Once an Entity Elects to Value a Class of Assets

question 4

True/False

Once an entity elects to value a class of assets using fair value it can switch back to cost basis measurement as long as there is justifiable reason.

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Definitions:

Psychological Distress

A state of emotional suffering characterized by symptoms such as depression, anxiety, and panic, often triggered by stressful situations.

Acute Conditions

Medical conditions characterized by sudden onset, severe symptoms, and short duration, often requiring immediate attention.

Big Five Personality Traits

A model outlining five broad dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Neuroticism

A personality trait marked by a tendency to experience negative emotional states.