AASB releases RDR disclosure relief for AASB 13
06 Apr 2012
The Australian Accounting Standards Board (AASB) has issued an Amending Standard specifying the Reduced Disclosure Requirements in relation to AASB 13 'Fair Value Measurement'.
AASB 2012-1 Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements establishes and amends reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements ('RDR') for additional and amended disclosures arising from AASB 13 and the consequential amendments implemented through AASB 2011-8.
The amendments eliminate the need for entity applying the RDR to comply with the disclosure requirement in AASB 13 that an entity disclose information that helps users of its financial statements assess, for recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss or other comprehensive income for the period. It also eliminates the need to disclose items such as a description of the valuation technique(s) and the inputs used in the fair value measurement, and a movement schedule of items included in 'Level 3'. Many other related disclosures are also excluded.
Click for AASB announcement (link to AASB website).