The current process of accounting globalization is based mainly on the concept of just value. Thi... more The current process of accounting globalization is based mainly on the concept of just value. This concept has been the source of vivid debates with regards to its meaning in contemporary accountancy, both in theory and in practice. The increased importance of the concept of "just value", as well as the constantly increasing importance of financial assets have created the framework for developing a new value-based accounting model. The reshaping of the value-based accounting model consists of reconsidering the basic principles of valuation, allowing accountancy to progress from the system of historical cost to that of just value.
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