What are the Key Elements of Fair Value under the Definition?

The key elements of the definition of fair value are as follows:

–     current exit price: to sell an asset or paid to transfer a liability

–     in an orderly transaction

–     between market participants

–     at the measurement date

How does the proposed definition of fair value differ from that used in current accounting standards?


The definitions are the same in terms of:

–     assumes an hypothetical transaction

–     the transaction is orderly

–     market participants is the same as knowledgeable willing parties in an arm’s length transaction


The new definition:

–     specifies that an entity is selling the asset, not buying

–     clarifies that a liability is to be transferred

–     specifies the need for a measurement date

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