The application of fair value accounting is an inevitable trend, and agriculture accounting is of no exception. Vietnam has yet issued standards on agriculture accounting whereas some physical assets of agricultural activities are regulated by historical cost accounting, which is irrelevant to the current trend. The article describes characteristics of agricultural activities which have influence on accounting, generalizes fair value accounting model and its application in the international accounting standards. Besides, the article also explores the current situation of agricultural activities accounting in Vietnam along with opportunities and challenges in the application of fair value accounting model in agricultural activities as well as suggests a roadmap to implement fair value principle in agricultural activities accounting in Vietnam.