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Fair Value
An estimate of the market value of an asset or liability, based on current prices in an active market or derived from a model if no direct market price is available.
Control Criterion
A principle or standard used to determine whether one entity has the power to direct the financial and operating policies of another to gain economic benefits.
Major Criticisms
Significant or fundamental objections or points of contention regarding theories, practices, or policies.
Reporting Entities
Organizations or business entities that are required to prepare and present financial statements to relevant stakeholders, usually following specific reporting standards.
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