Laux and Leuz (2009) argue that “the fair value debate is far from over and much remains to be… 1 answer below »

Laux and Leuz (2009) argue that “the fair value debate is far from over and much remains to be done”

(p.833). As well, Whittington (2008) argues that “in a realistic market setting, the search for a universal

measurement method may be fruitless and more appropriate approach to the measurement problem

might be how to define a clear measurement objective and to select the measurement method that

best meets that objective in the particular circumstances that exist in relation to each item in the

accounts”. (p.139)

Required:

Based on the above arguments, write an essay on the relevance of fair value accounting in the

contemporary world. In your demonstration you should highlight of whether fair value accounting is

applicable for a wide range of private and public sector organisations in corporate reporting. Also,

explain whether fair value accounting has had any influence on the subprime and/or other crises in

the contemporary world. The expectation is that a reasonable amount of research articles (academic

and professional) are used in the body of the essay

Attachments:

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