IFRS 13 Fair Value Measurement | GLOBAL ACCOUNTANT

IFRS 13 Fair Value Measurement | GLOBAL ACCOUNTANT: "The IASB published IFRS 13: Fair Value Measurement, in May 2011 and it is effective from 1 January 2013. FV has been required or permitted under many IASs/IFRSs.
The concept of FV has long been debated. In general, IFRS 13 establishes new requirements for the measurement of FV. However, it does not provide guidance as regard to when FV should be used. This article will summarise key points of the standard.

SCOPE

IFRS 13:

Defines FV
Sets out in a single IFRS framework for measuring FV
Requires disclosures about FV measurements.
IFRS 13 applies when another IFRS requires or permits FV measurements or disclosures about FV (measurements such as FV less cost to sell on FV or disclosures about those measurements). IFRS 13 does not apply to IFRS 2 Share-based Payment, IAS 17 Leases and measurements that have similarities to FV, but that are not FV such as “net realisable value” in IAS 2 or “value in use” in IAS 36."

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