IFRS 13

Unobservable inputs

inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.

level 2 inputs

inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly

market-corroborated inputs

inputs that are derived principally from or corroborated by observable market data by correlation or other means

observable inputs

inputs that are developed using market data, and that reflect the assumptions that market participants would use when pricing the asset or liability

level 1 inputs

quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date

inputs

the assumptions that market participants would use when pricing the asset or liability.

transport costs

the costs that would be incurred to transport an asset from its current location to its principal market

unit of account

the level at which an asset or a liability is aggregated or disaggregated in an IFRS for recognition purposes

most advantageous market

the market that maximises the amount that would be received to sell the asset or minimises the amount that would that would be paid to transfer the liability, after taking into account transaction costs and transport costs

principal market

the market with the greatest volume and level of activity for the asset or liability

entry price

the price paid to acquire an asset or received to assume a liability in an exchange transaction

exit price

the price that would be received to sell an asset or paid to transfer a liability

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

expected cash flow

the probability-weighted average of possible future cash flows

orderly transaction

a transaction that assumes exposures to the market for a period before the measurement date allow for marketing activities that are usual and customary for such transactions

cost approach

a valuation technique that reflects the amount that would be required currently to replace the service capacity of an asset

market approach

a valuation technique that uses prices and other relevant information generated by market transactions involving identical assets

non-performance risk

the risk that an entity will no fulfil an obligation.

highest and best use

the use of a non-financial asset by market participants that would maximise the value of the asset and liabilities within which the asset would be used

level 3 inputs

unobservable inputs for the asset or laibility

income approach

valuation techniques that convert future amounts to a single current amount.

transaction costs

The costs to sell an asset or transfer a liability in the principal market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability and meet both of the following criteria: 1. result directly from and are essential to that transaction 2. they would not have been incurred by the entity had the decision to sell the asset or transfer the liability not been made

active market

a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

market participants

buyers and sellers in the principal market for the asset or liability that have all of the following characteristics: - they are independent - they are knowledgeable - they are able to enter into a transaction for the asset or liability - they are willing to enter into a transaction for the asset or liability

risk premium

compensation sought by risk-adverse market participants for bearing the uncertainty inherent in the cash flows of an asset or liability