Why not define fair value as an entry price?
The Board asked various parties to provide input on whether, in practice, they interpret ‘fair value’ in particular context in IFRSs as a current entry price or a current exit price. The Board used the feedback in determining whether to define fair value as a current exit price, or to remove the term ‘fair value’ and use the terms ‘current exit price’ and ‘current entry price’ depending on the measurement objective in each IFRS that uses the term ‘fair value’. The Board concluded that a current entry price and a current exit price will be equal when they relate to the same asset or liability on the same date in the same form in the same market. Therefore, the Board considered it unnecessary to make a distinction between a current entry price and a current exit price in IFRSs with a market-based measurement objective (ie fair value), and decided to define fair value as a current exit price. In many cases, any difference between an entry price and an exit price is related to a difference
