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Global Accounting Standard Boards (ASB) propose far-reaching changes in accounting for financial instruments: a) all financial instruments should be measured at fair value, b) all

Global Accounting Standard Boards (ASB) propose far-reaching changes in accounting for financial instruments:

a) all financial instruments should be measured at fair value,

b) all gains and losses arising from changes in fair value should be recognized in the income statements in the periods in which they arise.

What are your thoughts of the cost vs market arguments?

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