Question
How does an orderly transaction differ from a distressed sale?
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Answer
An orderly transaction is not forced or distressed.
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Question
Why is fair value called an exit price rather than an entry price?
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Answer
It reflects what would be received to sell or transfer, not what was paid.
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Question
What is fair value under ASC 820?
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Answer
The exit price in an orderly market transaction at the measurement date.
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Question
Why are transaction costs excluded from fair value?
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Answer
They are a feature of the transaction, not the asset.
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