What are the main arguments against the old definition (i.e. the one presented in Appendix A of AASB 3) of fair value?
What are the main arguments against the old definition (i.e. the one presented in Appendix A of AASB 3) of fair value?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1.What are the main arguments against the old definition (i.e. the one presented in Appendix A of AASB 3) of fair value?
2.What is the new definition of fair value? Explain the key parts to this definition.
3.Why has the IASB chosen to use exit price as the primary measure of fair value?
4.The existence of a market is very important to determining fair value. What factors would indicate an appropriate market exists?
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