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Fair Value Accounting Essay Preview: Fair Value Accounting Report this essay CONTENTS 1. INTRODUCTION……………………………………………………………………………………………………………52. BACKGROUND………………………………………………………………………………………………………………..53. THE FAIR VALUE MODEL…………………………………………………………………………………………………83.1 DEFINITION ……………………………………………………………………………………………………………….83.2 ARGUMENTS IN FAVOUR OF FULL FAIR VALUE ………………………………………………………….93.3 CRITICISMS OF THE FAIR VALUE MODEL………………………………………………………………….103.3.1 Relevance of fair value for banks accounting practices ……………………………………….113.3.2 Reliability of fair value ………………………………………………………………………………………..113.3.3 Comparability of financial information …………………………………………………………………123.3.4 Impact.