Chapter 2
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Briefly describe the fair value hierarchy
hree levels of measurement for determining the level of subjectivity of a valuation with level 1 being the least subjective and level 3 being the most
Fair Value Option
the option to value assets based on their current sell value
Fair Value
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; is therefore a market-based measure