'…When Profit Is Derived from Changes in Fair Values More

question 5

Essay

'…when profit is derived from changes in fair values more difficult questions arise for the auditor …' J.Godfrey,et el,'Accounting Theory',7^th Ed.p.150.
Discuss the implications for auditors of the shift in the focus of profit measurement from matching revenues and expenses to assessing changes in the fair value of the net assets.

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