Abstract
This article investigates some of the sound reasons why the IASB ( IAS/IFRS), FASB (SFAS) have jointly spur up recommendations and application for fair value measurements to assets and liabilities rather than the historical cost measurement principle. The research is focused on using a practical scenario to support the application of fair value accounting measurement. In this research paper, Volvo Trucks was selected as a good example of a segment of VOLVO AB to explain the advantages of fair value measurement. Volvo trucks being a profitable segment of the parent VOLVO AB measures its accounting records using the fair value in all of its active markets. The purpose of my research question is to ascertain the costing technique measurement records in the balance sheet of VOLVO Trucks with the guidance of the International Accounting Standards Boards (IASB) and Financial Accounting Standards Board (FASB).
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