FAIR VALUE AND HISTORICAL COST ACCOUNTING - Discuss three challenges of historical cost measurement CONTROLLERSHIP -Discuss...

FAIR VALUE AND HISTORICAL COST ACCOUNTING

- Discuss three challenges of historical cost measurement

CONTROLLERSHIP

-Discuss three major challenges facing controllers today

-Discuss three ways in which controllership have changed in the past 100 years

SOCIAL ROLE OF ACCOUNTANCY

-Discuss three major social roles of accountancy

ROLE OF GOVERNMENT IN STANDARD SETTING

-Why do governments intervene in setting accounting standards instead of leaving it to the private sector?

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ekkarill92 answered 1 year ago

Describe fair value accounting and fair value measurement. Give examples of fair value accounting and measurement

1. Differentiate historical cost concept from the fair value cost concept of measurement. State clearly their...

1. Differentiate historical cost concept from the fair value cost concept of measurement. State clearly their advantages and disadvantages.

Accounting standard AASB 13 Fair Value Measurement defines fair value as the price that would be...

Accounting standard AASB 13 Fair Value Measurement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between “market participants” at the measurement date. What are the strengths and weaknesses of fair value as compared with other measurement methods such as historical cost? Refer to the qualitative characteristics of financial information outlined in the conceptual framework in your response.

Explain two challenges in implementing MFRS13 Fair Value Measurement standard. Then, suggest ways to improve the...

Explain two challenges in implementing MFRS13 Fair Value Measurement standard. Then, suggest ways to improve the existing standard.

Measurement is one of the most controversial and sensitive issue in accounting.fair value and historical cost...

Measurement is one of the most controversial and sensitive issue in accounting.fair value and historical cost are both extensively used in accounting practice.discuss and evaluate these two different measurement approaches.

1. What is fair value accounting? 2. Fair value accounting classifies FV assets into three categories....

1. What is fair value accounting? 2. Fair value accounting classifies FV assets into three categories. What are those categories? 3. What are some issues with the reliability of FV assets classified as Level 3? 4. Would you audit a portfolio of Level 3 assets differently than a portfolio of Level 1 assets?

The accounting for fair value hedges records the derivative at its amortized cost. carrying value. fair...

The accounting for fair value hedges records the derivative at its amortized cost. carrying value. fair value. historical cost. None of the above. 5- How does electing the Fair Value Option under US GAAP change the reporting for investments classified as Trading Securities? Balance Sheet effect / Income Statement effect No change/ No change Change to fair value / Change to recognized unrealized gain & loss in OCI Change to fair value / Change to recognized unrealized gain & loss...

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FAIR VALUE AND HISTORICAL COST ACCOUNTING - Discuss three challenges of historical cost measurement CONTROLLERSHIP -Discuss...

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