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Part A: The fair valuing of liabilities has proved problematic for the IASB. Discuss the old definition and contrast with new definition. Have the problems

Part A:

The fair valuing of liabilities has proved problematic for the IASB. Discuss the old definition and contrast with new definition. Have the problems been satisfactorily dealt with, are there other issues to consider?

Part B:

What are the limitations on determining the highest and best use for an asset when establishing fair value?

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