Seminar_11 Measurement Applications

Financial Accounting Theory (5th Edition)

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Unformatted text preview: Matt Steger Seminar #11 – Measurement Applications September 29, 2009 In the readings for today’s seminar, Scott introduces the problems that are encountered with the attempts to introduce fair value accounting measures into the financial statements proper. The Accounting Horizons article also takes a look at fair value measurement in its “Response to FASB Exposure Draft.” In Chapter 7 of our text, Scott begins with a caveat which reads: “The decision usefulness of current value-based financial statements will be compromised if too much reliability is sacrificed for greater relevance” (228). He then proceeds to define fair value, which is interesting – despite the use of this same pattern in preceding chapters – because it helps to prime the engine of discourse for ignition as well as provide a moment of clarity for that very discourse which is oftentimes complicated and very involved. The most important insight garnered from Scotts writing in Chapter 7 on fair value reporting is...
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