THE FAIR VALUE-BASED ACCOUNTING MODEL: POINTS AND COUNTERPOINTS

In the field of accounting, the debate surrounding the fair value model, developed by the International Accounting Standards Board (IASB) and incorporated into the International Financial Reporting Standards (IFRS) of Anglo-Saxon origin, stands out. This model has sparked significant reflections on its benefits and limitations. In this context, the objective of this study was to analyze the fair value model by presenting its main favorable arguments and critical points, considering accounting as an applied social science with a strong historical and social influence exerted by market agents and society. The study was conducted in the form of a theoretical study, based on reflections grounded in specialized literature, aiming to advance the critical understanding of the topic. The analysis highlighted the benefits of the fair value model, such as greater transparency and relevance of accounting information, but also identified significant criticisms, including challenges related to subjectivity in measurements and potential impacts on the volatility of results. It was observed that the model reflects the historical and social context in which it was created, being influenced by various market agents. It was concluded that the fair value model is a relevant construct for the advancement of accounting, but its application requires careful analysis of its practical and theoretical impacts, considering the influence of historical and social factors. Reflection on the subject is essential for the continuous development of accounting as an applied social science.