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Hello! dear tutor,
Hope that you are well
I am having difficulty understanding the levels of Fair values as outlined in IFRS 13. Could you please explain all the three levels in easy way?
What is it exactly that you do not understand?
I don’t understand the 3 levels input completely & what is the purpose of them. Could you please explain them in simple words such as ‘quoted market prices that are observable for the asset or liability’
The purpose is to give additional guidance on what is a subjective area of accounting (valuation of assets and liabilities) thus allowing the accounts presented to be more useful.
Quoted market prices are those on a recognised stock exchange.
Have you watched the videos and read the class notes?