Fair value measurement: market-based exit pricing governs valuation and requires hierarchy-based inputs and robust disclosure. Ind AS 113 prescribes a market-based exit price framework for measuring fair value using valuation techniques (market, cost, income) that maximise observable inputs and minimise unobservable ones, organised within a three-level hierarchy (Level 1-3). It requires identifying the unit of account and principal or most advantageous market, applying the highest and best use premise for non-financial assets, reflecting non-performance risk for liabilities, and providing detailed disclosures including Level 3 quantitative inputs, reconciliations and sensitivity analysis.