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Summary When determining the fair value of an asset using an exit price approach,Answer & Expla
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When determining the fair value of an asset using an exit price approachWhen determining the fair value of an asset using an exit price approach,Answer & ExplanationWhen determining the fair value of an asset using an exit price approach, you are essentially estimating the price that would be...

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  • October 13, 2024
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  • 2024/2025
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  • when determining the fair value of an asset using
  • answer explanationwhen determining the fair valu
  • you are essentially estimating the price that wou
  • such as condition and location2determine market

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When determining the fair value of an asset using an exit price approach,




Answer & Explanation


When determining the fair value of an asset using an exit price approach, you

are essentially estimating 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. This approach is consistent with the definition of fair

value under accounting standards like IFRS 13 and ASC 820.


Here's a step-by-step explanation of how this process typically works:


1. Identify the Asset or Liability: Clearly define what is being measured

for fair value. This includes understanding its characteristics, such as

condition and location.


2. Determine Market Participants: Identify who would be involved in

buying or selling this asset in a principal (or most advantageous) market.

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