Fair Value Accounting for Financial Instruments – Conceptual Approach and Implications

D i r e c t o r o f t h e J o u r n a l :

Ioan Talpo, Rector of the West University of Timioara

E d i t o r - i n - c h i e f :

Marilen Pirtea, Dean of the Faculty of Economics and Business Administration Technical Editorial Collegium:

Doina Dnia

Vasile Dogaru Adina Popovici Camelia Margea Web Page Coordinator: Romeo Margea

Language Advisors: Monica Boldea, Anca Magheiu, Iulia Para Editorial Managers: Alexandru Jivan, Carmen Bbi

The authors are liable for the content of the texts.

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Content

The Paradoxes of Growth: toward a Systemic Approach to Economic

Theory ___________________________________________________ ƒ—”‘

Performance des universités et évolution des mentalités : de la prise de conscience à l'action _______________________________________ ƒ—”‡…‡ǡ

—›

Perspectives in Food e-Tailing – is Logistical Performance Always Essential to Develop a Sustainable Competitive Advantage ? __________________ ‹ŽŽ‡•2

Informal Economic Estimation Models at Macroeconomic Level. Some

Theoretical and Methodologial Considerations _____________________ —…‹ƒ‹˜‹—ǡ

‘ǡ £”‹‘ƒ”ƒ

Fair Value Accounting for Financial Instruments – Conceptual Approach and Implications ___________________________________________ —‹–”—fǡ

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The Foreign Direct Investments and Economic and Politic Freedoms or

Could We Trust the Words of the Local Landlord ? ___________________ ƒ”‹Ž‡ǡ

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1. INTRODUCTION

Š‡ƒŒ‘”ˆ—…–‹‘•‘ˆ…‘’ƒ›ƒ…Ǧ …‘—–‹‰‹†‡–‹ˆ‹‡†„›–Š‡ƒ†–Š‡ ƒ”‡ȋͳȌ”‡’‘”–‹‰‘Ǯ–Š‡…—•–‘†› ƒ† •ƒˆ‡‡‡’‹‰ǯ ‘ˆ –Š‡ …‘’ƒ›ǯ• ”‡Ǧ •‘—”…‡•ƒ†ȋʹȌ”‡’‘”–‹‰‘Ǯ–Š‡‹”‡ˆˆ‹Ǧ …‹‡– ƒ† ’”‘ˆ‹–ƒ„Ž‡ —•‡ǯǤ Š‡ Œ‘‹– Ȁ ’”‘Œ‡…– ˆ‘” ‹’”‘˜‹‰ –Š‡ …‘…‡’–—ƒŽ ˆ”ƒ‡™‘” ˆ‘” ˆ‹ƒ…‹ƒŽ ”‡Ǧ ’‘”–‹‰‹•†‹”‡…–‡†–‘™ƒ”†•„‡––‡”’‡”Ǧ ˆ‘”ƒ…‡ ‘ˆ „‘–Š ˆ—…–‹‘• ™‹–Š‹ –Š‡ …‘˜‡–‹‘ƒŽ Ǯƒ……”—ƒŽǯ •›•–‡ ‘ˆ ƒ…Ǧ …‘—–‹‰—•‹‰Dzˆƒ‹”˜ƒŽ—‡dzǤ –Š‹•’ƒ’‡”ǡˆ‹”•–Ž›–Š‡’”‡•‡–Ǧ†ƒ› ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹Ǧ •–”—‡–•‹•’Žƒ…‡†‹ƒ’”‘’‡”Š‹•–‘”‹Ǧ …ƒŽ ’‡”•’‡…–‹˜‡ „› ‘—–Ž‹‹‰ ˜ƒ”‹‘—• •’‡…‹ˆ‹…ˆ‘”•‘ˆ™Šƒ–ƒ›‰‡‡”ƒŽŽ›„‡ ”‡‰ƒ”†‡† ƒ• Dz˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰Ǥdz Š‹•‹•ˆ‘ŽŽ‘™‡†„›ƒƒ”‰—‡––‘†‹•Ǧ –‹‰—‹•Š „‡–™‡‡ ‹Š‡”‡–Ž› †‹ˆˆ‡”‡– …‘…‡’–•‘ˆ…ƒ’‹–ƒŽ‹‡…‘‘‹…–Š‡‘”›ǡ ‡Ǥ‰Ǥ”‡ƒŽ…ƒ’‹–ƒŽƒ†Ž‘ƒȀˆ‹…–‹–‹‘—•…ƒ’‹Ǧ –ƒŽǡ ‹ ‘”†‡” –‘ ‹†‡–‹ˆ› –Š‡ ‡…‘‘‹… ˆ‘—†ƒ–‹‘• ‘ˆ –Š‡ …‘–‡’‘”ƒ”› ˆ‘” ‘ˆ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰Ǥ Š‡ ’ƒ’‡” ‰‘‡• ‘ –‘ ‡š’Žƒ‹ –Šƒ– –Š‡ …‘–‡’‘Ǧ ”ƒ”› ƒ……‘—–‹‰ ’”‘„Ž‡• …‘…‡”‹‰ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•Ȁ†‡”‹˜ƒ–‹˜‡• ƒ”‡ „—–ƒƒ‹ˆ‡•–ƒ–‹‘‘ˆ–Š‡ˆƒ‹Ž—”‡‘ˆ–Š‡ –”ƒ†‹–‹‘ƒŽ ˆ”ƒ‡™‘” ‘ˆ …‘”’‘”ƒ–‡ ƒ…Ǧ

FAIR VALUE ACCOUNTING

FOR

FINANCIAL INSTRUMENTS

– CONCEPTUAL APROACH

AND

IMPLICATIONS

Dumitru MATI *

Carmen Giorgiana BONACI **

* PhD,Univ.Prof.,BabeBolyaiUniversity,FacultyofEconomicsandBusinessAdministration, ClujNapoca,România

** PhD.Candidate,BabeBolyaiUniversity,FacultyofEconomicsandBusinessAdministration, ClujNapoca,România

Dumitru MATI , Carmen Giorgiana BONACI …‘—–‹‰ –‘ ƒ†ƒ’– –‘ –Š‡ ƒ……‡Ž‡”ƒ–‹‰ †‡˜‡Ž‘’‡–‘ˆˆ‹…–‹–‹‘—•…ƒ’‹–ƒŽǡˆ‹ƒŽŽ› —†‡”Ž›‹‰–Š‡‹’‘”–ƒ…‡‘ˆ‡…‘‘‹… ƒ† Š‹•–‘”‹…ƒŽ ’‡”•’‡…–‹˜‡• ‹ ƒ††”‡••Ǧ ‹‰ –Š‡ ‹••—‡• ‘ˆ …‘–‡’‘”ƒ”› ˜ƒŽ—‡Ǧ „ƒ•‡†ƒ……‘—–‹‰ƒ•ƒ•‘…‹ƒŽ•…‹‡…‡‘ˆ ƒ……‘—–‹‰Ǥ  ͳͻͻ͹ǡ –Š‡ –‡”ƒ–‹‘ƒŽ ‘‹– ‘”‹‰”‘—’‘ˆ–ƒ†ƒ”†‡––‡”•ȋŠ‡Ǧ ”‡ƒˆ–‡”Ȍ™ƒ•ˆ‘”‡†–‘†‡˜‡Ž‘’ƒ ‹–‡‰”ƒ–‡†ƒ†Šƒ”‘‹œ‡†•–ƒ†ƒ”†‘ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•Ǥ Š‡ …‘Ǧ ’”‹•‡• ”‡’”‡•‡–ƒ–‹˜‡• ‘” ‡„‡”• ‘ˆ ƒ……‘—–‹‰ •–ƒ†ƒ”† •‡––‡”• ‘” ’”‘ˆ‡•Ǧ •‹‘ƒŽ‘”‰ƒ‹œƒ–‹‘•‹—•–”ƒŽ‹ƒǡƒƒǦ †ƒǡ ”ƒ…‡ǡ ‡”ƒ›ǡ ƒ’ƒǡ ‡™ ‡ƒŽǦ ƒ†ǡ ˆ‹˜‡ ‘”†‹… …‘—–”‹‡•ǡ –Š‡ ǡ –Š‡ ‹–‡†–ƒ–‡•ǡƒ†–Š‡Ǥ‡…‡Ǧ „‡”ʹͲͲͲǡ–Š‡ȋʹͲͲͲȌ‹••—‡†ƒ”ƒˆ– –ƒ†ƒ”†™‹–Š–Š‡’”‹ƒ”›‘„Œ‡…–‹˜‡‘ˆ ”‡ˆŽ‡…–‹‰ǡ ‹ ƒ ‡–‡”’”‹•‡ǯ• „ƒŽƒ…‡ •Š‡‡–ƒ†‹…‘‡•–ƒ–‡‡–ǡ–Š‡‡ˆˆ‡…–• ‘ˆ‡˜‡–•‘–Š‡ˆƒ‹”˜ƒŽ—‡‘ˆ–Š‡‡–‡”Ǧ ’”‹•‡ǯ• ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•ǡ ƒ† …‡”Ǧ –ƒ‹ •‹‹Žƒ” ‹–‡•ǡ ‹ –Š‡ ’‡”‹‘†• ‹ ™Š‹…Š–Š‘•‡‡˜‡–•‘……—”Ǥ–‡•–ƒ„Ž‹•Š‡• ’”‹…‹’Ž‡• ˆ‘” ”‡…‘‰‹–‹‘ǡ ‡ƒ•—”‡Ǧ ‡–ǡ’”‡•‡–ƒ–‹‘ƒ††‹•…Ž‘•—”‡‘ˆˆ‹Ǧ ƒ…‹ƒŽ ‹•–”—‡–• ƒ† •‹‹Žƒ” ‹–‡• ‹–Š‡ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•‘ˆƒŽŽ‡–‡”Ǧ ’”‹•‡•Ǥ Š‡ ’”‘’‘•‡† ’”‹…‹’Ž‡• ‹ –Š‡ ”ƒˆ– –ƒ†ƒ”† …‘—Ž† …‘–”‹„—–‡ –‘ ‡Ž‹Ǧ ‹ƒ–‹‰ •‘‡ ‘ˆ –Š‡ …‘’ƒ”ƒ„‹Ž‹–› ’”‘„Ž‡• ƒ”‹•‹‰ ˆ”‘ –Š‡ ƒ’’Ž‹…ƒ–‹‘ ‘ˆ‘–Š‡”–‡”ƒ–‹‘ƒŽ……‘—–‹‰–ƒǦ †ƒ”†•Ǥ‘‡–Š‡Ž‡••ǡ–Š‡‹’Ž‡‡–ƒ–‹‘ ‘ˆ –Š‡ ’”‘˜‹•‹‘• ‘ˆ –Š‡ …‘—Ž† …”‡ƒ–‡‘–Š‡”ƒ††‹–‹‘ƒŽ’”‘„Ž‡•Ǥ ……‘—–‹‰ •–ƒ†ƒ”†• •‡––‡”• ‹ ƒ› Œ—”‹•†‹…–‹‘• ƒ”‘—† –Š‡ ™‘”Ž†ǡ ‹…Ž—†‹‰ –Š‡ ‹–‡† –ƒ–‡•ǡ –Š‡ ‹–‡† ‹‰†‘ǡ —•–”ƒŽ‹ƒǡ ƒ† –Š‡ —”‘’‡ƒ ‹‘ǡŠƒ˜‡‹••—‡†•–ƒ†ƒ”†•”‡“—‹”‹‰ ”‡…‘‰‹–‹‘‘ˆ„ƒŽƒ…‡•Š‡‡–ƒ‘—–•ƒ– ˆƒ‹”˜ƒŽ—‡ǡƒ†…Šƒ‰‡•‹–Š‡‹”ˆƒ‹”˜ƒŽǦ —‡•‹‹…‘‡Ǥ ‘”‡šƒ’Ž‡ǡ‹–Š‡‹–Ǧ ‡† –ƒ–‡•ǡ –Š‡ ‹ƒ…‹ƒŽ ……‘—–‹‰ –ƒ†ƒ”†• ‘ƒ”† ”‡“—‹”‡• ”‡…‘‰‹–‹‘ ‘ˆ •‘‡ ‹˜‡•–‡– •‡…—”‹–‹‡• ƒ† †‡Ǧ ”‹˜ƒ–‹˜‡• ƒ– ˆƒ‹” ˜ƒŽ—‡Ǥ  ƒ††‹–‹‘ǡ ƒ• –Š‡‹” ƒ……‘—–‹‰ ”—Ž‡• Šƒ˜‡ ‡˜‘Ž˜‡†ǡ ƒ› ‘–Š‡” „ƒŽƒ…‡ •Š‡‡– ƒ‘—–• Šƒ˜‡ „‡‡ ƒ†‡ •—„Œ‡…– –‘ ’ƒ”–‹ƒŽ ƒ’Ǧ ’Ž‹…ƒ–‹‘‘ˆˆƒ‹”˜ƒŽ—‡”—Ž‡•–Šƒ–†‡’‡† ‘ ˜ƒ”‹‘—• ƒ† Š‘… …‹”…—•–ƒ…‡•ǡ ‹Ǧ …Ž—†‹‰ ‹’ƒ‹”‡– ȋ‡Ǥ‰Ǥ ‰‘‘†™‹ŽŽ ƒ† Ž‘ƒ•Ȍƒ†™Š‡–Š‡”ƒ†‡”‹˜ƒ–‹˜‡‹•—•‡† –‘ Š‡†‰‡ …Šƒ‰‡• ‹ ˆƒ‹” ˜ƒŽ—‡ ȋ‡Ǥ‰Ǥ ‹Ǧ ˜‡–‘”‹‡•ǡ Ž‘ƒ•ǡ ƒ† ˆ‹š‡† Ž‡ƒ•‡ ’ƒ›Ǧ ‡–•ȌǤŠ‡ ‹ƒ…‹ƒŽ……‘—–‹‰–ƒǦ †ƒ”†• ‘ƒ”† ƒ† –Š‡ –‡”ƒ–‹‘ƒŽ …Ǧ …‘—–‹‰ –ƒ†ƒ”†• ‘ƒ”† ȋŠ‡”‡ƒˆ–‡” ƒ†Ȍƒ”‡Œ‘‹–Ž›™‘”‹‰‘ ’”‘Œ‡…–• ‡šƒ‹‹‰ –Š‡ ˆ‡ƒ•‹„‹Ž‹–› ‘ˆ ƒ†ƒ–‹‰”‡…‘‰‹–‹‘‘ˆ‡••‡–‹ƒŽŽ›ƒŽŽ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• ƒ– ˆƒ‹” ˜ƒŽ—‡‹–Š‡ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•Ǥ–Š‡ ‹–‡† –ƒ–‡•ǡ ˆƒ‹” ˜ƒŽ—‡ ”‡…‘‰‹–‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• ƒ’’‡ƒ”• –‘‡Œ‘›–Š‡•—’’‘”––Š‡‡…—”‹–‹‡•ƒ† š…Šƒ‰‡ ‘‹••‹‘ ȋŠ‡”‡ƒˆ–‡” ȌǤ ƒ”‡’‘”–’”‡’ƒ”‡†ˆ‘”ƒ‘‰”‡••‹‘Ǧ ƒŽ…‘‹––‡‡ȋǡʹͲͲͷȌǡ–Š‡ˆˆ‹…‡‘ˆ –Š‡ Š‹‡ˆ ……‘—–ƒ– ‘ˆ –Š‡ •–ƒ–‡• –™‘ ’”‹ƒ”› „‡‡ˆ‹–• ‘ˆ ”‡“—‹”‹‰ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—Ǧ ‡–•Ǥ ‹”•–ǡ ‹– ™‘—Ž† ‹–‹‰ƒ–‡ –Š‡ —•‡ ‘ˆ ƒ……‘—–‹‰Ǧ‘–‹˜ƒ–‡† –”ƒ•ƒ…–‹‘ •–”—…Ǧ –—”‡•†‡•‹‰‡† –‘ ‡š’Ž‘‹– ‘’’‘”–—‹–‹‡• ˆ‘” ‡ƒ”‹‰• ƒƒ‰‡‡– …”‡ƒ–‡† „› –Š‡…—””‡–Dz‹š‡†Ǧƒ––”‹„—–‡dzȂ’ƒ”–Š‹•Ǧ –‘”‹…ƒŽ…‘•–ǡ’ƒ”–ˆƒ‹”˜ƒŽ—‡•Ȃƒ……‘—–‹‰ ‘†‡ŽǤ ‘”‡šƒ’Ž‡ǡ‹–™‘—Ž†‡Ž‹‹ƒ–‡ –Š‡‹…‡–‹˜‡–‘—•‡ƒ••‡–•‡…—”‹–‹œƒ–‹‘ ƒ•ƒ‡ƒ•–‘”‡…‘‰‹œ‡‰ƒ‹•‘•ƒŽ‡‘ˆ ”‡…‡‹˜ƒ„Ž‡• ‘”Ž‘ƒ•Ǥ‡…‘†ǡ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ˆ‘”ƒŽŽˆ‹ƒ…‹ƒŽ‹•–”—‡–• ™‘—Ž† ”‡†—…‡ –Š‡ …‘’Ž‡š‹–› ‘ˆ ˆ‹ƒǦ …‹ƒŽ”‡’‘”–‹‰ƒ”‹•‹‰ˆ”‘–Š‡‹š‡†ƒ–Ǧ –”‹„—–‡†‘†‡ŽǤ ‘”‡šƒ’Ž‡ǡ™‹–ŠƒŽŽˆ‹Ǧ ƒ…‹ƒŽ ‹•–”—‡–• ‡ƒ•—”‡† ƒ– ˆƒ‹” ˜ƒŽ—‡ǡ–Š‡Š‡†‰‡ƒ……‘—–‹‰‘†‡Ž‡Ǧ ’Ž‘›‡† „› –Š‡ ǯ• †‡”‹˜ƒ–‹˜‡• •–ƒǦ

