When fair value is used in measuring assets in the financial statements, current GAAP provides following references as basis of fair value, except Price in active market Price in recent transaction Price taken from industry or sector benchmarks Price based on assessed value of government bodies

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 1MC: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...
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  1. When fair value is used in measuring assets in the financial statements, current GAAP provides following references as basis of fair value, except
    • Price in active market
    • Price in recent transaction
    • Price taken from industry or sector benchmarks
    • Price based on assessed value of government bodies
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