[Verse 1] When assets trade in active markets, pricing's crystal clear Level One inputs reign supreme, no guesswork interferes Observable transactions tell the story that we need Exit price perspective guides the valuation deed [Chorus] Level One, Two, Three - the hierarchy's key Observable beats estimated, that's the guarantee Market approach, cost approach, income flowing free Fair value measurement, IFRS thirteen [Verse 2] Level Two arrives when quoted prices disappear But observable inputs still can make the value clear Yield curves and credit spreads, comparable assets too Adjustment calculations bring the fair value through [Chorus] Level One, Two, Three - the hierarchy's key Observable beats estimated, that's the guarantee Market approach, cost approach, income flowing free Fair value measurement, IFRS thirteen [Bridge] When markets turn illiquid, Level Three emerges Unobservable inputs test our valuation urges Discounted cash flows with assumptions we defend Market participant views determine the blend [Verse 3] Highest and best use for non-financial holdings Principal markets guide where our analysis is going Transaction costs excluded, transport costs remain Valuation techniques must capture economic gain [Chorus] Level One, Two, Three - the hierarchy's key Observable beats estimated, that's the guarantee Market approach, cost approach, income flowing free Fair value measurement, IFRS thirteen [Outro] From financial instruments to biological assets grown Fair value hierarchy sets the professional tone Disclosure requirements make the judgments visible IFRS thirteen keeps measurement defensible
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