With the advancement of world economic integration, the globalization process of international capital market is also developing rapidly, and accounting theory is also improving day by day. In 2006, China issued a new accounting standard for enterprises. Due to the particularity of China's economy, there are still differences in the disclosure of related parties and their transactions, the reversal of asset impairment losses, and the accounting treatment of some government subsidies. However, it is an indisputable fact that the accounting work in China has begun to go international.

With the alternation of old and new accounting standards, the capital market is most concerned about "fair value", which has been widely used in some developed countries. The further expansion of the application scope of fair value in the new accounting standards for enterprises is a bright spot in the new accounting standards system. The fair value measurement model has been adopted in financial instruments, investment real estate, business combination under different control, debt restructuring and non-monetary transactions, which indicates that the research and application of fair value in China has entered a brand-new period, although the depth and breadth of its influence are still difficult to predict.

First, the characteristics of fair value in the application of new accounting standards

1. Fair value in the new accounting standards fully draws lessons from international accounting standards in concept and specific application scope, and strengthens the new concept of accounting information for providing decision-making for investors and the public. When introducing the attribute of fair value measurement, we fully consider the current economic development, market environment and accounting environment in China on the premise of adhering to the convergence with international accounting standards, especially in the specific operation, which embodies the characteristics of China. In the new accounting standards system, at least 17 of the 38 specific standards that have been promulgated at present use the fair value measurement attribute to varying degrees, and creatively introduce the fair value measurement attribute into the basic standards. Basic standards are mandatory and binding, and control specific standards. Writing the measurement attribute of fair value into the basic standards shows China's determination and strength to use fair value. For example, if the fair value of non-monetary assets used by an enterprise to pay off debts in debt restructuring is higher than its book value, plus the debt exemption obtained, the current profit can be increased; In a business combination not under the same control, the difference between the fair value of assets paid by the buyer and the book value of liabilities incurred or undertaken by the buyer shall be included in the current profits and losses of the enterprise. The adoption of fair value measurement model in these transactions overcomes the defect of underestimating the asset value of enterprises due to the adoption of cost valuation model, and can reflect the asset value and operating performance of enterprises more truly. The fair value measurement attribute can also be regarded as a "double-edged sword". 2. Fair value refers to the value voluntarily exchanged by both parties in a rational and undisturbed market on the basis of equality and irrelevance. The prerequisite for adopting fair value measurement is the existence of an active market. Compared with the mature market economy environment in the world, there is still a certain gap in China's current market economy environment. Therefore, on the one hand, fair value is only one of the measurement attributes, which coexist with historical cost and other measurement attributes; In addition, for the premise of fair value, more stringent restrictions are also stipulated. For example, if the fair value model is clearly stipulated in the investment real estate standards, the following conditions should be met at the same time: First, there is an active real estate trading market where the investment real estate is located; Second, enterprises can obtain similar or similar real estate market prices and other related information from the real estate trading market, so as to make a reasonable estimate of the fair value of investment real estate. It can be seen that in the investment real estate standards, it is forbidden to apply valuation techniques with more assumptions; For example, in the application of fair value in non-monetary transactions, the new standards stipulate two preconditions for dealing with the exchange of non-monetary assets, that is, whether the exchange has commercial substance, whether there is related party relationship between the parties to the transaction, and whether the possible exchange of non-monetary assets due to the existence of related party relationship does not have commercial substance. These preconditions will effectively restrict the behavior of manipulating income by means of non-monetary assets exchange. It can be seen from these regulations that the application of fair value is strictly restricted and cannot be abused.

Second, the problems that should be paid attention to in the application of fair value measurement model

1. Whether fair value can be successfully used in enterprises depends on the quality of senior managers and accountants. For a long time, the historical cost measurement model has been adopted in China's accounting process, so accountants are not familiar with fair value, especially its connotation, measurement and reporting methods. In order to avoid blind application due to lack of understanding, we should first make accountants know and understand fair value in theory, grasp the connotation and application significance of fair value, and make this measurement model play a role in improving the relevance of accounting information. In addition, the determination of fair value also depends on the quotation in the active market, the recent market transaction price or the present value of the estimated future net cash flow, all of which require subjective judgment, so the judgment conclusion will inevitably be influenced by the subjective will of the management to varying degrees, and the integrity and morality of the executives will also affect the measurement results; Moreover, subjective judgment also tests the professional quality of accountants, and the uneven professional ability of accountants will also lead to the lack of fairness in the judgment results. In the realistic accounting environment, it is still the best choice to be cautious about the application of fair value. 2. Although fair value measurement has many advantages, it also has some disadvantages, such as data and information are not easy to obtain, the measurement process is subjective and arbitrary, and the information obtained is not reliable enough. The low degree of marketization of China's economic development, the low quality of accountants and the low information processing ability all limit the application of fair value measurement attributes. In addition, because different accounting elements have different characteristics and different purposes have different requirements for accounting information, at this stage, we should adopt the method of coexistence of various measurement attributes, abide by the provisions of accounting standards in practical application, and use them flexibly, so as to transition to a complete fair value measurement model in the process of continuous development of economic situation and gradual improvement of economic environment. 3. The application of fair value needs a suitable market environment, and there is still a big gap between China's market economy environment and the more mature international market economy environment. At present, although the market economy system has been established, non-market factors still exist, the market environment on which fair value measurement depends is not perfect, and the active market will be affected by some non-market factors, which will not only make fair value difficult to achieve fairness, but also make it a tool for profit manipulation. Therefore, it is the key to improve the market environment related to fair value application, such as sound and mature production materials market, property rights trading market, capital market and developed professional evaluation technology.

It is an important event for China and the world that the new accounting standards are in line with international standards. Only by perfecting the legal system, maintaining market order, strengthening corporate governance, and striving to improve the professional ethics of relevant employees can we essentially lay a good environmental foundation for China to widely adopt fair value measurement, help Chinese enterprises "go global" and play an important role in integrating China's economy into the global economy.