FAIR VALUE ACCOUNTING FOR FINANCIAL INSTRUMENTS – CONCEPTUAL APPROACH AND IMPLICATIONS

†ƒ”†™‘—Ž†ƒŽŽ„—–„‡‡Ž‹‹ƒ–‡†ǡƒǦ ‹‰‹–—‡…‡••ƒ”›ˆ‘”‹˜‡•–‘”•–‘•–—†› –Š‡ …Š‘‹…‡• ƒ†‡ „› ƒƒ‰‡‡– –‘ †‡–‡”‹‡ ™Šƒ– „ƒ•‹• ‘ˆ ƒ……‘—–‹‰ ‹• —•‡†ˆ‘”’ƒ”–‹…—Žƒ”‹•–”—‡–•ǡƒ•™‡ŽŽ ƒ•–Š‡‡‡†ˆ‘”ƒƒ‰‡‡––‘‡‡’‡šǦ –‡•‹˜‡ ”‡…‘”†• ‘ˆ Š‡†‰‹‰ ”‡Žƒ–‹‘Ǧ •Š‹’•Ǥ‡˜‡”–Š‡Ž‡••ǡƒ•‘–‡†‹–Š‡ ”‡’‘”–ǡ –Š‡”‡ ƒ”‡ …‘•–• ƒ• ™‡ŽŽ ƒ••‘Ǧ …‹ƒ–‡†™‹–Š–Š‡ƒ’’Ž‹…ƒ–‹‘‘ˆˆƒ‹”˜ƒŽ—‡ ƒ……‘—–‹‰Ǥ ‡ ‡› ‹••—‡ ‹• ™Š‡–Š‡” ˆƒ‹”˜ƒŽ—‡•‘ˆˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–‹–‡• …ƒ„‡‡ƒ•—”‡†”‡Ž‹ƒ„Ž›ǡ‡•’‡…‹ƒŽŽ›ˆ‘” –Š‘•‡ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–• ˆ‘” ™Š‹…Š ƒ…–‹˜‡ƒ”‡–•†‘‘–”‡ƒ†‹Ž›‡š‹•–ȋ‡”‰ •’‡…‹ƒŽ‹œ‡† ”‡…‡‹˜ƒ„Ž‡• ‘” ’”‹˜ƒ–‡Ž› ’Žƒ…‡†Ž‘ƒ•ȌǤ‘–Š–Š‡ ƒ† •–ƒ–‡‹–Š‡‹”‘…‡’–••–ƒ–‡‡–•–Šƒ– –Š‡›…‘•‹†‡”–Š‡…‘•–Ȁ„‡‡ˆ‹––”ƒ†‡Ǧ‘ˆˆ „‡–™‡‡”‡Ž‡˜ƒ…‡ƒ†”‡Ž‹ƒ„‹Ž‹–›™Š‡ ƒ••‡••‹‰Š‘™„‡•––‘‡ƒ•—”‡•’‡…‹ˆ‹… ƒ……‘—–‹‰ ƒ‘—–•ǡ ƒ† ™Š‡–Š‡” ‡ƒǦ •—”‡‡– ‹• •—ˆˆ‹…‹‡–Ž› ”‡Ž‹ƒ„Ž‡ ˆ‘” ˆ‹Ǧ ƒ…‹ƒŽ•–ƒ–‡‡–”‡…‘‰‹–‹‘Ǥ…‘•––‘ ‹˜‡•–‘”• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡– ‹• –Šƒ– •‘‡ ‘” ‡˜‡ ƒ› ”‡…‘‰‹œ‡† ˆ‹Ǧ ƒ…‹ƒŽ‹•–”—‡–•‹‰Š–‘–„‡ ‡ƒ•Ǧ —”‡† ™‹–Š •—ˆˆ‹…‹‡– ’”‡…‹•‹‘ –‘ Š‡Ž’ –Š‡ƒ••‡••ƒ†‡“—ƒ–‡Ž›–Š‡ˆ‹”ǯ•ˆ‹ƒǦ …‹ƒŽ’‘•‹–‹‘ƒ†‡ƒ”‹‰•’‘–‡–‹ƒŽǤŠ‹• ”‡Ž‹ƒ„‹Ž‹–› …‘•– ‹• …‘’‘—†‡† „› –Š‡ ’”‘„Ž‡ –Šƒ– ‹ –Š‡ ƒ„•‡…‡ ‘ˆ ƒ…–‹˜‡ ƒ”‡–•ˆ‘”ƒ’ƒ”–‹…—Žƒ”ˆ‹ƒ…‹ƒŽ‹•–”—Ǧ ‡–ǡƒƒ‰‡‡–—•–‡•–‹ƒ–‡‹–•ˆƒ‹” ˜ƒŽ—‡ǡ™Š‹…Š…ƒ„‡•—„Œ‡…––‘†‹•…”‡–‹‘ ‘”  ƒ‹’—Žƒ–‹‘Ǥ ••‡••‹‰ –Š‡ …‘•–• ƒ†„‡‡ˆ‹–•‘ˆˆƒ‹”˜ƒŽ—‡ƒ……‘—–‹‰ˆ‘” ˆ‹ƒ…‹ƒŽ”‡’‘”–‹‰–‘‹˜‡•–‘”•ƒ†‘–Š‡” ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–—•‡”•‹’ƒ”–‹…—Žƒ””‡Ǧ ’‘”–‹‰”‡‰‹‡•‹•†‹ˆˆ‹…—Ž–Ǥ Š‡”‡ˆ‘”‡ǡ–Š‡ ‹ƒ…‹ƒŽ……‘—–‹‰ –ƒ†ƒ”†• ‘ƒ”† ȋ Ȍ ƒ†‡ ƒ ˆ—Ǧ †ƒ‡–ƒŽ†‡…‹•‹‘–Šƒ–ˆƒ‹”˜ƒŽ—‡‹•–Š‡ ‘•–”‡Ž‡˜ƒ–ƒ––”‹„—–‡ˆ‘”ˆ‹ƒ…‹ƒŽ‹Ǧ •–”—‡–•ȋ ǡʹͲͲͲǡ’ǤͺȌǤŽ–Š‘—‰Š –Š‡ “—‘–‡† ƒ”‡– ˜ƒŽ—‡ ‹• –Š‡ ’”‡Ǧ •…”‹„‡†‡ƒ•—”‡‘ˆˆƒ‹”˜ƒŽ—‡ǡ–Š‡ ƒ†‘’–‡†–Š‡–‡”ǮǮˆƒ‹”˜ƒŽ—‡ǯǯ‹•–‡ƒ†‘ˆ ƒ”‡– ˜ƒŽ—‡ –‘ ‡…‘’ƒ•• ‡•–‹ƒ–‡† ˜ƒŽ—‡•ˆ‘”ˆ‹ƒ…‹ƒŽ‹•–”—‡–•–Šƒ–ƒ”‡ ‘––”ƒ†‡†‹ƒ…–‹˜‡ƒ”‡–•ǤŠ‡†‡…‹Ǧ •‹‘ –‘ ƒ†ƒ–‡ ˆƒ‹” ˜ƒŽ—‡ †‹•…Ž‘•—”‡• ™ƒ• ƒ†‡ ƒ‹†•– ƒ Ž‘‰Ǧ•–ƒ†‹‰ †‡Ǧ „ƒ–‡„‡–™‡‡–Š‡ƒ†˜‘…ƒ–‡•‘ˆˆƒ‹”˜ƒŽǦ —‡ ƒ……‘—–‹‰ ƒ† ƒ†˜‘…ƒ–‡• ‘ˆ Š‹•Ǧ –‘”‹…ƒŽ …‘•– ƒ……‘—–‹‰Ǥ Š‡ „ƒ•‹… ’”‡Ǧ ‹•‡ —†‡”Ž›‹‰ –Š‡ ǯ• †‡…‹•‹‘ ‹• –Šƒ– ˆƒ‹” ˜ƒŽ—‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡•„‡––‡”‡ƒ„Ž‡•‹˜‡•–‘”•ǡ…”‡†Ǧ ‹–‘”•ƒ†‘–Š‡”—•‡”•‘ˆˆ‹ƒ…‹ƒŽ•–ƒ–‡Ǧ ‡–•–‘ƒ••‡••–Š‡…‘•‡“—‡…‡•‘ˆƒ ‡–‹–›ǯ•‹˜‡•–‡–ƒ†ˆ‹ƒ…‹‰•–”ƒ–‡Ǧ ‰‹‡•Ǥ†˜‘…ƒ–‡•‘ˆŠ‹•–‘”‹…ƒŽ…‘•–ǡ‘–Š‡ ‘–Š‡”Šƒ†ǡ ’‘‹– –‘ –Š‡ ”‡†—…‡†”‡Ž‹ƒǦ „‹Ž‹–›‘ˆˆƒ‹”˜ƒŽ—‡‡•–‹ƒ–‡•”‡Žƒ–‹˜‡–‘ Š‹•–‘”‹…ƒŽ…‘•–ǤŠ‡‹”ƒ”‰—‡–••—‰‰‡•– –Šƒ– ‹˜‡•–‘”• ™‘—Ž† „‡ ”‡Ž—…–ƒ– –‘ „ƒ•‡ ˜ƒŽ—ƒ–‹‘ †‡…‹•‹‘• ‘ –Š‡ ‘”‡ •—„Œ‡…–‹˜‡ ˆƒ‹” ˜ƒŽ—‡ ‡•–‹ƒ–‡• ȋƒ”–Šǡ ͳͻͻͶǡ’Ǥ͵ȌǤ‹˜‡–Š‡ ǯ••–ƒ–‡†Ž‘‰Ǧ –‡” ‰‘ƒŽ ‘ˆ Šƒ˜‹‰ ƒŽŽ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ†Ž‹ƒ„‹Ž‹–‹‡•”‡…‘‰‹œ‡†‹•–ƒ–‡‡–• ‘ˆˆ‹ƒ…‹ƒŽ’‘•‹–‹‘ƒ–ˆƒ‹”˜ƒŽ—‡”ƒ–Š‡” –Šƒ ƒ– ƒ‘—–• „ƒ•‡† ‘ Š‹•–‘”‹…ƒŽ …‘•–ǡ–Š‡’—”’‘•‡‘ˆ–Š‹••–—†›‹•–‘–‡•– …Žƒ‹•–Šƒ– ˆƒ‹” ˜ƒŽ—‡‹• ‘”‡‹ˆ‘”ƒǦ –‹˜‡”‡Žƒ–‹˜‡–‘Š‹•–‘”‹…ƒŽ…‘•–Ǥ

2. THEORETICAL BACKGROUNDS

2.1 Literature Review

—” ”‡•‡ƒ”…Š ‹• ‘–‹˜ƒ–‡† „› –Š‡ ‘‰‘‹‰ •Š‹ˆ– ‘ˆ ˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰ •–ƒ†ƒ”†•ˆ‘”Ž‹•–‡†…‘’ƒ‹‡•–‘™ƒ”†• ˆƒ‹”Ǧ˜ƒŽ—‡†Ǧ„ƒ•‡†”‡’‘”–‹‰ǡ‘–ƒ„Ž›–Š‡ ‹…”‡ƒ•‹‰ ‹’‘”–ƒ…‡ ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ƒ• ƒ ƒ……‘—–‹‰ ‡ƒ•—”‡‡– ƒ––”‹„—–‡Ǥ ‹…‡ –Š‡ ‹†ǦͳͻͺͲǯ•ǡ –Š‡ ‹ƒ…‹ƒŽ ……‘—–‹‰ –ƒ†ƒ”†• ‘ƒ”† ȋ Ȍ ƒ† –Š‡ –‡”ƒ–‹‘ƒŽ ……‘—–‹‰ –ƒǦ †ƒ”†•‘ƒ”†ȋȌŠƒ˜‡•›•–‡ƒ–‹…ƒŽŽ› •—„•–‹–—–‡†ƒ”‡–Ǧ„ƒ•‡†‡ƒ•—”‡•ˆ‘” …‘•–Ǧ„ƒ•‡† ‡ƒ•—”‡•Ǥ –ƒ”–‹‰ ‘—– ƒ• ƒ •’‡…‹ˆ‹…”‡‡†›ˆ‘”–Š‡‹‡“—‹–‹‡•‘ˆ–Š‡

