Why the international accounting standards board not amended

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In recent years, International Financial Reporting Standards (IFRS) have shown a movement away from the use of historical cost accounting towards the use of fair values.

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Question 1: Provide an explanation for this trend. In addition, explain why the International Accounting Standards Board (IASB) has not amended its Conceptual Framework to stipulate the use of only one method of measurement, such as Fair Value Accounting (FVA).

Reference no: EM132585469

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