THE CONCEPT OR FAIR VALUE TOWARDTHE THEORY OF THE INFORMATION EFFICIENCY OF FINANCIAL MARKETS
Keywords:Fair value, informational efficiency, market price, financial performance, accounting reporting.
Defined for the first time by US accounting standards, the notion of fair value has become in recent years an increasingly important part of the international normative arsenal. Thought initially as an accounting concept, it quickly becomes a cornerstone of a new economic paradigm in which the investor is considered as the preferred recipient of accounting information. The aim of the accounting system in this regard, is to provide relevant information in order to make the optimal allocation of resources in the financial market. Thus, the ultimate goal of fair value is to enrich the informational content of accounting information delivered to the market in order to minimize information asymmetry between managers and investors. This paper, which aims to highlight the impact of fair value accounting on reducing the asymmetry of information in the financial market, will focus on the analysis of the conceptual framework of international standards and the synthesis of the results of the main empirical research on this specific issue.