Dumitru MATI , Carmen Giorgiana BONACI ”‡’‘”–‹‰‘†‡Žˆ‘”…‡”–ƒ‹ˆ‹ƒ…‹ƒŽ‹Ǧ •–”—‡–•ǡˆƒ‹”˜ƒŽ—‡Šƒ•ƒ‹ˆ‡•–‡†‹–Ǧ •‡Žˆ ƒ• –Š‡ †‘‹ƒ– ‡ƒ•—”‡‡– ’ƒǦ ”ƒ†‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—‡–• ƒ†ǡ ‘”‡ ”‡…‡–Ž›ǡ Šƒ• ‹…”‡ƒ•‹‰Ž› „‡‡ ‹’Ž‡‡–‡†ˆ‘”‡ƒ•—”‡‡–‘ˆ‘Ǧ ˆ‹ƒ…‹ƒŽ ‹–‡•Ǥ Š‡ …‘•– ƒ† –”ƒ•ƒ…Ǧ –‹‘Ǧ„ƒ•‡† ”‡’‘”–‹‰ ‘†‡Ž ‹• ‹ †‡Ǧ …Ž‹‡ǡ ƒ ‡™ ƒ”‡– ˜ƒŽ—‡ ƒ† ‡˜‡–Ǧ „ƒ•‡† ‘†‡Ž ‹• ”‹•‹‰ǡ ™‹–Š †”ƒƒ–‹… ‹’Ž‹…ƒ–‹‘•ˆ‘”–Š‡”‘Ž‡ƒ†’”‘’‡”–‹‡• ‘ˆ „ƒŽƒ…‡ •Š‡‡– ‡ƒ•—”‡‡– ƒ† ƒ…Ǧ …‘—–‹‰‹…‘‡Ǥ Š‡ •Š‹ˆ– ‹ ‡ƒ•—”‡‡– ’ƒ”ƒǦ †‹‰• ‹•†”‹˜‡ „›–Š‡’”‡•— ‡††‡…‹Ǧ •‹‘ ”‡Ž‡˜ƒ…‡ ‘ˆ ƒ”‡–Ǧ„ƒ•‡† ‡ƒ•Ǧ —”‡•Ǥ‘–Š ƒ†•–”‡••–Š‡…ƒǦ ’ƒ…‹–›‘ˆƒ”‡–˜ƒŽ—‡•–‘‹…‘”’‘”ƒ–‡ǡ ‹ ƒ ‡ˆˆ‹…‹‡– ƒ† ˜‹”–—ƒŽŽ› —„‹ƒ•‡† ƒ‡”ǡƒ”‡–…‘•‡•—•‡š’‡…–ƒ–‹‘ ƒ„‘—– ˆ—–—”‡ …ƒ•Š ˆŽ‘™•Ǥ ’’‘‡–• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡–ǡ ‘ –Š‡ ‘–Š‡” Šƒ†ǡ…”‹–‹…‹œ‡–Š‡“—‡•–‹‘ƒ„Ž‡”‡Ž‹ƒ„‹Ž‹–› ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡•ǡ ‡•’‡…‹ƒŽŽ› ˆ‘” ‘†‡ŽǦ„ƒ•‡†‡•–‹ƒ–‡•”‡Ž›‹‰‘ƒǦ ƒ‰‡‡–ǯ•‡š’‡…–ƒ–‹‘•ƒ†’”‘Œ‡…–‹‘•Ǥ ’ƒ”–‹…—Žƒ”ǡ–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆˆƒ‹” ˜ƒŽ—‡ƒ•ƒ„ƒŽƒ…‡•Š‡‡–‡ƒ•—”‡‹•–Š‡ •—„Œ‡…– ‘ˆ ‹–‡•‡ †‹•…—••‹‘ ƒ† †‡Ǧ „ƒ–‡Ǥ Š‡ …‘–”‘˜‡”•› ”‡‰ƒ”†‹‰ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—Ǧ ‡–•ƒ•”‡…‡–Ž›Š‹‰ŠŽ‹‰Š–‡†„›–Š‡”‡Ǧ Œ‡…–‹‘ ‘ˆ ͵ͻ ȋ”‡˜‹•‡† ʹͲͲ͵Ȍ ˆ‘” ˆ—ŽŽ ‡†‘”•‡‡–ǡ‹ŽŽ—•–”ƒ–‡•„‘–Š…‘…‡’Ǧ –—ƒŽƒ†–‡…Š‹…ƒŽ‹••—‡•‹˜‘Ž˜‡†Ǥ’’ƒ”Ǧ ‡–Ž›ǡ–Š‡†‡„ƒ–‡‹•ˆƒ”ˆ”‘”‡•‘Ž˜‡†Ǥ ”‹‘” ‡’‹”‹…ƒŽ ”‡•‡ƒ”…Š ‘ ˆƒ‹” ˜ƒŽ—‡‡ƒ•—”‡‡–‹•‘•–Ž›Ž‹‹–‡†–‘ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•Ǥ ‡•—Ž–• •‘ ˆƒ” •—’’‘”– –Š‡ ‹…”‡‡–ƒŽ ˜ƒŽ—‡ ”‡Ž‡Ǧ ˜ƒ…‡‘ˆˆƒ‹”˜ƒŽ—‡†‹•…Ž‘•—”‡•ˆ‘”•‡…—Ǧ ”‹–‹‡•ȋ‡–”‘‹ƒ†ƒŠŽ‡ǡͳͻͻͷǢƒ”–Š ‡–ƒŽǤǡͳͻͻ͸Ǣ……Š‡”‡–ƒŽǤǡͳͻͻ͸Ǣ‡Ž•‘ǡ ͳͻͻ͸Ȍƒ††‡”‹˜ƒ–‹˜‡•ȋ‡ƒ–ƒ…ŠƒŽƒǡ ͳͻͻ͸Ȍ Š‡Ž† „› „ƒ• ƒ† ‹•—”ƒ…‡ …‘’ƒ‹‡•Ǥƒ”‡–ƒŽǤȋͳͻͻͻȌˆ‹†˜ƒŽ—‡ ”‡Ž‡˜ƒ…‡ ‘ˆ ”‡…‘‰‹œ‡† ˆƒ‹” ˜ƒŽ—‡• ˆ‘” ƒ˜ƒ‹Žƒ„Ž‡Ǧˆ‘”Ǧ•ƒŽ‡•‡…—”‹–‹‡•—†‡” ͳͳͷǤŠ‹Ž‡ƒŽŽ–Š‡•‡•–—†‹‡•ˆ‘…—•‘ˆ‹Ǧ ƒ…‹ƒŽ•‡…–‘”ˆ‹”•ǡ‹‘ȋͳͻͻͻȌˆ‹†• ‘•‹‰‹ˆ‹…ƒ–•‹‰‘ˆ‹…”‡‡–ƒŽ˜ƒŽ—‡ ”‡Ž‡˜ƒ…‡ˆ‘” ͳͲ͹†‹•…Ž‘•—”‡•ǡˆ‘” ƒ …”‘••Ǧ‹†—•–”‹ƒŽ •ƒ’Ž‡ǡ –Š‡•‡ „‡‹‰ ƒ––”‹„—–‡†–‘–Š‡‹•‹‰‹ˆ‹…ƒ…‡‘ˆˆ‹ƒǦ …‹ƒŽ ƒ…–‹˜‹–‹‡• ˆ‘” –Š‡ ƒƒŽ›œ‡† ˆ‹”•Ǥ ‹–Š ”‡•’‡…– –‘ ‘–Š‡” ˆ‹ƒ…‹ƒŽ ‹•–”—Ǧ ‡–•ǡ‘–ƒ„Ž›Ž‘ƒ•Š‡Ž†„›„ƒ•ǡ”‡Ǧ •—Ž–•†‹ˆˆ‡”ǡ™Š‹…Š…ƒ„‡‹–‡”’”‡–‡†ƒ• Žƒ… ‘ˆ ”‡Ž‹ƒ„‹Ž‹–› †—‡ –‘ ’”‹˜ƒ–‡ ‹ˆ‘”Ǧ ƒ–‹‘Ǥ ˜‡ –Š‘—‰Šǡ ‡ƒ˜‡” ƒ† ‡Ǧ ƒ–ƒ…ŠƒŽƒȋʹͲͲͲȌˆ‹†˜ƒŽ—‡”‡Ž‡˜ƒ…‡ ˆ‘”–Š‡†‹•…”‡–‹‘ƒ”›…‘’‘‡–‘ˆŽ‘ƒ ˆƒ‹” ˜ƒŽ—‡•Ǥ ”‹‘””‡•‡ƒ”…Š‘ ˜ƒŽ—‡”‡Ǧ Ž‡˜ƒ…‡ ȋ†‡ˆ‹‡† ƒ• –Š‡ ƒ••‘…‹ƒ–‹‘ „‡Ǧ –™‡‡ƒ……‘—–‹‰—„‡”•ƒ†•‡…—”‹–› ƒ”‡–˜ƒŽ—‡•ȌŠƒ•ˆ‘…—•‡†‘™Š‡–Š‡” ˆƒ‹”˜ƒŽ—‡†‹•…Ž‘•—”‡•‹–Š‡„ƒ‹‰‹Ǧ †—•–”› Šƒ˜‡ ‹…”‡‡–ƒŽ ‹ˆ‘”ƒ–‹‘ …‘–‡–‘˜‡”ƒ†ƒ„‘˜‡ Š‹•–‘”‹…ƒŽ …‘•–Ǥ ‡•–• ˆ‘” ‹…”‡‡–ƒŽ ‹ˆ‘”ƒ–‹‘ …‘Ǧ –‡– ƒ••‡•• ™Š‡–Š‡” ‘‡ ‡ƒ•—”‡ ’”‘Ǧ ˜‹†‡•‹ˆ‘”ƒ–‹‘…‘–‡–‹ƒ††‹–‹‘–‘ –Šƒ– ‘ˆ ƒ‘–Š‡” ‡ƒ•—”‡ ƒ† ƒ”‡ ‘ˆ–‡ —•‡† ™Š‡ ‘‡ ‘” ‘”‡ ‡ƒ•—”‡• ƒ”‡ ‰‹˜‡ ‘” ”‡“—‹”‡† ƒ† ƒ‘–Š‡” ‹• •—’Ǧ ’Ž‡‡–ƒŽȋ‹††Ž‡‡–ƒŽǤǡͳͻͻͷǢ‡‹‰•ǡ ͳͻͻͲȌǤ ‹††Ž‡ ‡– ƒŽǤ ȋͳͻͻͷǡ ’Ǥ ͵Ȍ ’‘‹– ‘—– –Šƒ– ‹ –Š‡ ƒ„•‡…‡ ‘ˆ ƒ ‡š’Ž‹…‹– –‡•– –‘ ‡šƒ‹‡ ™Š‡–Š‡” ‘‡ ‡ƒ•—”‡ ȋ‡Ǥ‰Ǥǡˆƒ‹”˜ƒŽ—‡ȌƒŽ‘‡‹•‡“—ƒŽŽ›ǡŽ‡••ǡ‘” ‘”‡ ‹ˆ‘”ƒ–‹˜‡ –Šƒ ƒ‘–Š‡” ‡ƒ•Ǧ —”‡ ȋ‡Ǥ‰Ǥǡ Š‹•–‘”‹…ƒŽ …‘•–Ȍǡ ‹…”‡‡–ƒŽ ‹ˆ‘”ƒ–‹‘ …‘–‡– –‡•–• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‘˜‡”Š‹•–‘”‹…ƒŽ…‘•–‡ƒ•—”‡•…ƒ‹’Ž› •‡˜‡”ƒŽ†‹ˆˆ‡”‡–‘—–…‘‡•Ǥ ‹†‹‰–Šƒ– ˆƒ‹” ˜ƒŽ—‡ ‹• ‹…”‡‡–ƒŽŽ› ‹ˆ‘”ƒ–‹˜‡ …ƒ‹’Ž›–Šƒ–ˆƒ‹”˜ƒŽ—‡‹•ƒ•ǡ‘”‡ǡ‘” Ž‡••‹ˆ‘”ƒ–‹˜‡–ŠƒŠ‹•–‘”‹…ƒŽ…‘•–Ǥ Ž–‡”ƒ–‹˜‡Ž›ǡˆ‹†‹‰–Šƒ–ˆƒ‹”˜ƒŽ—‡ ‹• ‘– ‹…”‡‡–ƒŽŽ› ‹ˆ‘”ƒ–‹˜‡ …ƒ ‹’Ž›ˆƒ‹”˜ƒŽ—‡‹•‡‹–Š‡”‡“—ƒŽŽ›‘”Ž‡•• ‹ˆ‘”ƒ–‹˜‡–ŠƒŠ‹•–‘”‹…ƒŽ…‘•–ǤŠ‡”‡Ǧ ˆ‘”‡ǡ –Š‡ ƒ’’‹‰ „‡–™‡‡ ƒ ‹Ǧ …”‡‡–ƒŽ ƒ† ƒ ”‡Žƒ–‹˜‡ ‹ˆ‘”ƒ–‹‘

FAIR VALUE ACCOUNTING FOR FINANCIAL INSTRUMENTS – CONCEPTUAL APPROACH AND IMPLICATIONS

…‘–‡––‡•–‹•‘–‘‡Ǧ–‘Ǧ‘‡ǤŠ‹Ž‡‹Ǧ …”‡‡–ƒŽ …‘’ƒ”‹•‘• ƒ••‡•• –Š‡ ‹Ǧ …”‡‡–ƒŽ…‘–”‹„—–‹‘‘ˆ‘‡‡ƒ•—”‡ ‘˜‡”–Š‡‘–Š‡”ǡ”‡Žƒ–‹˜‡…‘’ƒ”‹•‘•”‡Ǧ ˆŽ‡…– †‹ˆˆ‡”‡…‡• ‹ ‹…”‡‡–ƒŽ ‹Ǧ ˆ‘”ƒ–‹‘…‘–‡–‘ˆ–Š‡–™‘‡ƒ•—”‡•Ǥ ƒ–—”ƒŽ“—‡•–‹‘–‘ƒ•‹•™Š‡–Š‡” „ƒˆƒ‹”˜ƒŽ—‡‹ˆ‘”ƒ–‹‘‹•—•‡ˆ—Ž–‘ ‹˜‡•–‘”•Ǥ ‘”‡šƒ’Ž‡ǡ™Š‡‹–™ƒ•†‡Ǧ Ž‹„‡”ƒ–‹‰ ‘ ͳͲ͹ǡ –Š‡ ™ƒ• …‘…‡”‡† ™‹–Š ’‘Ž‹…› “—‡•–‹‘• ”‡Žƒ–Ǧ ‹‰ –‘ –Š‡ ”‡Ž‡˜ƒ…‡ ƒ† ”‡Ž‹ƒ„‹Ž‹–› ‘ˆ †‹•…Ž‘•‡† ƒ‘—–•Ǥ ‡‰ƒ”†‹‰ ”‡Ž‡Ǧ ˜ƒ…‡ǡ –Š‡ ™ƒ• ‹–‡”‡•–‡† ‹ ™Š‡–Š‡” ‘ͳͲ͹†‹•…Ž‘•—”‡•™‘—Ž† „‡ ‹…”‡‡–ƒŽŽ› —•‡ˆ—Ž –‘ ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡– —•‡”• ”‡Žƒ–‹˜‡ –‘ ‹–‡• ƒŽǦ ”‡ƒ†›‹ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–•ǡ‹…Ž—†‹‰ ”‡…‘‰‹œ‡† „‘‘ ˜ƒŽ—‡• ƒ† †‹•…Ž‘•‡† ƒ‘—–•Ǥ‡‰ƒ”†‹‰”‡Ž‹ƒ„‹Ž‹–›ǡ–Š‡ ™ƒ•…‘…‡”‡†™‹–Š™Š‡–Š‡”ˆƒ‹”˜ƒŽ—‡• ‡•–‹ƒ–‡•ǡ ‡•’‡…‹ƒŽŽ› –Š‘•‡ ”‡Žƒ–‹‰ –‘ Ž‘ƒ•ǡ™‘—Ž†„‡–‘‘‘‹•›–‘†‹•…Ž‘•‡Ǥ • ƒ”–Šǡ ‡ƒ˜‡”ǡ ƒ† ƒ†•ƒ ȋʹͲͲͳȌ ‘–‡ǡ ’‘Ž‹…›Ǧ„ƒ•‡† ƒ……‘—–‹‰ ”‡•‡ƒ”…Š …ƒ‘– †‹”‡…–Ž› ƒ††”‡•• –Š‡•‡ “—‡•–‹‘•ǡ „—– …ƒ ’”‘˜‹†‡ ‡˜‹†‡…‡ –Šƒ–Š‡Ž’••–ƒ†ƒ”†•‡––‡”•ƒ••‡••”‡Ž‡Ǧ ˜ƒ…‡ƒ†”‡Ž‹ƒ„‹Ž‹–›“—‡•–‹‘•Ǥ…‘Ǧ ‘ ™ƒ› –‘ ƒ••‡•• –Š‡ •‘Ǧ…ƒŽŽ‡† ˜ƒŽ—‡ ”‡Ž‡˜ƒ…‡ ‘ˆ ƒ ”‡…‘‰‹œ‡† ‘” †‹•…Ž‘•‡† ƒ……‘—–‹‰ ƒ‘—– ‹• –‘ ƒ••‡•• ‹–• ‹Ǧ …”‡‡–ƒŽƒ••‘…‹ƒ–‹‘™‹–Š•Šƒ”‡’”‹…‡• ‘” •Šƒ”‡ ”‡–—”• ƒˆ–‡” …‘–”‘ŽŽ‹‰ ˆ‘” ‘–Š‡” ƒ……‘—–‹‰ ‘” ƒ”‡– ‹ˆ‘”ƒǦ –‹‘Ǥ ‡˜‡”ƒŽ •–—†‹‡• ƒ††”‡•• –Š‡ ˜ƒŽ—‡ ”‡Ž‡˜ƒ…‡ ‘ˆ „ƒ•ǯ †‹•…Ž‘•‡† ‹˜‡•–Ǧ ‡–•‡…—”‹–‹‡• ˆƒ‹”˜ƒŽ—‡•„‡ˆ‘”‡‹••—Ǧ ƒ…‡‘ˆ ‘ͳͳͷǡƒ†ƒ–‹‰”‡…‘‰Ǧ ‹–‹‘‘ˆ‹˜‡•–‡–•‡…—”‹–‹‡•ǯˆƒ‹”˜ƒŽǦ —‡•ƒ†‡ˆˆ‡…–•‘ˆ–Š‡‹”…Šƒ‰‡•‘–Š‡ „ƒŽƒ…‡ •Š‡‡– ƒ† –Š‡ ‹…‘‡ •–ƒ–‡Ǧ ‡–Ǥ ‘”ƒ•ƒ’Ž‡‘ˆ„ƒ•™‹–Š†ƒǦ –ƒ ˆ”‘ ͳͻ͹ͳȂͻͲǡ ƒ”–Š ȋͳͻͻͶȌ ˆ‹†• –Šƒ– ‹˜‡•–‡– •‡…—”‹–‹‡•ǯ ˆƒ‹” ˜ƒŽ—‡• ƒ”‡‹…”‡‡–ƒŽŽ›ƒ••‘…‹ƒ–‡†™‹–Š„ƒ •Šƒ”‡ ’”‹…‡• ƒˆ–‡” …‘–”‘ŽŽ‹‰ ˆ‘” ‹Ǧ ˜‡•–‡–•‡…—”‹–‹‡•ǯ„‘‘˜ƒŽ—‡•ǤŠ‡ ‡šƒ‹‡†‹ƒƒ—ƒŽ”‡–—”•…‘–‡š–ǡ –Š‡ •–—†› ˆ‹†• ‹š‡† ”‡•—Ž–• ˆ‘” ™Š‡–Š‡” —”‡…‘‰‹œ‡†•‡…—”‹–‹‡•ǯ‰ƒ‹• ƒ† Ž‘••‡• ’”‘˜‹†‡ ‹…”‡‡–ƒŽ ‡šǦ ’Žƒƒ–‘”›’‘™‡””‡Žƒ–‹˜‡–‘‘–Š‡”…‘Ǧ ’‘‡–• ‘ˆ ‹…‘‡Ǥ ‡ Ž‡ƒ†‹‰ …ƒ†‹Ǧ †ƒ–‡ ˆ‘” –Š‡ ƒ„‹‰—‘—• ˆ‹†‹‰ ‹• –Šƒ– •‡…—”‹–‹‡•ǯ ‰ƒ‹• ƒ† Ž‘••‡• ‡•–‹ƒ–‡• …‘–ƒ‹ –‘‘ —…Š ‡ƒ•—”‡‡– ‡””‘” ”‡Žƒ–‹˜‡–‘–Š‡–”—‡—†‡”Ž›‹‰…Šƒ‰‡• ‹–Š‡‹”ƒ”‡–˜ƒŽ—‡•Ǥ•‹‰‡••‡–‹ƒŽŽ› –Š‡ •ƒ‡ †ƒ–ƒ „ƒ•‡ǡ ƒ”–Šǡ ƒ†•ƒǡ ƒ†ƒŠŽ‡ȋͳͻͻͷȌ…‘ˆ‹”–Š‡ƒ”–Šǯ• ȋͳͻͻͶȌˆ‹†‹‰•ƒ†Ž‡†•—’’‘”––‘–Š‡ ‡ƒ•—”‡‡– ‡””‘” ‡š’Žƒƒ–‹‘ „› •Š‘™‹‰–Šƒ–ˆƒ‹”˜ƒŽ—‡Ǧ„ƒ•‡†‡ƒ•—”‡• ‘ˆ ‡– ‹…‘‡ ƒ”‡ ‘”‡ ˜‘Žƒ–‹Ž‡ –Šƒ Š‹•–‘”‹…ƒŽ…‘•–Ǧ„ƒ•‡†‡ƒ•—”‡•ǡ„—––Šƒ– –Š‡ ‹…”‡‡–ƒŽ ˜‘Žƒ–‹Ž‹–› ‹• ‘– ”‡Ǧ ˆŽ‡…–‡†‹„ƒ•Šƒ”‡’”‹…‡•Ǥˆ’ƒ”–‹…—Ǧ Žƒ” ‹–‡”‡•– –‘ „ƒ ”‡‰—Žƒ–‘”•ǡ ƒ”–Šǡ ƒ†•ƒǡƒ†ƒŠŽ‡ȋͳͻͻͷȌƒŽ•‘ˆ‹† –Šƒ–„ƒ•˜‹‘Žƒ–‡”‡‰—Žƒ–‘”›…ƒ’‹–ƒŽ”‡Ǧ “—‹”‡‡–•‘”‡ˆ”‡“—‡–Ž›—†‡”ˆƒ‹” ˜ƒŽ—‡ –Šƒ Š‹•–‘”‹…ƒŽ …‘•– ƒ……‘—–‹‰ǡ ƒ†–Šƒ–ˆƒ‹”˜ƒŽ—‡”‡‰—Žƒ–‘”›…ƒ’‹–ƒŽ˜‹Ǧ ‘Žƒ–‹‘• Š‡Ž’ ’”‡†‹…– ˆ—–—”‡ Š‹•–‘”‹…ƒŽ …‘•– ”‡‰—Žƒ–‘”› …ƒ’‹–ƒŽ ˜‹‘Žƒ–‹‘•ǡ „—– •Šƒ”‡’”‹…‡•ˆƒ‹Ž–‘”‡ˆŽ‡…––Š‹•‹…”‡ƒ•‡† ”‡‰—Žƒ–‘”›”‹•Ǥ ‡…ƒ—•‡ —•–”ƒŽ‹ƒ ƒ† ’‡”‹– —’™ƒ”† ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘• „—–ǡ ƒ• ™‹–Š ǡ ”‡“—‹”‡ †‘™™ƒ”† ”‡˜ƒŽ—ƒ–‹‘• ‹ –Š‡ …ƒ•‡ ‘ˆ ƒ••‡– ‹Ǧ ’ƒ‹”‡–•ǡ•‡˜‡”ƒŽ•–—†‹‡•‡šƒ‹‡–Š‡ †‹‡•‹‘• ‘ˆ ˜ƒŽ—‡ ”‡Ž‡˜ƒ…‡ ‘ˆ ”‡Ǧ ˜ƒŽ—ƒ–‹‘•‹–Š‡•‡…‘—–”‹‡•Ǥ‘•–•–—Ǧ †‹‡•ǡ‹…Ž—†‹‰ƒ•–‘ǡ††‡›ǡƒ†ƒ”Ǧ ”‹• ȋͳͻͻ͵Ȍǡ ƒ”–Š ƒ† Ž‹…Š ȋͳͻͻ͸Ȍǡ ƒ”–Š ƒ† Ž‹…Š ȋͳͻͻͺȌǡ ƒ† ‡ƒ•‡ŽŽ ƒ†‹ȋʹͲͲͲȌǡˆ‘…—•‘–ƒ‰‹„Ž‡ˆ‹š‡† ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘•Ǥ ‘™‡˜‡”ǡ „‘‘†›ǡ ƒ”–Šƒ†ƒ•œ‹ȋͳͻͻͻȌ‡šƒ‹‡–Š‡ ƒ••‘…‹ƒ–‹‘ „‡–™‡‡ ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘• ˆ‘”ˆ‹ƒ…‹ƒŽǡ–ƒ‰‹„Ž‡ǡƒ†‹–ƒ‰‹„Ž‡ƒ•Ǧ •‡–•ˆ‘”ƒ•ƒ’Ž‡‘ˆ—•–”ƒŽ‹ƒˆ‹”•‹

