The subject of the paper is the role of fair value, as one of the accounting
measurement attributes (measurement basis) of assets and liabilities in the
statement of financial position, in the conditions of crisis, based on the
experience with global financial crisis which appeared in 2008 in the US
financial sector, and later spilled over into the real sector of that
country, as well as, to a greater or lesser extent, to the rest of the
world. The crisis has stimulated discussions in the scientific and
professional community about the usefulness of using fair value and the
impact of this measurement attribute on the appearance and widening of the
crisis. The aim of the paper is to consider the impact of fair value
application on the occurrence of the mentioned financial crisis. Qualitative
research methodology based on the review of relevant literature in the field
of research subject has been applied. A review of literature available to us
has shown that there is no unique attitude about the role of fair value in
the financial crisis which appeared in 2008. In that sense, opinions range
from the one that fair value played little or no role in the financial
crisis, over the opinion that it may have contributed to the acceleration of
the crisis, to the opinion that it was one of its main causes and that it
should be suspended. It is certain that fair value cannot be declared as the
only financial crisis causer, and that there is no only one causer.
Inadequate banking practices, risky behaviour of financial markets
participants, inconsistent and insufficiently coordinated macroeconomic
policies, inadequate structural reforms and omission of credit rating
agencies dominantly caused the financial crisis and contributed to its
spread.