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While this section provides guidance on auditing fair value measurements and disclosures, evidence obtained from other audit procedures also may provide evidence relevant to the measurement and disclosure of fair values.For example, inspection procedures to verify existence of an asset measured at fair value also may provide relevant evidence about its valuation, such as the physical condition of the asset. For audits of fiscal years beginning before December 15, 2010, click here] The auditor should obtain sufficient appropriate audit evidence to provide reasonable assurance that fair value measurements and disclosures are in conformity with GAAP. The International Monetary Fund makes no warranties, express or implied, regarding these tables or the performance of this site. dollar in terms of the SDR is the reciprocal of the sum of the dollar values, based on market exchange rates, of specified quantities of the SDR basket currencies. The value in terms of the SDR of each of the other currencies shown above is derived from that currency's representative exchange rate against the U. dollar as reported by the issuing central bank and the SDR value of the U. dollar, except for the Iranian rial and the Libyan dinar, the values of which are officially expressed directly in terms of domestic currency units per SDR. See Representative Exchange Rates for Selected Currencies.The auditor’s consideration of such assumptions is based on information available to the auditor at the time of the audit.The auditor is not responsible for predicting future conditions, transactions, or events that, had they been known at the time of the audit, may have had a significant effect on management’s actions or management’s assumptions underlying the fair value measurements and disclosures.Fair value measurements for which observable market prices are not available are inherently imprecise.
Appendix A: Examples of Information and Sources of Information That May be Gathered During the Audit That Could Indicate That Related Parties or Relationships or Transactions with Related Parties Previously Undisclosed to the Auditor Might Exist The following auditing standard is not the current version and does not reflect any amendments effective on or after December 31, 2016.Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles (GAAP).For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity.[The following paragraph is effective for audits of fiscal years beginning on or after December 15, 2010. GAAP requires that certain items be measured at fair value.Financial Accounting Standards Board (FASB) Statement of Financial Accounting Concepts No.