Final answer:
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have faced bitter opposition when working to implement fair value measurement for financial instruments.
Step-by-step explanation:
When working to implement fair value measurement for financial instruments, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have faced bitter opposition. Many critics argue that fair value measurement is complex and subjective, leading to greater volatility in financial statements. They believe that historical cost measurement provides a more reliable representation of an entity's financial position. In addition, financial institutions and certain industries, such as the banking sector, have opposed fair value measurement due to potential negative impacts on their reported financial results.