Accounting is moving in the direction of reporting more and more assets and liabilities at their fair values.

Question

Quizplus · Accepted Answer

Accounting standards, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), are placing greater emphasis on fair value reporting. This means that assets and liabilities are being reported at their current market value, rather than their historical cost or book value. The trend towards fair value reporting is aimed at providing investors and stakeholders with more transparent and accurate information about a company's financial position.

Accounting Is Moving in the Direction of Reporting More and More