The fair value of a non-current asset is defined in AASB 116 as the gross amount for which the asset can be sold when the entity is preparing to liquidate.

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The fair value of a non-current asset is defined in AASB 116 as the amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. It does not necessarily refer to the amount it could be sold for when the entity is preparing to liquidate.

The Fair Value of a Non-Current Asset Is Defined in AASB