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3. concentration of credit risk
Financial instruments that potentially subject the Association to con-centrations of credit risk are cash and cash equivalents and invest-ments. The Association places its cash in various financial institutions that are federally insured under the Federal Depository Insurance Corporation Act (FDICA). At times, these balances may exceed feder-ally insured limits.

4. fair valUe measUrements
The Association follows the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (codified by the Financial Accounting Standards Board (FASB) in July 2009 as ASC 820) in accounting for fair value measurements. ASC 820 establishes a common definition for fair value to be applied under generally accepted accounting principles requiring use of fair value, establishes a framework for measuring fair value, and expands dis-closures about such fair value measurements.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available.
Observable inputs are inputs that market participants operating within the same marketplace as the Association would use in pricing the Association’s asset or liability based on independently derived and observable market data. Unobservable inputs are inputs that cannot be sourced from a broad active market in which assets or liabilities identical or similar to those of the Association are traded. The input hierarchy is broken down into three levels based on the degree to which the exit price is independently observable or deter-minable as follows: Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
　
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本文链接地址：2010 nbaa annual report 2010 nbaa 年度报告(22)