The price that would be received to sell an asset or pay off a liability is

Question

Quizplus · Accepted Answer

The fair value is the amount that would be received to sell an asset or pay off a liability in an orderly transaction between market participants at the measurement date. It represents the most accurate measure of the current value of an asset or liability. The market value is also a measure of the current value, but it may not be representative of the fair value in all circumstances. The investing value and historical value are not relevant to determining the current value of an asset or liability.

The Price That Would Be Received to Sell an Asset