As you examined in this week's Discussion, fair value measurements can influence financial reporting. For an accountant, it can also be considered a moving target, especially when values of certain assets, such as financial instruments, are based on a changing market. The pressures associated with reporting according to fair value measurements also pose ethical dilemmas. As you prepare for this Application, consider how ethics impacts accounting practice and how final assenting and dissenting opinions of rule making boards impact fair value measurements.

Write a 2- to 4-page paper analyzing the impact of fair value measurements on accounting practices. Research the development of fair value accounting rules and guidelines. Consider issues surrounding fair value accounting. Explain the impact of rules and guidelines surrounding fair value measurements on a particular industry (use the industry that you choose for your Discussion question) and how they might influence how a company manages its assets. Finally, analyze the pressures managers and auditors face to report favorably on a company's assets and the ethics at work in their role.