Accounting theory and Application

Topic: Accounting theory and ApplicationQuestion :Shaffer (2011) concluded investors look for transparent financial reporting which accurately reflects economic reality. He viewed fair value as being appropriate for certain classes of financial instruments BUT fair value may not reflect the desired economic reality when the earnings processes are not directly related to market activity.Commentators, academics and politicians have been arguing about the effectiveness of fair value accounting following the 2007 USA banking collapses and subsequent collapses in the world financial markets.Provide a critique of two main ideas in accounting: the use of fair value and the effectiveness of its use when viewed through decision usefulness theory.You must provide evidence to support your Discuss (check for the help you need)ion. Harvard in-text referencing is mandatory.Please see the attachments I?ve added some files I think it?s can help youUse also this as a reference (Scott, WR, 2015, Financial Accounting Theory, 6th Edition, Pearson Prentice Hall, Canada)Category: Business

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