The Conceptual Framework and International Accounting Standards reflect the gradual shift from the traditional historical cost accounting towards fair value measurement. The proponents of Fair Value Accounting (FVA) have presented its merits over Historical Cost Accounting; however concerns have been voiced by many, including developing economies of the Pacific, with regards to the difficulties in the adoption of FVA. Discuss the role of FVA in promoting relevance and reliability in accounting measurements and using a case from a local context depict whether FVA is accepted and widely used in the World. To answer this question specifically state the follwoing:

a.) Research Objective ie Rationale (main Problem or issue and using a accounting theorical application)

b.) Problem Statement broken down into 5 objectives.