The definition of fair value in SFAS No 157 (FASB ASC 820) is
A)Entry price based
B) Exit price based
C) Replacement cost based
D) Historical cost based

Question

The definition of fair value in SFAS No 157 (FASB ASC 820) is 
A)Entry price based
B) Exit price based
C) Replacement cost based
D) Historical cost based

Quizplus · Accepted Answer

Fair value in SFAS No 157 (FASB ASC 820) is defined as an exit price 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.

The Definition of Fair Value in SFAS No 157 (FASB