I need a model answer for exam paper, the Q is about fair value. i need the answer to be as following. please contain all the point in the answer.
1- First Paragraph
– Define fair value measurement ( there is a new defintion IFRS 13)
– importance of fair value
2 – Â Secound paragraph
– advantages and disadvantages
For example: Transparency & reflect market condition
3- Third paragraph
-explain the characteristics of financial crisis while you explain Fair value and the effect of fair value in financial crisis.
For example: Liquidity of the market & market volatility
4- Fourth paragraph
– explain the three levels of fair value measurement and give examples.
Note: please see the attached files i upload some could be helpfull for the answer.