Y&A

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The recent financial crisis has led to a strong debate about the advantages and disadvantages of fair value accounting. In particular, many critics have argued that fair-value accounting has significantly contributed to the financial crisis or, at least, aggravated its severity.

By referring to relevant prior literature, (i) critically appraise the above statement, and (ii) discuss the benefits and drawback of fair value accounting measurement vis-à-vis other measurements with respect to enhancing the quality of financial information.

The word limit is 2500 (+/- 10%) words.