept was adopted in Romania. We have attempted an empirical research on the perception of accounting practitioners over an accounting system based on fair value.