Dumitru MATI , Carmen Giorgiana BONACI ͳͻͻͳȂͻͷǤ ‘…—•‹‰ ‘ –Š‡ ˆ‹ƒ…‹ƒŽ ƒ•Ǧ •‡–•ǡ„‘‘†›ǡƒ”–Šƒ†ƒ•œ‹ȋͳͻͻͻȌ ˆ‹† –Šƒ– ”‡˜ƒŽ—‡† ‹˜‡•–‡–• ˆ‘” ˆ‹Ǧ ƒ…‹ƒŽ ˆ‹”• ƒ• ™‡ŽŽ ƒ• ‘Ǧˆ‹ƒ…‹ƒŽ ˆ‹”• ƒ”‡ …‘•‹•–‡–Ž› •‹‰‹ˆ‹…ƒ–Ž› ƒ•Ǧ •‘…‹ƒ–‡†™‹–Š•Šƒ”‡’”‹…‡•Ǥ ‡ ‹–‡”‡•–‹‰ •–—†› ‘ˆ ƒ‹•Š „ƒ•ǡ ‡”ƒ”†ǡ ‡”–‘ ƒ† ƒŽ‡’— ȋͳͻͻͷȌǡˆ‘…—•‡•‘–Š‡‹’ƒ…–‘ˆƒ”Ǧ –‘Ǧƒ”‡– ƒ……‘—–‹‰ ‘ ”‡‰—Žƒ–‘”› …ƒ’‹–ƒŽ ƒ• ‘’’‘•‡† –‘ –Š‡ ˜ƒŽ—‡ ”‡Ž‡Ǧ ˜ƒ…‡‘ˆˆƒ‹”˜ƒŽ—‡•ˆ‘”‹˜‡•–‘”•Ǥ‡Ǧ ƒ” ‹• ƒ ‹–‡”‡•–‹‰”‡•‡ƒ”…Š•‡––‹‰ „‡…ƒ—•‡ ƒ‹•Š „ƒ ”‡‰—Žƒ–‘”• Šƒ˜‡ —•‡† ƒ”Ǧ–‘Ǧƒ”‡– ƒ……‘—–‹‰ –‘ ‡ƒ•—”‡ ”‡‰—Žƒ–‘”› …ƒ’‹–ƒŽ ˆ‘” ƒ Ž‘‰ ’‡”‹‘†Ǥ ‡”ƒ”†ǡ ‡”–‘ ƒ† ƒŽ‡’— ȋͳͻͻͷȌ ˆ‹† –Šƒ– ƒŽ–Š‘—‰Š –Š‡”‡ ‹• ‡˜‹Ǧ †‡…‡‘ˆ‡ƒ”‹‰•ƒƒ‰‡‡–ǡ–Š‡”‡‹• ‘”‡Ž‹ƒ„Ž‡‡˜‹†‡…‡–Šƒ–ƒ”Ǧ–‘Ǧƒ”Ǧ ‡–—„‡”•ƒ”‡ƒƒ‰‡†–‘ƒ˜‘‹†”‡‰Ǧ —Žƒ–‘”› …ƒ’‹–ƒŽ …‘•–”ƒ‹–•Ǥ ‘”‡‘˜‡”ǡ ƒ‹•Š„ƒ•ǯƒ”Ǧ–‘Ǧƒ”‡–‡–‡“—‹Ǧ –› „‘‘ ˜ƒŽ—‡• ƒ”‡ ‘”‡ ”‡Ž‹ƒ„Ž‡ ‡•Ǧ –‹ƒ–‡• ‘ˆ –Š‡‹” ‡“—‹–› ƒ”‡– ˜ƒŽ—‡• ™Š‡ …‘ ’ƒ”‡† –‘ –Š‘•‡ ‘ˆ „ƒ•ǡ –Š‡”‡„› ’”‘˜‹†‹‰ ‹†‹”‡…– ‡˜‹†‡…‡ –Šƒ– ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ …‘—Ž† „‡ „‡‡ˆ‹…‹ƒŽ–‘‹˜‡•–‘”•ƒ††‡’‘•‹–‘”•Ǥ —ƒ”‹œ‹‰–Š‡‡š‹•–‹‰‡’‹”‹…ƒŽ Ž‹–‡”ƒ–—”‡ǡ –Š‡ ”‡Ž‡˜ƒ…‡ ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡–…ƒ‘Ž›„‡•—’’‘”–‡†ˆ‘” •‡…—”‹–‹‡• –”ƒ†‡† ‘ Š‹‰ŠŽ› Ž‹“—‹† ƒ”Ǧ ‡–•ǡ ™Š‹Ž‡ –Š‡ ‡˜‹†‡…‡ ”‡‹ˆ‘”…‡• –Š‡ •‹‰‹ˆ‹…ƒ…‡‘ˆ–Š‡”‡Ž‹ƒ„‹Ž‹–›‘„Œ‡…–‹‘Ǥ Š‡‘”‡–‹…ƒŽ”‡•‡ƒ”…Š•‘ˆƒ”Šƒ•„‡‡ ”‡Žƒ–‹˜‡Ž› •‹Ž‡– ‘ –Š‡ ’”‘’‡”–‹‡• ƒ† †‡•‹”ƒ„‹Ž‹–› ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡–Ǥ Š‹Ž‡–Š‡‹ˆ‘”ƒ–‹‘ƒŽ“—ƒŽ‹–›‘ˆƒ”Ǧ ‡–˜ƒŽ—‡•‹•—ƒ••ƒ‹Žƒ„Ž‡—†‡”…‘†‹Ǧ –‹‘• ‘ˆ …‘’Ž‡–‡ ƒ† ’‡”ˆ‡…– ƒ”‡–•ǡ –Š‡…‘–”‹„—–‹‘‘ˆˆƒ‹”˜ƒŽ—‡‡ƒ•—”‡Ǧ ‡– –‘ ˜ƒŽ—ƒ–‹‘ ‘” …‘–”ƒ…–‹‰ ’—”Ǧ ’‘•‡• ‹• —…Ž‡ƒ” ‹ ƒ ”‡ƒŽ‹•–‹… •‡––‹‰ ȋ‡ƒ˜‡”ǡͳͻͻͺȌǤ —”’ƒ’‡”…‘–”‹„—–‡•–‘–Š‡Ž‹–‡”ƒǦ –—”‡‘ˆƒ‹”˜ƒŽ—‡ƒ……‘—–‹‰ˆ‘”ˆ‹ƒǦ …‹ƒŽ‹•–”—‡–•‘ƒ–Š‡‘”‡–‹…ƒŽŽ›Ž‡˜‡Ž „›ƒ’’”‘ƒ…Š‹‰–Š‡†‡…‹•‹‘—•‡ˆ—Ž‡•• ˆ”‘ –Š‡ ‡ƒ•—”‡‡– ƒ† –Š‡ ‹ˆ‘”Ǧ ƒ–‹‘ ’‡”•’‡…–‹˜‡ ȋ‹–œǡ ʹͲͲ͹Ȍ ‡Ǧ ’Šƒ•‹œ‹‰ –Š‡ ‡˜ƒŽ—ƒ–‹‘ ‘ˆ –Š‡ ’ƒ”ƒǦ †‹‰ƒ–‹… ˆ‘—†ƒ–‹‘• —†‡”Ž›‹‰ ”‡‰—Ǧ Žƒ–‘”•ǯ‡†‘”•‡‡–‘ˆˆƒ‹”˜ƒŽ—‡‡ƒ•Ǧ —”‡‡– ƒ† –Š‡ …‘’ƒ”ƒ–‹˜‡ ƒƒŽ›•‹• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˜‡”•—• Š‹•–‘”‹Ǧ …ƒŽ …‘•– ƒ……‘—–‹‰Ǥ ‘”‡‘˜‡”ǡ –Š‹• ’ƒǦ ’‡”’”‘…‡‡†•–‘…‘–”‹„—–‡–‘–Š‡•–ƒǦ †ƒ”†•‡––‹‰Ž‹–‡”ƒ–—”‡‘–Š‡…Š‘‹…‡‘ˆ ‡ƒ•—”‡‡– „ƒ•‹•Ǥ Š‡ ‹‹–‹ƒ–‹‘ ‘ˆ ƒ …‘‘ Ȁ …‘…‡’–—ƒŽ ˆ”ƒ‡™‘”’”‘Œ‡…–ƒ†–Š‡”‡…‡–’—„Ǧ Ž‹…ƒ–‹‘ ‘ˆ –Š‡ ǯ• ‹•…—••‹‘ ƒ’‡” ‘ Dz‡ƒ•—”‡‡– ƒ•‡• ˆ‘” ‹ƒ…‹ƒŽ ……‘—–‹‰dz ‹†‹…ƒ–‡ –Šƒ– –Š‡”‡ ‹• †‡Ǧ ƒ†ˆ‘”•—…Š”‡•‡ƒ”…ŠǤ

2.2 Fair Value Accounting –

a Shift in Standard Setting

Paradigms

2.2.1. Fair Value – Definition and Estimation ‡•’‹–‡†‹ˆˆ‡”‡–™‘”†‹‰ǡ–Š‡†‡ˆ‹Ǧ ‹–‹‘• ƒ† ‡ƒ‹‰• ‘ˆ –Š‡ –‡” Dzˆƒ‹– ˜ƒŽ—‡dzƒ”‡„ƒ•‹…ƒŽŽ›‡“—‹˜ƒŽ‡–‹ ƒ† ’”‘‘—…‡‡–•Ǥ Š‡ †‡ˆ‹‡• Dzˆƒ‹” ˜ƒŽ—‡dz ƒ• Dz–Š‡ ’”‹…‡ ƒ– ™Š‹…Šƒƒ••‡–‘”Ž‹ƒ„‹Ž‹–›…‘—Ž†„‡‡šǦ …Šƒ‰‡† ‹ ƒ …—””‡– –”ƒ•ƒ…–‹‘ „‡Ǧ –™‡‡‘™Ž‡†‰‡ƒ„Ž‡ǡ—”‡Žƒ–‡†™‹ŽŽ‹‰ ’ƒ”–‹‡•dz ȋ ǡ ʹͲͲͶƒȌǤ • –Š‡ ‘–‡•ǡDz–Š‡‘„Œ‡…–‹˜‡‘ˆƒˆƒ‹”˜ƒŽ—‡‡ƒǦ •—”‡‡– ‹• –‘ ‡•–‹ƒ–‡ ƒ ‡š…Šƒ‰‡ ’”‹…‡ ˆ‘” –Š‡ ƒ••‡– ‘” Ž‹ƒ„‹Ž‹–› „‡‹‰ ‡ƒ•—”‡† ‹ –Š‡ ƒ„•‡…‡ ‘ˆ ƒ ƒ…–—ƒŽ –”ƒ•ƒ…–‹‘ ˆ‘” –Šƒ– ƒ••‡– ‘” Ž‹ƒ„‹Ž‹–›Ǥdz ’Ž‹…‹– ‹ –Š‹• ‘„Œ‡…–‹˜‡ ‹• –Š‡ ‘–‹‘ –Šƒ–ˆƒ‹”˜ƒŽ—‡‹•™‡ŽŽ†‡ˆ‹‡†•‘–Šƒ–ƒ ƒ••‡– ‘” Ž‹ƒ„‹Ž‹–›ǯ• ‡š…Šƒ‰‡ ’”‹…‡ ˆ—ŽŽ› …ƒ’–—”‡• ‹–• ˜ƒŽ—‡Ǥ Šƒ– ‹•ǡ –Š‡ ’”‹…‡ ƒ– ™Š‹…Š ƒ ƒ••‡– …ƒ „‡ ‡š…Šƒ‰‡† „‡Ǧ –™‡‡–™‘‡–‹–‹‡•†‘‡•‘–†‡’‡†‘ –Š‡ ‡–‹–‹‡• ‡‰ƒ‰‡† ‹ –Š‡ ‡š…Šƒ‰‡

