The concept of "fair value" is increasingly being incorporated into Australian and international accounting standards and pronouncements. The fair-value concept has also been established and developed in Australian legal cases, and an examination of pertinent court decisions is of interest to accountants. By examining and analysing relevant cases, the paper highlights some of the principles and difficulties involved in operationalising the fair-value concept for accounting and legal purposes, particularly in situations where the asset being valued is subject to imperfect or incomplete markets.
Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact firstname.lastname@example.org.