DISCREET REGULATORS

摘要

The rise of fair value has often been analysed as being driven by a community of accounting enthusiasts, in pursuit of a closer alignment of accounting and markets. According to such analysis, accounting draws increasingly on the market rationale that was behind the increasing use of market analytics and valuation in accounting calculations. As Michael Power, professor of accounting at the London School of Economics argues, the large transformations taking place in financial markets and in finance as a body of knowledge have led to a sort of 'financialisation of financial accounting'. And this is assumed to be enthusiastically supported by the key financial market players and the Big Four international audit firms.