1)Explain fair value.Give TWO (2) examples of fair value application in

accordance with the international accounting standards.

ii) Based on the examples given in your answers to part i) above, discuss

how, and in what way the fair value accounting is "subjected to different

market pressures and fluctuations," as contended by Sir David Tweedie.

iii) In the light of your answers to part ii) above, discuss whether "relevance"

which arises from the application of fair value accounting compromises

the information's "reliability".Does the impediment of "reliability" result

in "volatility" of information presented, hence jeopardizing the "fair

presentation" of the items?

iv) In relation to your answers in part iii) above, do you agree that the use

of fair value accounting is the main factor that contributed towards the

world's 2008 financial crisis?Discuss.