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Accounting measurement at fair value in the conditions of financial crisis

The subject of the paper is the role of fair value, as one of the accounting
 measurement attributes (measurement basis) of assets and liabilities in the
 statement of financial position, in the conditions of crisis, based on the
 experience with global financial crisis which appeared in 2008 in the US
 financial sector, and later spilled over into the real sector of that
 country, as well as, to a greater or lesser extent, to the rest of the
 world. The crisis has stimulated discussions in the scientific and
 professional community about the usefulness of using fair value and the
 impact of this measurement attribute on the appearance and widening of the
 crisis. The aim of the paper is to consider the impact of fair value
 application on the occurrence of the mentioned financial crisis. Qualitative
 research methodology based on the review of relevant literature in the field
 of research subject has been applied. A review of literature available to us
 has shown that there is no unique attitude about the role of fair value in
 the financial crisis which appeared in 2008. In that sense, opinions range
 from the one that fair value played little or no role in the financial
 crisis, over the opinion that it may have contributed to the acceleration of
 the crisis, to the opinion that it was one of its main causes and that it
 should be suspended. It is certain that fair value cannot be declared as the
 only financial crisis causer, and that there is no only one causer.
 Inadequate banking practices, risky behaviour of financial markets
 participants, inconsistent and insufficiently coordinated macroeconomic
 policies, inadequate structural reforms and omission of credit rating
 agencies dominantly caused the financial crisis and contributed to its
 spread.