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What are the potential trade-off involved in reporting

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Question

The FASB and the IASB allow companies the option of recognizing in their financial statements the fair values of their long-term debt. That is, companies have the option to change the balance sheet value of their long-term debt to the debt's fair value and report the change in balance sheet value as a gain or loss in income.

In terms of the qualitative characteristics of accounting information, what are the potential trade-off(s) involved in reporting long-term debt at its fair value?

Reference no: EM132324803

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