Appendix A of AASB 13 Fair Value Measurement defines fair value as:

Question 2 options:

a)	The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arms length transaction.

b)	The price that would be paid to purchase an asset or transfer a liability.

c)	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.

d)	A transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction (e.g. a forced liquidation or distress sale).