Section 78 in The Companies (Indian Accounting Standards) Rules, 2015
78. A Level 1 input will be available for many financial assets and financial liabilities, some of which might be exchanged in multiple active markets (e.g. on different exchanges). Therefore, the emphasis within Level 1 is on determining both of the following:
(a)the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability; and(b)whether the entity can enter into a transaction for the asset or liability at the price in that market at the measurement date.
