what if Discuss the implications of fair value accounting on financial reporting and asset valuation. How does fair value accounting differ from historical cost accounting, and what are the advantages and disadvantages of using fair value measurements? Provide examples of financial instruments and assets that are typically measured at fair value, such as derivatives, investments, and property, plant, and equipment. Analyze the impact of fair value accounting on a company's balance sheet, income statement, and overall financial health. Consider the challenges associated with determining fair value, especially in markets that lack active trading or reliable market prices. How do accountants and auditors ensure the reliability and accuracy of fair value measurements? Discuss the role of fair value accounting during economic downturns or financial crises, and how it can influence investor perception and market stability. $10$ marks.