When a firm does not adopt the fair value option,it
A)need not disclose the fair value of its long-term notes receivable.
B)still must disclose the fair value of its long-term notes receivable unless the reported value approximates fair value.
C)still must disclose the fair value of its long-term notes receivable if the reported value exceeds fair value.
D)may disclose the fair value of its long-term notes receivable if the reported value exceeds fair value,but such disclosure is not requireD.

Question

Quizplus · Accepted Answer

Even if a firm does not adopt the fair value option, it still must disclose the fair value of its long-term notes receivable unless the reported value approximates fair value. This is because the disclosure of the fair value provides relevant information to the users of financial statements for decision making.

When a Firm Does Not Adopt the Fair Value Option,it