IFRS 9 classifies financial assets into three categories: amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL).
Each category has different accounting treatment.
financial asset
a contractual claim to something of value; modern economies have four main types of financial assets: bank deposits, stocks, bonds, and loans.
Current market: The fair value of an asset or liability is what it is worth in the current market.
It doesn't matter what an asset would have sold for two years ago; its fair value is what it is worth today.