"The long-standing unresolved controversy about which measurementattribute to adopt- particularly between historical- price and current- price measures- and the unresolved puzzle of unit of account are likely to make measurement one of the most challenging parts of this project."

Provide an explanation (in more than five hundred words) of why measurement will be one of the "challenging" components of the conceptual framework being developed by the IASB.

Answer rating: 100% (QA)

1Fair value measurement its also known as exit priceIt defines the price that would be received to sell or paid to transfer of a liabulity its a financial reporting approach known as mark to market ac... View the full answer