Firms must disclose at each reporting date the hierarchy level at which the fair values were determined.

Question

Quizplus · Accepted Answer

According to the fair value measurement standards, firms must disclose the hierarchy level at which the fair values were determined in their financial statements at each reporting date. This information is important for users of the financial statements to understand the inputs and assumptions used in determining the fair value of assets and liabilities.

Firms Must Disclose at Each Reporting Date the Hierarchy Level