Archives: Flashcards

Following initial recognition, what must be disclosed for each interim and annual period for each major category of asset and liability that are measured on a non-recurring basis?

Following initial recognition, what must be disclosed for each interim and annual period for each major category of asset and liability:

If net asset value (NAV) is used as a practical expedient to determine fair value, is it reported within the fair value hierarchy?

True/False: Inputs in the Level 3, are unobservable for the assets or liabilities being valued and should be used to determine fair value only to the extent observable inputs are not available.