Which of the following is a required fair value
disclosure?
A description of the company’s valuation process. |
Any transfers between Levels 1 and 2 of the fair value hierarchy. |
Information about non-financial assets measured at fair value at amounts that differ from the assets’ highest and best use. |
All of these answer choices are correct. |
As per IFRS 13 Fair Value Measurement, to meet the disclosure objective, the following minimum disclosures are required for each class of assets and liabilities measured at fair value in the statement of financial position after initial recognition:
- Fair value measurement at the end of the reporting period,
- the amount of any transfer between Level 1 and Level 2 of the fair value hierarchy,
- If the highest and best use of a non-financial asset differs from its current use, an entiry shall disclose the fact and why the non-financial asset is being used in a manner that differs from its highest and best use.
- purchases, sales, issues and settlements
Hence, looking to the above minimum disclosures, the corret option is "All of these answer choices are correct."
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