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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

What are the factors contributing to the trend toward fair value accounting?

To determine

Fair value: Fair value is the price at which, both seller and buyer agree to exchange the asset. So, fair value is the selling price to the seller and the purchase price for the buyer.

Fair value accounting: Fair value accounting is the accounting method used to report the trading and available-for-sale investments at fair value. This is mandatory as per generally accepted accounting principles (GAAP).

To describe: The factors responsible for fair value accounting

Explanation

The following are the factors responsible for fair value accounting:

  • Fair value is treated as the most reliable measure because fair value is considered as the effective measure to account the assets...

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