At a fair value level 1,while addressing the challenge of determining identical assets,analysis of the volume of trading activity could be one of the sources of audit evidence.

Question

Quizplus · Accepted Answer

According to fair value level 1, if identical assets can't be found, the next best option for determining fair value is analyzing the volume of trading activity for the asset. This analysis can provide auditors with evidence to ensure the asset is being valued accurately. Therefore, the statement is true.

At a Fair Value Level 1,while Addressing the Challenge of Determining