Question: b) Ernst & Young (2005) made the following statement with respect to fair value accounting Nevertheless, the path the standard-setters have chosen is one where

b) Ernst & Young (2005) made the following statement with respect

b) Ernst & Young (2005) made the following statement with respect to fair value accounting Nevertheless, the path the standard-setters have chosen is one where big swings in balance sheet and income statement numbers are inevitable. As a consequence, users of financial reports will need clear distinctions to be made between objective and subjective figures, between gains and losses based on real market process, and gains and losses based on hypothetical calculations REQUIRED Discuss how IFRS 13 Fair Value Measurement attempts to overcome the issue relating to the above statement when providing information to users of financial reports and explain the specific requirement by IFRS 13 regarding this issue

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