Measurement is quantifying, in monetary terms, elements that
are recognised in financial statements. To measure is the result of applying a
measurement basis to an asset or liability and related income and expenses. Required: In
terms of measurement basis what is the definition of value in use?

Question

Measurement is quantifying, in monetary terms, elements that
are recognised in financial statements. To measure is the result of applying a
measurement basis to an asset or liability and related income and expenses.  Required: In
terms of measurement basis what is the definition of value in use?

Answer

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.

Answer

Present value of the cash flows, or other
economic resources, that an entity expects to be obliged to transfer as it
fulfils a liability.

Answer

The
present value of the cash flows, or other economic benefits, that an entity
expects to derive from the use of an asset and from its ultimate disposal

Answer

Cost of an equivalent asset at the measurement
date, comprising the consideration that would be paid plus the transaction
costs that would be incurred at that date.

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Measurement is quantifying, in monetary terms, elements that are recognised ...

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