The measurement of fair value is determined in accordance with AASB 13 Fair Value Measurement. AASB 13 defines fair value as one that has all of the following conditions: $$\begin{array} { | l | l | l | l | l | }
\hline & \text { I } & \text { II } & \text { III } & \text { IV } \
\hline \begin{array} { l }
\text { The price that would be received to sell arI asset or paid to } \
\text { traresfe a liability }
\end{array} & \text { Yes } & \text { Yes } & \text { No } & \text { Yes } \
\hline \text { Is arl orderly trarsaction between market participarts } & \text { No } & \text { Yes } & \text { No } & \text { Yes } \
\hline \text { Based or the measurement date. } & \text { Yes } & \text { Yes } & \text { Yes } & \text { No } \
\hline
\end{array}$$
A) I.
B) II.
C) III.
D) IV.

Question

The measurement of fair value is determined in accordance with AASB 13 Fair Value Measurement. AASB 13 defines fair value as one that has all of the following conditions: $$\begin{array} { | l | l | l | l | l | } 
\hline & \text { I } & \text { II } & \text { III } & \text { IV } \
\hline \begin{array} { l } 
\text { The price that would be received to sell arI asset or paid to } \
\text { traresfe a liability }
\end{array} & \text { Yes } & \text { Yes } & \text { No } & \text { Yes } \
\hline \text { Is arl orderly trarsaction between market participarts } & \text { No } & \text { Yes } & \text { No } & \text { Yes } \
\hline \text { Based or the measurement date. } & \text { Yes } & \text { Yes } & \text { Yes } & \text { No } \
\hline
\end{array}$$
A) I.
B) II.
C) III.
D) IV.

Quizplus · Accepted Answer

AASB 13 defines fair value as 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. Only option II meets all these conditions.

The Measurement of Fair Value Is Determined in Accordance with AASB