Discuss in general these question with reference to IFRS7 & IFRS9

7 'Disclosure of the estimated fair values of financial instruments is better than adjusting the values in the financial statements with the resulting volatility that affects earnings and gearing ratios.' Discuss. 8 Companies were permitted in 2008 to reclassify financial instruments that were initially designated as at fair value through profit. Critically discuss the reasons for the standard setters changing the existing standard 9 'If financial liabilities can be recognised at fair value all gains and losses arising should be reflected in profit or loss.' Discuss 10 The only true way for balance sheets to be meaningful to users would be for all financial assets and liabilities to be measured at fair value with gains and losses recognised in profit or loss.' Discuss