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.