Surfing the Standards: Fair Value Option Disclosures Under U.S. GAAP, firms may choose to report most financial assets and financial liabilities at fair value, using the fair value option. The rules related to the fair value option are included in ASC 825-10 Financial Instruments Overall. When an entity chooses the fair value option for a financial instrument, a number of disclosures are required. 1) What are the principal objectives of these disclosures? (1.5 points) 2) What are the expectant results of the disclosures? (1.5 points)