Fair value refers to the amount that two familiar parties voluntarily exchange assets or pay off debts in a fair transaction. What matters is: 1, fairness 2, familiarity 3, and voluntariness.

Then the fair value of futures is the amount paid or received by a counterparty in the same futures exchange as you in the principle of fairness, familiarity and voluntariness. China's futures market is highly liquid, and the daily trading volume of popular varieties often exceeds 500,000 lots. In this market, the above three conditions are easy to meet, and fair value measurement can be used in accounting treatment.