GAAP Disclosures for Fair Value Measurements Now Require That Fair

question 5

Multiple Choice

GAAP disclosures for fair value measurements now require that fair value measurements using Level 3 inputs include all of the following except

• A)the valuation technique used to measure the fair value
• B)a reconciliation of the Level 3 values to each of the corresponding Level 1 and Level 2 values that were not chosen
• C)a reconciliation of the changes in fair value during the period
• D)a related discussion

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Definitions:

Diffusion of Responsibility

A socio-psychological phenomenon whereby a person is less likely to take responsibility for action or inaction when others are present.

Bystander Intervention

The act of someone stepping in to help or intervene when they see another person in trouble, influenced by various psychological and situational factors.

Emergency Response

The organization and deployment of services and resources in reaction to emergencies to minimize their adverse effects.

Bodily Harm

Physical injury, pain, disease, or impairment inflicted on a person's body.