Fair Value Measurements
The fair value hierarchy established by ASC 820 Fair Value Measurements and Disclosures prioritizes the inputs used in valuation techniques into three levels as follows:
· Level 1 - Observable inputs - unadjusted quoted prices in active markets for identical assets and liabilities;
· Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and
· Level 3 - Unobservable inputs - includes amounts derived from valuation models where one or more significant inputs are unobservable.