[Verse 1] When assets need their value shown Fair measurement stands alone IFRS thirteen shows the way Market price is what we pay Exit price on measurement date Principal market sets the rate Orderly transaction made Not forced or liquidation trade [Chorus] Level One, Two, Three - hierarchy's key Quoted prices, inputs, what we see Market approach, cost and income too Valuation techniques to guide you through Highest best use for the asset class Fair value measurement built to last [Verse 2] Level one is crystal clear Quoted prices active here Identical assets trading free Observable for all to see Level two adjusts the view Inputs similar and true Quoted prices for alike Or other data we can strike [Chorus] Level One, Two, Three - hierarchy's key Quoted prices, inputs, what we see Market approach, cost and income too Valuation techniques to guide you through Highest best use for the asset class Fair value measurement built to last [Verse 3] Level three unobservable Management estimates the call Discount rates and growth projected Cash flows internally reflected Three approaches lead the dance Market gives us best chance Cost replacement reproduction Income streams and their reduction [Bridge] Non-financial assets sing Highest best use is the thing Physically possible and legal Financially feasible sequel Credit risk and liquidity Factor in the entity Own credit risk for liabilities Fair value capabilities [Chorus] Level One, Two, Three - hierarchy's key Quoted prices, inputs, what we see Market approach, cost and income too Valuation techniques to guide you through Highest best use for the asset class Fair value measurement built to last [Outro] Exit price perspective clear Market participants appear Orderly transaction view IFRS thirteen guides you through
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