Exam 5: Fair Value Measurement

An entity holding both financial assets and liabilities is allowed to offset and determine fair value on the net position as long as: I they hold a net long position II they hold a net short position III they have a documented risk management strategy IV the manage the group of net financial assets and liabilities on a net exposure basis v.transactions are conducted in an orderly market

Which of the following steps in not relevant when valuing liabilities?

Unobservable inputs for the asset or liability are an example of:

Trademarks would be measured primarily using which type of inputs?