Firms must disclose at each reporting date the hierarchy level at which the fair values were determined.

Hierarchy Level

The level or rank of an entity within a broader organizational or systemic structure, often indicating its authority or responsibility level.

Fair Values

An estimate of the market value of an asset or liability, based on current prices in an open market.

Reporting Date

The specific date on which a company's financial position is officially recorded and reported, often used in financial statements and reporting documents.