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QUESTION 2

Compare and contrast measurement using historical cost and fair value.

You should address the following issues for each method.

(i) Outline whether it involves fundamental or derived measurement. (4 marks)

(ii) Outline two benefits or strengths of each measurement base. (4 marks)

(iii)Outline two limitations of each measurement base. (4 marks)

(iv)Outline which objective of accounting (as per Conceptual Framework) is it closely related to. (3 marks)

QUESTION 3 Case Eitudyr 15 marks Spend about St] minutes on this section. As a guide, you should write about 1 sentence per mark. Read the following extract (Source: httpsvtwww.iaspluscomtentnewsfll Sfhcf}. In chapter 6 of the Conceptual Framework there is a description of different measurement bases (historical cost and current values), the infomratjon that they provide and their advantages and disadvantages. Current value is newly introduced into the Conceptual Framework as it is widely advooated in academic literature. The framework does not provide detailed guidance on when a particular measurement basis would be suitable because the suitability of\" particular measurement bases will vary depending on facts and circumstances. When attempting this Case Shady students \"my refer to the article "Taking a measured approach " by Steve Cooper: which you were required to regs? as part ofyourpemso reading I. Required Briey outline tlte following: {i} What is 'cument value' as stated in the ConoePtual Framework? [2 marks} {ii} Identify one argument for the mixed measurement approach. (3 marks) I Tor-b that Fnllnwinor infnnntin tn sit-tower sts-tit \"in. and \"uh Use the following information to answer parts {iii} and 1 iv} XYZ Ltd is based in Fiji. It onms and trades shares in several other companies, some of which are listed on international stock exchanges. In addition, the company ounrs shopping malls and hotels across the Pacic. {iii} Lena White owns 213% of XYZ Ltd. Explain whether she would prefer the oompany to report its investments (including the shares and properties} at historical cost or current values. (5 marks} {is} hr the context ot'CVIDt 9, explain whether XYZ Ltd would prefer to report its invesrtnents (including the shares and properties} at historical cost or current values. (5 marks}