For the Module 5 Discussion, your prompt is the following: When bonds change in value depending on the going market rate of interest, companies are permitted, but not required, to recognize changes in value of such liabilities. Under what conditions would a company want to recognize such changes? What are the reporting requirements when such changes are recognized? Specific rules dictate the process and judgment for determining fair value. If a company's debt is traded in a public market, what should the valuation be based on? If the debt does not have a clearly determinable market, how should the valuation be calculated?