IFRS expert David Cairns provides
a round-up of the key changes in international accounting standards
and developments at the International Accounting Standards Board
Fair value accounting in IFRS Financial Statements
Considerable attention is currently being given to the use of
fair values and fair value accounting in financial statements prepared
under International Financial Reporting Standards. This month’s
column clarifies what is meant by fair value accounting and when IFRS
require or allow its use. It also identifies the circumstances in
which IFRS requires the use of fair value in the application of the
historical cost model.
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