Abstract (EN)

Associated with neo-liberalism, shareholder value is at the origin of the financialization of the economy and the current financial crisis. Indoctrinated by neoliberal economics, accountants set themselves the objective of ensuring the efficient functioning of financial markets instead of re-establishing accountability as fairness. The IASB project is in line with this logic. Its fair value accounting strengthened the resilience to the principle of governance by markets, which becomes a priestly cult. As a response to the financial crisis, the IASB published in October 2008 an educational guidance on the application of fair value measurement when markets become inactive. We make obvious how this amendment contributes to maintaining the status quo and preserving the primacy of the shareholder value as governance model. More problematic are its implications on the revered principle of conservatism which is institutionally abolished.