Many equity investments have a quoted market price in an active market, which is used as fair value. These market prices reflect normal market transactions and are readily avail- able from brokers or in the financial trading is light, recent bid prices are accept- able, although light trading may indicate that estimating fair value is problematic. For exam- ple, a recent price might not be relevant if significant events had taken place after the bid date (CICA ED ). What if there are no recent transactions? The AcSB suggests that fair value can be esti- mated, through judicious use of valuation techniques. These valuation techniques must incorporate.
