The Use of Fair Value to Report Assets

question 128

Multiple Choice

The use of fair value to report assets

• A)is not allowed under GAAP or IFRS.
• B)is required by GAAP and IFRS.
• C)is increasing under GAAP and IFRS, but GAAP has adopted it more broadly.
• D)is increasing under GAAP and IFRS, but IFRS has adopted it more broadly.

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Definitions:

Bad Habit

A negative behavior pattern that is often difficult to break.

Substitution

The process of replacing one element with another, especially in mathematical equations or linguistic expressions.

Transitional Expression

Connective elements in writing that help to smoothly bridge thoughts and sections, enhancing readability.

Negative Habit

A persistently bad or detrimental practice or behavior that is often hard to give up and can have harmful effects on one's health, happiness, or well-being.