The Fair Value Accounting Controversy in the 2008 Financial Crisis: A Structured Literature Review

This research aims to explore the controversy surrounding fair value accounting (FVA) during the 2008 financial crisis. Using a structured literature review approach, this research collected 20 relevant articles on Scopus that were most cited and published in high-quality journals after 2008, and developed a suitable framework for analysis. The results of this research show that the controversy in current research is first manifested in whether FVA exacerbated the 2008 financial crisis. Secondly, this research also analyzed the controversy within different views. In addition, this research found that the controversy over FVA is most intense in the North America, while Australia and Europe show highly consistent results. Finally, this research points out that the controversy over FVA is most intense in studies using empirical research methods, while other research methods show strong consistency.