What are the advantages of valuing assets at historical cost

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1. What are the advantages and disadvantages of valuing assets and liabilities at historical cost? At market value?

2. How did accounting standard-setters react to the derivatives-related failures of the 1990s?

3. What is the IASB? Over which national accounting organizations does it have jurisdiction?

4. What is a hedge? Why is it difficult to distinguish a hedge from a speculative position? How does a hedge qualify for the hedge accounting rules under FAS #133?

Reference no: EM13871709

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