Which of the following is not a key characteristic of the definition of fair value?
A) The concept of an exit price
B) The characteristics of the transaction for the purpose of measuring value
C) The identification of the asset or liability that is being measured at fair value
D) The characteristics of the reporting entity

Question

Quizplus · Accepted Answer

The characteristics of the reporting entity are not a key characteristic of the definition of fair value. The other three options are all key characteristics: fair value is based on an exit price, considers the characteristics of the asset/liability being measured, and requires identification of that asset/liability.

Which of the Following Is Not a Key Characteristic of the Definition