As global accounting and financial

As global accounting and financial reporting principles and guidance are developed for insurance contracts and financial instruments (e.g., IFRSs 4 and 13 for insurance contracts and fair value measurements, respectively; and ASCs 944 and 460 for insurers and financial guarantees, respectively), increased clarity may be found more in the acquisition than the sale. For example, clear exit pricing models for valuation of asset sales are not at hand, seemingly making the buy-in more transparent than the sellout (Hoffelder, 2013). Financial statements are only as useful as the integrity and reliability of their calibration (i.e., the data, evidence, and analyses supporting them); concepts such as fair value (essential to value financial instruments and derivatives) and estimated costs to meet obligations (essential to value insurance contracts) offer more clarity with respect to presentation and disclosure than with respect to defining common and com-parable substantiation (essential for auditors). After all, it is not so much the bottom line as how it was prepared.