FAIR VALUE ACCOUNTING FOR FINANCIAL INSTRUMENTS – CONCEPTUAL APPROACH AND IMPLICATIONS

ƒ†–Š‹•’”‹…‡‡“—ƒŽ•–Š‡˜ƒŽ—‡Ǧ‹Ǧ—•‡–‘ ƒ› ‡–‹–›Ǥ ‘” ‡šƒ’Ž‡ǡ –Š‡ ˜ƒŽ—‡ ‘ˆ ƒ •™ƒ’ †‡”‹˜ƒ–‹˜‡ –‘ ƒ „ƒ ‡“—ƒŽ• –Š‡ ’”‹…‡ ƒ– ™Š‹…Š ‹– …ƒ ’—”…Šƒ•‡ ‘” •‡ŽŽ –Šƒ– †‡”‹˜ƒ–‹˜‡ǡ ƒ† –Š‡ •™ƒ’̵• ˜ƒŽ—‡ †‘‡•‘–†‡’‡†‘–Š‡‡š‹•–‹‰ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• ‘ –Š‡ „ƒǯ• „ƒŽƒ…‡ •Š‡‡–Ǥƒ…—””‡–…‘˜‡”‰‡…‡’”‘Œ‡…–ǡ –Š‡ †‡˜‡Ž‘’• ƒ –‡”ƒ–‹‘ƒŽ ‹Ǧ ƒ…‹ƒŽ‡’‘”–‹‰–ƒ†ƒ”†‘ˆƒ‹”˜ƒŽǦ —‡ ‡ƒ•—”‡‡–ǡ ™Š‹…Š ‹• „ƒ•‡† ‘ ͳͷ͹ǤŠ‡•Šƒ”’†‹•–‹…–‹‘‘ˆˆƒ‹” ˜ƒŽ—‡ƒ†˜ƒŽ—‡‹—•‡…Žƒ”‹ˆ‹‡•–Šƒ–ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡– ‹• ‘– –‘ ‹…Ž—†‡ ‡–‹–›Ǧ•’‡…‹ˆ‹… …‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡•ǡ –Šƒ–‹•ǡ‘’”‹˜ƒ–‡•‹ŽŽ•ƒ†‘’”‹˜ƒ–‡ ‹ˆ‘”ƒ–‹‘Ǥ Š‡‡•–‹ƒ–‹‘‘ˆˆƒ‹”˜ƒŽ—‡ˆ‘ŽŽ‘™•ǡ ‹’”‹…‹’Ž‡ǡƒ–Š”‡‡Ǧ–‹‡”Š‹‡”ƒ”…Š›Ǥ‹–• š’‘•—”‡ ”ƒˆ– Dz ƒ‹” ˜ƒŽ—‡  ‡ƒ•—”‡Ǧ ‡–•dzǡ–Š‡ †‡•…”‹„‡•ƒŠ‹‡”ƒ”…Š› ‘ˆ’”‡ˆ‡”‡…‡•ˆ‘”‡ƒ•—”‡‡–‘ˆˆƒ‹” ˜ƒŽ—‡ǤŠ‡’”‡ˆ‡””‡†Ž‡˜‡ŽȋͳȌˆƒ‹”˜ƒŽ—‡ ‡•–‹ƒ–‡• ƒ”‡ –Š‘•‡ „ƒ•‡† ‘ “—‘–‡† ’”‹…‡•ˆ‘”‹†‡–‹…ƒŽƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•ǡ ƒ†ƒ”‡‘•–ƒ’’Ž‹…ƒ„Ž‡–‘–Š‘•‡ƒ••‡–• ‘” Ž‹ƒ„‹Ž‹–‹‡• –Šƒ– ƒ”‡ ƒ…–‹˜‡Ž› –”ƒ†‡† ȋ‡Ǥ‰Ǥ –”ƒ†‹‰ ‹˜‡•–‡– •‡…—”‹–‹‡•ȌǤ ‡˜‡Ž ʹ ‡•–‹ƒ–‡• ƒ”‡ –Š‘•‡ „ƒ•‡† ‘ “—‘–‡† ƒ”‡– ’”‹…‡• ‘ˆ •‹‹Žƒ” ‘” ”‡Ǧ Žƒ–‡†ƒ••‡–•ƒ†Ž‹ƒ„‹Ž‹–‹‡•Ǥ‡˜‡Ž͵‡•–‹Ǧ ƒ–‡•ǡ –Š‡ Ž‡ƒ•– ’”‡ˆ‡””‡†ǡ ƒ”‡ –Š‘•‡ „ƒ•‡† ‘ …‘’ƒ› ‡•–‹ƒ–‡•ǡ ƒ† •Š‘—Ž†‘Ž›„‡—•‡†‹ˆŽ‡˜‡Žͳ‘”ʹ‡•–‹Ǧ ƒ–‡• ƒ”‡ ‘– ƒ˜ƒ‹Žƒ„Ž‡Ǥ ‹–Š –Š‡ ‡Ǧ ’Šƒ•‹•‘ƒ”‡–’”‹…‡•ǡ–Š‡ ‡Ǧ ’Šƒ•‹œ‡• –Šƒ– ˆ‹”• •Š‘—Ž† „ƒ•‡ –Š‡‹” ‡•–‹ƒ–‡• ‘ ƒ”‡– ’”‹…‡• ƒ• ‘†‡Ž ‹’—–• ™Š‡”‡˜‡” ’‘••‹„Ž‡ ȋ‡Ǥ‰Ǥ —•‡ ‘ˆ ‡“—‹–›ƒ”‡–˜‘Žƒ–‹Ž‹–›‡•–‹ƒ–‡•™Š‡ ‡’Ž‘›‹‰ –Š‡ Žƒ…Ǧ…Š‘Ž‡• ˜ƒŽ—ƒ–‹‘ ‘†‡Ž–‘‡•–‹ƒ–‡–Š‡ˆƒ‹”˜ƒŽ—‡‘ˆ‡Ǧ ’Ž‘›‡‡ •–‘… ‘’–‹‘•ȌǤ ˆ ‘–Š‡” ‘†‡Ž• ‡’Ž‘›‹‰ƒ”‡–‹’—–•ƒ”‡‘–ƒ˜ƒ‹ŽǦ ƒ„Ž‡ ˆƒ‹” ˜ƒŽ—‡ ‡•–‹ƒ–‡• …ƒ „‡ …‘Ǧ •–”—…–‡† —•‹‰ ‡–‹–›Ǧ•—’’Ž‹‡† ‹’—–• ȋ‡Ǥ‰Ǥ †‹•…‘—–‡† …ƒ•Š ˆŽ‘™ ‡•–‹ƒ–‡•ȌǤ Š‡ ‰‘˜‡”‹‰ ’”‹…‹’Ž‡ ‹• ’”‹ƒ…› ‘ˆ ƒ”‡–Ǧ„ƒ•‡†‡ƒ•—”‡•Ȃ–Š‡”‡ˆ—–ƒ„Ž‡ ‘–‹‘–Šƒ–ƒ”‡–’”‹…‡•‘”ƒ”‡–†ƒǦ –ƒ ƒ”‡ ‘”‡ ‹ˆ‘”ƒ–‹˜‡ ƒ† ”‡Ž‹ƒ„Ž‡ –Šƒ ‹–‡”ƒŽ ‡•–‹ƒ–‡•Ǥ ‘– –‘ ˆ‘”‰‡– –Šƒ– ƒ”‡– ’”‹…‡• ”‡’”‡•‡– –Š‡ „‡•– ‡•–‹ƒ–‡ˆ‘”ˆƒ‹”˜ƒŽ—‡ǡ‹ˆƒ”‡–…‘†‹Ǧ –‹‘• •ƒ–‹•ˆ› –Š‡ ˆƒ‹” ˜ƒŽ—‡ †‡ˆ‹‹–‹‘Ǥ Š‡”‡Ž‡˜ƒ–Dz“—ƒŽ‹–›dz‘ˆƒ”‡–’”‹…‡• ‹•ƒ••‡••‡†„‡…ƒ—•‡‘ˆ–Š‡ƒ…–‹˜‡ƒ”‡– …”‹–‡”‹‘ǡ–Šƒ–‹•ǡ”‡‰—Žƒ”–”ƒ†‹‰‘ˆ–Š‡ ‹–‡‘ƒŽ‹“—‹†ƒ”‡–‹•”‡“—‹”‡†ˆ‘” –Š‡ ƒ”‡– ’”‹…‡ –‘ “—ƒŽ‹ˆ› ƒ• ƒ ‡•–‹Ǧ ƒ–‡ ‘ˆ ˆƒ‹” ˜ƒŽ—‡Ǥ Š‡ •‡…‘† Ž‡˜‡Ž ‘ˆ ‡•–‹ƒ–‹‘ Š‹‡”ƒ”…Š› ”‡“—‹”‡• …‘•‹†Ǧ ‡”‹‰ȋ‘†‹ˆ‹‡†Ȍƒ”‡–’”‹…‡•‘ˆ…‘Ǧ ’ƒ”ƒ„Ž‡‹–‡•ǡ™Š‡”‡…‘’ƒ”ƒ„‹Ž‹–›ƒǦ –—”ƒŽŽ› ”‡ˆ‡”• –‘ –Š‡ …ƒ•Š ˆŽ‘™ ’”‘ˆ‹Ž‡Ǥ Ž›™Š‡•—…Š’”‹…‡•…ƒ‘–„‡ —•‡† ‡‹–Š‡”ǡƒ”‹‰Ǧ–‘Ǧƒ”‡–ˆƒ‹Ž•ƒ†ˆƒ‹” ˜ƒŽ—‡‹•ƒ†ƒ–‡†–‘„‡‡•–‹ƒ–‡†—•‹‰ ‹–‡”ƒŽ ‡•–‹ƒ–‡• ƒ† …ƒŽ…—Žƒ–‹‘•Ǥ Š‹• ƒ”‹‰Ǧ–‘Ǧ‘†‡Žǡ –Š‡ —•‡ ‘ˆ ƒ…Ǧ …‡’–‡†ǡ–Š‡‘”‡–‹…ƒŽŽ›•‘—†’”‹…‹‰‡Ǧ –Š‘†•ǡ ”‡’”‡•‡–• ƒ –‡…Š‹“—‡ ‘ˆ Žƒ•– ”‡•‘”–Ǥ’Ž‡‰—‹†ƒ…‡‡š‹•–•‘˜ƒŽ—ƒǦ –‹‘ ‘†‡Ž• ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•ǡ ƒ†ƒ……‡’–‡†‡–Š‘†•…ƒ„‡ˆ‘—†‹ –Š‡ƒ”‡–’Žƒ…‡Ǥ ‘•—ƒ”‹œ‡ǡˆƒ‹”˜ƒŽ—‡”‡’”‡•‡–• ƒ•’‡…‹ˆ‹……—””‡–˜ƒŽ—‡ǡ–Šƒ–‹•ǡ‡š‹–˜ƒŽǦ —‡ —†‡” ‹†‡ƒŽ‹œ‡† …‘†‹–‹‘•Ǥ •–‹Ǧ ƒ–‹‘ ˆ‘ŽŽ‘™• ƒ –Š”‡‡Ǧ–‹‡” ’”‘…‡••ǡ ™‹–Š ƒ •–”‹…– ’”‡ˆ‡”‡…‡ ˆ‘” ƒ”‡–Ǧ „ƒ•‡†‡ƒ•—”‡•Ǥ

2.2.2 Paradigmatic Foundation

Š‡‘˜‡–‘™ƒ”†•ˆƒ‹”˜ƒŽ—‡‡ƒ•Ǧ —”‡‡– ‹• ˆ”‡“—‡–Ž› …Šƒ”ƒ…–‡”‹œ‡† ƒ• ƒ •Š‹ˆ– ‹ ’ƒ”ƒ†‹‰• ȋ‡Ǥ‰Ǥ ƒ”Ž‡˜ ƒ† ƒ††ƒ†ǡʹͲͲ͵ȌǤ‡•–ƒ”–‘—”ƒƒŽ›•‹•„› …‘•‹†‡”‹‰ –Šƒ– –Š‹• ’”‘…‡•• ‹• „ƒ•‡† ‘ ˆ‹” „‡Ž‹‡ˆ• ƒ† ƒ••—’–‹‘ ƒ† –Š—• †‡•‡”˜‡• •’‡…‹ˆ‹… ƒ––‡–‹‘ǡ ™‹–Š ‡˜ƒŽ—ƒ–‹‘ ƒ††”‡••‹‰ –Š‡ –Š‡‘”‡–‹…ƒŽ —†‡”’‹‹‰•Ǥ Š‡”‡ˆ‘”‡ǡ –Š‡ ’ƒ”ƒǦ

Dumitru MATI , Carmen Giorgiana BONACI †‹‰ƒ–‹… ˆ‘—†ƒ–‹‘ ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‡ƒǦ •—”‡‡–™‹ŽŽ„‡„”‹‡ˆŽ›‡Žƒ„‘”ƒ–‡†Ǥ ’ƒ”ƒ†‹‰…ƒ„‡†‡ˆ‹‡†ƒ•ƒ•‡– ‘ˆ˜ƒŽ—‡•ƒ†„‡Ž‹‡ˆ••Šƒ”‡†„›ƒ•’‡…‹ˆǦ ‹… …‘—‹–›Ǥ ……‘”†‹‰Ž›ǡ ™Š‡”‡ ˆ‹Ǧ ƒ…‹ƒŽ”‡’‘”–‹‰‹• …‘…‡”‡†ǡƒ’ƒ”ƒǦ †‹‰”‡’”‡•‡–•ƒ•‡–‘ˆ•Šƒ”‡†„‡Ž‹‡ˆ• ‘–Š‡‘„Œ‡…–‹˜‡•‘ˆˆ‹ƒ…‹ƒŽ”‡’‘”–‹‰ ƒ† ‘ –Š‡ ƒ……‘—–‹‰ ’”‹…‹’Ž‡• „› ™Š‹…Š –Š‡•‡ …ƒ „‡ ƒ…Š‹‡˜‡†Ǥ – ‹• ‰”‘—†‡† ‹ ‡Žƒ„‘”ƒ–‡† ƒ••—’–‹‘•ǡ ƒ† …Šƒ”ƒ…–‡”‹•–‹…ƒŽŽ› ”‡“—‹”‡• ƒ –Š‡‘Ǧ ”‡–‹…ƒŽˆ‘—†ƒ–‹‘‘”˜‹†‹…ƒ–‹‘Ǥ‘”‡Ǧ ‘˜‡”ǡ ƒ ‡ƒ•—”‡‡– ’ƒ”ƒ†‹‰ ”‡’”‡•‡–• ƒ …‘•‡•—• ‘ –Š‡ ‡ƒǦ •—”‡‡–ƒ––”‹„—–‡•”‡“—‹”‡†–‘ƒ…Š‹‡˜‡ –Š‡ ”‡’‘”–‹‰ ‘„Œ‡…–‹˜‡• ‹ “—‡•–‹‘Ǥ …‡ ”‡‰—Žƒ–‘”› „‘†‹‡• ƒ†‘’– ƒ ˆ‹ƒǦ …‹ƒŽ”‡’‘”–‹‰’ƒ”ƒ†‹‰ǡ‹–„‡…‘‡•–Š‡ ‰—‹†‹‰’”‹…‹’Ž‡ˆ‘”ƒ……‘—–‹‰”‡‰—ŽƒǦ –‹‘ǡ–Šƒ–‹•ǡ•–ƒ†ƒ”†•‡––‹‰Ǥ Š‡ˆƒ‹”˜ƒŽ—‡’ƒ”ƒ†‹‰”‡•–•‘–Š‡ †‡…‹•‹‘ —•‡ˆ—Ž‡•• ’ƒ”ƒ†‹‰ǡ ™Š‹…Š ™ƒ• ‡•–ƒ„Ž‹•Š‡† ƒ• ƒ ‘ˆˆ‹…‹ƒŽ •–ƒ†ƒ”† •‡––‹‰‘„Œ‡…–‹˜‡‘Ž›™‹–Š–Š‡‹ˆ‘”ƒǦ –‹‘ ‘ˆ –Š‡ ƒ† –Š‡ …‘…‡’–—ƒŽ ˆ”ƒ‡™‘”’”‘Œ‡…–ǤŠ—•ǡ™Š‹Ž‡–Š‡Š‹•Ǧ –‘”‹…ƒŽ…‘•–‘†‡Ž‡ƒƒ–‡†ˆ”‘ƒ˜ƒǦ ”‹‡–›‘ˆ‹ˆŽ—‡…‡•ǡƒ‘‰–Š‡ƒŽ•‘ƒ•Ǧ ’‡…–• ‘ˆ …‘–”ƒ…–‹‰ ƒ† •–‡™ƒ”†•Š‹’ ȋ‘Ž–Šƒ—•‡ƒ†ƒ––•ǡʹͲͲͳȌǡˆƒ‹”˜ƒŽǦ —‡ ‡ƒ•—”‡‡– Šƒ• „‡‡ ‹–”‘†—…‡† ™‹–Š ‡š’Ž‹…‹– ”‡ˆ‡”‡…‡ –‘ ƒ …Ž‡ƒ”Ž› •–ƒ–‡† ”‡’‘”–‹‰ ‘„Œ‡…–‹˜‡•ǣ –Š‡ ’”‘˜‹Ǧ •‹‘‘ˆ‹ˆ‘”ƒ–‹‘–‘‹˜‡•–‘”•–‘‡ƒǦ „Ž‡ –Š‡ –‘ ƒ••‡• –Š‡ ƒ‘—–•ǡ –‹‹‰ ƒ† —…‡”–ƒ‹–› ‘ˆ ˆ—–—”‡ …ƒ•Š ˆŽ‘™• ˆ”‘ƒ‹˜‡•–‡–‹ƒˆ‹”ǯ••Šƒ”‡•‘” †‡„–•‡…—”‹–‹‡•ǤƒŽ›•‹•‘ˆ–Š‡”‡Ž‡˜ƒ– ’”‘‘—…‡‡–•‹†‡–‹ˆ‹‡•‘‡–Š‡‘”‡–Ǧ ‹…ƒŽƒ••—’–‹‘–Šƒ–ƒ’’‡ƒ”•–‘…‘•–‹Ǧ –—–‡ƒˆ—†ƒ‡–ƒŽ’‹ŽŽƒ”‘ˆ–Š‡ˆƒ‹”˜ƒŽǦ —‡’ƒ”ƒ†‹‰Ǥ……‘”†‹‰–‘–Š‹•‹ˆ‘”ƒǦ –‹‘ƒ‰‰”‡‰ƒ–‹‘Š›’‘–Š‡•‹•ǡ–Š‡ƒ”‡– ’”‹…‡ƒ‰‰”‡‰ƒ–‡•‹ƒ‡ˆˆ‹…‹‡–ƒ†˜‹”Ǧ –—ƒŽŽ› —„‹ƒ•‡† ƒ‡” –Š‡ …‘•‡•—• ‡š’‡…–ƒ–‹‘ ‘ˆ ‹˜‡•–‘”• ‹ –Š‡ ƒ”‡– …‘…‡”‹‰–Š‡…ƒ•ŠˆŽ‘™’ƒ––‡”‘ˆ–Š‡ ƒ••‡–‘”Ž‹ƒ„‹Ž‹–›Ǥ –ƒ†ƒ”† •‡––‹‰ „‘†‹‡• –Š—• ‹ ƒ ‡Žƒ„‘”ƒ–‡ƒ‡”‡•–ƒ„Ž‹•Š–Š‡…‘…‡’Ǧ –—ƒŽ …ƒ•‡ ˆ‘” ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡– ™‹–Š ”‡ˆ‡”‡…‡ –‘ –Š‡‘”‡–‹…ƒŽ ‡…‘‘‹… ”‡ƒ•‘‹‰Ǥ‡…ƒ‹†‡–‹ˆ›ƒ™‹†‡”ƒ‰‡ ‘ˆ ƒ”‰—‡–•ˆ‘” –Š‡’”‘‘–‹‘‘ˆ ˆƒ‹” ˜ƒŽ—‡‡ƒ•—”‡‡–ǡ•—…Šƒ•–Š‡…‘’ƒǦ ”ƒ„‹Ž‹–›‘ˆƒ”‡–˜ƒŽ—‡•ǡ–Š‡”‡Ž‹ƒ„‹Ž‹–› ‘ˆ ƒ”‡– ’”‹…‡ ‹ˆ‘”ƒ–‹‘Ǣ –Š‡ …‘Ǧ …‡’–—ƒŽ ‡”‹–• ‘ˆ ƒ”‡– ˜ƒŽ—ƒ–‹‘ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—‡–• ƒ† –Š‡ ƒ……‘—–Ǧ ‹‰ˆ‘””‹•ƒƒ‰‡‡–’‘Ž‹…‹‡•Ǥ‹…‡ ‹ˆ‘”ƒ–‹‘ ƒ‰‰”‡‰ƒ–‹‘ ”‡ˆ‡”• –‘ –Š‡ ”‡Ž‡˜ƒ…‡‘ˆˆƒ‹”˜ƒŽ—‡ǡ–Šƒ–‹•ǡ–Š‡…‘”Ǧ ”‡•’‘†‡…‡ ‘ˆ ”‡’‘”–‡† ‹ˆ‘”ƒ–‹‘ ƒ† ”‡“—‹”‡† ‹ˆ‘”ƒ–‹‘ǡ ”‡Ž‹ƒ„‹Ž‹–› …‘…‡”•ƒ’’‡ƒ”–‘„‡–Š‡’”‹‡ƒ”‰—Ǧ ‡– …ƒ’ƒ„Ž‡ ‘ˆ ”‡•–”‹…–‹‰ –Š‡ ‹’Ž‡Ǧ ‡–ƒ–‹‘‘ˆˆƒ‹”˜ƒŽ—‡‡ƒ•—”‡‡–‹ ˆ—–—”‡ •–ƒ†ƒ”† •‡––‹‰ ’”‘Œ‡…–•ǡ ‡•’‡Ǧ …‹ƒŽŽ› ™Š‡”‡ „ƒŽƒ…‡ •Š‡‡– ”‡…‘‰‹–‹‘ ‹•…‘…‡”‡†Ǥ

