Financial Valuation B09-117x

What are the levels suggested by US GAAP, for ranking the quality of inputs used in fair value determination?

• Level 1:  Unadjusted quoted prices in active markets for identical items.
• Level 2:  Quoted prices for similar items in active markets; quoted prices for identical assets in inactive markets; and observable inputs other than quoted prices.
• Level 3:  Unobservable inputs.