Adapting to fair value measures in the preparation of IFRS-based financial statements will likely cause auditors to evaluate supporting evidence differently than if US GAAP was used.

Question

Quizplus · Accepted Answer

This is because fair value measurements require more judgment and estimation than historical cost measures, which are more commonly used under US GAAP. Therefore, auditors will need to evaluate the supporting evidence differently in order to assess the reasonableness of the fair value measures used in IFRS-based financial statements.

Adapting to Fair Value Measures in the Preparation of IFRS-Based