Posted: February 20th, 2017

Explain the concept and the underlying assumptions of fair value accounting according to IFRS

Explain the concept and the underlying assumptions of fair value accounting according to IFRS 13 Fair value measurement.2.    Discuss the potential benefits of fair value accounting in relation to the quality of accounting information3.    Review the required research articles (available at VU e-library, see point 6 below), and in addition, a minimum of three more research articles that you find from academic journals, about the contextual issues of implementing fair value accounting in emerging economies. 4.    Analyse the use of fair value accounting in the accounting practice, by researching four companies’ financial reports in 2015. The four companies must be of the same industry membership. Two companies must be listed on your home country’s stock exchange (if applicable), and the other two are listed on Australian Securities Exchange. 5.    Discuss if your findings are consistent (or different) with the accounting literature that you have reviewed. 6.    Required readingsAlbu, C. t. l. N., N. Albu, and D. Alexander. 2014. When global accounting standards meet the local context? Insights from an emerging economy. Critical Perspectives on Accounting 25 (6):489-510.Ali, M. J., K. Ahmed, and D. Henry. 2006. Harmonization of Accounting Measurement Practices in South Asia. Advances in International Accounting 19:25-58.Chand, P. 2005. Impetus to the success of harmonization: the case of South Pacific Island nations. Critical Perspectives on Accounting 16 (3):209-226.He, X., T. J. Wong, and D. Young. 2012. Challenges for Implementation of Fair Value Accounting in Emerging Markets: Evidence from China. Contemporary Accounting Research 29 (2):538-562.Irvine, H. 2008. The global institutionalization of financial reporting: The case of the United Arab Emirates. Accounting Forum 32 (2):125-142.Mısırlıoğlu, İ. U., J. Tucker, and O. Yükseltürk. 2013. Does Mandatory Adoption of IFRS Guarantee Compliance? The International Journal of Accounting 48 (3):327-363.Nobes, C. 2015. IFRS Ten