Until 2011,the FASB definition of fair value was different from the IASB valuation in that it was; A)explicitly based solely on current replacement cost. B)explicitly based solely on net realisable value. C)explicitly based on an exit concept. D)explicitly based only on deprival value.

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Until 2011, the FASB definition of fair value was explicitly based on an exit concept, which meant that fair value was determined based on 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. In contrast, the IASB's definition of fair value did not explicitly require the use of an exit concept.

Until 2011,the FASB Definition of fair Value Was Different from the IASB