Fair Value

Fair Value is "the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arms length transaction." [1]

The fair value of an asset is the market value of the asset where one exists. If there is no market the fair value can be determined on a cost of acquisition basis. [3]

References

1. AASB116
2. Wikipedia Article
3. APV Fair Value Decision Tree