Question: Fair value guidance suggests that there may be three levels of evidence available to assess fair value. Explain the nature of Level 1, Level 2,

Fair value guidance suggests that there may be three levels of evidence available to assess fair value. Explain the nature of Level 1, Level 2, and Level 3 fair value estimates and the type of information the auditor needs to evaluate each type.

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The FASB has set a hierarchy of inputs to consider in assessing fair value i Level 1 is quoted price... View full answer

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