I'm under the impression that the IFRS (international accounting standard that replaces GAAP) changes this: equity instruments need to be measured at fair value

I'm under the impression that the IFRS (international accounting standard that replaces GAAP) changes this: equity instruments need to be measured at fair value, even if they have unrealized gains or losses. https://www.iasplus.com/en/standards/ifrs/ifrs9 https://www.iasplus.com/en/standards/ifrs/ifrs9 If I recall correctly, this prevents shenanigans where you over-represent the book value of assets that have lost value.