Choose the one correct statement from the following:

Choose the one correct statement from the following: Select the correct option and select Submit. The unit of account is not relevant when measuring fair value of an asset or a liability. The unit of account as set out in the same IFRS that requires the asset or liability to be measured at fair value must always be used as the basis for valuation. If an entity manages a group of financial assets and financial liabilities (as defined in IAS 39) on the basis of its net exposure to either market risk or credit risk, the entity is permitted to apply an exception to IFRS 13 by using the portfolio rather than individual financial instrument as its unit of account for measuring fair value. The highest and best use cannot override the principle of using the relevant IfRS definition of unit of account as basis for valuation. The highest and best use is relevant for financial instruments