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The IASB and the IFRS are moving to apply current or fair value instead of...

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Question

Accounting

The IASB and the IFRS are moving to apply current or fair value instead of historical cost. Do you agree to apply the fair value? Explain.

Guidance for students:

(1) Provide concepts related to fair value and historical cost
(2) Provide advantages and disadvantages forhistorical cost.
(3) Provide advantages and disadvantages for fairvalue.
(4) Clarify your answer by providing practical examples (Do all standards in different countries allow using fair value? Provide examples of items that can measure or not by fair value.

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