This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

KNOWLEDGE CHECK

Government financial statement audit
Fair value

Back to all Knowledge Checks

Save this knowledge check

Check your knowledge on this topic

* The GASB has defined fair value as:

The price paid to acquire an asset or the amount received pursuant to the incurrence of a liability in an actual exchange transaction (entry price).

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 (exit price).

The price that would be paid to acquire an asset with equivalent service potential in an orderly market transaction at the measurement date (replacement cost).

The amount at which an asset could be realized or a liability could be liquidated with the counterparty, other than in an active market (settlement amount).

Back to All Assessments

KNOWLEDGE CHECK

Government financial statement audit Fair value

Government financial statement audit Fair value

Check your knowledge on this topic

Explore Topics

Government financial statement audit
Fair value

Government financial statement audit
Fair value