UDC: 334.025
https://doi.org/10.25198/2077-7175-2026-2-77


viewing

VALUATION OF ASSETS AT FAIR VALUE: PROFESSIONAL JUDGMENT OF AN ACCOUNTANT

Z. S. Tuyakova
Orenburg State University named after V.A. Bondarenko, Orenburg, Russia
e-mail: 5607tz@bk.ru

E. V. Satalkina
Orenburg State University named after V.A. Bondarenko, Orenburg, Russia
e-mail: elena.satalkina@mail.ru

Abstract. Professional judgment is particularly relevant within the modern accounting system when assessing and recording assets at fair value. Research into this area is both theoretically and practically important given the widespread use of this category in current Russian legislation. The primary objective of this article is to summarize the accumulated research literature and systematize the conceptual principles of modern international financial reporting standards (ifrs) in the area of fair value measurement, as they inform the accountant’s professional judgment when measuring various asset groups. The following research methods were utilized: description, grouping, analysis and synthesis, comparison, and logical generalization, as well as elements of the accounting method: documentation, inventory, and reporting. The scientific novelty of this study lies in the development of a business process algorithm for «formation of an accountant’s professional judgment regarding the fair value of an accounting asset». This algorithm is divided into four stages of the accounting process, disclosing all work activities performed by the accountant within each stage, generating various document groups, and using other accounting tools. The theoretical significance of this study lies in the scientific systematization of the interpretation of fair value and in identifying the evolution of views on this accounting category from its inception to the modern measurement concept based on market data and the professional judgment of the accountant. The practical value of this study lies in the development of recommendations for forming professional judgment regarding the valuation of various asset groups, which can be used in the future process of accounting standardization at the level of economic entities, taking into account the specifics, scale of their activities, and modern digital technologies.

Key words: fair value, accounting assets, professional judgment, modeling, business processes of an economic entity.

Cite as: Tuyakova, Z. S., Satalkina, E. V. (2026) [Valuation of assets at fair value: professional judgment of an accountant]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 2, pp. 77–89. – https://doi.org/10.25198/2077-7175-2026-2-77.


References

  1. Abramov, V. A. (2024) [Evolution of the concept of fair value in accounting and its impact on the theory and practice of financial reporting]. Mezhdunarodnyy bukhgalterskiy uchet [International accounting]. Vol. 27. No. 11, pp. 1210–1228. – https://doi.org/10.24891/ia.27.11.1210. (In Russ.).
  2. Gubina, T. S. (2023) [Market and fair value in accounting]. Nalogovaya politika i praktika [Tax policy and practice]. Vol. 12 (252), рр. 54–59. (In Russ.).
  3. Druzhilovskaya, E. S. (2024) [Current issues of calculating the discount rate in Russian and foreign accounting]. Bukhuchet v zdravookhranenii [Accounting in healthcare]. Vol. 3. No. 267, pp. 5–13. – https://doi.org/10.33920/med-17-2403-01. (In Russ.).
  4. Karavaeva, I. V., Lev, M. Yu. (2019) [Fair price in the system of economic security formation: historical aspect]. Voprosy innovatsionnoy ekonomiki [Issues of innovative economy]. Vol. 9. (1), рр. 193–206. – https://doi.org/10.18334/vinec.9.1.39764. (In Russ.).
  5. Pyatov, M. L. Fair value: how it was. Available at: https://buh.ru/articles/spravedlivaya-stoimost-kak-eto-bylo.html. (accessed: 11.01.2026). (In Russ.).
  6. Rozhnova, O. V. (2016) [Development of the concept of fair value measurement]. Uchet. Analiz. Audit [Accounting. Analysis. Audit]. Vol. 6, pp. 20–27. (In Russ.).
  7. Satalkina, E. V. Tuyakova, Z. S., Pankova, S. V. (2017) Professional’noe suzhdenie i etika buhgaltera: teoriya i praktika primeneniya [Professional judgment and ethics of an accountant: theory and practice of application]. Orenburg. Publishing House of the Orenburg State University, 242 p. (In Russ.).
  8. Soldatkina, O. A. (2024) [Issues of fair value measurement in financial statements in accordance with IFRS]. Ekonomika i predprinimatel’stvo [Economy and Entrepreneurship]. Vol. 11 (172), рр. 1329–1332. – https://doi.org/10.34925/EIP.2024.172.11.238. (In Russ.).
  9. Sun, M. (2024) [Fair value measurement in the FSBU system: concept and application review]. Gumanitarnyye, sotsial’no-ekonomicheskiye i obshchestvennyye nauki [Humanities, socio-economic and social sciences]. Vol. 3, рр. 197–202. – https://doi.org/10.23672/SAE.2024.25.51.027. (In Russ.).
  10. Tuyakova, Z. S. (2006) [Fair value in the system of market valuation of accounting objects]. Vestnik Orenburgskogo gosudarstvennogo universiteta [Bulletin of the Orenburg State University]. Vol. 9 (59), рр. 199–205. (In Russ.).
  11. Hendriksen, E. S., Van, Breda M. F. (2000) Teoriya buhgalterskogo ucheta [Accounting Theory]. Edited by prof. Ya. V. Sokolov. Moscow: Finance and Statistics Publ., 576 p. (In Russ.).
  12. Accounting Standards Codification Topic 820: Fair Value Measurement. Available at: https://asc.fasb.org/Login. (accessed: 07.10.2025). (In Eng.).
  13. Chambers, R. J. (1966) Accounting, evaluation, and economic behavior. Englewood Cliffs, N.J., Prentice-Hall, 388 p. (In Eng.).
  14. Emerson, D. J., Khondkar, E. K., Rutledge, R. W. (2010) Fair Value Accounting: A Historical Review Of The Most Controversial Accounting Issue In Decades. Journal of Business & Economics Research. Vol. 8. No. 4, pp. 77–86. – https://doi.org/10.19030/jber.v8i4.705. (In Eng.).
  15. Financial Accounting Standards Board, Statement of Financial Accounting Standards No. 157. Available at: https://asc.fasb.org/Login. (accessed: 07.12.2025). (In Eng.).
  16. Georgiou, O., Jack, L. (2011) In pursuit of legitimacy: A history behind fair value accounting. The British Accounting Review. Vol. 43. No. 4, pp. 311–323. – https://doi.org/10.1016/j.bar.2011.08.001. (In Eng.).
  17. Hoffmann, S. A. (2010) Historical View on the Political Fair Value Debate in Germany, 56 p. (In Eng.).
  18. Lee, T. (2008) A Review of «The Routledge Companion to Fair Value and Financial Reporting». Accounting and Business Research. Vol. 38. No. 1, pp. 93–96. (In Eng.).

In order for us to provide you with high-quality services, we use cookies that are stored on your computer (location information; ip-address; type, language, OS and browser version; device type and screen resolution; source from which you came to site the user; what pages the user opens and what buttons the user clicks; the same information is used to process statistical data on the use of the site through the Yandex.Metrika Internet service). By clicking the "I agree" button, you confirm that you are informed about the use of cookies on our website. You can disable cookies in your browser settings.