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Q2. What is the concept of Fair Value? Outline the basic difference between fair value and book value of an asset. Explain the key features

Q2. What is the concept of "Fair Value? Outline the basic difference between fair value and book value of an asset. Explain the key features of fair value defined by FASB ASC. I want a clear and tidy solution. I do not want the handwriting because it is not clear.

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