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The group accountant for X Ltd has asked for your advice on the following matters....

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Accounting

The group accountant for X Ltd has asked for your advice on the following matters. Provide a response to the group accountant of X Ltd, referring to relevant paragraphs of AASB 13/IFRS 13. a) Does an entity have to specifically identify market participants? If not, what the entity should consider and why? (5 marks) b) How should an entity determine what assumptions a market participant would make in measuring fair value? (5 marks) c) If an entity is unwilling to transact at a price provided by a market participant, can that price be disregarded? Explain your answer. 400 words

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