[IFRS 9 Financial Instruments replaced IAS 39. IFRS 9 applies to all items that were previously within the scope of IAS 39.]
BC132 The exposure draft proposed guidance for measuring fair value at initial recognition, using both observable and unobservable inputs (as appropriate). The exposure draft also proposed a list of indicators specifying when the transaction price might not be the best evidence of the fair value of an asset or a liability at initial recognition.
BC133 Respondents generally agreed with the list of indicators, but thought that the wording used implied that those were the only indicators, rather than examples of indicators. They suggested that the IFRS on fair value measurement should use the wording in US GAAP. The boards agreed with respondents that the list of indicators was not exhaustive and decided to use the wording in Topic 820.
BC134 Some respondents suggested that market inactivity should be included in the list of indicators. The boards concluded that mar
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