4. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Fair value measurements (Policies) |
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| Fair value measurements | Fair value measurements The fair value hierarchy under the accounting standard for fair value measurements consists of the following three levels: -Level 1 — Quoted prices in active markets that we have the ability to access for identical assets or liabilities; -Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market; and -Level 3 — Valuations using significant inputs that are unobservable in the market and include the use of judgment by management about the assumptions market participants would use in pricing the asset or liability.
The following table summarizes financial instruments that are measured at fair value on a recurring basis.
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