Question

Describe what is meant by “Fair Value” under AASB 116.​

Answer 1

Fair value is 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. (See AASB 13 Fair Value Measurement.) An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount.

Answer 2

Answer:

Fair value is 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. (See AASB 13 Fair Value Measurement.) An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount.