AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
76Paragraph 8 is amended as follows (new text is underlined and deleted text is struck through):
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76 Paragraph 8 is amended as follows (new text is underlined and deleted text is struck through):
8 The following terms are used in this Standard with the meanings specified.
An active market is a market in which all the following conditions exist:
(a) the items traded in the market are homogeneous;
…
Fair value of an asset is the amount for which that asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 Fair Value Measurement.)