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al assets and instruments in case of Woolworths. The company is using historical cost accounting for majority of its assets and liabilities except mainly the derivative financial instrument. This is consistent with the retail industry that has to measure stock/inventory, its largest asset, at lower of cost and net realisable value.

Fair value accounting plays an important role in providing useful and relevant information to the users of financial statements for making economic decisions to allocate their scarce resources. Empirical research shows that fair value is considered a better, more relevant and comparable measure but not necessarily a reliable measure especially where fair value has been determined by the internal valuers instead of the external appraisers.

The role of fair value in creating the GFC is debateable although it can be said that it did play its part in amplifying the crisis. While fair value measurement does have its limitations i.e. lack of reliability especially in case of less or illiquid assets (e.g. Level 2 and Level 3 assets) and under financial turmoil, but there is no point in scraping fair value accounting without a better alternative. The current alternative, historical cost accounting, has its own demerits.

CBA has made substantial use of fair value accounting to measure assets and liabilities in its 2009 as against Woolworths that is using fair value accounting mainly for derivative financial instruments.

At the beginning of the 21st century, to Melitz 'trade impact on the industry of resource allocation and productivity' is marked, began to appear in the international trade theory research based on the research of heterogeneous enterprise developments.Baldwin, taking a series of trade based on heterogeneous enterprise research are collectively referred to as 'new new trade theory' [1].This area is called the new trade theory, trade and economic growth theory and interest groups and trade policy after new research focus paper download international trade field.

At present, under the new trade theory framework, the basic formation of the two systems: a class is a delegate with Melitz, focusing on the enterprise productivity differences into the new trade theory, and analysis enterprise business model choice.Among them, the Melitz by krugman's differentiated products, economies of scale and monopolistic competition model as the foundation, by introducing the enterprise heterogeneity to explain the difference and export enterprises in international trade behavior, for the enterprise productivity differences into the theory of international trade and investment framework laid the cornerstone of [2].Helpman, expand the Melitz model, further consideration of multinational companies to establish overseas branch decisions, namely the enterprise in the form of export and FDI to internationalization.The research shows that enterprise is to choose the export or FDI behavior, is decided by the enterprise's production efficiency in advance.Only to its most productive enterprises will choose to FDI, productivity at medium level of enterprises to choose export, and low productivity of the enterprise only in the domestic market sales [3].Bernard, etc will be heterogeneous enterprise and the new trade theory and combine the inter-industry trade, focus on tra本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。