Would you plzz write an introduction ,Abstract and conclusion as well.Since introduction also carries marks separately hence these cannot be neglected at all. AASB 3 - Business combination...

Introduction
Companies are often faced with an aspect of having to test the value of an asset on their
books to check it from impairment. An impaired asset is marked down to its value by the
company and subsequently an impairment charge is booked in the income statement as a non
cash expense.
Most companies having fixed and intangible assets check for the impairment of these
assets every year. This impairment leads to permanent marking down of the value of the asset
and is not a resultant of short term market fluctuation or adjustment (Drury, 2007). For example,
many financial institutions would record other than temporary impairment every year to show a
permanent markdown on value of their securities.
Analysis
According to FASB 13 (FASB, 1976) definition of fair value accounting is an amount for
which a property can be sold between the irrelevant parties within arm’s length transaction
(Campbell, 2008). Fair value of accounting is being used to determine how much assets or
liabilities can be liquidated in a transaction based on current market condition (Campbell, 2008).
Some who support the practice of fair value of accounting argued that by using this
measurement, user of financial statement could achieve a true and fair view of a company’s
financial performance because it revealed the overcome of economic condition as well as any
changes in them (Campbell, 2008). Further, fair value of accounting caused increased in
consistency and comparability valuation of framework because the institution valued at the same
principle at the same time (Young M. R., 2007).
However, the most important was the impact caused by fair value of accounting for
decision makers. Relevance can be obtained when the financial information was able to confirm
expectation of decision makers and reduced any uncertainty associated with any decisions
(Campbell, 2008)
Besides to help user of financial statement to make economic decision, fair value of
accounting also has some limitations as a measurement attributes. The changes from historical
cost to fair value caused significant increment on accounting measurement evaluated from
economic-based approach, where economic values reported in balance sheet (Young M. R.,
2007). In theory of accounting, the asset and liability method highlighted vis-a`-vis the revenue
and expenses method (Campbell, 2008). Judges from information perspective, it prohibited the
evaluation of many different reporting formats, as the result the high level of aggregation related
with reporting format of balance sheet reduced the assumption of present value essential
agreement (Ryan, 2008). However, the high level of aggregation mentioned above which also
part of balance sheet attribute measurement will lead to an unconstructive measurement of
potential useful decision.
The latest conflicts concerning fair value repeated many...