Professional’s perceived opinion on the impact of market inputs on accuracy of fair value for financial reporting purpose

This research study aims to ascertain professional perceived opinion on the impacts of Market Inputs (MI) on the accuracy of Fair Value (FV) assessment of Property, Plant and Equipment (PPE) for financial reporting purpose in complying with International Financial Reporting Standards (IFRS) 13. The MI mean the information, data and evidence of comparable transactions used in FV assessment. The IFRS 13 identifies the MI in three ways i.e., level 1, 2 and 3. In light of the lack of previous studies on this topic in Sri Lanka, the objective of the study is to discover the relationship between MI and the accuracy of FV and its impacts on the accuracy of FV. This review is a combination of the approach, in which literature review and a pilot survey of 50 chartered valuers and chartered accountants are fused and SPSS is used for quantitative analysis, including Pearson correlation tests and Regression analysis. Most notably, the Pearson correlation reveals statistical Significance at :p-value of 0.0000 which is less than 0.01, by indicating that the correlation is statistically significant. This means that the observed correlation is unlikely to be due to random chance and suggests a robust relationship between the