Fair value accounting and fair trade: an analysis of the role of international accounting standard no. 41 in social conflict

Elad, C. 2007. Fair value accounting and fair trade: an analysis of the role of international accounting standard no. 41 in social conflict. Socio-Economic Review. 5 (4), pp. 755-777. https://doi.org/10.1093/ser/mwm013

TitleFair value accounting and fair trade: an analysis of the role of international accounting standard no. 41 in social conflict
AuthorsElad, C.
Abstract

The past decade has witnessed a proliferation of accounting pronouncements that indicate that accounting rule-makers around the world are progressively abandoning the traditional historic cost model and actively embracing the fair value paradigm. In this regard, Barlev and Haddad (2003) argued that fair value accounting has the capacity to enhance the stewardship function by providing relevant information to stakeholders, thus alleviating social conflict. It is contended here that far from reducing conflict and alienation in the agricultural sector, the fair value approach is underpinned by neoclassical economic ideals that are not conducive to emancipatory accounting. Drawing upon Marx's notion of commodity fetishism, this paper analyses the ideological role of International Accounting Standard (IAS) 41 in legitimating social conflict in the context of fair trade coffee and forestry companies that were compelled by domestic legislation to adopt a full-fledged fair value accounting model in conformity with structural adjustment reforms instituted by the World Bank.

JournalSocio-Economic Review
Journal citation5 (4), pp. 755-777
ISSN1475-1461
Year2007
PublisherOxford University Press
Digital Object Identifier (DOI)https://doi.org/10.1093/ser/mwm013
Publication dates
Published2007

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