Fair valueAs anyone who has ever dealt with children can attest, what's considered "fair" is infinitely malleable. You would think that it would be easier to determine the "fair" value of a business than, say, a "fair" distribution of toys in a kindergarten class, but then, kindergarten teachers never have to deal with the Financial Accounting Standards Board, which has mandated that more and more items be reported at fair value, at the same time as valuation methods have grown more complicated. Fair Value for Financial Reporting, by noted valuation expert Alfred King, is an invaluable reference to the ins and outs of the topic, demystifying a prohibitively complicated subject with insights into its every aspect.
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