B. An asset is sold in two different active markets at different prices. An entity enters into transaction in both markets and can access the price in those markets for the assets at measurement date as follows.

Amount in RO

	Market 1	Market 2
Price	78,000	75,000
Transaction cost	(6,000)	(2,000)
Transportation cost	(4,000)	(4,000)
Net price received	68,000	69,000

Briefly discuss fair value as per IFRS 13 concept & evaluate the fair value of the asset if : i) The market one is the principal market for the asset ii) No principal market can be determined .

MAKE SURE

YOU MINSION Fair value as per IFRS 13 key concept & objective to be addressed more effectively with flow chart and with appropriate and adequate referencing .

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