CERTYNEX IFRS ACADEMY

A group's fair value table shows an interest rate swap classified in Level 2, with its fair value, but the notes describe neither the technique nor the inputs used. What is the error?

The notes should have given the technique only for Level 1 instruments.

For a Level 2 measurement, the valuation technique and the inputs used must be described.

The notes need describe only the valuers' recruitment process, not the technique.

The swap should have been classified in Level 1 to avoid any description.