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Question One: (10 marks) (A1, A3) Part A: (5 marks) Identify and discuss the objectives of the fair value standard. Part B: (5 marks)

Question One: (10 marks) (A1, A3) Part A: (5 marks) Identify and discuss the objectives of the fair value standard. Part B: (5 marks) An entity wants to fair value some of its motor vehicle asset, which consist of approximately 20 motor vehicles of various, but common, commuter type cars. How would the entity go about fair valuing those motor vehicles and what factors would it need to consider?

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