Editing Fair value (section)

===Market value===
The latest edition of [[International Valuation Standards Committee|International Valuation Standards]] (IVS 2017), clearly distinguishes between fair value (now referred to as "equitable value"), as defined in the IVS, and [[market value]], as defined in the IVS:

:So as the term is generally used, ''Fair Value'' can be clearly distinguished from ''Market Value''. It requires the assessment of the price that is fair between two specific parties taking into account the respective advantages or disadvantages that each will gain from the transaction. Although ''Market Value'' may meet these criteria, this is not necessarily always the case. ''Fair Value'' is frequently used when undertaking due diligence in corporate transactions, where particular synergies between the two parties may mean that the price that is fair between them is higher than the price that might be obtainable on the wider market. In other words ''Special Value'' may be generated. ''Market Value'' requires this element of ''Special Value'' to be disregarded, but it forms part of the assessment of ''Fair Value''.<ref>[http://www.ivsc.org/pubs/exp_drafts/ivs2.pdf Exposure Draft of Proposed Revised International Valuation Standard 2 - Bases Other than Market Value, June, 2006] {{webarchive|url=https://web.archive.org/web/20070621040820/http://www.ivsc.org/pubs/exp_drafts/ivs2.pdf |date=2007-06-21 }}</ref>