Valuation for Financial Reporting - CMA Ankur Pandey

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GlossaryAppendix 1.3This glossary contains definitions of certain terms identified by the authors that areused in SFAS No. 157, Fair Value Measurements.Term Definition ParagraphAsset GroupAn aggregation (grouping) of assets that formsthe basis for applying the in-use premise.Paragraph 6Blockage Factor The size of the position relative to trading volume SummaryEntry PriceExchange PriceExit PriceFair ValueFair ValueHierarchyHighest and BestUseLevel 1 InputsLevel 2 InputsLevel 3 InputsThe price paid to acquire the asset or received toassume the liabilityThe price in an orderly transaction between marketparticipants to sell the asset or transfer the liabilityin the market in which the reporting entity wouldtransact for the asset or liability, that is, the principalor most advantageous market for the asset or liabilityThe price that would be received to sell the asset orpaid to transfer the liabilityThe price that would be received to sell an assetor paid to transfer a liability in an orderly transactionbetween market participants at the measurement datePrioritizes the inputs to valuation techniques used tomeasure fair value into three broad levelsThe use of an asset by market participants that wouldmaximize the value of the asset or the group of assetswithin which the asset would be usedQuoted prices in active markets for identical assets orliabilities that the reporting entity has the ability to accessat the measurement dateInputs other than quoted prices that are observable forthe asset or liability, either directly or indirectlyUnobservable inputs for the asset or liability; thereporting entity’s own assumptions about the assumptionsthat market participants would use in pricing theasset or liabilityParagraph 16SummaryParagraph 16Paragraph 5Paragraph 22Paragraph 12Paragraph 24Paragraph 28Paragraph 3023
24 Valuation for Financial ReportingTerm Definition ParagraphMarketParticipantsMostAdvantageousMarketNonperformanceRiskBuyers and sellers in the principal (or mostadvantageous) market for the asset or liability that are:independent of the reporting entity; knowledgeable;able to transact; and, willing to transact (not forced)The market in which the reporting entity would sell theasset or transfer the liability with the price that maximizesthe amount that would be received for the asset or minimizesthe amount that would be paid to transfer the liability,considering transactions costs in the respective market(s)The risk that the obligation will not be fulfilledObservable Inputs Inputs that reflect the assumptions market participantswould use in pricing the asset or liability developedbased on market data obtained from sources independentof the reporting entityOrderlyTransactionPrincipal MarketUnobservableInputsA transaction that assumes exposure to the market for aperiod prior to the measurement date to allow for marketingactivities that are usual and customary for transactionsinvolving such assets or liabilities; it is not a forcedtransactionThe market in which the reporting entity would sell theasset or transfer the liability with the greatest volume andlevel or activity for the asset or liabilityInputs that reflect the reporting entity’s own assumptionsabout the assumptions market participants would use inpricing the asset or liability developed based on thebest information available in the circumstancesParagraph 10Paragraph 8SummaryParagraph 21Paragraph 7Paragraph 8Paragraph 21
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210 IndexBusiness Enterprise Analys
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212 IndexGoodwill (continued )111,
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214 IndexLong-termcapital, 71debt,
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216 IndexSecurities and Exchange Co
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Valuation for Financial Reporting - CMA Ankur Pandey

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