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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 23 / 29

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23

Problems in obtaining reliable measures

Lack of markets

Illiquid and/or inefficient markets for financial instruments

Lack of used asset markets for physical items

Lack of markets for intangible items

Licenses, landing rights, patents

Information systems that do not capture the necessary data

Focus on firm-specific transaction amounts, and do not capture data on market transactions external to the firm

Intrinsic error in the measurement tools (models)

Researchers and others can and should attempt to develop improved measurement tools

Management-induced error

Bias and fraud

Accountants lack expertise in using tools

Education of accountants focuses on allocation of transaction amounts, not measurement techniques

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