- fair value accounting

The causes of the global financial crisis (GFC) that swept the world in 2008 and 2009 are complex and open to debate. However, some regard the practice of fair valuing assets as a contributing factor to the rapid spread of the problem.

REQUIRED:

a. Define fair value accounting and discuss in details how fair value is determined. Illustrate with examples. (six references are relevant and cited)

b. 'Fair value is market value.' Make an analysis of this statement. Illustrate with examples (Clear and detailed analysis; detailed illustration)

provided.