Fair Value is defined as the amount of consideration that would be agreed upon in what type of transaction?

Fair Value is defined as the amount of consideration that would be agreed upon in what type of transaction?

• A. The fair value of the asset given up
• B. The amount of consideration in an arm's length transaction between knowledgeable, willing parties not obligated to act
• C. The asset's historical cost
• D. The market value of similar assets

Answer: (B)