New FAQ on What should be considered when determining a reliable value for a heritage asset?

GRAP 103 on Heritage Assets explains that the fair value of a heritage asset is the price at which the heritage asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.

The FAQ explains each of these concepts in the context of heritage assets. It may be applied to other types of assets if the principles in the Standards are the same.

Access FAQ 7.8 here: FAQs.