Which of the following is the definition of fair value per AASB 13?
A) The amount for which an asset could be exchanged,or a liability settled,between knowledgeable,willing parties in an arm's length transaction
B) The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
C) The price that would be received to sell an asset or paid to transfer a liability.
D) A transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction (eg a forced liquidation or distress sale) .
Correct Answer:
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