Which of the following statements is NOT true about market participants under AASB 13: Fair Value Measurement?Group of answer choicesThey are knowledgeable and have a reasonable understanding of the asset or liability and the transaction using all the available information.An entity need identify specific market participants when estimating fair value for an asset or liability.They are independent of each other.They are able and willing to enter into a transaction for the asset or liability.

The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: The IASB's fair value measurement establishes a fair value hierarchy in which the highest attainable level of input must be used to establish the fair value of an asset or liability. The highest level is: Directly observable inputs of similar assets or liabilities. Mark to model situations where risk-adjusted valuation models are used. The exit price at the accounting date and on the basis of orderly sales. Unadjusted quoted prices in active markets for identical assets and liabilities.

The fair value in a most advantageous market is:Question 7Select one:a.Price (with no deductions)b.Price less transaction costsc.Price less transaction and transport costsd.Price less transport costs

which one of the following markets is the most advantageous market identified for measuring the fair value of a liability? A. A market in which maximized amount is received from the corresponding asset of the liability. B. A market in which minimized amount is paid to transfer the liability. C. A market in which maximized amount is received from the liability. D. A market with the greatest volume and level of activity for trading the liability.

The fair value of an equity instrument is based on determining a/an_________ price which may relate to the price paid for an entity to repurchase its shares.*1 pointexittransfersettlemententry

A company issues its equity securities to purchase land. The common stock is not publicly traded. The best indicator of fair value is theMultiple choice question.appraised value of the land.estimated value of the stock.