Question
Which one is false for SFAS No. 157? SFAS No. 157 defines fair value as the price that would be received to sell an asset
Which one is false for SFAS No. 157?
SFAS No. 157 defines "fair value" as the price that would be received to sell an asset in a transaction between market participants at the measurement date
SFAS No. 157 provides a fair value hierarchy
SFAS No. 157 requires disclosures about the fair value measurements in a tabular format
SFAS No. 157 requires firms to use the present value of future cash flows when fair value is not available
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
19th edition
978-0077804770, 78025613, 77804775, 978-0078025617
