Fair value is defined as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction (e.g., IAS 39, IAS 41, SFAS 107). In 2006 SFAS 157 redefined fair value as the price that would be received to sell the asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date1.