Using IFRS and IAS standards **

Question 1 (January 2016) 'So it is hardly surprising that many of the arguments which have been developed against the use of fair values in accounting are not well-supported by evidence. However, the relative absence of justifications by standard-setters is also responsible for the power of fair value accounting as a reference point in the debate' (Power, 2010, p. 199). Requirement Drawing on the relevant academic literature, critically discuss the use of fair value measurement in financial reporting