Fair value is “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.” As a result, the quoted price for a single unit is used in determining fair value, regardless of how many shares or units are held. The fair value of an equity security is readily determinable if it meets any of the conditions listed in the Master Glossary. The determination of whether an equity security has a readily determinable fair value is made as of each statement of financial position.
