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General Accounting Discussions: How does "fair value" apply to public sector?

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    • CommentAuthorlydia
    • CommentTimeNov 3rd 2007
     
    How does "fair value" apply to public sector? Do we use cost or is there any other applications? Thanks~~~
    • CommentAuthorneo
    • CommentTimeNov 3rd 2007
     
    One of the example how fair value apply to public sector was provided by ISPAS 16, Investment Property where it requires that investment property initially be recognised at cost and explains that where an asset is acquired at no or nominal cost, its cost is its fair value as at the date it is first recognized in the financial statements.

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