ABSTRACT
IFRS have brought fair value into the heart of financial reporting. Today few IFRS do not refer to the notion of fair value. By way of an example, the concept is central to the following standards:
IFRS 3/IAS 38 (business combinations and intangible assets);
IFRS 2 (share-based payment);
IAS 19 (employee benefits);
IAS 36 (impairment of assets);
IAS 32/IAS 39 (financial instruments: disclosure and presentation, recognition and measurement);
IAS 40 (investment property);
IAS 41 (agriculture).
