There has been steady shift in accounting standards over the past few years, moving away from historical cost measures towards fair value. MFRS 13 Fair Value Measurement represents the framework for fair value measurement required throughout other MFRS standards. Despite it prevalence in the accounting standards, fair value is a nuanced concept in practice. (a) Discuss the objectives of MFRS13 Fair Value Measurement standard. (b) Explain three (3) reasons of exit price is used as the primary measure of fair value. (c) The existence of a market is very important in determining fair value. What factors would indicate an active or appropriate market exists? (d) Identify and discuss the hierarchy for fair valuing liabilities. (e) An entity wants to fair value some of its motor vehicle asset, which consist of approximately 20 motor vehicles of various, but common, commuter type cars. How would the entity go about fair valuing those motor vehicles and what factors would it need to consider?