Management - Question 1 Word Assessment Answer
Question 1 Word Limit: 400 words.
X Ltd recognises that the concept of ‘market participants’ is an important part of the measurement of fair value. It has determined that market participants are buyers and sellers in the principal (or most advantageous) market for the asset or liability that have the following characteristics:
They are independent of each other.
They are knowledgeable, having a reasonable understanding about the asset or liability and the transaction.
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.
Required
The group accountant for X Ltd has asked for your advice on the following matters. Provide a response to the group accountant of X Ltd, referring to relevant paragraphs of AASB 13/IFRS 13.
a) Does an entity have to specifically identify market participants? If not, what the entity should consider and why? (5 marks)
b) How should an entity determine what assumptions a market participant would make in measuring fair value? (5 marks)
c) If an entity is unwilling to transact at a price provided by a market participant, can that price be disregarded? Explain your answer. (5 marks)
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