Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Questions - Page 68: 16

Answer

The International Accounting Standards Board (IASB) explains fair value as an amount a specified asset could be transacted between willing and knowledgeable individuals.

Work Step by Step

Fair value accounting is frequently applied to financial liabilities and assets because market estimates and prices thereof are most likely to exist for such elements.
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