Objective: The dominant approach in international financial reporting standards is measuring FAIR VALUE. The complexity of estimates of FAIR VALUE mentioned in the International Financial Reporting Standard No. 13 will create challenges in auditing and it affects the quality of the audit; therefore, the main objective of this study is examining the views of Iranian auditors about the audit of FAIR VALUE estimates and its audit challenges. Methods: Data was collected by questionnaire. In this study, statistical tests like One-Sample T-Test and Friedman have been used for analyzing data. Results: The findings of 118 collected questionnaires indicate that the use of Audit Standard 540 approved by the Audit Organization is difficult and requires reconsideration. Auditors believe that the most important audit challenge with regard to measuring FAIR VALUE is the absence of an active market for most assets and liabilities. Also, according to the findings, the audit challenges of the measurement of the FAIR VALUE for financial assets and liabilities are different from non-financial assets and liabilities. Conclusion: Audit difficulty Levels 2 and 3 of the FAIR VALUE, the lack of educational guidelines, lack of auditor's competence and lack of experienced specialists can affect the quality of auditing FAIR VALUE, and these issues point to the need for auditing knowledge and revision of audit standards. Also, the Audit Organization is the most important reference in the codification of educational guidelines on auditing FAIR VALUE estimates; therefore, it is necessary that the Audit organization takes the necessary steps to codification these guidelines.

Objective In this research, the critiques of FAIR VALUE have been studied and an interpretation of these achievements has been provided. Opinions about FAIR VALUE fall into three categories. A group that strongly supports it. A group that strongly opposes it and a group that for some reason have concerns about it. Understanding the reasons for criticisms of FAIR VALUE requires a better understanding of the concept of FAIR VALUE, especially from a theoretical perspective and the evolution of this measurement system. Therefore, in a segment of this research, the historical, political and social contexts that have led to the formation of FAIR VALUE in different parts of the world have been studied. Methods The method used is meta-synthesis which is one of the qualitative methods. In this regard, the steps of arranging research questions, systematically reviewing the literature, searching and selecting appropriate texts, extracting information, analyzing and combining qualitative findings, and presenting interpretations on existing interpretations have been performed. Results Review, identification, typology, classification and analysis of different areas of research in the field of FAIR VALUE from a theoretical-critical perspective is presented. The research represents eight areas of special interest, including theories used in measurement systems, reasons for the formation of FAIR VALUE, its relationship with standardization and its uses, the role of the theoretical framework of financial reporting in development of FAIR VALUE, advantages of FAIR VALUE, disadvantages of FAIR VALUE, effect of FAIR VALUE on financial crises, auditing challenges of FAIR VALUE and the effect of capitalist and communist financial systems on FAIR VALUE. Conclusion In this study, critiques and challenges on FAIR VALUE from a theoretical and critical perspective over the last two decades were identified. This research can be used as a roadmap for researchers in FAIR VALUE studies. It shows the areas of interest in this regard and the sections that can be studied in the future.

Changes in credit risk may arise when either the VALUE or the risk of corporate assets changes. Changes in the equity VALUE associated with the changes in the asset VALUE and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. The indirect effect of risk on equity VALUE is a function of factors that affect the debt VALUE of including leverage, asset VALUE, and asset risk. This study examines whether the equity VALUE reflects the profits and losses associated with the changes in the debt VALUE consistent with the predictions of Merton [21]. The insurance companies listed in the Stock Exchange during 2010-2015 were selected to test the desired hypotheses. It has been found that the stock returns are negatively related to the increase in credit risk as reflected in the changes of estimated bond ratings. More importantly for the research question, it has been realized that the relationship between risk changes and equity returns is negative when the leverage is higher.

