Fair Value 'exit price' refers to

• price that would be received to buy the asset

• price that would be received to sell the asset

• price that would be received to hold the asset

Which of the following defines the term 'fair value'

• the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the reporting date under current market conditions.

• the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Which of the following are not the exceptions for the application of MFRS 13?

• MFRS2 Share-based payment

• MFRS 9 Financial Instruments

An entity needs to undertake an in-depth search of all possible markets to identify the principal market or, in the absence of a principal market, the most advantageous market.

• True

• False

Which of the following is a true statement about Fair Value?

• A way to determine how much an item is currently worth

• A value of a liquidated item

• A maximum price for an item

What are two common ways to measure fair value?

• COGS and Cost

• Liquidation and Cost

• Market Value and Cost

At which date is fair value determined?

• The exchange date

• The measurement date

• The transaction date

• The settlement date

Which of the following is not the valuation technique prescribed by MFRS13?

• The income approach

• The cost approach

• The market approach

• The fair value approach

Unobservable input for the asset or liability are an example of:

• level 1 input

• level 2 input

• level 3 input

• level 4 input

What is the definition of the principal market used in MFRS 13?

• The one with the highest and best price for the asset or liability that can be accessed by the entity

• The one with the highest value activity for the asset or liability that can be accessed by the entity

• The one with the greatest volume and level of activity for the asset or liability that can be accessed by the entity.