b"EQUESTRIAN AUSTRALIA LIMITED ABN 19 077 455 755NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 20191.STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)(d) Fair Value Assets and LiabilitiesThe Company measures some of its assets at fair value on a recurring basis.Fair value is the price the Company would receive to sell an asset or would have to pay to transferaliabilityinanorderly(i.e.unforced)transactionbetweenindependent, knowledgeable and willing market participants at the measurement date.As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques.Thesevaluationtechniquesmaximise,totheextentpossible,theuseof observable market data.To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the most advantageous market available to the company at reporting date (i.e. the market that maximises the receipts from the sale of the assetorminimisesthepaymentmadetotransfertheliability,aftertakingintoaccount transaction costs and transport costs).Fornon-financialassets,thefairvaluemeasurementalsotakesintoaccountamarket participants ability to use the asset in its highest and best use, or to sell it to another market participant that would use the asset in its highest and best use.The fair value of liabilities and the company's own equity instruments (excluding those related to share-based payment arrangements) may be valued, where there is no observable market price in relation to the transfer of such financial instrument, by reference to observable market information where such instruments are held as assets. Where this information is not available, other valuation techniques are adopted and, where significant, are detailed in the respective note to the financial statements.Gains and losses on disposals are determined by comparing net proceeds with the carrying amount.These gains and losses are recognised in profit or loss in the period in which they occur. When revalued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained surplus.\x03\x0356"