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## d. Fair value measurements 

The fair value guidance requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The level in the fair value hierarchy within which the fair value measurement in its entirely falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: 

Level 1: Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; 

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or 

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and are unobservable. 

## Assets and liabilities measured at fair value on a recurring basis 

The following table presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2010 and 2011: 

<img src='content_image/164588.jpg'>

<img src='content_image/164589.jpg'>

