At 31 March 2021, a valuation export informed the directors of Super that the property owned and used by Super for farming had significantly increased in value. This had been decided by looking at the price per square metre at similar properties in the area and concluded that this could be used to value Super’s farm with no adjustments necessary. Required: Which of the following bases describes the level of input used to value the farm in accordance with HKFRS 13 'Fair Value Measurement'? A. Level 4 input B. Level 3 input C. Level 2 input D. Level 1 input
At 31 March 2021, a valuation export informed the directors of Super that the property owned and used by Super for farming had significantly increased in value. This had been decided by looking at the price per square metre at similar properties in the area and concluded that this could be used to value Super’s farm with no adjustments necessary. Required: Which of the following bases describes the level of input used to value the farm in accordance with HKFRS 13 'Fair Value Measurement'? A. Level 4 input B. Level 3 input C. Level 2 input D. Level 1 input
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At 31 March 2021, a valuation export informed the directors of Super that the property owned and used by Super for farming had significantly increased in value. This had been decided by looking at the price per square metre at similar properties in the area and concluded that this could be used to value Super’s farm with no adjustments necessary.
Required: Which of the following bases describes the level of input used to value the farm in accordance with HKFRS 13 'Fair Value Measurement'?
| A. |
Level 4 input |
|
| B. |
Level 3 input |
|
| C. |
Level 2 input |
|
| D. |
Level 1 input |
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