Question
Asked Feb 3, 2020
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IFRS requires companies to measure their financial assets at fair value except when based on:

a. whether the equity method of accounting is used.

b. whether the financial asset is a debt investment.

c. whether the financial asset is an equity investment.

d. whether an investment is classified as trading.

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Expert Answer

Step 1

IFRS or International Financial Reporting Standards are accounting strategies that are applicable in different countries across the globe. U.S. GAAP or Generally Accepted Accounting Principles are prepared by the U.S. to compile their financial statements.

Step 2

The fair market value of an asset implies the present cost of an asset in the market. Fair value can be clarified as what is the genuine worth of an asset at which it ought to be recorded. The IFRS requires the compa...

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