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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 22 / 29

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Fair value measures—reliability

Reliability => users of financial reports can depend on the reported numbers to represent the economic conditions (events, transactions) they purport to represent

Representational faithfulness => correspondence between the measure and the phenomenon being measured

Verifiability => consensus among various measurers of the same construct

Implies low dispersion of independent measurements

Does not require that the measure can be vouched or confirmed to a separate source

Key issue:  Can this reliability construct be made          operational  for auditors?

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