Fair value is the value of an asset or liability in a transaction between willing and knowledgeable independent parties. The concept of fair value is used in, but not limited to, many accounting standards, including IFRS, covering the acquisition and valuation of securities.

Fair value accounting requires a revaluation of assets when the fair value differs significantly from the current carrying amount. Assets may need to be revalued (for example, when the market value of securities changes), or their purchase price may be inseparable from a larger transaction (as it happens during an acquisition).

The increase in the asset's value is added to the revaluation reserve.

Some methods of determining fair value are preferable to others because they are more accurate when they can be used. In the order of preference according to IFRS, the following methods are used:

If identical transactions take place in the market, assets and liabilities should be evaluated with reference to such transactions, i.e. a market valuation should be carried out.
If there are no transactions, but similar transactions exist, the fair value should be identical to the estimated value with the necessary adjustments and using market assumptions.
If any of the above methods cannot be used, other assessment methods can be used - this is what allows you to model labeling.
Fair value often has a subjective element, as many estimates may use the latter two methods.

Fair value of intangible assets
The value of intangible assets, especially goodwill, has a significant impact on profit and balance sheet reporting. The usual exclusion of goodwill for valuation purposes makes this less important to investors. After the initial recognition of goodwill, it should be reviewed annually for impairment.

The methods used to evaluate intangible assets are divided (according to IFRS) into the market (the first two above) and the revenue method (the third of the above).

Fair value of securities
IFRS require the use of the following methods in order of preference:

If available, market quotes should be used.
The price should be estimated using market data and with reference to the current market value of a similar instrument.
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