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
: Can this reliability construct be made operational for auditors?