what are the essential features of the fair value accounting as laid out in ifrs13 a 559812

ACC29083: THEORY OF ACCOUNTING Assessment details for ALL students Assessment item 1 — Group / Individual Case Study Due date:?Tuesday of Week 7?ASSESSMENT??Weighting: Length:?30% 2500 3000 words ?1??Objectives The objectives of your assignment are: To develop your critical analytical skills and written communication to a point that you have demonstrated you can communicate and argue a case from an accounting theory perspective. This assignment requires a substantial search of the accounting theory literature and contemporary developments on global accounting regulation. You will need to use the resources of the various databases and your text to successfully undertake this work. Extensive reading is highly desirable. Case Study: Case Study # 6.1 on pages 210 212 in Chapter 6 of your Textbook: Godfrey, Hodgson, Tarca, Hamilton and Holmes, 7th edition, 2010. Case Title: “Fair value or false accounting.” – By Anthony Rayman The case is about the global controversy around the adoption and application of the Fair Value measurement system as required by the International Accounting Standards Board (IASB), and followed by the Australian Accounting Standards Board (AASB). The specific debate in this case is about the rejection of historical cost and other valuation methods and adoption of the Fair Value measurement system. Required This case may have major implications and ramifications for asset and liability valuation and measurement of income across the board. Read the above case, examine the arguments and counter arguments, and research other relevant materials to answer the following questions in your own words: What are the essential features of the ‘Fair value’ accounting, as laid out in IFRS13/AASB13 Fair Value? How are assets and liabilities valued under the Fair Value accounting system? (6 marks) …