Estimation or Guestimation: Are There Any Takers?
Keywords:
Fair Value Accounting, multinational conglomerate, case study, Fair Value Accounting disclosures, commodites traderAbstract
Exchange Integrated (EI), a multinational conglomerate that trades grains, agricultural, and other commodities, is an adopter of fair value accounting ASC815, ASC820, and ASC825. The company is diversified with many assets and liabilities that qualify for fair value accounting. The financial securities vary from those traded frequently on active markets to exotic derivatives used to hedge financial and market risk. Decision and recommendations need to be made about the application of Fair Value Accounting and about the challenges of fair value judgments and required fair value disclosures.
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