2.2.3. Evolution

and Implementation

of the Fair Value Paradigm

˜‡”–Š‡›‡ƒ”•ǡ–Š‡”‡Šƒ•„‡‡…‘Ǧ •‹†‡”ƒ„Ž‡†‡„ƒ–‡‘™Š‡–Š‡”–Š‡ƒ••‡–Ǧ Ž‹ƒ„‹Ž‹–› ƒ’’”‘ƒ…Š ”‡“—‹”‡• ‡ƒ•—”‡Ǧ ‡– „ƒ•‡† ‘ …—””‡– ˜ƒŽ—‡• ”ƒ–Š‡” –Šƒ Š‹•–‘”‹…ƒŽ …‘•–ǡ ™Š‹…Š ”‡•—Ž–‡† ‹ ‘–ƒ„Ž›…‘–”‘˜‡”•‹‡•Ǥƒ›‡˜‡–ǡ–Š‡ ƒ’’”‘ƒ…Š •–”‡••‡• –Š‡ ”‘Ž‡ ‘ˆ –Š‡ „ƒŽǦ ƒ…‡•Š‡‡–ƒ•ƒ•‘—”…‡‘ˆ†‡…‹•‹‘—•‡ˆ—Ž ‹ˆ‘”ƒ–‹‘ ƒ† –Š‡”‡ˆ‘”‡ ’”‘˜‹†‡• ƒ …‘…‡’–—ƒŽ—†‡”’‹‹‰ ˆ‘”–Š‡‹‹–‹ƒǦ –‹‘ ‘ˆ –Š‡ ˆƒ‹” ˜ƒŽ—‡ ’ƒ”ƒ†‹‰ǡ ™Š‹…Š ™ƒ••–‹—Žƒ–‡†„›–Š‡•’‡…‹ˆ‹…’”‘„Ž‡• ‹˜‘Ž˜‡† ‹ ƒ……‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹Ǧ •–”—‡–•Ǥ …”‹–‹…ƒŽ ‡˜‡– –”‹‰‰‡”‹‰ –Š‡ •Š‹ˆ– –‘™ƒ”†• –Š‡ ˆƒ‹” ˜ƒŽ—‡ ’ƒ”ƒ†‹‰ ™ƒ• –Š‡ ƒ˜‹‰•Ǧƒ†Ǧ‘ƒ• ȋƬȌ ”‹•‹• ‹ –Š‡ †—”‹‰ –Š‡ ͳͻͺͲǯ•ǡ ™Š‹…Š Žƒ‹† ‘’‡ –Š‡ †‡ˆ‹…‹‡…‹‡• ‘ˆ –Š‡ ’”‡˜ƒŽ‡–

FAIR VALUE ACCOUNTING FOR FINANCIAL INSTRUMENTS – CONCEPTUAL APPROACH AND IMPLICATIONS

”‡’‘”–‹‰ •›•–‡ „ƒ•‡† ‘ –Š‡ Š‹•–‘”‹Ǧ …ƒŽ…‘•–Ǥ–”‡•—Ž–‡†‹”‡‰—Žƒ–‘”›ƒ…–‹‘ „› ǡ ™Š‹…Š ƒ‘‰ ‘–Š‡” –Š‹‰ ƒ†Ǧ ˜‹•‡† –Š‡ –‘ †‡˜‡Ž‘’ ƒ •–ƒ†ƒ”† ‘ ƒ……‘—–‹‰ ˆ‘” …‡”–ƒ‹ †‡„– •‡…—”‹Ǧ –‹‡• ƒ– –Š‡‹” ƒ”‡– ˜ƒŽ—‡ ‹•–‡ƒ† ‘ˆ ƒ‘”–‹œ‡† …‘•–Ǥ ‡•’‹–‡ ‹–• Ž‹‹–‡† •…‘’‡ǡ–Š‹•‹‹–‹ƒ–‹˜‡”‡’”‡•‡–‡†ƒƒǦ Œ‘” ‡˜‘Ž—–‹‘ ‹ ƒ……‘—–‹‰ –Š‘—‰Š ‘ –Š‡ ”‡‰—Žƒ–‘”› Ž‡˜‡Ž ȋ”–Š—” ›ƒ–– ”‡Ǧ ˆ‡”• –‘ ‹– ƒ• Dz’‘••‹„Ž› –Š‡ ‘•– •‹‰‹ˆ‹Ǧ …ƒ– ‹‹–‹ƒ–‹˜‡ ‹ ƒ……‘—–‹‰ ’”‹…‹’Ž‡• †‡˜‡Ž‘’‡† ‹ ‘˜‡” ͷͲ ›‡ƒ”•dz ȋ›ƒ––ǡ ͳͻͻͳȌǡƒ‘–‹‘‡’Šƒ•‹œ‡†„›–Š‡–‡•Ǧ –‹‘› ‘ˆ ‡‡”ƒŽ ‘—•‡Ž ƒ‡• ‘–› –‘ –Š‡ ‡ƒ–‡ǡ ™Š‘ ƒ†‡ ‹– …Ž‡ƒ” –Šƒ– Ǯ–Š‡ –‹‡ Šƒ• ”— ‘—– ‘ Dz‘…‡Ǧ—’‘ǦƒǦ–‹‡ƒ……‘—–‹‰dzǮǤ –ƒ”–‹‰ ‘—– ƒ• ƒ •’‡…‹ƒŽ ”‡‰—Žƒ–‹‘ ˆ‘”…‡”–ƒ‹•‡…—”‹–‹‡•ǡˆƒ‹”˜ƒŽ—‡‡ƒ•—”‡Ǧ ‡–™ƒ••‘‘‹†‡–‹ˆ‹‡†ƒ•–Š‡‘•–”‡Ž‡Ǧ ˜ƒ–ƒ––”‹„—–‡ˆ‘”ˆ‹ƒ…‹ƒŽ‹•–”—‡–•Ǥ

2.2.4 Fair Value in Contemporary Accounting Standards ‹˜‡ –Š‡ ‰”ƒ†—ƒŽ ‡˜‘Ž—–‹‘ ‘ˆ –Š‡ ˆƒ‹” ˜ƒŽ—‡ ’ƒ”ƒ†‹‰ǡ ‹–• ‹’ƒ…– ‘ …—Ǧ ”‡– •–ƒ†ƒ”†• •ŠƒŽŽ „‡ •—  ƒ”‹œ‡† „”‹‡ˆŽ›Ǥ —””‡–Ž›ǡ „‘–Š ƒ† ”‡“—‹”‡ –Š‡ †‹•…Ž‘•—”‡ ‘ˆ ˆƒ‹” ˜ƒŽǦ —‡• ˆ‘” ˜‹”–—ƒŽŽ› ƒŽŽ ˆ‹ƒ…‹ƒŽ ‹•–”—Ǧ ‡–•ȋ ͹ǡ ͳͲ͹ȌǤ—‹†ƒ…‡‘ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹Ǧ •–”—‡–•‹•ƒŽ•‘‹†‡–‹…ƒŽ‹’”‹…‹’Ž‡Ǥ ͵ͻƒ† ͳͳͷǡͳ͵͵”‡“—‹”‡–”ƒ†Ǧ ‹‰ •‡…—”‹–‹‡• ƒ† †‡”‹˜ƒ–‹˜‡• Š‡Ž† ˆ‘” –”ƒ†‹‰‘”ƒ•’ƒ”–‘ˆƒˆƒ‹”˜ƒŽ—‡Š‡†‰‡ –‘„‡‡ƒ•—”‡†ƒ–ˆƒ‹”˜ƒŽ—‡™‹–Š”‡˜ƒŽǦ —ƒ–‹‘‰ƒ‹•ƒ†Ž‘••‡•–ƒ‡†‹”‡…–Ž›–‘ ‹…‘‡Ǥ˜ƒ‹Žƒ„Ž‡Ǧˆ‘”Ǧ•ƒŽ‡•‡…—”‹–‹‡•ƒ”‡ ƒŽ•‘ …ƒ””‹‡† ƒ– ˆƒ‹” ˜ƒŽ—‡ǡ „—– ‰ƒ‹• „‡›‘† –Š‡ Š‹•–‘”‹…ƒŽ …‘•– …‡‹Ž‹‰ ƒ”‡ ”‡…‘‰‹œ‡†ƒ•‘–Š‡”…‘’”‡Š‡•‹˜‡‹Ǧ …‘‡ —–‹Ž ”‡ƒŽ‹œƒ–‹‘Ǥ Š‹• ”‡…›…Ž‹‰ ƒ’’”‘ƒ…Š ‹• ƒŽ•‘ ƒ’’Ž‹‡† ‹ ƒ……‘—–‹‰ ˆ‘” †‡”‹˜ƒ–‹˜‡• –Šƒ– ƒ”‡ ’ƒ”– ‘ˆ ƒ …ƒ•Š ˆŽ‘™ Š‡†‰‡Ǥ  „‘–Š ”‡‰‹‡•ǡ •‡…—”‹–‹‡• …Žƒ••‹ˆ‹‡† ƒ• Š‡Ž†Ǧ–‘Ǧƒ–—”‹–›ǡ ‘Ǧ •‡…—”‹–‹œ‡† ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ† ‘„Ž‹‰ƒǦ –‹‘•ǡ ‡š…‡’– †‡”‹˜ƒ–‹˜‡•ǡ ƒ”‡ ‹ ’”‹Ǧ …‹’Ž‡ ƒ……‘—–‡† ˆ‘” ƒ– …‘•–Ǥ Š‹• ‹š‡† ‘†‡Ž ƒ’’”‘ƒ…Š ”‡ˆŽ‡…–• •–ƒ†ƒ”† •‡–Ǧ –‡”•ǯ”‡Ž—…–ƒ…‡ƒ†ƒˆˆ‡…–‡†’ƒ”–‹‡•ǯ”‡Ǧ •‹•–ƒ…‡ –‘ ‹’Ž‡‡–ƒ–‹‘ ‘ˆ ˆ—ŽŽ ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ǡ †‡•’‹–‡ –Š‡ –‡–ƒ–‹˜‡ …‘•‡•—• ‘ ‹–• …‘…‡’–—ƒŽ ‡”‹–• ‡•Ǧ ’‡…‹ƒŽŽ› ‘ –Š‡ ”‡Ž‡˜ƒ…‡ †‹‡•‹‘Ǥ Š‡Šƒ•–ƒ‡ƒ„‹‰•–‡’‹–Š‹•†‹Ǧ ”‡…–‹‘ ™‹–Š –Š‡ ʹͲͲ͵ ”‡˜‹•‹‘ ‘ˆ ͵ͻǡ™Š‹…ŠŠƒ•‹–”‘†—…‡†–Š‡Dzˆƒ‹”˜ƒŽ—‡ ‘’–‹‘dz –‘ †‡•‹‰ƒ–‡ ƒ› ˆ‹ƒ…‹ƒŽ ‹Ǧ •–”—‡– ƒ• Dz‡ƒ•—”‡† ƒ– ˆƒ‹” ˜ƒŽ—‡ –Š”‘—‰Š ’”‘ˆ‹– ƒ† Ž‘••dz ƒ– ‹…‡’–‹‘Ǥ „Œ‡…–‹‘•‡•’‡…‹ƒŽŽ›ˆ”‘„ƒ”‡‰—ŽƒǦ –‘”•ǡ ‘–ƒ„Ž› –Š‡ —”‘’‡ƒ ‡–”ƒŽ ƒǡ”‡•—Ž–‡†‹ƒ’ƒ”–‹ƒŽ‡†‘”•‡‡– „› –Š‡ ‘Ž› ȋDz…ƒ”˜‡ ‘—–dzȌ ƒ† ’”‘’–‡† –Š‡ –‘ ”‡•–”‹…– –Š‡ ˆƒ‹” ˜ƒŽ—‡‘’–‹‘–‘ƒ”‡ƒ•™Š‡”‡ƒƒ……‘—–Ǧ ‹‰ ‹•ƒ–…Š ‹• ‡Ž‹‹ƒ–‡†Ǥ ‹–Š –Š‡ ”‡…‡–’—„Ž‹…ƒ–‹‘‘ˆ ͳͷͻ‹ ‡„Ǧ ”—ƒ”› ʹͲͲ͹ǡ –Š‡ ˆ‘ŽŽ‘™• •—‹– ƒ† ‹’Ž‡‡–• ƒ •‹‹Žƒ”ǡ ›‡– Ž‡•• ”‡•–”‹…Ǧ –‹˜‡ˆƒ‹”˜ƒŽ—‡‘’–‹‘Ǥ

