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 willing to enter into a transaction for the asset or liability,
C) Buyers and sellers that are dependent on each other.
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

A market participant under AASB 13 is defined as a buyer or seller that is able and willing to transact for the asset or liability, and has knowledge about the transaction based on all available information. Dependency between buyers and sellers is not a characteristic of a market participant, as it suggests that the transaction may not be based on the asset's fair value in a competitive marketplace.

Which of the Following Is Not a Characteristic of a Market