This part of the report relates to a critical evaluation of Fair Value Measurement debate in contemporary corporate financial reporting.

Statement: Laux and Leuz (2009) argue that the fair value debate is far from over and much remains to be done (p.833). As well, Whittington (2008) argues that in a realistic market setting, the search for a universal measurement method may be fruitless and more appropriate approach to the measurement problem might be how to define a clear measurement objective and to select the measurement method that best meets that objective in the particular circumstances that exist in relation to each item in the accounts. (p.139)

Required: Based on the above arguments, write a business report on the relevance and critical evaluation of fair value measurement in contemporary businesses. In your demonstration, you should highlight as to whether fair value accounting is applicable for a wide range of private and public sector organisations in corporate financial reporting. The expectation is that a reasonable amount of research articles (academic and professional) is used in the body of the report.

the two companies which need to be referred are ASX: BXB & ASX: XRO