The book describes the historical evolution and development of accounting theories and principles. Value and valuation have been reviewed extensively. The author provides a detailed comparison between historic and fair value accounting. A comprehensive review of the literature and researchers¿ opinions about measurement, fair value, and historical cost value will enable the readers to understand the concepts in detail. Additionally, the book includes case studies evaluating the accounting practices in Turkey and Romania to illustrate how these concepts are implemented in practice. The reader will obtain a good understanding of the local nationalized accounting systems, and up to what extent countries have adapted to IFRS. The