REQUIRED: (a) Explain the following terms according to IFRS 13 Fair Value Measurement: (b) Fair Value Active Market Highest and best use (6 marks) IFRS 13 Fair Value Measurement does not require the use of any particular valuation technique. Instead, its sets out the principle that requires the entity to determine a valuation technique that is appropriate in the circumstances. The standard discusses three widely used valuation techniques, i.e.: The Market Approach The Income Approach The Cost Approach Explain each of these approaches, giving a short example of each one. (9 marks) When an item of property, plant and equipment is revalued to fair value, a revaluation gain or loss is calculated. Outline briefly how such a gain or loss will be shown in the financial statements. (5 marks) (c)