Which statement describes the measurement of an asset or liability categorized within Level $3$ of the fair value hierarchy?

 

 

It was measured using significant unobservable inputs that reflect market participant assumptions about the asset or liability

It was measured using an unadjusted, quoted price in an active market for identical assets or liabilities

It was measured using quoted prices in non$-$active markets and observable inputs for similar assets or liabilities

It was measured using significant unobservable inputs that reflect the entity's assumptions about the asset or liability