During the Global Financial Crisis of 2008/9, it was claimed that IFRS fair value accounting techniques used in corporate reports had distorted financial reality and caused the crisis.

(a) Describe those alleged problematic fair value accounting techniques and standards, and state if you agree with the criticisms and why (10 marks).

(b) In the period 2009-2020 do you think IFRS fair value standards have improved? State your reasons and evidence (10 marks).

(c) In the event of a major economic downturn in 2020 or later do you think assets will be appropriately measured by IFRS fair value accounting standards? Explain (10 marks).