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20 November, 22:15

If a firm changes the valuation approach used to determine fair value, how would the amount of change in fair value resulting from the change in the valuation approach be reported?

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  1. 21 November, 01:14
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    Answer: As a change in accounting estimate

    Explanation:

    It should be noted that, the amount of change in fair value due to change in the valuation approach, which is supposedly used in determining fair value is known as a change in accounting estimate. In a nutshell this can be simply explained that the amount of the change e. g change in fair value, which comes from market forces, shall be recorded as income from continuing operations.
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