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The directors of Global Networks, a public limited company, are concerned about the significant shift towards the use of fair values in financial statements. FRS 139 Financial Instruments: Recognition and Measurement requires the initial measurement of financial instruments to be at fair value. The directors are uncertain of the relevance of fair value measurements in these current market conditions.
Required:
Problem a) Define the term 'fair value' for the measurement of a financial asset and a financial liability.
Problem b) Discuss at least three (3) factors to show the relevance of fair value measurements for financial instruments in challenging market conditions.
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