Explain the definition of fair value

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Reference no: EM132898424

TOPIC - Fair value Measurement

1 identify the reasons for needing an accounting standard on fair value measurement

2 explain the definition of fair value

3 measure the fair value of non-financial assets

Determine the particular asset that is the subject of the measurement

For a non-financial asset, determine the valuation premise that is appropriate for measurement.

Determine the principal (or most advantageous) market for the asset.

Determine the valuation technique(s) appropriate for the measurement.

Reference no: EM132898424

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