In order to determine the fair value for assets or liabilities there are approaches that have to be followed, can you mention them?

IFRS 13 sets out a valuation approach which refers to a broad range of techniques which can be used. There are three approachs based on market, income and costs. When measuring fair value, the entity is required to minimize the use of observable inputs and minimi the use of unobservable inputs. To this end, the standard introduces a fair value hierarchy which priorities the inputs into the fair value measurement process.

Fair value measurement are categorized into a three level hierarchy, based on the type of inputs to the valuation techniques used as follows.

1.Level 1 inputs are unadjusted quoted prices in active markets for items identical to the asset or liability being measured.

2 Level 2 inputs are inputs other than the quoted prices determined in Level  one

3 Level three inputs are unobservable inputs. These inputs should be used only when it is not possible to use level 1 or 2. The entity should maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Fair / market value of an assets an liabilities get from market valuators

Thanks for invitation, 

Totally agree with Mr. Frank Mwansa's valuable reply.

An asset -based approach is a type of business valuation that focuses on a company 's value or the fair market value of its total assets minus its total liabilities. *Fair value measurement applies I FRS the require or permit fair value measurements or disclosures and provides a single I FRS framework of measuring fair value and requires disclosures about fair value measurements

the fair value can be determined as the highest of the current value of the assest coming minus the 1 year depreciation, with,  to the last year value of the assest after deducting all the depreciation