Fair Value Measurements (FVMs) Rejection and Reconstruction: A Phenomenological Study of Internal Accountant Response towards FV Accounting and Reporting

AbstractThis study aims is to investigate phenomenon, namely the response of internal accountants toward fair value (FV), to uncover the meaning of the phenomenon, and to reconstruct FV financial statements. The research methodology used is transcendental phenomenology and ruwatan sukerto as a method of reconstruction. The study was conducted in Indonesia by employing in-depth interview with internal accountants. The results showed that there was rejection towards fully FV implementation, which is essentially FV noise rejection. By employing the method of reconstruction, the noise can be eliminated. This was done by reconstructing the FV financial statements using Four Dimensional Financial Statements