ACCT 4340 Lecture Notes - Lecture 7: United Nations Environment Programme, Global Reporting Initiative, Unobservable
19 Apr 2016
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Larger version of midterm we just wrote and other midterms. Definitely on chapters we didn"t do on any midterms. Advice: conversation about fv and historical cost deeper, revisit conceptual framework but not basic bullshit. Problems similar to number 3 of midterm 2 (2-3 problems like this) 10 mark problems like the one of midterm short answer about accounting theory (know these theyre good problems) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. acceptable fv valuation techniques. Observable inputs- those values that can be obtained independently from available market data, possible with some adjustment for the specific asset, which would be used by market participants when valuing an asset or liability. Level 1 inputs- quoted prices (unadjusted) in active markets. Level 2- inputs other than quoted prices included within level 1 that are observable.
