Fair value is a concept underlying external financial reporting

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Practice Problems

Fair value is a concept underlying external financial reporting.

You are required

(a) to explain why fair value accounting is required;

(b) to explain how the fair value concept is applied;

CIMA, Advanced Financial Accounting, November 1991.

Hint

Accounts & FinanceFair value is a broad measurement of an asset s worth and is not in any way the same as market value which is the price of an asset. Fir value is a direction to the estimated worth of a companies assets and liabilities listed on the financial statement...

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