Fair Value Measurement and Fundamental Characteristics of Accounting Information in Australian Business Practices

This article discusses fair value measurement and fundamental characteristics of accounting information in Australian business practices. It explains the requirements for measuring fair value of assets and liabilities, and the importance of relevance, reliability, comparability, and understandability in accounting information. It also provides examples of these characteristics in Xero Company's annual report for the year ended at 31st March 2018, and discusses the effects of the information disclosed to investors and the securities market. Finally, it demonstrates the logic communication and effective presentation of financial information.