The Evolution of Fair Value Accounting: A Bibliometric and Historical Analysis of Scientific Perspectives

Purpose: The paper provides a comprehensive account of how the concept of fair value has evolved in financial reporting, emphasizing its historical development, theoretical foundations, and the diverse academic perspectives that have shaped its interpretation and application across different contexts. It also examines how these developments relate to the quality, transparency, and decision usefulness of financial information. Design/Methodology: The study employs a combination of bibliometric and content analysis. It draws on 4,132 peer-reviewed articles indexed in Scopus between 2005 and 2025 and uses VOSviewer software to identify trends, co-occurring terms, keyword networks, and citation patterns in publications related to fair value and fair value accounting. Findings: Interest in fair value accounting increased substantially following the 2008 financial crisis. The analysis highlights both supportive and critical perspectives, with recurring concerns regarding reliability, relevance, volatility, and informational usefulness. The findings also reveal a recent shift in the literature toward linking fair value accounting with broader themes such as sustainability and corporate social responsibility. Practical Implications: We clarified key areas of academic debate surrounding fair value and demonstrates how these discussions intersect with issues of reporting quality, risk, and transparency. The insights may be particularly relevant to standard setters, regulators, and financial statement users when evaluating valuation inputs and disclosures during periods of financial instability and structural change. Originality/Value: By combining quantitative mapping with qualitative interpretation, the study offers a structured synthesis of how fair value accounting has been debated and redefined in academic research between 2005 and 2025. It identifies dominant and emerging themes, highlights underexplored areas such as specific sectors and sustainability-related applications, and supports future research at the intersection of financial reporting, governance, and organizational performance.