25 FAIR VALUE

INTRODUCTION

Financial statement preparers, users, auditors, standard setters and regulators have long engaged in a debate regarding the relevance, transparency and decision-usefulness of financial statements prepared under IFRS, which is one among the various families of comprehensive financial reporting standards that rely on what has been called the “mixed attribute” model for measuring assets and liabilities. That is, existing IFRS imposes a range of measurement requirements, including both historical (i.e., transaction-based) cost and a variety of approximations to current economic values, for the initial and subsequent ...

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