What statement describes the uses of the fair value hierarchy? The hierarchy is used to classify inputs and categorize fair value measurements, which is intended to increase consistency and comparability among fair value measurements. The hierarchy is used to classify inputs and categorize fair value measurements, which is intended to minimize the subjectivity of fair value measurements. The hierarchy is used to establish a priority of valuation techniques to use when measuring fair value. The hierarchy is used to separate financial instruments from nonfinancial asset fair value measurements.