Which of the Following Is Not an Important Aspect of SFAS

question 31

Multiple Choice

Which of the following is not an important aspect of SFAS No. 157 (FASB ASC 820) ?

• A) A new definition of fair value.
• B) A requirement that all assets and liabilities are to be measured at their fair value.
• C) A fair value hierarchy used to classify the source of information used in fair value measurements (for example, market based or nonmarket based).
• D) New disclosures of assets and liabilities measured at fair value based on their level in the hierarchy.

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Definitions:

Social Comparison

The process by which individuals evaluate their own abilities and opinions by comparing themselves to others.

Symbol System

A set of symbols and rules for combining them, which might be used for communication, such as language, or representation of data and processes.

Others' Eyes

A perspective or viewpoint that considers how an individual is viewed or judged by other people.

Differentiate Themselves

The process by which individuals or entities distinguish themselves from others in characteristics, actions, or attributes.