To his surprise, for the first time ever, nearly a dozen students also pulled out $2 bills from their wallets and purses and what followed was an “emotional” discussion about the bill’s nostalgia factor, as well as its worth. ![]() Described as “an amount at which an asset could be exchanged between knowledgeable and willing parties in an arm’s length transaction” by the International Accounting Standards Board, fair-value accounting is often contrasted with historical-cost accounting, and the two approaches are often debated in academic and business circles.ĭuring his December 2011 financial accounting class, Noe waved the 1976 $2 bill that that he purchased with change saved up as an 8-year-old, and asked what its worth would be on a current balance sheet. Noe, a senior lecturer in accounting, uses the bill to illustrate the concept of fair-value accounting.
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