Fair value
RICS Valuation – Global Standards, Effective from 31 January 2022, Published by the Royal Institution of Chartered Surveyors (RICS) in November 2021, defines fair value as: ‘The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.’ (This definition derives from International Financial Reporting Standards IFRS 13.)
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