What is made on an instrument-by-instrument basis, generally when an instrument is initially
recognized in the financial statements?
Fair quoted techniques used to measure fair value should maximize the use of observable inputs and
minimize the use of unobservable inputs.
What technique uses a risk-adjusted discount rate and contractual, promised, or most likely cash
To avoid double counting or omitting the effects of risks factors what should reflect assumptions that
are consistent with those inherent in the cash flows?
A change in _______ or its application is appropriate if the change results in a measurement that is
equally or more representative of fair value in the circumstances.
The amount that currently would be required to replace the service capacity of an asset is called:
What uses valuation techniques to convert future amounts to a single present amount?
Valuation technique should be used to measure fair value and is consistent with:
The risk that the obligation will not be fulfilled and affects the value at which the liability is
transferred is known as:
The highest and best use of the asset is ______________, if the asset would provide maximum value
to market participants principally on the standalone basis.