Question: Does US GAAP distinguish between fair values that are readily determinable from current market prices versus those needing to be calculated based on the company's

  • Does US GAAP distinguish between fair values that are readily determinable from current market prices versus those needing to be calculated based on the company's own assumptions?
  • Explain how a user will know about the reliability of the inputs used to determine fair value.

  • Why is reliability an important characteristic of accounting?
  • What factors constitute reliable information or information sources?

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