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By permitting some classes of assets to be valued at cost and others at fair...

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Accounting

By permitting some classes of assets to be valued at cost and others at fair value the XRB has:

Select one:

a.

forced entities to accurately reflect their true financial position at any point in time.

b.

removed the opportunity for managers to act in their own self-interest as suggested by Positive Accounting Theory.

c.

removed any confusion regarding the total balance of non-current assets.

d.

created a situation where the total asset figure may be a combination of cost and fair value assessments, reducing its meaningfulness.

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