Objective The transition toward International Financial Reporting Standards (IFRS) has emphasized the role of FAIR VALUE in financial reporting. To determine FAIR VALUE in financial reports, preparers rely on observable market-based inputs and unobservable inputs derived from the reporting entity’s assumptions. Given the extensive reliance on professional judgment in determining FAIR VALUE, particularly following the approval of Iranian Accounting Standard No. 42, and the lack of operational guidelines for its implementation, this study aims to develop a systematic framework for professional judgment in FAIR VALUE measurement to enhance the preparation of financial information in Iran. Methods This study utilized a combination of systematic literature review and fieldwork methods. Data were collected through semi-structured interviews with 10 Iranian accounting and auditing experts from four groups—VALUErs, auditors, preparers, and regulators—conducted between the beginning and end of August 2023. Additionally, a structured questionnaire based on fuzzy logic was administered to 30 experts from the same groups, and the Delphi method was applied to analyze the results. The Best-Worst Method (BWM) was also used to assess the significance and prioritize the components of the framework with input from 8 experts. The Kruskal-Wallis statistical test was employed to compare the views of the four groups, and follow-up interviews with 5 experts were conducted to evaluate the internal validity of the findings. Results The study resulted in developing a professional judgment framework for implementing Iranian Accounting Standard No. 42 (FAIR VALUE Measurement). The framework comprises the following key components: (1) Identifying the scope of the judgment, (2) Evaluating accounting and auditing guidelines, (3) Collecting relevant information and analyzing them, (4) Concluding and making a judgment, and finally (5) Documenting the rationale of professional accounting judgment. Conclusion  Professional judgment is a crucial skill for preparers, auditors, and regulators of financial statements, particularly under a principles-based accounting regime. However, making such judgments can be challenging, and there is not always a single correct answer. Also, FAIR VALUE measurement inherently involves judgment, which introduces the potential for bias in financial statements. A structured professional judgment framework is recommended to improve the quality of financial reporting. This framework includes identifying the judgment scope, evaluating accounting and auditing guidelines, gathering relevant information, forming judgments, and thoroughly documenting them. The credibility and utility of financial reporting are highly dependent on sound judgments, particularly as business transactions become increasingly complex. Moreover, the ability to demonstrate that judgments are reasonable at the time of reporting, given the prevailing facts and circumstances, is crucial. Preparers and auditors suggest that such a framework could mitigate future regulatory challenges by leveraging foresight. Experts assert that adopting a professional judgment framework enhances the quality and consistency of judgments, ultimately reinforcing trust in principles-based accounting standards.

Changing the measurement basis from historical to FAIR VALUE is one of the most important developments in IFRS. The wide dimensions of FAIR VALUE measurement in the banking industry, requires carefull examination of the obstacles and effects of using this basis before implementation. in addition to the characteristics of the macroeconomic environment, the different banking business framework and structural problems of the banking system,the requirements of riba-free banking law, creates more challenges to comply with FAIR VALUE measurement requirements in IFRS. the aim of this study is identifying barriers to applying the FAIR VALUE basis in the Iranian banking industry. after systematic review and interviews, a questionnaire was designed to extract the views of experts and financial reporting staff of banks, about challenges ahead. In this regard, the data obtained from 106 questionnaires were analyzed using fuzzy analysis and TOPSIS ranking. The results indicate that weakness in the executive mechanisms, infrastructure and information systems, the quality of corporate governance and the incompatibility of Iranian banking business with market-oriented economic logic (paradigm governing IFRS) are the most important challenges in applying FAIR VALUE in the iranian banking industry.

The purpose of this paper is to examine the relationship between conservative political ideology and the selection of FAIR VALUE based accounting procedures. The theoretical foundations of the present study have been collected through library studies and instrumentation for data collection is questionnaire. The statistical population consisted of experts, accounting directors and financial managers working in companies listed on the stock exchange. The research hypotheses were analyzed using data collected from 215 questionnaires and tested based on correlation method and through multivariate regression. The results show that conservative political ideology has a negative and significant relationship with determining the FAIR VALUE of fixed assets according to the management of the business unit, however, the relationship between conservative political ideology and the determination of the FAIR VALUE of fixed assets according to the VALUE of similar items is direct and meaningful. Evidence also shows that as education levels increase, the use of management opinion in determining FAIR VALUE increases.

