Which of the following is not a characteristic of a market participant under AASB 13?
A) Buyers and sellers that are able to enter into a transaction for the asset or liability.
B) Buyers and sellers that are related parties.
C) Buyers and sellers that are willing to enter into a transaction for the asset or liability.
D) Buyers and sellers that are knowledgeable, having a reasonable understanding about the asset or liability and the transaction using all available information.

Question

Quizplus · Accepted Answer

AASB 13 specifically mentions that related parties may be considered market participants if they have the ability, willingness, and knowledge to enter into a transaction. Therefore, option B is not a characteristic of a market participant under AASB 13.

Which of the Following Is Not a Characteristic of a Market