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Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name:
Institution:
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CONTEMPORARY ISSUES IN ACCOUNTING
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Contemporary Issues in Accounting
The accounting profession faces a range of contemporary issues. These issues include the
approaches to measurement, fair value accounting and sustainability and environmental
accounting. This study focuses on two of these issues that are being considered currently in
professional practice.
Fair value accounting
The accounting field has seen an overhaul of the traditional historical cost-based
accounting model to one based on current or fair value as detailed under IFRS 13. This
development was to a significant proportion attributable to the drive by investors to use current
value and the willingness of regulatory bodies in the field to adopt the same. As a result, the
current IFRS guidelines on fair value measurement ensure that the value attributed to assets and
liabilities represents the current economic reality from the market’s perspective rather than the
reporting entity’s perspective according to Barker and Schulte in their submission to the Journal
o...
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