The FASB required that companies report the fair value of their equity and debt securities on the
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a. Which of the four valuation bases discussed in the chapter in the FASB suggesting that companies use for their equity and debt securities?
b. Prior to the requirement, most of these securities were reported at cost. How did reporting them at fair value affect the income reported by companies?
c. Do you basic differences between U.S. GAAP and IFRS regarding the use of fair market values on the balance sheet.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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