The Importance of Using the Fair Value Approach as an Entry Point to Enhance the Quality of Accounting Information by Maximizing the Characteristics of Relevance and Reliability

الملخص

This study aimed to highlight the importance of fair value accounting in enhancing the fundamental qualitative characteristics of accounting information, namely relevance and reliability, from the perspective of accounting faculty members at Libyan universities in the eastern region. The study employed a questionnaire as the primary data collection tool and was applied to a sample of 127 respondents.

The findings revealed that the application of fair value accounting constitutes a key mechanism for improving the quality of accounting information by strengthening relevance and enhancing the reliability of financial data and reports. The results also indicated a growing academic awareness of the significance of this approach in supporting the accuracy and effectiveness of financial decision-making. Responses were highly consistent regardless of academic qualification, years of experience, or university affiliation, reflecting a general consensus on the importance of fair value as a fundamental approach to improving financial reporting quality.

Accordingly, the study recommends integrating fair value accounting into academic curricula, adopting unified educational and research policies, enhancing accountants’ capabilities through continuous training, and encouraging further research to enrich the Libyan academic literature in this field.