Fair value accounting:

Name: Fair value accounting:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Fair value accounting is a concept that appears in many accounting standards, such as IFRS and US GAAP, and is used to value assets and liabilities based on their current market value. It is not a new concept and is not simply a refinement to historic cost accounting, which values assets based on their original cost. Although not all assets and liabilities are valued using fair value accounting, it is becoming more common in accounting standards.

Fair Value Accounting