The diverse measurement techniques developed for different types of assets suggest that standard setters are confused about the nature of the attribute that is to be measured

The diverse measurement techniques developed for different types of assets suggest that standard setters are confused about the nature of the attribute that is to be measured.
Required:
1. Why is measurement in the context of accounting so important?
2. Why has measurement become such a controversial accounting issues in recent times?
3. Explain the arguments for and against using fair value as a measurement base.
4. Identify factors that may influence the choice of measurement approach. Discuss how the measurement approach adopted impacts on the quality of accounting information produced.
Provide reasons to support your position on the above.
Additional information
Assignments must not exceed the word counts indicated.
Your assignment must include an abstract/synopsis, introduction, essay body that clearly addresses the problem areas, a conclusion and a properly referenced (refer to the research essay marking guide for further guidance).
Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced. Refer to theUniversity of Ballarat’s policy on plagiarism.

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