MFRS 13 Fair Value Measurement accounting standard outlines the guidelines pertaining to the measurement of fair value of assets and liabilities. Even though the standard has been implemented, it is still subjected to ongoing debates. a) Explain THREE (3) supporting arguments and THREE (3) arguments against the MFRS13 Fair Value Measurement standard.

b) Identify TWO (2) challenges in implementing MFRS13 Fair Value Measurement standard. Then, suggest ways to improve the existing standard.

c) State differences in application of fair value measurement for financial instruments, as compared to

(i) property, plant and equipment

(ii) investment property.

d) Explain THREE (3) valuation approaches to measure fair value. How to choose the best approach?

e) Malaya Wood Berhad planted 250 teak trees on a piece of land in Padang Besar, Perlis. The trees take approximately 30 years to mature. Upon maturity, the trees can be cut down and sold. The average age of the tree on the land is 16 years at the end of the reporting period. The current use of the land is presumed to be its highest and best value. Based on the above situation, how does Malaya Wood Berhad determine the fair value of the teak trees?