As per GAAP,fair value-for accounting purposes-is

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Fair value, as per GAAP (Generally Accepted Accounting Principles), defines it as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. It is not an entry price, which is the price paid to acquire an asset or liability, nor is it the market price in a forced sale. Though fair value may not always be easily determinable, it must be measured and disclosed on a recurring basis for financial reporting purposes.

As Per GAAP,fair Value-For Accounting Purposes-Is