Fair Value in the Professional Valuation: Concepts and Models

Artemenkov A.I.(2018) "Fair Value in the professional Valuation: concepts and models" , Int. J. Critical Accounting, Vol. 10, No.6, (2018), pp. 427-446

20 Pages Posted: 19 Jun 2020

See all articles by Andrey I. Artemenkov

Andrey I. Artemenkov

Westminster International University in Tashkent (WIUT); Ariel University

Date Written: November 22, 2018

Abstract

The paper addresses value measurement bases used in professional valuation. We, specifically, consider semantic and methodological features of equitable/fair value as a sui generis basis of Professional valuation. As used in the field of professional valuation, equitable/fair value is the logically necessary basis for estimating values-in-exchange for illiquid assets traded on the markets where the operations of “the law of one price” are very weak. Its logical relevance is demonstrated with the aid of a proposed tool based on Venn-diagrammatic approach (VDA). Then we analyse equitable/fair value estimating techniques resulting from V. Galasyuk’s and the transactional asset pricing approaches (TAPA). The contribution of the paper is in analysing the main aspects of existing equitable/fair value estimation theories in terms of where they fall in the normativist/positivist continuum of economic analysis. It is hoped this paper will help provide a new perspective enriching wider debates on fair value in the accounting measurements world.

Keywords: accounting measurements; equitable (fair) value; Venn-diagrammatic approach to valuation-bases; the international valuation standards; IVS; the European valuation standards; professional valuation; transactional asset pricing approach; TAPA; Galasyuk fair value theory.

JEL Classification: D46,G12

Suggested Citation

Artemenkov, Andrey I., Fair Value in the Professional Valuation: Concepts and Models (November 22, 2018). Artemenkov A.I.(2018) "Fair Value in the professional Valuation: concepts and models" , Int. J. Critical Accounting, Vol. 10, No.6, (2018), pp. 427-446 , Available at SSRN: https://ssrn.com/abstract=3583631

Andrey I. Artemenkov (Contact Author)

Westminster International University in Tashkent (WIUT) ( email )

12 Istiqbol St
Tashkent, 100047
Uzbekistan

Ariel University ( email )

Israel

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