The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: Directly observable inputs of similar assets or liabilities. Mark to model situations where risk-adjusted valuation models are used. The exit price at the accounting date and on the basis of orderly sales. Unadjusted quoted prices in active markets for identical assets and liabilities.

The fair value of an equity instrument is based on determining a/an_________ price which may relate to the price paid for an entity to repurchase its shares.*1 pointexittransfersettlemententry

In measuring an equity instrument at fair value the objective is to estimate an exit price at             measurement date from the perspective of: *1 pointthe party who intends to repurchase the instrument.a market participant who holds the instrument as an asset.the party to whom the instrument will be transferredthe issuer of the equity instrument

Which of the following statements is NOT true about market participants under AASB 13: Fair Value Measurement?Group of answer choicesThey are knowledgeable and have a reasonable understanding of the asset or liability and the transaction using all the available information.An entity need identify specific market participants when estimating fair value for an asset or liability.They are independent of each other.They are able and willing to enter into a transaction for the asset or liability.

15. What is the International Accounting Standards Board(IASB), and what are its objectives?

Classifiy the following as either market value equivalent or other valuation methods>>>Fair value