The amount for which an asset could be exchanged between knowledgeable,willing parties in an arm's length transaction is defined in AASB 116 as:

Question

Quizplus · Accepted Answer

The amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction is defined as fair value according to AASB 116. Carrying value is the value at which an asset is reported on the balance sheet after depreciation and amortization, while exchange value is not a recognized accounting term. Recoverable amount refers to the amount that an asset can be sold for or used for, and is often relevant for impaired assets, but it is not the same as fair value. Thus, the best choice is C.

The Amount for Which an Asset Could Be Exchanged Between