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Fair value continues to be an important measurement basis in financial reporting. It provides information about what an entity might realize if it sold an asset or might pay to transfer a liability. In recent years, the use of fair value as a measurement basis for financial reporting has been expanded, even as the debate over its usefulness to stakeholders continues.
Determining fair value often requires a variety of assumptions and significant judgment. Thus, investors desire timely and transparent information about how fair value is measured, its impact on current financial statements, and its potential to impact future periods.
There are numerous items for which fair value measurements are required or permitted.
ASC 820, Fair Value Measurement, and IFRS 13, Fair Value Measurement, ("the fair value standards") provide authoritative guidance on fair value measurement. This guide includes guidance under both the relevant US GAAP and IFRS. The scope of the fair value guidance is discussed in FV 2.
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