The objective of this study is to scrutinize macro impediments of implementing FAIR VALUE accounting (FVA) in Iran’, s banking industry. FAIR VALUE is an inseparable part of international financial reporting standards (IFRS). Global experiences show that with nature of banking business and large portion of financial instruments, it would be much more difficult to implement FVA in banking sector. Also it seems that the characteristics of Iran’, s economic environment in conjunction with Reba-free banking rules adds more to the complexity of transition to a FAIR VALUE basis. This clearly indicates the importance of evaluating different aspects of implementing FVA and identifying its impediments. This study used a survey to obtain expert viewpoints (109 sent questionnaire with 90% rate of return). To analyze the data we use fuzzy logic and TOPSIS method. Findings show that, characteristics of Iran’, s economic environment, inefficiency of markets and inadequacy of professional judgment are substantial macro impediments. Moreover, enhancing supervisory mechanisms, developing a specialized valuation body and using valuation standards are necessities of implementing FAIR VALUE accounting in Iran’, s banking industry and Compliance with ifrs requirements. Given that the effects of applying FAIR VALUE in the banking industry will be widespread, the move toward FAIR VALUE must be made with the utmost care, caution and timeliness.

One of the most fundamental factors in pricing and evaluating the performance of companies is their profitability and profit is used as a basis for predicting the future performance of companies. Therefore, an accurate profit prediction is really crucial and decisive. There are various approaches to this prediction. The first approach would be calculating profit according to accounting standards by using historical cost and the second, calculating profit according to FAIR VALUE. In this circumstance, this question arises that whether FAIR VALUEs are used instead of historical cost, would it lead to a more accurate and better prediction of the company's future performance? The purpose of this study is to investigate the effect of using the FAIR VALUE in calculating profits on the performance of investment companies with the help of benchmarking international financial reporting standards for small and medium-sized units. This research uses the data of 95 companies listed on the Tehran Stock Exchange, whose activity is an investment, from 2015 through 2019 and compares the predictability of FAIR VALUE-based profits with the profit based on accounting standards in predicting the company's operating cash flows and future profits. The data is first collected in Excel software, then the research variables are calculated and finally, research models are tested and analyzed by Eviews10. The results show that FAIR VALUE-based profit has no greater ability to predict the performance of investment companies in comparison to profit based on Iranian accounting standards.

FAIR VALUE accounting for valuation of assets and liabilities has given managers the discretion. The purpose of this study is to investigate the effect of manager’ s discretion allowed in FAIR VALUE measurement on investment selling decisions. In order to test the research hypothesis, a questionnaire based on the scenario was used. This questionnaire is based on Green et al. (2015). The statistical population consists of all active financial analysts in investment companies and stock exchange brokers and the statistical sample of the study was determined using the sample size tables of Cohen et al. (2000) of 268 people. Multivariate analysis of variance (MANOVA) and univariate analysis of variance (ANOVA) were used to analyze the data and test hypothesis. The results of this study showed that conservatism and its interaction with the FAIR VALUE volatility have a significant effect on the investment selling decisions based on FAIR VALUE, but the FAIR VALUE volatility has no significant effect on these decisions. Overall, the results of the research showed that the directors' discretions in FAIR VALUE accounting affects investment selling decisions.

Despite the general acceptance of FAIR VALUE accounting standards setting, the specific characteristics of this method results in the formation of an interesting debate among academics, businessmen, legislators and invested. One of the key elements in the debate, the emergence of different situations that FAIR VALUE accounting is considered by supporters or opponents. Despite the recent financial crisis also contributed to this debate and put the opposition in a state Hjvmytry. So Congress Securities and Exchange Commission recently forced America to study and report on the role of FAIR VALUE accounting in the recent financial crisis. Under this article, the adoption of FAIR VALUE accounting standards and the impact on earnings from the perspective of financial managers of manufacturing companies in Tehran, academics and internal auditors, standard setters and measured. for this purpose, 48 academics, 47 members of the Institute of internal auditors, 38 financial managers of manufacturing companies and 20 individuals were studied accounting standard setting..br According to this study, there are differences between the views of financial executives with the insights of others but there is no difference between the views of academics and internal auditors and standard setters and academics of view there is no difference, however, there are differences between the views of internal auditors and standard setters.