Generally Accepted Accounting Principles (GAAP)
Fair Value
Value determined by bona fide bargain between well-informed buyers and sellers, usually over a period of time; the price for which an PP&E (Plant Property & Equipment) item can be bought or sold in an arm's length transaction between unrelated parties; value in a sale between a willing buyer and a willing seller, other than in a forced or liquidation sale; an estimate of such value in the absence of sales or quotations. (Kohler's Dictionary for Accountants)
Fair Value
Value determined by bona fide bargain between well-informed buyers and sellers, usually over a period of time; the price for which an PP&E (Plant Property & Equipment) item can be bought or sold in an arm's length transaction between unrelated parties; value in a sale between a willing buyer and a willing seller, other than in a forced or liquidation sale; an estimate of such value in the absence of sales or quotations. (Kohler's Dictionary for Accountants)