Under IFRS No.9,cost can be used as an estimate of fair value in some circumstances.

Question

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According to IFRS No. 9, cost can be used as an estimate of fair value in some circumstances, such as when there is no active market for the financial instrument being measured. However, cost cannot be used as an estimate of fair value if there has been a significant change in the asset's market conditions or if the estimate would not reflect the asset's current market conditions.