With reference to Penman (2007) and Laux, C., & Leuz, C. (2009), dis.pdf

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With reference to Penman (2007) and Laux, C., & Leuz, C. (2009), discuss the main issues related to use of the fair value measurements. Solution 1. Fair-value accounting contributes to excessive leverage in growings periods and leads to excessive write-downs in down periods. 2. It is easier to measure liquid assets, but having an measure for illiquid asset can be conflicting. 3. It can create e contagion in financial markets, i.e. if one has to sell his asset at lower than ifs FMV due to some reasons than other person has to take that basis and devalue his asset which can create not true measurements. 4. Another issue to address is the balance between relevane and reliability. As stated by Laux and Leuz, Relevant accounting information is capable of confirming decisions that stakeholders have already made and/or of making, and reliability requires that accounting information to be independently verifiable, unbiased, and an accurately portray the underlying reality of the transactions and events..

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Provide a brief description of the qualitative characteristics of useful information including relevance/materiality and the cost constraint. Solution The framework states that the users should be provided information which is relevant to them. Too much information should be avoided, and similarly, too little information also may not help the users. Information provided should be relevant to the decisions the various stakeholders need to make. Information is considered relevant if it has some predictive or confirmatory value, or both. The relevance of information is generally determined by its nature (i.e. what type of information is being provided) and its materiality (discussed further below). Information is material if omitting it or misstating it could influence the decisions of the users that the users make on the basis of financial information about a specific reporting entity. Materiality need not always be assessed in terms of quantum of the amounts involved. For eg. if Directors remuneration paid is over the limits laid by the concerned corporate law in place even by a small amount, such information indicates non compliance with the laws of land and hence, though the amount concerned may not be significant, the information will still be considered to be material Faithful representation warrants that the financial statements should reflect information which is complete, neutral and free from error. Further, the accounting for the particular transaction should reflect the substance of the transaction, rather than the mere legal form, considering that IFRS are meant to be principle-based standards. A complete depiction includes all information necessary for a user to understand the phenomenon being depicted, including all necessary descriptions and explanations. A neutral depiction means that information must not be manipulated in any way in order to influence the decisions of users. The recording and reporting of transactions should be free from any individual bias. Free from error means there are no errors or omissions in the description of the phenomenon and no errors made in the process by which the financial information was produced. It does preclude any inaccuracies from arising, particularly where estimates have to be made. Substance over form, as per IASB, is implied in faithful representation of a transaction because faithful representation is only possible if transactions are accounted for according to their substance and economic reality. The primary objective of the financial statements is to enable users to take varied decision. These decisions often involve selection of one entity among various options available to the decision maker, for eg. which entity to invest in out of multiple options available. This requires that the financial statements of various entities must be comparable, i.e. similar items should look similar and different items must look different. Consistency, though related, is different from comparability.

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Liquidity of an asset has been defined as a degree where asset or security can be bought or sold in the securities market and this sale or purchase is done without harming the asset’s price. Liquidity has its own benefits such as investment in liquid assets than the illiquid ones. The liquid assets can be easily converted into cash which include the blue chip and money market securities. The ease and comfort with which financial instruments such as stocks and bonds are converted into ownership is the main essence of liquid assets (Burke, n.d.). Liquidity problems can arise due to the following business factors such as:

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