CPA FAR Financial Reporting Fair Value MCQs Test 4

General4 MCQs

1. What is the unit of account in fair value measurement?

A. The unit of account determines the level at which the asset or liability is aggregated for fair value measurementB. The unit of account is always the individual assetC. The unit of account is always the portfolioD. The unit of account is not relevant for fair value measurement

2. What is required for Level 3 fair value measurement disclosures?

A. Level 3 measurements do not require disclosure of inputsB. Level 3 measurements only require disclosure of the valuation techniqueC. Level 3 measurements require disclosure of the fair value amount onlyD. Level 3 measurements require disclosure of quantitative information about the significant unobservable inputs

General4 MCQs

3. Can the fair value of a portfolio be measured on a net basis?

A. Fair value of a portfolio must always be measured on a gross basisB. Fair value of a portfolio may be measured on a net basis if managed on a net basisC. Fair value of a portfolio must always be measured on a net basisD. Fair value of a portfolio cannot be measured on a net basis

4. How do IFRS 13 and ASC 820 compare?

A. IFRS 13 and ASC 820 are completely differentB. IFRS 13 and ASC 820 have no similaritiesC. IFRS 13 and ASC 820 are largely converged on fair value measurementD. IFRS 13 does not have a fair value hierarchy

CPA FAR Financial Reporting Fair Value MCQs Test 4

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