Exam 5: Fair Value Measurement

Which of the following documents issued alongside AASB 13 do not form an integral part of the standard? I Basis for Conclusions II Illustrative Examples III Appendix A: Defined terms IV Appendix B: Application guidance

Which of the following disclosures are not required under AASB 13?

At which date is fair value determined?

Which of the following is not an example of a level 2 input?

Where a market has both a bid and an ask process,the price used in measuring fair value is:

In which circumstance will it be necessary to determine the fair value of an entity's own equity instruments?

When measuring the fair value of a liability,which of the following is assumed?

Which of the following is not assumed when measuring the fair value of an equity instrument?

The use of level 1 inputs in calculating fair value requires the existence of an active market.Provide four examples where a market is not considered to be active.

When determining the fair value of an asset its fair value is based on its:

Explain the three key objectives of AASB 13 Fair Value Measurement

Which of the following is not one of the key reasons given by the IASB for issuing a standard on fair value measurement?

Explain the levels of the fair value hierarchy

Explain the four steps that an entity needs to undertake to make a fair value measurement of a non-financial asset.

Which of the following is the definition of fair value per AASB 13?

The market with the greatest volume and level of activity for the asset or liability is defined as the:

Valuation techniques that convert future amounts to a single current amount and determines the fair value on the basis of the value indicated by current market expectations about those future amounts is an example of:

Which of the following does Whittington (2008)see as a main feature of the fair value view?

Which of the following is not a valuation technique prescribed by AASB 13?

Where a liability is held as a corresponding asset by another entity the fair value of the liability is determined by: