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

Question

Quizplus · Accepted Answer

Fair value, as defined in SFAS No. 157, is 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 157FASB ASC