Please answer question 1---question13

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1 Name three current accounting standards that permit or require the use of fair values for the measurement of assets or liabilities 2 What are the main objectives of AASB 13/IFRS 132 Discuss why such a standard was considered necessary. 3 What are the key elements of the definition of "fair value"? Explain the effects of the inclusion of cach element in the definition. 4 Compare entry price to exit price for specialised plant. How does AASB 13/IFRS 13 resolve the debate on which price to use? 5 What are market participants? Is the entity applying AASB 13/IRFS 13 a market participant? 6 Does the measurement of fair value take into account transport costs and transaction costs? Explain. 7 How does the measurement of the fair value of a liability differ from that of an asset? What are the key steps in determining a fair value measure? 8 Explain the difference between the current use of an asset and the highest and best use of that asset. 9 Explain the difference between the in-combination valuation premise and the stand-alone valuation premise. 10 What is the difference between an entity's principal market and its most advantageous market? 11 What are the issues associated with fair value measurement of assets without an active market? 12 What valuation techniques are available to measure fair value? 13 Discuss the differences between the various levels in the fair value hierarchy. Do you agree that the outcomes at all three levels should be described as "fair values