Fair value measurement aims to reflect the price that would be received to sell an asset or paid to transfer a liability in an orderly market transaction.

MPERS 2025 Section 12 provides a consistent framework for measuring fair value using three principal valuation approaches:

• Market approach;

• Income approach; and

• Cost approach.

The standard also emphasises maximising the use of observable inputs and minimising reliance on unobservable assumptions.

Whether the item being valued is an investment property, unquoted shares or a foreign exchange contract, fair value should be based on available evidence rather than unsupported estimates.

Reliable valuation contributes to more transparent, comparable and meaningful financial reporting.

CCS | Beyond Numbers

MPERS 2025 第 12 节：公允价值不只是一个数字

公允价值计量的目标，是反映在有序市场交易中出售一项资产所能取得的价格，或转移一项负债所需支付的价格。

MPERS 2025 第 12 节建立了一套一致的公允价值计量框架，主要涵盖三种估值方法：

• 市场法；

• 收益法；以及

• 成本法。

准则也强调，企业应尽可能使用可观察的市场数据，并尽量减少对不可观察假设的依赖。

无论估值对象是投资性房地产、非上市公司股份，还是外汇合约，公允价值都应建立在可取得的客观证据之上，而不是没有依据的主观估计。

可靠的估值，有助于提升财务报告的透明度、可比性及决策有用性。

CCS | Beyond Numbers