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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 20 / 29

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20

Fair value measures

In some cases fair values can be ascertained from observed prices in active markets

Increasing use of fair value estimates in financial reports

Examples

Asset retirement obligations (except for historical discount rate)

Acquired assets and liabilities in a business combination

Impaired assets (inventory, fixed assets, goodwill)

(Disclosed) fair values of some financial instruments

Guarantees (unless a specific premium is received)

Derivatives (unless traded in active market)

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