The IASB is very much dedicated to an increasing reliance on fair value. Obviously, one of the issues backdating to Roosevelt's "New Deal" was overvaluation of assets and revenues (and undervaluation of liabilities and expenses) because of the focus on fair value. This caused a reversion to Historic Cost.
One analyst noted, for instance, whereas Miley5's physical assets would only account to less than $1m (it would predominantly be capitalized expenditure) - its intangibles far outweigh its physical assets; thus any valuation discounting internally generated goodwill will vastly affect its valuation.
This is particularly an issue when the Company considers floating on the Stock Exchange as we have seen recently. If there is an overbuy of shares, allocation becomes difficult, and new ledger accounts and reserves must be created to counter this effect.