Question: What is fair value reporting and what is the difference between the old reporting standards and the new fair value reporting procedures for trading securities,

What is fair value reporting and what is the difference between the old reporting standards and the new fair value reporting procedures for trading securities, held-to-maturity, and available-for-sale securities. How does the new reporting standards potentially affect the balance sheet and income statement? How were fair value standards adopted and is it a good or bad with the benefits of the new reporting standards

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