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1 7 . Discuss the concept of fair value accounting. How is fair value determined, and what are the challenges associated with measuring fair value?

17. Discuss the concept of fair value accounting. How is fair value determined, and what are the challenges associated with measuring fair value? Provide examples of assets and liabilities that are measured at fair value and discuss the impact of fair value adjustments on the financial statements. Explain the role of fair value in financial reporting during periods of market volatility.

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