Abstract

SANCHEZ-SERNA, Aracely del Socorro  and  ARIAS-BELLO, Martha Liliana. Notions of Price and Value from Aristotle to the Classics: a Reflection on the Valuation Premises of the International Financial Reporting Standards (IFRS). Cuad. Contab. [online]. 2012, vol.13, n.33, pp.433-462. ISSN 0123-1472.

This paper is a bibliographical account of the concepts of use value and exchange value from Aristotle to the classics, which provide the basis for the valuation premises of the International Financial Reporting Standards - IFRS - and for the concepts of cost and value found in the Standards of the International Valuation Standards Council -IVSC. The aim is to demonstrate how economic theory accounts for the concepts of value and price both in the International Valuation Standards and in the International Accounting Standards, which will facilitate a better understanding of these in terms of measurements. The evolution and development of the concepts of price and value have set landmarks in economic history, allow us to see how they have been gradually perfected, through trial and error. The particular contributions of different schools and scholars, philosophers and economists, form the basis for the current notions of price and value. This paper compares the conceptual foundations of use value and exchange value with the valuation premises that define fair value measurements in the IFRS. It shows that these coincide with exchange value theory but diverge from the approach of use value, thereby ratifying the market perspective that imposes fair value measurements within this international model.

Keywords : Use value; exchange value; IFRS; fair value; International Accountig Standards; value; fair value; economics.

        · abstract in Spanish | Portuguese     · text in Spanish     · Spanish ( pdf )