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February 2013 » The Debate over Fair Value Reporting
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Charles E. Jordan, DBA, CPA, and Stanley J. Clark, PhD, CPA, and Gwen R. Pate, PhD
For the past several decades, FASB and the IASB have been slowly but steadily shifting from historical cost to fair value reporting. The current financial reporting model comprises a mixture of both historical costs (e.g., plant assets) and fair values (e.g., certain investments). But both standards-setting bodies have made known their view that fair value reporting is here to stay—and will likely become the primary reporting basis for financial accounting in the future.
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