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The requirement for an active market should be mandatory when measuring an item at fair value. Required: a) State your opinion regarding the above statement.

The requirement for an active market should be mandatory when measuring an item at fair value.

Required:

a) State your opinion regarding the above statement.

b) Discuss the possible problems that could occur when determining fair value of an item in the absence of an active and liquid market. Justify your answer with examples.

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