3. RESEARCH METHODOLOGY AND

RESULTS

—”’ƒ’‡”–ƒ‡•‹••—‡™‹–Š–Š‡‘Ǧ –‹‘ ‘ˆ †‡…‹•‹‘ —•‡ˆ—Ž‡•• ‘ˆ ƒ ˆƒ‹”Ǧ ˜ƒŽ—‡Ǧ„ƒ•‡† ”‡’‘”–‹‰ •›•–‡ ˆ”‘ ƒ –Š‡‘”‡–‹…ƒŽ’‡”•’‡…–‹˜‡„›‡’Šƒ•‹œ‹‰ –Š‡‡˜ƒŽ—ƒ–‹‘‘ˆ–Š‡–Š‡‘”‡–‹…ƒŽ•‘—†Ǧ ‡•• ‘ˆ –Š‡ ƒ”‰—‡–• ’—– ˆ‘”™ƒ”† „› ”‡‰—Žƒ–‘”•ƒ†•–ƒ†ƒ”†•‡––‹‰„‘†‹‡•Ǥ ‡Šƒ˜‡…‘†—…–‡†ƒ‡…‘‘‹…ȋƒ’”‹Ǧ ‘”‹Ȍ ƒƒŽ›•‹• ƒ† ƒ†‘’–‡† –™‘ ƒ’Ǧ ’”‘ƒ…Š‡• –‘ †‡…‹•‹‘ —•‡ˆ—Ž‡••ǣ –Š‡ ‡ƒ•—”‡‡– ‘” ˜ƒŽ—ƒ–‹‘ ’‡”•’‡…–‹˜‡ ƒ† –Š‡ ‹ˆ‘”ƒ–‹‘ ’‡”•’‡…–‹˜‡Ǥ ‹†Ǧ ‹‰•‹†‹…ƒ–‡–Šƒ––Š‡†‡…‹•‹‘”‡Ž‡˜ƒ…‡ ‘ˆˆƒ‹”˜ƒŽ—‡‡ƒ•—”‡‡–…ƒ„‡Œ—•–‹Ǧ ˆ‹‡† ˆ”‘ „‘–Š ’‡”•’‡…–‹˜‡•ǡ ›‡– –Š‡ …‘…‡’–—ƒŽ …ƒ•‡ ‹• ‘– •–”‘‰Ǥ Š‡ ‹Ǧ ˆ‘”ƒ–‹‘ ƒ‰‰”‡‰ƒ–‹‘ ‘–‹‘ –Šƒ– —Ǧ

Dumitru MATI , Carmen Giorgiana BONACI †‡”Ž‹‡• •–ƒ†ƒ”† •‡––‡”•ǯ ‡†‘”•‡‡– ‘ˆˆƒ‹”˜ƒŽ—‡‡ƒ•—”‡‡––—”•‘—––‘ „‡–Š‡‘”‡–‹…ƒŽŽ›”‡•–”‹…–‡†‹‹–•˜ƒŽ‹†‹–› ƒ† ƒ’’Ž‹…ƒ„‹Ž‹–›Ǥ Ž•‘ …‘’ƒ”ƒ–‹˜‡ ƒƒŽ›•‹•‘ˆˆƒ‹”˜ƒŽ—‡ƒ……‘—–‹‰˜‡”•—• Š‹•–‘”‹…ƒŽ …‘•– ƒ……‘—–‹‰ ›‹‡Ž†• ‹š‡† ”‡•—Ž–•Ǥ ‡ ‹‡†‹ƒ–‡ ‹’Ž‹…ƒ–‹‘ ‘ˆ –Š‡ ”‡•‡ƒ”…Š Ȃ ƒ …‘†‹–‹‘ ˆ‘” –Š‡ ˆ—”Ǧ –Š‡” ‹’Ž‡‡–ƒ–‹‘ ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ƒ…Ǧ …‘—–‹‰Ǧ‹•–Š‡‡‡†–‘…Žƒ”‹ˆ›•–ƒ†ƒ”† •‡––‡”•ǯ‘–‹‘‘ˆƒ……‘—–‹‰‹…‘‡ǡ‹–• ’”‡•—‡† …‘–”‹„—–‹‘ –‘ †‡…‹•‹‘ ”‡Ǧ Ž‡˜ƒ…‡ƒ†‹–•†‡•‡‰”‡‰ƒ–‹‘Ǥ

3.1 Economic Foundations

of Accounting

for Financial Instruments

Š‹•–‘”‹…ƒŽ ‘„•‡”˜ƒ–‹‘ ”‡˜‡ƒŽ• •‡˜‡”ƒŽ†‹•–‹…–Ž‹‡•‹–Š‡‘˜‡”ƒŽŽŽ‹‡Ǧ ƒ‰‡ ‘ˆ ™Šƒ– …ƒ ‰‡‡”ƒŽŽ› „‡ –‡”‡† Dz˜ƒŽ—‡Ǧ„ƒ•‡†ƒ……‘—–‹‰dzǤŠ‡ˆ‹”•–•—…Š ˜ƒ”‹ƒ– ™ƒ• Dz’”‹…‡Ǧ…Šƒ‰‡ ƒ……‘—–‹‰ǡdz ƒ ˆ‘” ‘ˆ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰ –Šƒ– ™ƒ•Š‘–Ž›†‡„ƒ–‡†‹–Š‡ͳͻ͹Ͳ•‹…‘Ǧ ‡…–‹‘™‹–Š†‹ˆˆ‡”‹‰…‘…‡’–•‘ˆ…ƒ’‹Ǧ –ƒŽ ƒ‹–‡ƒ…‡Ǥ Š‹• ˆ‘” ‘ˆ ƒ……‘—–Ǧ ‹‰ ƒ††”‡••‡† ‘Ǧ‘‡–ƒ”› ƒ••‡–•ǡ ™Š‘•‡ ƒ”‡– ’”‹…‡ …Šƒ‰‡• …‘—Ž† „‡ …Šƒ”ƒ…–‡”‹œ‡† ƒ• ‘‡ ‘ˆ …‘•–ƒ– ‹Ǧ …”‡ƒ•‡‹‹†‹˜‹†—ƒŽƒ••‡–’”‹…‡•Ǥ•‡…Ǧ ‘† ˜ƒ”‹ƒ– ‹• Dzˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰dzǡ ƒ‘–Š‡” ˆ‘” ‘ˆ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–Ǧ ‹‰ǡ™Š‹…Š ƒ”‘•‡‹–Š‡ ‹†ǦͳͻͺͲ• ƒ† Šƒ•…—Ž‹ƒ–‡†‹‹–•’”‡•‡–Ǧ†ƒ›’”‘Ǧ ‹‡…‡ǡ†‡ƒŽ‹‰’”‹ƒ”‹Ž›™‹–Šˆ‹ƒ…‹ƒŽ ‹•–”—‡–•Ȁ†‡”‹˜ƒ–‹˜‡•Ǥ –• ˆ‘…—• Šƒ• „‡‡ ‘ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡•ǡ ‹•–‡ƒ† ‘ˆ ‘Ǧ‘‡–ƒ”› ƒ••‡–•ǡ ƒ† ˆŽ—…–—ƒ–‹‘•‹–Š‡˜ƒŽ—‡‘ˆ–Š‘•‡ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡• Šƒ˜‡ –›’‹…ƒŽŽ› ‹˜‘Ž˜‡† „‘–Š —’™ƒ”† ƒ† †‘™™ƒ”† ‘˜‡Ǧ ‡–•Ǥ–Š‹”†˜ƒ”‹ƒ–ǡDz‹’ƒ‹”‡–ƒ…Ǧ …‘—–‹‰ǡdz ‹• …Šƒ”ƒ…–‡”‹œ‡† „› •‹‰‹ˆ‹Ǧ …ƒ– †‡…Ž‹‡• ‹ ‹†‹˜‹†—ƒŽ ƒ••‡– ˜ƒŽ—‡ •–‡‹‰ˆ”‘†‡…Ž‹‹‰’”‘ˆ‹–ƒ„‹Ž‹–›Ǥ ˆ—ŽŽǦˆŽ‡†‰‡† †‹•…—••‹‘ ‘ˆ ‹’ƒ‹”‡– ƒ……‘—–‹‰‹ƒ’ƒ‹•‘™—†‡”™ƒ›Ǥ ˆ–Š‡’”‹…‡Ǧ…Šƒ‰‡ƒ……‘—–‹‰‘ˆͳͻ͹Ͳ• ˜‹–ƒ‰‡ ‹˜‘Ž˜‡† ‹••—‡• ‘ˆ ƒ……‘—–‹‰ ˆ‘” ”‡ƒŽ ƒ••‡–• ‹ Š‹‰ŠŽ› ‹ˆŽƒ–‹‘ƒ”› ‡…‘‘‹‡•ǡ –Š‡ –Š‡ ’”‡•‡–Ǧ†ƒ› ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘…—•‹‰ ‘ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–• ™‘—Ž† ‹˜‘Ž˜‡ ƒ……‘—–‹‰ ’”‘„Ž‡• ‹ ˆ‹ƒ…‹ƒŽ ƒ”‡–• ‡š’‘•‡† –‘–Š‡”‹•‘ˆˆŽ—…–—ƒ–‹‰•‡…—”‹–‹‡•’”‹…Ǧ ‡• ƒ† ‹–‡”‡•– ”ƒ–‡•Ǥ Š‹Ž‡ •Šƒ”‹‰ ƒ …‘‘ •–”ƒ‹ ‘ˆ ƒ††”‡••‹‰ ƒ”‡– ˜ƒŽ—‡ …Šƒ‰‡•ǡ ‡ƒ…Š ‘ˆ –Š‡ –Š”‡‡ ˜ƒǦ ”‹ƒ–•–Š—•†‡ƒŽ•™‹–Š…Šƒ‰‡•–Šƒ–ƒ”‡ —–—ƒŽŽ› †‹•–‹…– ‹ –Š‡‹” ’ƒ––‡”• ‘ˆ ’”‹…‡ …Šƒ‰‡ ƒ† ‡…‘‘‹… ˆ‘—†ƒǦ –‹‘•ǤƒŽŽ–Š”‡‡…ƒ•‡•ǡŠ‘™‡˜‡”ǡ™Šƒ– ƒ––‡”‡† ™ƒ• ‘– ‘Ž› –Š‡ “—‡•–‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ –”ƒ•’ƒ”‡…› ‘” †‹•…Ž‘•—”‡ ‘ˆ ‡…‘‘ ‹… •—„•–ƒ…‡ ƒ† ˆ‹ƒ…‹ƒŽ ”‹• „—–ƒŽ•‘‘‡‘ˆ…ƒ’‹–ƒŽȀ‹…‘‡†‡–‡”‹Ǧ ƒ–‹‘Ǥ–‹•‹’‘”–ƒ–Š‡”‡–‘‘–‡–Šƒ– –Š‡ ˜ƒ”›‹‰ ˆ‘”• ‘ˆ Dz˜ƒŽ—‡Ǧ„ƒ•‡† ƒ…Ǧ …‘—–‹‰ǡdz‡ƒ…Š™‹–Š†‹ˆˆ‡”‹‰…Šƒ”ƒ…–‡Ǧ ”‹•–‹…•ǡŠƒ˜‡Š‹•–‘”‹…ƒŽŽ›‡‡”‰‡†—†‡” †‹ˆˆ‡”‹‰ ‡…‘‘‹… ƒ† •‘…‹ƒŽ …‘†‹Ǧ –‹‘•Ǥ ˆ‘—”–Š ˜ƒ”‹ƒ– ‘ˆ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰ǡ ‘™ ƒ’’ƒ”‡–Ž› …‘‹‰ –‘ –Š‡ ˆ‘”‡ǡ …‘—Ž† ™‡ŽŽ ‹˜‘Ž˜‡ ‹–ƒ‰‹„Ž‡ ƒ••‡–•Ǥ • †‹•–‹‰—‹•Š‡† ˆ”‘ ‘‡–ƒ”› ƒ••‡–•ǡ ˆ‹š‡† ƒ••‡–• ƒ† ‘–Š‡” –ƒ‰‹„Ž‡ ƒ••‡–•ǡ‹–ƒ‰‹„Ž‡••—…Šƒ•‰‘‘†™‹ŽŽǡ’ƒǦ –‡–•ǡ „”ƒ†•ǡ ƒ† ‘™Ž‡†‰‡ ƒ”‡ –‘ „‡ ‡ƒ•—”‡† „› –Š‡‹” ƒ”‡– ˜ƒŽ—‡ ȋ’”‡•‡–˜ƒŽ—‡Ȍƒ––Š‡‡†‘ˆ‡ƒ…Šˆ‹ƒǦ …‹ƒŽ›‡ƒ”Ǥ–Š‹•…ƒ•‡ǡƒ••‡–•†‡ˆ‹‡†Ž‹–Ǧ ‡”ƒŽŽ› ƒ• –Š‡ ƒ„‹Ž‹–› –‘ ‰‡‡”ƒ–‡ ˆ—–—”‡ …ƒ•Š ˆŽ‘™• ȋDzˆ—–—”‡ ƒ••‡–•dz ‹•–‡ƒ† ‘ˆ Dz’ƒ•– ƒ••‡–•dzȌ ™‘—Ž† „‡ ‡ƒ•—”‡† „› –Š‡‹”’”‡•‡–˜ƒŽ—‡Ǥ˜‘Ž˜‹‰ƒ‰ƒ‹•––Š‡ „ƒ…†”‘’ ‘ˆ ƒ •–”—…–—”ƒŽ ‡…‘‘‹… •Š‹ˆ– –‘™ƒ”† ‘™Ž‡†‰‡Ǧ‹–‡•‹˜‡ ‹†—•–”‹‡•ǡ –Š‹• ’”‘…‡•• ™‹ŽŽ ˆ‡ƒ–—”‡ ƒ”‡– ˜ƒŽ—ƒǦ –‹‘ ‘ˆ ‰‘‘†™‹ŽŽ ȋ‹…Ž—†‹‰ •‡ŽˆǦ ‡•–ƒ„Ž‹•Š‡†‰‘‘†™‹ŽŽȌƒ†–Š‡…‘”’‘”ƒ–‡ ˜ƒŽ—‡ƒ•ƒ™Š‘Ž‡Ǥ Š‡”‡ˆ‘”‡ǡ ƒ ’”‘’‡” —†‡”•–ƒ†‹‰ ‘ˆ™Šƒ–…ƒ…‘‘Ž›„‡…ƒŽŽ‡†Dz˜ƒŽ—‡Ǧ „ƒ•‡†ƒ……‘—–‹‰dz™‘—Ž†‡–ƒ‹Ž‘–‘Ž›

