What are the key differences between the historical cost and the fair value models of accounting?
Answer to relevant QuestionsProvide a formal definition for fair value. What are the key elements of this definition?Explain how estimates and judgments of financial statement preparers can create differences between financial statement information and economic reality.What are discretionary expenses? What is the importance of discretionary expenses for analysis of earnings quality?Describe alternative information sources beyond statutory financial reports that are available to investorsWhich types of assets/liabilities lend themselves more easily to fair value measurements: financial or operating? Explain with reference to the hierarchy of inputs.
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