The AASB has set a hierarchy of inputs to consider in assessing fair value. Which of the following relates to Level 1?
A) quoted prices for identical items in active, liquid and visible markets.
B) unobservable inputs to be used in illiquid situations
C) observable information for similar items in active or inactive markets
D) unobservable inputs to be used in situations where markets don't exist

Question

Quizplus · Accepted Answer

Level 1 inputs are quoted prices for identical assets or liabilities in active markets, which are accessible at the measurement date.

The AASB Has Set a Hierarchy of Inputs to Consider