Question 1 Word Limit: dill} words. E. 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. ' lhey are lmowledgeahle, having a reasonable understanding about the asset or liability and the transaction. 'Ihey 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 K Ltd has asked for your advice on the following matters. Provide a response to the group accountant of E. Ltd, referring to relevant paragraphs of HASH 13IIFRS 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 h'ansact at a price provided by a market participant, can int price be disregarded? Explain your answer. {5 marks]