高頓網(wǎng)校小編為大家準(zhǔn)備了ACCA F7考試知識(shí)點(diǎn)：Fair Value。
　　1 Terminology
　　Fair value: the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
　　When measuring fair value all characteristics of the asset (or liability) which market participants would take into account should be reflected in the valuation. This could include the condition or location of the asset and any restrictions on its use.
　　The definition is market based and is not entity specific. It reflects factors which market participants would apply to the asset (or liability), not the factors which a specific entity would necessarily apply.
　　Active market: a market in which the transaction for the asset or liability takes place with sufficient frequency and volume to provide pricing information on an ongoing basis.
　　Highest and best use: the use of a non-financial asset by market participants which would maximise the value of the asset or the group of assets and liabilities within which the asset would be used.
　　2 Non-financial Assets
　　Fair value measurement of a non-financial asset (e.g. an investment property) reflects its highest and best use.
　　Highest and best use takes into account:
　　the use which is physically possible;
　　what is legally allowed; and
　　the financial feasibility of using the asset.
　　Taking account of the highest and best use may need to assume that the asset will be combined with, or complement, other assets (or liabilities) available to market participants.
　　3 Valuation Techniques
　　IFRS 13 assumes that the transaction will occur in the principal market for the asset (or liability), if one exists. If there is no principal market then the standard requires the valuation to be based on the most advantageous market.
　　Unless proved otherwise, the market place will be presumed to be the one in which the entity transacts on a regular basis.
　　The objective of the standard is to estimate the price at which the asset (or liability) could exit the entity in an orderly transaction. Three common techniques which would give an accurate estimate are considered.
　　3.1 Market Approach
　　This approach uses prices, and other information, generated in a market place which involves identical or comparable assets or liabilities.
　　3.2 Cost Approach
　　This approach reflects the amount which would be required to replace the service capacity of the asset (current replacement cost).
　　3.3 Income Approach
　　This approach considers future cash flows and discounts those cash flows to a current value. Models which follow an income approach include:
　　present value; and
　　option pricing models (e.g. Black-Scholes-Merton).