Abstract:
Fair value and assetliability view has become salient features of the international and national accounting standards at this stage, and even the criticism caused by the recent financial crisis could not shake the situation. This indicates that fair value and assetliability view must have rationality in theory. In order to grasp the rationale of fair value and assetliability view, and to understand the relationship among fair value, assetliability view, comprehensive income, capital maintenance and accounting standards regulation, we'd better to inspect the formation, development and impact of true income theory. By doing this, we can find that fair value, assetliability view and comprehensive income are just the same thing, and fair value, assetliability view, comprehensive income and capital maintenance are all derived from true income theory. What's more, even the emergence of accounting standards regulation is supported by true income theory to a large extent.