Running Head: ASSIGNMENT 31Assignment 3StudentProfessorCourseDateASSIGNMENT 32FASB Code QuestionsQuestions 1: When is securitys fair value readily determinable?According to FASB, a securitys fair value is readily determinable if it complies with atleast one of the following criteria. To begin with, the securitys bid-and-asked quotations or itssales price should be at present, available on a securities exchange that has been listed with theSecurity and Exchange Commission (SEC) or in the over-the-counter market. However, thequotations or prices for the latter should be publicly revealed by the OTC Markets Group Inc. orby the National Association of Securities Dealers Automated Quotations systems (FASB, 958320-25-2). A restricted stock that terminates within a year meets this definition. The secondcriterion that should be met is that foreign markets, where equity securities can only be traded,should be of similar scope and breadth of the two U.S. markets mentioned above. The thirdcriterion is that the fair value per unit or per share of mutual fund investments or investments madeto structures similar to that of mutual funds (for instance ...
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