At which date must an entity have access to the principal or most advantageous market?
A) Balance sheet date
B) Reporting date
C) Measurement date
D) The last date of the fiscal quarter

Question

Quizplus · Accepted Answer

The requirement to have access to the principal or most advantageous market is relevant at the measurement date. This is because that is the date on which the fair value of an asset or liability is determined for financial reporting purposes. The balance sheet date and reporting date are both terms that are commonly used to refer to the date on which financial statements are prepared, but they do not necessarily relate specifically to the measurement date. The last date of the fiscal quarter is also not relevant in this context as it may have no bearing on the determination of fair value.

At Which Date Must an Entity Have Access to the Principal