You must report certain assets and liabilities (such as derivatives and intangibles acquired in a business combination) at fair value, rather than historic cost. The Financial Accounting Standards Board (FASB) provides unified guidance that defines fair value and establishes a hierarchy that emphasizes market-based valuation methods. But beware: Valuations prepared for other purposes may not be appropriate for use in financial reporting because different standards of value may apply. Contact us for more information about using specialists to measure fair value for financial reporting purposes.
https://www.sdmayer.com/insights/blogs/audit/measuring-fair-value-for-financial-reporting-purposes/
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