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24 August, 18:52

Which of the following statements, if any, concerning disclosures about fair value measurements in periods subsequent to initial recognition is/are correct? I. The fair value hierarchy level within which fair value measurements fall must be disclosed. II. Quantitative fair value measurement disclosures must be in tabular format. a) Both I and II are correct. b) I only. c) II only. d) Neither I nor II are correct.

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  1. 24 August, 21:42
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    A) Both I and II are correct.

    Explanation:

    The determination of fair value is based on a hypothetical transaction and on the use of a hypothetical exit price. If you will make any disclosures regarding fair value measurements in subsequent periods after the initial measurement was determined, you must:

    disclose the fair value amounts separately for every level of the fair value hierarchy when disclosing fair value measurements. use tabular formats when making quantitative disclosures.
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