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Explain why measurement has an essential role in accounting

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Reference no: EM132857454

Question -

1) Explain why measurement has an essential role in accounting.

2) Provide a brief discussion to the measurement model currently adopted by the accounting standard setters, including reasons why they have adopted such a model, together with issues associated with this model.

3) Using your own words, explain the reasons that prompted accounting standard setters to consider (adoption of) a single measurement base model.

4) Explain which measurement base, historical cost or fair value, would provide the most relevant and reliable accounting information in practice? Justify your answer.

Reference no: EM132857454

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