FAIR VALUE ACCOUNTING FOR FINANCIAL INSTRUMENTS – CONCEPTUAL APPROACH AND IMPLICATIONS

ƒ †‹•…—••‹‘ ‘ˆ ƒ……‘—–‹‰ ”‡…‘‰‹–‹‘ǡ ‡ƒ•—”‡‡– ƒ† ’”‡•‡–ƒ–‹‘ǡ „—– ƒ …‘•‹†‡”ƒ–‹‘ ‘ˆ ‹–• ‡…‘‘‹… ˆ‘—†ƒǦ –‹‘•ƒ•™‡ŽŽǤ Š‡ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰ ‘ˆ –‘Ǧ †ƒ›‹•ˆ—†ƒ‡–ƒŽŽ›†‹ˆˆ‡”‡–‹ƒ–—”‡ ˆ”‘ ‹–• ͳͻ͹Ͳ• …‘—–‡”’ƒ”–ǡ ’”‹…‡Ǧ …Šƒ‰‡ ƒ……‘—–‹‰ǡ ƒŽ–Š‘—‰Š „‘–Š ’—”Ǧ ’‘”– –‘ ‡’Ž‘› Dzƒ”‡– ˜ƒŽ—‡•dz ‘ˆ ‘‡ ‹†‘”ƒ‘–Š‡”Ǥ†‡–‹ˆ›‹‰–Š‡‹”†‹ˆˆ‡”Ǧ ‡…‡ ™‘—Ž† •‡”˜‡ –‘ Š‹‰ŠŽ‹‰Š– –Š‡ †‡Ǧ ˆ‹‹‰…Šƒ”ƒ…–‡”‹•–‹…•‘ˆ–Š‡’”‡•‡–Ǧ†ƒ› ˆ‘” ‘ˆ ˜ƒŽ—‡Ǧ„ƒ•‡† ƒ……‘—–‹‰ ‘” ˆƒ‹” ˜ƒŽ—‡ƒ……‘—–‹‰Ǥ •Š‘”–ǡ–Š‡‡••‡–‹ƒŽ†‹•–‹…–‹‘Šƒ• –‘†‘™‹–Š–Š‡†‹ˆˆ‡”‡…‡‹–Š‡—†‡”Ǧ Ž›‹‰ ‡…‘‘‹… ˆ‘—†ƒ–‹‘• ‘ˆ –Š‡ –™‘ –›’‡•‘ˆƒ……‘—–‹‰ǤŠƒ–ǡ–Š‡ǡƒ”‡–Š‡ ‡…‘‘‹… ˆ‘—†ƒ–‹‘• ‘ˆ –‘†ƒ›ǯ• ˆƒ‹” ˜ƒŽ—‡ ƒ……‘—–‹‰ ˆ‘…—•‡† ’”‹ƒ”‹Ž› ‘ ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•ǫ ‘”‡‘˜‡”ǡ Š‘™ †‘–Š‡›†‹ˆˆ‡”ˆ”‘–Š‘•‡‘ˆ’”‹…‡Ǧ…Šƒ‰‡ ƒ……‘—–‹‰ǫ ‘” ƒ ‰‡—‹‡ —†‡”•–ƒ†Ǧ ‹‰ ‘ˆ –Š‡ ”‘‘–• ‘ˆ …‘–‡’‘”ƒ”› ˆƒ‹” ˜ƒŽ—‡ƒ……‘—–‹‰ǡ‹–™‘—Ž†„‡‹’‘”–ƒ– –‘ ’Žƒ…‡ …—””‡– ƒ……‘—–‹‰ ‹••—‡• ‹ Š‹•–‘”‹…ƒŽ’‡”•’‡…–‹˜‡–‘ƒ’’”‡…‹ƒ–‡–Š‡ ”‡Žƒ–‹˜‹–› ‘ˆ ƒ……‘—–‹‰ …‘…‡’–• •—…Š ƒ• …‘•– ƒŽŽ‘…ƒ–‹‘ǡ ”‡ƒŽ‹œƒ–‹‘ǡ ƒ† ƒ–…Š‹‰„ƒ•‡†‘‡…‘‘‹…–Š‡‘”›ǡ‹Ǧ …Ž—†‹‰ƒ”‡ˆ‡”‡…‡–‘–Š‡‡…‘‘‹…ƒǦ –—”‡‘ˆ•‡…—”‹–‹‡•ƒ†–Š‡ˆ‘”‘ˆ•‘…‹ƒŽ †‡˜‡Ž‘’‡–‘ˆ…”‡†‹–•›•–‡•Ǥ ‹”•– ‘ˆ ƒŽŽǡ ™‡ —•– ‘–‡ –Šƒ– –Š‡ –›’‡ ‘ˆ …ƒ’‹–ƒŽ …Ž‘•‡Ž› „‘—† ™‹–Š –Š‡ …—””‡– ’”‘„Ž‡• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ƒ…Ǧ …‘—–‹‰ ˆ‘” ˆ‹ƒ…‹ƒŽ ‹•–”—‡–•Ȁ †‡”‹˜ƒ–‹˜‡•‹•ˆ‹…–‹–‹‘—•…ƒ’‹–ƒŽǡƒ†–Šƒ– ‹–• …‹”…—Žƒ–‹‘ ‹• ˆ—†ƒ‡–ƒŽŽ› †‹ˆˆ‡”Ǧ ‡–ˆ”‘–Šƒ–‘ˆ”‡ƒŽ…ƒ’‹–ƒŽȋˆ—…–‹‘‹‰ …ƒ’‹–ƒŽǣ ‹†—•–”‹ƒŽ …ƒ’‹–ƒŽǡ …‘‡”…‹ƒŽ …ƒ’‹–ƒŽȌǤ  ‘–Š‡” ™‘”†•ǡ –Š‡ ƒ–—”‡ ‘ˆ ˆ‹…–‹–‹‘—• …ƒ’‹–ƒŽ Ž‹‡• ‹ ‹–• ’”‹…‹‰ –Š”‘—‰Š …ƒ’‹–ƒŽ‹œƒ–‹‘ǣ ‹– ‹• …‘’Ž‡–‡Ž› †‹ˆˆ‡”‡–ˆ”‘–Š‡’”‹…‹‰‘ˆ…‘‘†‹Ǧ –‹‡•Ǥ ‹…–‹–‹‘—•…ƒ’‹–ƒŽŠƒ•its own circu

lation „› –Š‡ …‘˜‡”•‹‘ ‘ˆ –Š‡ …ƒ’‹–ƒŽ

‹–•‡Žˆ‹–‘ƒ…‘‘†‹–›ǤŠ‹•…‹”…—Žƒ–‹‘ …‘’Ž‡–‡Ž› †‹ˆˆ‡”• ˆ”‘ ƒ• –Š‡ ‡–ƒǦ ‘”’Š‘•‹•‘ˆ…‘‘†‹–‹‡•Ǥ

3.2. Measurement

and Information Perspectives

and the Economic Analysis

of Financial Reporting Concepts

‡–Š‘†‘Ž‘‰‹…ƒŽŽ›ǡ –Š‡ ƒ’’”‘ƒ…Š ’—”Ǧ •—‡† ‹ –Š‹• ’ƒ’‡” ”‡’”‡•‡–• ƒ ’”‹‘”‹ ‡…‘‘‹… ƒƒŽ›•‹•ǡ •—’’Ž‡‡–‡† „› •–ƒ†ƒ”† •‡––‹‰ ‹ˆ‡”‡…‡•Ǥ …‘‘‹… ƒƒŽ›•‹• ƒ‹ • ƒ– ‹†‡–‹ˆ›‹‰ –Š‡ …‘–”‹Ǧ „—–‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰ ƒŽ–‡”ƒǦ –‹˜‡•–‘•‘…‹‡–ƒŽ™‡Žˆƒ”‡‘”‡…‘‘‹…‡ˆǦ ˆ‹…‹‡…›Ǥ ‡ ’”‘’‡”–› ‘ˆ ‡…‘‘‹… ƒƒŽ›•‹•‹•–Šƒ–‹–…‘•–‹–—–‡•ƒ’”‹‘”‹”‡Ǧ •‡ƒ”…Š ƒ† –Š‡”‡ˆ‘”‡ ’”‘†—…‡• ”‡•—Ž–• ‘ Š›’‘–Š‡–‹…ƒŽ ”‡’‘”–‹‰ ƒŽ–‡”ƒ–‹˜‡• ’”‹‘” –‘ ‹’Ž‡‡–ƒ–‹‘Ǥ ’‹”‹…ƒŽ ”‡Ǧ •‡ƒ”…Šǡ ‘ –Š‡ …‘–”ƒ”›ǡ …Šƒ”ƒ…–‡”‹•–‹Ǧ …ƒŽŽ›”‡’”‡•‡–•ƒ’‘•–‡”‹‘”‹”‡•‡ƒ”…ŠǤ–• ƒ’’Ž‹…ƒ„‹Ž‹–›–‘“—‡•–‹‘•‘ˆƒ……‘—–‹‰ ”‡‰—Žƒ–‹‘•–Š—•Ž‹‹–‡†ǡ‡•’‡…‹ƒŽŽ›™‹–Š ”‡•’‡…– –‘ ’”‡†‹…–‹‰ …ƒ’‹–ƒŽ ƒ”‡– ”‡ƒ…–‹‘•–‘‡™ƒ……‘—–‹‰•–ƒ†ƒ”†•Ǥ ‹…‡–Š‡ ǯ•ƒ†–Š‡ǯ•ˆ”ƒ‡Ǧ ™‘”• ‹†‡–‹ˆ› †‡…‹•‹‘ —•‡ˆ—Ž‡•• ƒ• –Š‡ ’”‹ƒ”› ‘„Œ‡…–‹˜‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ”‡Ǧ ’‘”–‹‰ǡ–Š‡ˆ‹†‹‰•‘ˆ‘—”ƒƒŽ›•‹•Ž‡† –Š‡•‡Ž˜‡• –‘ ‹ˆ‡”‡…‡• ˆ‘” ƒ……‘—–‹‰ ”‡‰—Žƒ–‹‘ƒ†–Š‡”‡ˆ‘”‡ƒŽ•‘…‘–”‹„—–‡ –‘–Š‡•–ƒ†ƒ”†•‡––‹‰Ž‹–‡”ƒ–—”‡ƒ†–Š‡ ”‡Žƒ–‡††‡„ƒ–‡‘ˆƒ‹”˜ƒŽ—‡ƒ……‘—–‹‰Ǥ

Dumitru MATI , Carmen Giorgiana BONACI ‡ƒ•—”‡‡–ƒ†‹ˆ‘”ƒ–‹‘’‡”Ǧ •’‡…–‹˜‡ ’”‘˜‹†‡ –Š‡ ˆ”ƒ‡™‘” ˆ‘” ‡˜ƒŽ—ƒ–‹‘ ‘ˆ †‡…‹•‹‘ —•‡ˆ—Ž‡••Ǥ • ƒ„•–”ƒ…– ‘–‹‘•ǡ –Š‡•‡ ’‡”•’‡…–‹˜‡• —•–„‡ˆ—”–Š‡””‡ˆ‹‡†‹‘”†‡”–‘ƒ”Ǧ ”‹˜‡ ƒ– ‡˜ƒŽ—ƒ–‹˜‡ …”‹–‡”‹ƒ ˆ‘” –Š‡ …‘Ǧ ’ƒ”ƒ–‹˜‡ ƒƒŽ›•‹• ‘ˆ ˆƒ‹” ˜ƒŽ—‡ ‹…‘‡ ˜‡”•—• Š‹•–‘”‹…ƒŽ …‘•– ‹…‘‡Ǥ •’‡…–• ‘ˆ”‡Ž‹ƒ„‹Ž‹–›ƒ”‡‘–ƒ††”‡••‡†Ǥ ”‘ ƒ ‹ˆ‘”ƒ–‹‘ ’‡”•’‡…–‹˜‡ǡ ˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰ ”‡’”‡•‡–• „—– ‘‡ ‹ˆ‘”ƒ–‹‘ •›•–‡ …‘’‡–‹‰ ™‹–Š ‘–Š‡”•Ǥ‹…‡‹ˆ‘”ƒ–‹‘‹•‘Ž›”‡Ž‡Ǧ ˜ƒ– ‹ ‹–• …ƒ’ƒ„‹Ž‹–› –‘ ‹†—…‡ ”‡˜‹Ǧ •‹‘• ‘ˆ ‡š’‡…–ƒ–‹‘•ǡ –Š‡ ’”‡•‡–ƒǦ –‹‘ ˆ‘”ƒ– †‘‡• ‘– ƒ––‡”Ǥ Š—•ǡ ‹ …‘–”ƒ•––‘–Š‡‡ƒ•—”‡‡–’‡”•’‡…Ǧ –‹˜‡ǡ •’‡…‹ˆ‹… ƒ……‘—–‹‰ ”‡’”‡•‡–ƒǦ –‹‘••—…Šƒ•„ƒŽƒ…‡•Š‡‡–•ǡ…ƒ’–‹‘• ƒ† …ƒ–‡‰‘”‹‡• •—…Š ƒ• ƒ••‡–•ǡ Ž‹ƒ„‹Ž‹Ǧ –‹‡•‡–…Ǥƒ”‡‹””‡Ž‡˜ƒ–Ǥ 3.2.1. Measurement Perspective Š‡ •‘Ǧ…ƒŽŽ‡† ‡ƒ•—”‡‡– ’‡”Ǧ •’‡…–‹˜‡”‡’”‡•‡–•–Š‡–”ƒ†‹–‹‘ƒŽ˜‹‡™ ‘–Š‡‹ˆ‘”ƒ–‹‘‘„Œ‡…–‹˜‡‘ˆˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰ǡ ‡•’‡…‹ƒŽŽ› ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ…Ǧ …‘—–‹‰Ǥ–‹•”‘‘–‡†‹–Š‡‡‘…Žƒ••‹…ƒŽ –Š‡‘”› ‘ˆ ˜ƒŽ—‡ ƒ† ‹…‘‡ †‡˜‡Ž‘’‡† „›‡…‘‘‹•–••—…Šƒ•‹…•ǡ ‹•Š‡”ƒ† ‹†ƒŠŽǤ Š‡ ˆ—†ƒ‡–ƒŽ ‘–‹‘ —Ǧ †‡”Ž›‹‰ –Š‡ ‡ƒ•—”‡‡– ’‡”•’‡…–‹˜‡ ‹• –Šƒ– ƒ……‘—–‹‰ •Š‘—Ž† †‹”‡…–Ž› ‡ƒ•—”‡ƒ†”‡’‘”––Š‡„ƒ•‹…‹ˆ‘”ƒǦ –‹‘”‡“—‹”‡†„›‹˜‡•–‘”•ǡ™Š‹…Š‹•–Š‡ ˜ƒŽ—‡‘ˆ–Š‡ˆ‹”ǡ‘”ƒ–Ž‡ƒ•–ƒˆ”ƒ…–‹‘‘ˆ ‹–Ǥ Š—•ǡ ˆ‹” ˜ƒŽ—ƒ–‹‘ ‹• †‡Ž‡‰ƒ–‡† –‘ –Š‡ ”‡’‘”–‹‰ ‡–‹–›Ǥ †‡” –Š‡ ‡ƒ•Ǧ —”‡‡– ’‡”•’‡…–‹˜‡ǡ •–‘…• ‡ƒ•—”‡• Ž‹‡ ƒ••‡–•ǡ Ž‹ƒ„‹Ž‹–‹‡• ƒ† ‡“—‹–› ƒ† ˆŽ‘™•‡ƒ•—”‡•Ž‹‡‹…‘‡ƒ”‡™‡ŽŽ†‡Ǧ ˆ‹‡† ƒ† ‡šŠ‹„‹– ƒ ‡…‘‘‹… …Šƒ”Ǧ ƒ…–‡”Ǥƒ‹†‡ƒŽ™‘”Ž†‘ˆ…‘’Ž‡–‡ƒ† ’‡”ˆ‡…–ƒ”‡–•ǡ†‹•…Ž‘•—”‡‘ˆ–Š‡ƒ”Ǧ ‡– ˜ƒŽ—‡• ˆ‘” ƒŽŽ ˆ‹”ǯ• ƒ••‡–• ƒ† Ž‹Ǧ ƒ„‹Ž‹–‹‡•†‹”‡…–Ž›”‡’‘”–•ˆ‹”˜ƒŽ—‡ƒ† –Š—† –Š‡ †‡•‹”‡† ‹˜‡•–‘” ‹ˆ‘”ƒ–‹‘Ǥ ƒ”‹‰•‡“—ƒŽ‡…‘‘‹…‹…‘‡Ǥ„˜‹Ǧ ‘—•Ž›ǡ –Š‡ ‡ƒ•—”‡‡– ’‡”•’‡…–‹˜‡ ‹• ‡„‡††‡† ‹–‘ •—…Š ƒ •…‡ƒ”‹‘ǡ †‡…‹Ǧ •‹‘ —•‡ˆ—Ž ‹ˆ‘”ƒ–‹‘ „‡‹‰ ‹ˆ‘”ƒǦ –‹‘ ‘ –Š‡ …‘–”‹„—–‹‘ ‘ˆ ƒ••‡–• ƒ† Ž‹ƒ„‹Ž‹–‹‡•–‘‡–‡”’”‹•‡˜ƒŽ—‡ǤŠ—•ǡ–Š‡ „‡…Šƒ” ‡ƒ•—”‡‡– ƒ––”‹„—–‡ ‹• ˜ƒŽ—‡‹—•‡ǤŠ‡—•‡ˆ—Ž‡••‘ˆ”‡’‘”–‡† …ƒ•Š ˆŽ‘™ ‹ˆ‘”ƒ–‹‘ †‡’‡†• ‘ ‹–• †‡•…”‹’–‹˜‡‡••ǡ–Šƒ–‹•ǡ‹–•Dz“—ƒŽ‹–›dzƒ† …‘•–Ǧ„‡‡ˆ‹– …‘•‹†‡”ƒ–‹‘•ǡ „‘–Š ‘ˆ ™Š‹…Š ƒ”‡ †‡’‡†‡– ‘ –Š‡ †‡…‹•‹‘ •‹–—ƒ–‹‘ƒ••—‡†ˆ‘”–Š‡–›’‹…ƒŽ‹˜‡•Ǧ –‘”Ǥ‘•—ƒ”‹œ‡ǡ–Š‡…‘…‡’–—ƒŽ…ƒ•‡ ˆ‘” ˜ƒŽ—‡ ‡ƒ•—”‡‡– ˆ”‘ ƒ ”‹‰‹† ‡ƒ•—”‡‡– ’‡”•’‡…–‹˜‡ …ƒ ‘Ž› „‡ ƒ†‡ˆ‘”ƒ‹†‡ƒŽ‹œ‡†•…‡ƒ”‹‘‘ˆ…‘Ǧ ’Ž‡–‡ƒ†’‡”ˆ‡…–ƒ”‡–•ǡ™Š‹…ŠŠƒ•‘ †‡ƒ† ˆ‘” ˆ‹ƒ…‹ƒŽ ”‡’‘”–‹‰Ǥ ‘” ƒ ”‡ƒŽǦ™‘”Ž† •‡––‹‰ǡ ‡˜‡ ‹ˆ ™‡ŽŽǦ†‡˜‡ŽǦ ‘’‡† ƒ”‡–• ƒ”‡ ƒ••—‡†ǡ ˆƒ‹” ˜ƒŽ—‡ ‡ƒ•—”‡‡– Ž‡ƒ†• –‘ •›•–‡ƒ–‹… —Ǧ †‡”˜ƒŽ—ƒ–‹‘‘ˆƒˆ‹”•‹…‡ƒ”‡–˜ƒŽǦ —‡•†‘‘–‹…‘”’‘”ƒ–‡…‘’‡–‹–‹˜‡ƒ†Ǧ ˜ƒ–ƒ‰‡•Ǥ