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1. • When there is no measurable consideration transferred

     • When there is no measurable consideration transferred (e.g., when control is gained through contractual rights and not a purchase), the fair value of the entity is still required to be measured based on market participant assumptions.
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     7.3 Business combinations - Viewpoint

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   What is fair value?

   • Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (ie an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.

   Fair Value Measurement IFRS 13

   www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ifrs-13-fair-value-measurement.pdf

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   Is fair value a market based measurement?

   • ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. As such, management's intended use of an asset, or planned method of settling a liability, are not relevant when measuring fair value.

   1.3 Key concepts in ASC 820 - Viewpoint

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   Why should a market preparer re-evaluate assumptions in determining fair value?

   • Market participants' assumptions in a given market may not change, but pricing methods continue to evolve, making it necessary for preparers to monitor and potentially update their assumptions in determining fair value. Preparers should have a process for re-evaluating the assumptions used in their own valuations. OIS and FVA are examples of this.

   6.7 Changes in market participant assumptions - Viewpoint

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   What are the key considerations in developing market participant assumptions?

   • Key considerations in developing market participant assumptions include the specific location, condition, and other characteristics of the asset or liability (such as assumed growth rates, whether certain synergies are available to all market participants, and risk premium assumptions).

   7.2 Fair value principles for nonfinancial assets and liabilities

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   Why do market participant assumptions change?

   • Market participant assumptions related to the valuation of financial instruments change for several reasons. Some changes result from the market's response to dislocations observed during the credit crisis. Others result from the natural evolution in markets or valuation theory and practice.

   6.7 Changes in market participant assumptions - Viewpoint

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   When should fair value be based on a principal market?

   • If there is no principal market, or the reporting entity doesn't have access to the principal market, fair value should be based on the price in the most advantageous market (the market in which the entity would maximize the amount received to sell an asset or minimize the amount that would be paid to transfer a liability).

   1.3 Key concepts in ASC 820 - Viewpoint

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3. viewpoint.pwc.com › 67_changes_in_market_US6.7 Changes in market participant assumptions - Viewpoint

   viewpoint.pwc.com › 67_changes_in_market_US

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   Because fair value is based on the exit price, not the transaction price, entry price, or settlement price, the fair value of a derivative is the price at which a novation transaction (i.e., when a derivative is transferred to a new counterparty that “steps into the shoes” and assumes the contract) would occur.

   • 7.2 Fair value principles for nonfinancial assets and liabilities

     ASC 820-10-35 includes the following fair value concepts:...

4. viewpoint.pwc.com › 72_fair_value_princi_US7.2 Fair value principles for nonfinancial assets and liabilities

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   ASC 820-10-35 includes the following fair value concepts: Selecting the appropriate market. Identifying market participants. Using market participant assumptions. Determining the highest and best use. Applying appropriate valuation approaches and techniques.

5. viewpoint.pwc.com › dt › us1.3 Key concepts in ASC 820 - Viewpoint

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   ASC 820-10-20 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."

6. www.ifrs.org › ifrs-13-fair-value-measurementFair Value Measurement IFRS 13

   www.ifrs.org › ifrs-13-fair-value-measurement

   Because fair value is a market-based measurement, it is measured using the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk.

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7. dart.deloitte.com › USDART › homeOn the Radar — Fair Value Measurements and Disclosures ...

   dart.deloitte.com › USDART › home

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   The fair value hierarchy in ASC 820 serves as a basis for considering market-participant assumptions and distinguishes between (1) market-participant assumptions developed on the basis of market data that are independent of the entity (observable inputs) and (2) an entity’s own assumptions about market-participant assumptions developed on ...

8. fasb.org › page › PageContentSummary of Statement No. 157 - FASB

   fasb.org › page › PageContent

   A fair value measurement reflects current market participant assumptions about the future inflows associated with an asset (future economic benefits) and the future outflows associated with a liability (future sacrifices of economic benefits).

9. www2.deloitte.com › us › enFair value measurements and disclosures | Deloitte US

   www2.deloitte.com › us › en

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   A fair value measurement is a market-based measurement based on an exit price notion and is not entity-specific. Therefore, a fair value measurement must be determined on the basis of the assumptions that market participants would use in pricing an item, regardless of whether those assumptions are observable or unobservable.