The assignment delves into the intricacies of fair value accounting under IFRS, focusing on its application to intangible assets and non-current assets. It examines the methodologies used for fair value measurement, the potential biases and limitations associated with this approach, and the challenges auditors face in verifying fair value estimates. The document analyzes academic research and real-world examples to shed light on the economic consequences of fair value accounting and its implications for financial markets.